# EDGAR Filing Document

**Accession Number:** 0000887215
**File Stem:** 0000894189-25-005349
**Filing Date:** 2025-7
**Character Count:** 430959
**Document Hash:** 740871aaaaaf2cf03d3af6f2b6154502
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-005349.hdr.sgml**: 20260320

**ACCESSION NUMBER**: 0000894189-25-005349

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 11

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20251124

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Jensen Quality Growth Fund Inc
- **CENTRAL INDEX KEY:** 0000887215

**ORGANIZATION NAME:**
- **EIN:** 931086448
- **STATE OF INCORPORATION:** OR
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06653
- **FILM NUMBER:** 251166113

**BUSINESS ADDRESS:**
- **STREET 1:** 5500 MEADOWS ROAD
- **STREET 2:** SUITE 200
- **CITY:** LAKE OSWEGO
- **STATE:** OR
- **ZIP:** 97035
- **BUSINESS PHONE:** 800-221-4384

**MAIL ADDRESS:**
- **STREET 1:** 5500 MEADOWS ROAD
- **STREET 2:** SUITE 200
- **CITY:** LAKE OSWEGO
- **STATE:** OR
- **ZIP:** 97035

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JENSEN QUALITY GROWTH FUND, INC.
- **DATE OF NAME CHANGE:** 20180323

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JENSEN PORTFOLIO INC
- **DATE OF NAME CHANGE:** 19920929
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Jensen Quality Growth Fund Inc
- **CENTRAL INDEX KEY:** 0000887215

**ORGANIZATION NAME:**
- **EIN:** 931086448
- **STATE OF INCORPORATION:** OR
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-47508
- **FILM NUMBER:** 251166112

**BUSINESS ADDRESS:**
- **STREET 1:** 5500 MEADOWS ROAD
- **STREET 2:** SUITE 200
- **CITY:** LAKE OSWEGO
- **STATE:** OR
- **ZIP:** 97035
- **BUSINESS PHONE:** 800-221-4384

**MAIL ADDRESS:**
- **STREET 1:** 5500 MEADOWS ROAD
- **STREET 2:** SUITE 200
- **CITY:** LAKE OSWEGO
- **STATE:** OR
- **ZIP:** 97035

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JENSEN QUALITY GROWTH FUND, INC.
- **DATE OF NAME CHANGE:** 20180323

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JENSEN PORTFOLIO INC
- **DATE OF NAME CHANGE:** 19920929

## Series and Classes Contracts Data

### The Jensen Quality Growth Fund Inc (Series ID: S000004905)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000013259 | J Shares     | JENSX           |
| C000013260 | I Shares     | JENIX           |
| C000013261 | R Shares     | JENRX           |
| C000175790 | Y Shares     | JENYX           |

As filed with the Securities and Exchange Commission on July 30, 2025

File Nos. 033-47508 and 811-06653

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-1A**

---

| | | |
|:---|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | [X] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Effective Amendment No. | | [ ] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Effective Amendment No. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | [X] |

---

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X] <br> Amendment No. <u>55</u> [X]

**THE JENSEN QUALITY GROWTH FUND INC.**

(Exact name of Registrant as Specified in Charter)

5500 Meadows Road, Suite 200

Lake Oswego, OR 97035-3623

(Address of Principal Executive Office) (Zip Code)

(503) 274-2044

(800) 221-4384

Registrant's Telephone Number, including Area Code

Robert D. McIver

5500 Meadows Road, Suite 200

Lake Oswego, OR 97035-3623

(Name and Address of Agent for Service)

Copy to:

Brendan N. O'Scannlain

Stoel Rives LLP

760 SW Ninth Avenue, Suite 3000

Portland, OR 97205

It is proposed that this filing will become effective (check appropriate box)

[ ] Immediately upon filing pursuant to Rule 485(b).

[ ] on (date) pursuant to Rule 485(b).

[ ] 60 days after filing pursuant to Rule 485 (a)(1).

[X] on <u>September 30, 2025</u> pursuant to Rule 485 (a)(1).

[ ] 75 days after filing pursuant to Rule 485 (a)(2).

[ ] on (date) pursuant to Rule 485 (a)(2).

If appropriate, check the following box:

[ ] This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

------

SUBJECT TO COMPLETION

Dated July 30, 2025

THE INFORMATION HEREIN IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION IN WHICH THE OFFER OR SALE IS NOT PERMITTED.

