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    3Q 2017 JQGF Quarterly Update

    Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.

    Earnings Growth is not a measure of the Fund’s future performance.

    Fund holdings and sector allocations are subject to change and should not be considered recommendations to buy or sell any security. For a listing of the funds current holdings, please click here.

    Margin of Safety: is a principle of investing in which an investor purchase securities when the market price is below its intrinsic value. In other words, when market price is below your estimation of the intrinsic value, the difference is the margin of safety.

    SG&A: Selling, General & Administrative Expense.

    Standard & Poor’s Earnings and Dividend Quality Rankings

    S&P analyzes about 4,000 stocks traded on the NYSE, AMEX and Nasdaq exchanges. Based upon each firm’s per-share earnings and dividend records, S&P recalculates “core earnings” by backing out certain items (extraordinary items, discontinued operations, impairment charges, etc.). Figures are also adjusted for changes in rates of earning and dividend growth, stability over a long term trend and cyclicality. S&P then divides stocks into a quality category matrix, rating each stock from A+ to D, basing ratings upon each individual company’s growth and stability of earnings and dividends.

    High Quality is considered to be a rating of A- and higher. Low Quality is considered to be a rating of B+ and lower. Information is as of 9/30/2017.

    © 2017 Morningstar. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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    2Q 2017 JQGF Quarterly Update

    Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice. Fund holdings and sector allocations are subject to change and should not be considered recommendations to buy or sell any security. For a listing of the funds current holdings, please click here. SG&A: Selling, General & Administrative Expense. Standard & Poor’s Earnings and Dividend Quality Rankings S&P analyzes about 4,000 stocks traded on the NYSE, AMEX and Nasdaq exchanges. Based upon each firm’s per-share earnings and dividend records, S&P recalculates “core earnings” by backing out certain items (extraordinary items, discontinued operations, impairment charges, etc.). Figures are also adjusted for changes in rates of earning and dividend growth, stability over a long term trend and cyclicality. S&P then divides stocks into a quality category matrix, rating each stock from A+ to D, basing ratings upon each individual company’s growth and stability of earnings and dividends. High Quality is considered to be a rating of A- and higher. Low Quality is considered to be a rating of B+ and lower. Information is as of 6/30/2017. Sustainability Score as of 6/30/2017. Sustainability Rating as of 5/31/2017. The Morningstar Sustainability Score is based on company-level analysis from Sustainalytics. Out of 561 US Fund Large Growth funds as of 6/30/2017. Based on 95.80% of AUM. © 2017 Morningstar. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

    1Q 2017 JQGF Quarterly Update

    Fund holdings and sector allocations are subject to change and should not be considered recommendations to buy or sell any security. For a listing of the funds current holdings, please click here.

    4Q 2016 JQGF Quarterly Update

    Fund holdings and sector allocations are subject to change and should not be considered recommendations to buy or sell any security. For a listing of the funds current holdings, please click here.

NEED HELP WITH THE JENSEN INVESTMENT TERMINOLOGY SEE OUR GLOSSARY

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