Performance

The bar chart and table shown below illustrate the variability of the Fund's returns and the Fund's performance from year to year (on a calendar basis). The table shows how the Fund's average annual returns since its inception compare with those for the S&P 500 Index, an unmanaged index of mostly larger-sized companies.

The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.

The class J Shares annual operating expense ratio is 0.85 %.

Performance data quoted represents past performance; past performance does not guarantee future results.  The investment return and the value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.  Current performance of the Fund may be lower or higher than the performance quoted All returns include the reinvestment of dividends and capital gains.  Performance shown is for Class J shares.  Performance of other Fund share classes may differ. 

The S&P 500 is a broad based, market value weighted index consisting of 500 stocks, and is widely recognized as representative of the equity market in general.  The index is unmanaged and you cannot invest directly in an index.

The Fund is nondiversified, meaning it concentrates its assets in fewer individual holdings than a diversified fund does.   Therefore, the Fund is more exposed to individual stock volatility than a diversified fund.

The turnover for the Portfolio's trailing 12 months as of May 31, 2008 was 8.25%.

For more complete information about The Jensen Portfolio including investment objectives, risks, fees and expenses, please go to PROSPECTUS, or call 800.992.4144.  Read the prospectus carefully before you invest or send money.