![jensen-growthfundxprospecta.jpg](jensen-growthfundxprospecta.jpg)

------

---

| | |
|:---|:---|
| **Prospectus** | &nbsp;&nbsp;&nbsp;&nbsp;[...], 2025 |

---

**The Jensen Quality Growth Fund Inc.**

**Class J Shares**

**Class I Shares**

**Class R Shares**

**Class Y Shares**

5500 Meadows Road, Suite 200

Lake Oswego, OR 97035-3623

800-992-4144

www.jenseninvestment.com

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| [SUMMARY SECTION](#i9d6d39e555f84d5abc448cf40421d74b_7) | [SUMMARY SECTION](#i9d6d39e555f84d5abc448cf40421d74b_7) | [2](#i9d6d39e555f84d5abc448cf40421d74b_7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class J, Class I, Class R and Class Y Shares | &nbsp;&nbsp;&nbsp;&nbsp;Class J, Class I, Class R and Class Y Shares | <u>[2](#i9d6d39e555f84d5abc448cf40421d74b_858)</u> |
| [INVESTMENT OBJECTIVE, PRINCIPAL INVESTMENT STRATEGIES AND PRINCIPAL RISKS](#i9d6d39e555f84d5abc448cf40421d74b_13) | [INVESTMENT OBJECTIVE, PRINCIPAL INVESTMENT STRATEGIES AND PRINCIPAL RISKS](#i9d6d39e555f84d5abc448cf40421d74b_13) | [7](#i9d6d39e555f84d5abc448cf40421d74b_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Objective](#i9d6d39e555f84d5abc448cf40421d74b_16) | &nbsp;&nbsp;&nbsp;&nbsp;[Investment Objective](#i9d6d39e555f84d5abc448cf40421d74b_16) | [7](#i9d6d39e555f84d5abc448cf40421d74b_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Investment Strategies](#i9d6d39e555f84d5abc448cf40421d74b_19) | &nbsp;&nbsp;&nbsp;&nbsp;[Principal Investment Strategies](#i9d6d39e555f84d5abc448cf40421d74b_19) | [7](#i9d6d39e555f84d5abc448cf40421d74b_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Risks](#i9d6d39e555f84d5abc448cf40421d74b_22) | &nbsp;&nbsp;&nbsp;&nbsp;[Principal Risks](#i9d6d39e555f84d5abc448cf40421d74b_22) | [10](#i9d6d39e555f84d5abc448cf40421d74b_22) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Other Investment Risks](#i9d6d39e555f84d5abc448cf40421d74b_25) | &nbsp;&nbsp;&nbsp;&nbsp;[Other Investment Risks](#i9d6d39e555f84d5abc448cf40421d74b_25) | [11](#i9d6d39e555f84d5abc448cf40421d74b_25) |
| [MANAGEMENT OF THE FUND](#i9d6d39e555f84d5abc448cf40421d74b_28) | [MANAGEMENT OF THE FUND](#i9d6d39e555f84d5abc448cf40421d74b_28) | [12](#i9d6d39e555f84d5abc448cf40421d74b_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Organization of the Fund](#i9d6d39e555f84d5abc448cf40421d74b_31) | &nbsp;&nbsp;&nbsp;&nbsp;[Organization of the Fund](#i9d6d39e555f84d5abc448cf40421d74b_31) | [12](#i9d6d39e555f84d5abc448cf40421d74b_31) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Adviser](#i9d6d39e555f84d5abc448cf40421d74b_34) | &nbsp;&nbsp;&nbsp;&nbsp;[Investment Adviser](#i9d6d39e555f84d5abc448cf40421d74b_34) | [12](#i9d6d39e555f84d5abc448cf40421d74b_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Managers](#i9d6d39e555f84d5abc448cf40421d74b_37) | &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Managers](#i9d6d39e555f84d5abc448cf40421d74b_37) | [12](#i9d6d39e555f84d5abc448cf40421d74b_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Distribution and Servicing of Shares](#i9d6d39e555f84d5abc448cf40421d74b_40) | &nbsp;&nbsp;&nbsp;&nbsp;[Distribution and Servicing of Shares](#i9d6d39e555f84d5abc448cf40421d74b_40) | [13](#i9d6d39e555f84d5abc448cf40421d74b_40) |
| [SHAREHOLDER SERVICE INFORMATION](#i9d6d39e555f84d5abc448cf40421d74b_43) | [SHAREHOLDER SERVICE INFORMATION](#i9d6d39e555f84d5abc448cf40421d74b_43) | [15](#i9d6d39e555f84d5abc448cf40421d74b_43) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Pricing of Fund Shares](#i9d6d39e555f84d5abc448cf40421d74b_46) | &nbsp;&nbsp;&nbsp;&nbsp;[Pricing of Fund Shares](#i9d6d39e555f84d5abc448cf40421d74b_46) | [15](#i9d6d39e555f84d5abc448cf40421d74b_46) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Fair Value Pricing](#i9d6d39e555f84d5abc448cf40421d74b_49) | &nbsp;&nbsp;&nbsp;&nbsp;[Fair Value Pricing](#i9d6d39e555f84d5abc448cf40421d74b_49) | [15](#i9d6d39e555f84d5abc448cf40421d74b_49) |
| &nbsp;&nbsp;&nbsp;&nbsp;[How to Buy Fund Shares](#i9d6d39e555f84d5abc448cf40421d74b_52) | &nbsp;&nbsp;&nbsp;&nbsp;[How to Buy Fund Shares](#i9d6d39e555f84d5abc448cf40421d74b_52) | [16](#i9d6d39e555f84d5abc448cf40421d74b_52) |
| &nbsp;&nbsp;&nbsp;&nbsp;[How to Redeem Fund Shares](#i9d6d39e555f84d5abc448cf40421d74b_55) | &nbsp;&nbsp;&nbsp;&nbsp;[How to Redeem Fund Shares](#i9d6d39e555f84d5abc448cf40421d74b_55) | [20](#i9d6d39e555f84d5abc448cf40421d74b_55) |
| [DISTRIBUTIONS AND TAXES](#i9d6d39e555f84d5abc448cf40421d74b_58) | [DISTRIBUTIONS AND TAXES](#i9d6d39e555f84d5abc448cf40421d74b_58) | [24](#i9d6d39e555f84d5abc448cf40421d74b_58) |
| [CONFIRMATION AND STATEMENTS](#i9d6d39e555f84d5abc448cf40421d74b_61) | [CONFIRMATION AND STATEMENTS](#i9d6d39e555f84d5abc448cf40421d74b_61) | [25](#i9d6d39e555f84d5abc448cf40421d74b_61) |
| [DISCLOSURE OF PORTFOLIO HOLDINGS INFORMATION](#i9d6d39e555f84d5abc448cf40421d74b_64) | [DISCLOSURE OF PORTFOLIO HOLDINGS INFORMATION](#i9d6d39e555f84d5abc448cf40421d74b_64) | [25](#i9d6d39e555f84d5abc448cf40421d74b_64) |
| [SHAREHOLDER INQUIRIES](#i9d6d39e555f84d5abc448cf40421d74b_67) | [SHAREHOLDER INQUIRIES](#i9d6d39e555f84d5abc448cf40421d74b_67) | [25](#i9d6d39e555f84d5abc448cf40421d74b_67) |
| [INDEX DESCRIPTION](#i9d6d39e555f84d5abc448cf40421d74b_70) | [INDEX DESCRIPTION](#i9d6d39e555f84d5abc448cf40421d74b_70) | [26](#i9d6d39e555f84d5abc448cf40421d74b_70) |
| [FINANCIAL HIGHLIGHTS](#i9d6d39e555f84d5abc448cf40421d74b_73) | [FINANCIAL HIGHLIGHTS](#i9d6d39e555f84d5abc448cf40421d74b_73) | [27](#i9d6d39e555f84d5abc448cf40421d74b_73) |
| [Notice of Privacy Policy](#i9d6d39e555f84d5abc448cf40421d74b_76) | [32](#i9d6d39e555f84d5abc448cf40421d74b_76) | [32](#i9d6d39e555f84d5abc448cf40421d74b_76) |
| [For More Information](#i9d6d39e555f84d5abc448cf40421d74b_79) | Back Cover | Back Cover |

