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Fourth Quarter 2010 Conference Call Audio Recording

 

For more complete information about The Jensen Funds 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.

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. View the most recent month- and quarter-end performance

for the Jensen Quality Growth Fund. View the most recent month- and quarter-end performance for the Jensen Value Fund.

The Jensen Quality Growth Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund.

The Jensen Value Fund invests in mid and smaller capitalization companies, which involve additional risks such as limited liquidity and greater volatility. The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods.

Diversification does not assure a profit or protect against a loss in a declining market.

Earnings growth is not a measure of the fund's future performance.

The information provided represents the opinions of Jensen Investment Management, and is not intended to be a forecast of future events, a guarantee of future results, nor investment advice.

There is no assurance that the investment process will lead to successful investing or that the stated objective(s) will be met.

View the Holdings in the Jensen Quality Growth Fund.

View the Holdings in the Jensen Value Fund.


Fund holdings and sector allocation are subject to change at anytime, and should not be considered recommendations to buy or sell any security. Current and future portfolio holdings are subject to risk.


The Russell 1000 Growth Index measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 3000 Value Index measures the performance of those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth values. The Index is unmanaged, and one cannot invest directly in the Index.

The S&P 500 Index is a market value weighted index consisting of 500 stocks chosen for market size, liquidity and industry group representation.

The Dow Jones Industrial Average: (DJIA) The average price of 30 selected industrial stocks, often used as a measure of general market trends.


These indexes are unmanaged, and you cannot invest directly in an index.

Mutual fund investing involves risk. Principal loss is possible. The Jensen Value Fund invests in mid and smaller capitalization companies, which involve additional risks such as limited liquidity and greater volatility. The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods.

Any tax or legal information provided is merely a summary of our understanding and interpretation of some of the current income tax regulations and is not exhaustive.  Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation.  Neither the Fund nor any of its representatives may give legal or tax advice.


Definitions:

Price-to-Cash-Flow Ratio (P/CF): A stock valuation measure calculated by dividing a firm's cash flow per share into the current stock price. Financial analysts often prefer to value stocks using cash flow rather than earnings because the latter is more easily manipulated.

Return On Invested Capital (ROIC): Represents the ratio between operating profit and average capital employed. The ROIC measures the return on the capital employed to service both shareholders and creditors.

Upside/Downside Capture Ratios: A measure of how well a manager was able to replicate or improve on phases of positive benchmark returns, and how badly the manager was affected by phases of negative benchmark returns.

ALPHA: The alpha of a mutual fund describes the difference between a fund’s actual return over a period of time and its expected return, given the fund’s level of risk. In this case, the risk profile of the Fund is measured by the Fund’s beta.
BETA: A measure of the volatility of the funds total returns to the general market as represented by a corresponding benchmark index of the fund. A beta of more than 1.00 indicates volatility greater than the market, and a beta of less than 1.00 indicates volatility less than the market.

Price to Value Ratio: Is the current price divided by our estimate of full value.

The Price to Earnings (P/E) Ratio: Is a common tool for comparing the prices of different common stocks and is calculated by dividing the current market price of a stock by the earnings per share.

Cash Flow: The sum of the after-tax profit of a business plus depreciation and other noncash charges.
Return on Equity (ROE): Is equal to a company's after-tax earnings (excluding non-recurring items) divided by its average stockholder equity for the year.
Basis Point: Is a value equaling one one-hundredth of a percent (1/100 of 1%).
Earnings Per Share: The net income of a company divided by the total number of shares it has outstanding.
Free Cash Flow: Is equal to the after-tax net income of a company plus depreciation and amortization less capital expenditures.
Discounted Free Cash Flow: Analysis uses future free cash flow projections and discounts them (most often using the weighted average cost of capital) to arrive at a present value, which is used to evaluate the potential for investment.
Return on Capital: Indicates the efficiency and profitability of a company's capital investments.
Debt to Capital: A measurement of a company's financial leverage, calculated as the company's debt divided by its total capital.
EBITDA: "Earnings Before Interest, Taxes,Depreciation, and Amortization"
Debt to EBITDA: Total debt less transition bonds and debt-related restricted cash divided by EBITDA. Debt/EBITDA is a measure used by management to assess credit quality.
EBITDA to Interest: EBITDA divided by cash interest expense is a measure used to assess credit quality.
Compound Annual Growth Rate: CAGR The year-over-year growth rate of an investment over a specified period of time. The compound annual growth rate is calculated by taking the nth root of the total percentage growth rate, where n is the number of years in the period being considered.

SEC Yield: is a standardized yield computed by dividing the net investment income per share earned during the 30-day period prior to quarter end.

Dividend Yield: represents the trailing 12-month dividend yield aggregating all income distributions per share over the past year, divided by the period ending fund share price. It does not reflect capital gains distributions.

Standard & Poor's Credit Ratings (Source: Standard & Poor's): Credit ratings are forward-looking opinions about credit risk. Standard & Poor’s credit ratings express the agency’s opinion about the ability and willingness of an issuer, such as a corporation or state or city government, to meet its financial obligations in full and on time. The highest rating assigned by Standard & Poor's is AAA and the lowest is D.

Moody's Credit Ratings (Source: Moody's):  The purpose of Moody's ratings is to provide investors with a simple system of gradation by which relative creditworthiness of securities may be noted. Gradations of creditworthiness are indicated by rating symbols, with each symbol representing a group in which the credit characteristics are broadly the same. The highest rating assigned by Moody's is AAA and the lowest is C.

 

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