---

---

| | |
|:---|:---|
| **Prospectus** | **The Jensen Quality Growth Fund Inc.**<sub>1</sub> |

---

------

Summary Section

**Investment Objective**

The objective of The Jensen Quality Growth Fund Inc. (the "Fund"), is long-term capital appreciation.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Fees**<br>(fees paid directly from your investment) | **Shareholder Fees**<br>(fees paid directly from your investment) | **Shareholder Fees**<br>(fees paid directly from your investment) | **Shareholder Fees**<br>(fees paid directly from your investment) | **Shareholder Fees**<br>(fees paid directly from your investment) |
| | **Class J** | **Class I** | **Class R** | **Class Y** |
| **Annual Fund Operating Expenses**<br>(expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses**<br>(expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses**<br>(expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses**<br>(expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses**<br>(expenses that you pay each year as a percentage of the value of your investment) |
| | **Class J** | **Class I** | **Class R** | **Class Y** |
| Management Fees | 0.48% | 0.48% | 0.48% | 0.48% |
| Distribution and Shareholder Servicing (12b-1) Fees | 0.25% |  | 0.50% |  |
| Shareholder Servicing Fee<sup>(1)(3)</sup> | [...]% | [...]% | [...]% | [...]% |
| Other Expenses<sup>(2)</sup> | <u>[...]%</u> | <u>[...]%</u> | <u>[...]%</u> | <u>[...]%</u> |
| Total Annual Fund Operating Expenses | [...]% | [...]% | [...]% | [...]% |

---

<sup>(1)</sup> Class I shares are subject to an annual shareholder servicing fee not to exceed 0.10% of average daily net assets of the Class I shares.

<sup>(2)</sup> Other Expenses include custodian, transfer agency, and other customary Fund expenses not listed above and are based on the previous fiscal year's expenses. In addition, Other Expenses for the Class J shares include sub-transfer agency fees paid to certain financial intermediaries who maintain omnibus accounts in the Fund and provide shareholder recordkeeping and servicing to their customers who own shares of the Fund.

<sup>(3)</sup> Class R shares are subject to an annual shareholder servicing fee not to exceed 0.25% of average daily net assets of the Class R shares.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Class

J or Class R or $250,000 in Class I or $1,000,000 in Class Y of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 <br>Year** | **3 <br>Years** | **5 <br>Years** | **10 <br>Years** |
| **Class J** | $[...] | $[...] | $[...] | $[...] |
| **Class I** | $[...] | $[...] | $[...] | $[...] |
| **Class R** | $[...] | $[...] | $[...] | $[...] |
| **Class Y** | $[...] | $[...] | $[...] | $[...] |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended May 31, 2025, the Fund's portfolio turnover rate was [...]% of the average value of its portfolio.

**Principal Investment Strategies**

To achieve its objective, the Fund invests in equity securities of approximately 25 to 30 companies that satisfy the investment criteria described below. Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies meeting the criteria for quality and growth as determined by the Fund's investment adviser, Jensen Investment Management, Inc. (the "Adviser"). The Adviser considers a company to be a "growth" company if it is determined by the Adviser to have above-average potential for growth in revenue, earnings, cash flow, or other similar criteria. Additionally, the Adviser seeks companies that display positive performance in a variety of historical and future performance measurements, relative to the overall U.S. equity market, over a period of time. Examples of such characteristics include:

1. Projected earnings growth based on expected five- to ten-year annual increase in operating earnings per share.

2. Trailing revenue growth based on annualized revenue growth for the previous five to ten years.

3. Trailing earnings growth based on annualized earnings per share growth for the previous five to ten years.

4. The company's ability to grow its business from free cash flow over an extended period of time.

---

| | | |
|:---|:---|:---|
| **2** | **The Jensen Quality Growth Fund Inc.** | **Prospectus** |

---

------

The list above is not exclusive and there is no single factor that is determinative of whether the Adviser considers a company to be a "growth" company.

The Adviser considers a company to be a "quality" company if it possesses competitive advantages as evidenced by generating a return on equity of 15% or greater for at least ten consecutive fiscal years as determined by the Adviser.

Equity securities in which the Fund invests as a principal strategy consist primarily of publicly traded common stocks of U.S. companies. Generally, each company in which the Fund invests must, as determined by the Fund's investment adviser, Jensen Investment Management, Inc. (the "Adviser"):

&nbsp;&nbsp;&nbsp;&nbsp;• Have consistently achieved a high return on equity over the prior ten years;

&nbsp;&nbsp;&nbsp;&nbsp;• Be in excellent financial condition; and

&nbsp;&nbsp;&nbsp;&nbsp;• Be capable of sustaining outstanding business performance.

These companies are selected from a universe of companies that have produced long-term records of consistently high returns on shareholder equity. In order to qualify for this universe, each company must have a market capitalization of $1 billion or more, and a return on equity of 15% or greater in each of the last 10 years as determined by the Adviser. The Adviser determines on an annual basis the companies that qualify for inclusion in the Fund's investable universe.

The Fund may purchase securities when they are priced below their intrinsic values as determined by the Adviser. The Fund may sell all or part of its position in a company when the Adviser has determined that another qualifying security has a greater opportunity to achieve the Fund's objective. In addition, the Fund generally sells its position in a company when the company no longer meets one or more of the Fund's investment criteria. In the event that the company no longer satisfies the investment criteria and the failure is due to an extraordinary situation that the Adviser believes will not have a material adverse impact on the company's operating performance, the Fund may continue to hold and invest in the company.

The Adviser expects to include in the Fund's investment portfolio at any time securities of approximately 25 to 30 primarily U.S. companies. The Fund must always own the securities of a minimum of 15 different companies in its portfolio. The Fund strives to be fully invested at all times in publicly traded common stocks and other eligible equity securities issued by companies that meet the investment criteria described in this Prospectus.

The Fund is non-diversified, which means that a relatively high percentage of its assets may be invested in a limited number of issuers of securities.

**Principal Risks of Investing in the Fund**

Before investing in the Fund, you should carefully consider your own investment goals, the amount of time you are willing to leave your money invested, and the amount of risk you are willing to take. Remember, in addition to possibly not achieving your investment goals, that **you could lose money by investing in the Fund**. The principal risks of investing in this Fund are:

*• Stock Market Risk*

The market value of stocks held by the Fund may decline over a short, or even an extended period of time, resulting in a decrease in the value of a shareholder's investment.

*• Management Risk*

The Adviser may be incorrect in its judgment of the value of particular stocks. The investments chosen by the Adviser may not perform as anticipated. Certain risks are inherent in the ownership of any security, and there is no assurance that the Fund's investment objective will be achieved.

*• Recent Market Events Risk*

U.S. and international markets have experienced, and may continue to experience, significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the imposition of tariffs by the United States on trading partners and the threat of reciprocal tariffs by affected countries, inflation, and uncertainty regarding central banks' interest rate changes, the possibility of a national or global recession, political events, the war between Russia and Ukraine, armed conflict in the Middle East and the impact of the coronavirus (COVID-19) global pandemic. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The imposition of tariffs on goods by the United States, ongoing trade tensions, and armed conflicts around the globe have contributed to recent market volatility and may continue to do so. Continuing market volatility as a result of recent market conditions or other events may have an adverse effect on the performance of the Fund.

---

| | |
|:---|:---|
| **Prospectus** | **The Jensen Quality Growth Fund Inc.**<sub>3</sub> |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Non-diversification Risk*

The Fund is a non-diversified mutual fund and is permitted to invest a greater portion of its assets in the securities of a smaller number of issuers than would be permissible if it were a "diversified" fund and therefore, it may be more sensitive to market changes than a diversified fund. Accordingly, the appreciation or depreciation of a single portfolio security may have a greater impact on the net asset value ("NAV") of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Company and Sector Risk*

The Fund's investment strategy requires that a company selected for investment by the Fund must have attained, among other criteria, a return on equity of at least 15 percent per year for each of the prior 10 fiscal years as determined by the Adviser. Because of the relatively limited number of companies that have achieved this strong level of consistent, long-term business performance, the Fund at times is prohibited from investing in certain companies and sectors that may be experiencing a shorter-term period of robust earnings growth. As a result, the Fund's performance may trail the overall market over a short or extended period of time compared to what its performance may have been if the Fund was able to invest in such rapidly growing, non-qualifying companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Large-Cap Company Risk*

Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller

competitors. Also, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. The Adviser considers companies with market capitalizations in excess of $10 billion to be large-cap companies.

*• Growth Stock Risk*

The prices of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks and may be out of favor with investors at different periods of time. Compared to value stocks, growth stocks may experience larger price swings.

**Investment Suitability**

The Fund is designed for long-term investors who are willing to accept short-term market price fluctuations.

**Performance**

The performance information on the following page demonstrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns for one, five and ten years compare with those of a broad measure of market performance. The Fund's past performance, both before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.jenseninvestment.com or by calling the Fund toll-free at 800-992-4144.

**The Jensen Quality Growth Fund Inc. - Class J Shares**<sup>(1)</sup>

Annual Total Return as of December 31\* of Each Year

![chart-c005092ca4194f34939a.jpg](chart-c005092ca4194f34939a.jpg)

---

| | | |
|:---|:---|:---|
| **4** | **The Jensen Quality Growth Fund Inc.** | **Prospectus** |

---

------

<sup>(1)</sup> The returns shown in the bar chart are for Class J shares. The performance of Class I, Class R and Class Y shares will differ due to differences in expenses.

\*The Fund's year-to-date total return for the Class J shares as of June 30, 2025 was [...]%.

During the ten-year period shown on the bar chart, the Fund's best and worst quarters for the Class J shares are shown below:

Best Quarter:&nbsp;&nbsp;&nbsp;&nbsp;17.26% (2nd quarter 2020)

Worst Quarter:&nbsp;&nbsp;&nbsp;&nbsp;-17.27% (1st quarter 2020)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**<br>For the Periods Ended December 31, 2024 | One Year | 5 Years | 10 Years | Since Inception of Class Y Shares (9/30/2016) |
| **Class J Shares** |  |  |  |  |
| Return Before Taxes | [...]% | [...]% | [...]% | N/A |
| Return After Taxes on Distributions | [...]% | [...]% | [...]% | N/A |
| Return After Taxes on Distributions and Sale of Fund Shares | [...]% | [...]% | [...]% | N/A |
| **Class I Shares** |  |  |  |  |
| Return Before Taxes | [...]% | [...]% | [...]% | N/A |
| **Class R Shares** |  |  |  |  |
| Return Before Taxes | [...]% | [...]% | [...]% | N/A |
| **Class Y Shares** |  |  |  |  |
| Return Before Taxes | [...]% | [...]% | N/A | [...]% |
| **S&P 500**<sup>®</sup> **Index**<br>**(reflects no deduction for fees, expenses or taxes)** | [...]% | [...]% | [...]% | [...]% |

---

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on each investor's individual tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs"). After-tax returns are shown for the Class J shares only and after-tax returns for the Class I, R and Y shares will vary.

**Management**

**Investment Adviser**

Jensen Investment Management, Inc. is the Fund's investment adviser.

**Portfolio Managers**

The Fund is managed by the Adviser's investment team for the Fund, which is composed of:

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| | | |
|:---|:---|:---|
| Portfolio Manager | Years of Service<br>with the Fund | Primary Title |
| Robert D. McIver | Since 2005 | President and Managing Director |
| Kurt M. Havnaer | Since 2007 | Portfolio Manager |
| Allen T. Bond | Since 2011 | Head of Research and Managing Director |
| Kevin J. Walkush | Since 2011 | Portfolio Manager |
| Adam D. Calamar | Since 2013 | Portfolio Manager |
| Jeffrey D. Wilson | Since 2025 | Portfolio Manager |

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**Purchase and Sale of Fund Shares**

You may purchase or redeem shares by mail (The Jensen Quality Growth Fund Inc., c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252 (for regular mail) or 801 Pennsylvania Ave, Suite 219252, Kansas City, MO 64105-1307 (for overnight or express mail)), by telephone at 800-992-4144, on any day the New York Stock Exchange is open for trading, or by wire. Investors who wish to purchase or redeem shares of the Fund through a financial intermediary should contact the financial intermediary directly. The

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| | |
|:---|:---|
| **Prospectus** | **The Jensen Quality Growth Fund Inc.**<sub>5</sub> |

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minimum initial and subsequent investment amounts are as follows:

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| | | |
|:---|:---|:---|
| | Minimum Investment Amount | Minimum Investment Amount |
| | **Initial** | **Additional** |
| Class J Shares | $2500 | $100 |
| Class I Shares | $250000 | $100 |
| Class R Shares | $2500 | $100 |
| Class Y Shares | $1000000 | $100 |

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These minimums may be waived for accounts held in qualified retirement or profit sharing plans, and/or omnibus accounts established by financial intermediaries where the investment in the Fund is expected to meet the minimum investment amount within a reasonable time period as determined by the Adviser. Registered investment advisors and broker-dealers may generally meet the minimum investment amount by aggregating multiple accounts with common ownership or discretionary control within the Fund.

**Tax Information**

The Fund's distributions will be taxed as ordinary income or long-term capital gains, unless you are a tax-exempt investor or are investing through a tax-deferred arrangement, such as a 401(k) plan or an IRA. You may be taxed later upon withdrawal of monies from such tax-deferred or other tax-advantaged arrangements.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create conflicts of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. You may be required to pay commissions and/or other forms of compensation to the broker-dealer or other intermediaries for transactions in the Fund, which are not reflected in the fee table or expense example. Ask your adviser or visit your financial intermediary's website for more information.

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|:---|:---|:---|
| **6** | **The Jensen Quality Growth Fund Inc.** | **Prospectus** |

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**Investment Objective, Principal Investment Strategies and Principal Risks**

**Investment Objective**

The Fund's investment objective is long-term capital appreciation. The Fund's investment objective is not a fundamental policy and may be changed by the Fund's Board of Directors without shareholder approval upon 60 days' written notice to Fund shareholders. The Fund may not make any change to its investment policy of investing at least 80% of its net assets (plus borrowing for investment purposes) in equity securities of companies meeting the Adviser's criteria for quality and growth, as suggested by the Fund's name, without first changing the Fund's name and providing shareholders with at least 60 days' prior written notice.

**Principal Investment Strategies**

The Fund's approach to investing focuses on those companies with a record of achieving a high level of business performance over the long term and which are, in the opinion of the Adviser, well positioned to maintain competitive advantages and continued high returns on equity and free cash flow.

The Adviser considers "growth" companies to have above-average potential for growth in revenue, earnings, cash flow, or other similar criteria. Additionally, the Adviser seeks companies that display positive performance in a variety of historical and future performance measurements, relative to the overall U.S. equity market, over a period of time. Examples of such characteristics include:

&nbsp;&nbsp;&nbsp;&nbsp;1.Projected earnings growth based on expected five- to ten-year annual increase in operating earnings per share.

&nbsp;&nbsp;&nbsp;&nbsp;2.Trailing revenue growth based on annualized revenue growth for the previous five to ten years.

&nbsp;&nbsp;&nbsp;&nbsp;3.Trailing earnings growth based on annualized earnings per share growth for the previous five to ten years.

&nbsp;&nbsp;&nbsp;&nbsp;4.The company's ability to grow its business from free cash flow over an extended period of time.

The list above is not exclusive and there is no single factor that is determinative of whether the Adviser considers a company to be a "growth" company.

The Adviser considers a company to be a "quality" company if it possesses competitive advantages as evidenced by generating a return on equity of 15% or greater for at least ten consecutive fiscal years as determined by the Adviser.

**Investment Process**

Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies meeting the Adviser's criteria for quality and growth as

defined above. To achieve the Fund's investment objective of long-term capital appreciation, the Fund invests primarily in the publicly traded common stocks of approximately 25 to 30 U.S. companies selected according to the specific, long-term investment criteria established by the Adviser and described more fully below. The Adviser believes these criteria provide objective evidence that a company's management is capable and dedicated to providing above-average returns to the company's shareholders. These companies are selected from a universe of companies that have produced long-term records of consistently high returns on shareholder equity. In order to qualify for this universe, each company must have a market capitalization of $1 billion or more, and a return on equity of 15% or greater in each of the last 10 fiscal years as determined by the Adviser. The Adviser determines on an annual basis the companies that qualify for inclusion in the Fund's investable universe.

As determined by the Adviser in each case, a company must have satisfied all of the following criteria to be purchased by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;• As determined annually, have a market capitalization of $1 billion or more and attained a return on equity of at least 15 percent per year for each of its prior 10 fiscal years (which, for example, may include companies with negative equity resulting from debt-financing of large share repurchases);

&nbsp;&nbsp;&nbsp;&nbsp;• Be in excellent financial condition based on certain qualitative factors such as a company's ability to grow its business from free cash flow;

&nbsp;&nbsp;&nbsp;&nbsp;• Have established entry barriers as evidenced by: (a) differentiated products, which can be protected from competition by patents, copyright protection, effective advertising or other means; (b) economies of scale in the production, marketing, or maintenance of the company's products or services; (c) absolute cost advantages, such as obtaining raw materials at lower costs; (d) capital requirements at a level which make it impractical for other firms to enter the business; or (e) other sustainable competitive advantages identified by the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;• Have demonstrated a commitment to mitigating business risk and increasing shareholders' value by strategically investing free cash flow, for example, by acquiring companies that contribute to their competitive advantage, reducing debt obligations, repurchasing outstanding shares or increasing dividends;

&nbsp;&nbsp;&nbsp;&nbsp;• Have the capability of continuing to meet all of the above criteria; and

&nbsp;&nbsp;&nbsp;&nbsp;• Be priced at a discount to its intrinsic value. Intrinsic value represents the value of all estimated future cash flows generated by the company discounted to the present. By

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| | |
|:---|:---|
| **Prospectus** | **The Jensen Quality Growth Fund Inc.**<sub>7</sub> |

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acquiring the securities of companies having market prices below intrinsic value, the Fund attempts to create a portfolio with less risk than the overall securities markets.

In its determination of which companies qualify for purchase by the Fund, the Adviser also assesses a company's competitive, regulatory, and environmental, social and governance ("ESG") risks to assess whether company management has, in the opinion of the Adviser, adequately managed the impact of those risks to mitigate business risk and enhance shareholder value. For example, the Adviser may exclude certain companies it deems a participant in an industry which does not appropriately mitigate risk nor enhance shareholder wealth (such as, pure defense contractors or tobacco companies) as determined through an ESG lens. The Adviser does not make portfolio purchase or sale decisions solely based on its evaluation of ESG factors.

The Adviser believes that its focus on companies that historically have been able to achieve strong, consistent business performance and earnings growth over the long term, as determined by the Adviser using the above-referenced criteria, is consistent with the Fund's investment objective of long-term capital appreciation.

**The Fund's Portfolio Securities**

Although the Fund invests primarily in publicly traded common stocks of U.S. companies, it may invest in any of the securities set forth below, referred to as eligible equity securities, issued by companies that meet the Fund's investment criteria at the time the Fund purchases the security.

&nbsp;&nbsp;&nbsp;&nbsp;• Voting common stock that is registered under the Securities Exchange Act of 1934 and is listed on a major United States stock exchange, including the New York Stock Exchange ("NYSE") and the NASDAQ<sup>®</sup> Stock Market.

&nbsp;&nbsp;&nbsp;&nbsp;• Convertible debt securities and convertible preferred stock listed on a major United States stock exchange, including the NYSE and the NASDAQ<sup>®</sup> Stock Market, if the holder has the right to convert the debt securities or preferred stock into common stock that satisfies all the requirements above. The Fund, however, does not expect convertible securities to be a significant amount of its total assets.

&nbsp;&nbsp;&nbsp;&nbsp;• American Depository Receipts ("ADRs") for the common stock of foreign corporations, if the ADRs are issued in sponsored programs, registered under the Securities Exchange Act of 1934 and listed on a major United States stock exchange, including the NYSE and the NASDAQ<sup>®</sup> Stock Market. ADRs are receipts issued by domestic banks or trust companies that represent the deposit of a security of a foreign issuer and are publicly traded in the United States. The Fund, however, does not expect ADRs to be a significant portion of its total assets.

&nbsp;&nbsp;&nbsp;&nbsp;• Equity securities listed on a major United States stock exchange, including the NYSE and the NASDAQ<sup>®</sup> Stock Market, issued by

foreign companies. There are no restrictions on the amount of securities of foreign issuers that the Fund may own. The Fund, however, does not expect securities of foreign issuers to be a significant amount of its total assets. An issuer may be classified as either "domestic" or "foreign" depending upon which factors the Adviser considers most important for a given issuer. In making such determinations, the Adviser will generally look to the location of the issuer's primary stock listing and/or regulatory filings. However, in some cases, it may consider other factors, such as the location of the issuer's headquarters and senior management.

The Fund purchases investment securities with the expectation of holding them for long-term appreciation. The Fund's investment strategy governs the portfolio turnover rate. The Fund's investment policy permits the Fund to sell all or part of its securities of a portfolio company when the Fund's Adviser determines that the security should be replaced with another qualifying security that has a greater opportunity for appreciation. In addition, the Fund will begin to sell its position in a portfolio company if that company no longer satisfies the investment criteria specified above, including if its price exceeds intrinsic value, unless the failure is due to an extraordinary situation that the Adviser believes will not have a material adverse impact on the company's operating performance, in which case the Fund may continue to hold and invest in the company. The strategies and timing for disposing of a position in any portfolio company that no longer satisfies the Fund's investment criteria are based on various and ongoing security-specific and portfolio-level considerations taken into account by the Adviser. As a result, the Fund's sale of its position in a portfolio company may occur over an extended period of time. The Fund is subject to some restrictions governing the percentage of its assets that may be invested in the securities of any one company. See "Fundamental Investment Restrictions," "Portfolio Turnover" and "Tax Status of the Fund" in the Fund's Statement of Additional Information ("SAI") for more information on the Fund's investment policies and restrictions.

The Fund does not engage in active and frequent trading of portfolio securities to achieve its principal investment strategies.

**The Fund's Other Investments**

As a non-principal investment strategy, the Fund may invest a portion of its assets in cash or cash equivalents. In addition, in response to adverse market, economic, political or other conditions, the Fund may take temporary defensive investment positions that may be inconsistent with the Fund's principal investment strategies and invest up to 25% of the Fund's total assets in cash or cash equivalents. Some of these short-term instruments include:

&nbsp;&nbsp;&nbsp;&nbsp;• Cash held by the Fund's custodian, U.S. Bank National Association;

&nbsp;&nbsp;&nbsp;&nbsp;• Money market mutual funds;

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| | | |
|:---|:---|:---|
| **8** | **The Jensen Quality Growth Fund Inc.** | **Prospectus** |

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&nbsp;&nbsp;&nbsp;&nbsp;• FDIC-insured bank deposits;

&nbsp;&nbsp;&nbsp;&nbsp;• United States Treasury bills;

&nbsp;&nbsp;&nbsp;&nbsp;• Commercial paper rated A-1 by Standard and Poor's Corporation ("S&P") or Prime-1 by Moody's Investor Services, Inc. ("Moody's");

&nbsp;&nbsp;&nbsp;&nbsp;• Demand notes of companies whose commercial paper receives the same ratings listed above by S&P or Moody's;

&nbsp;&nbsp;&nbsp;&nbsp;• Institutional-grade paper maturing at 13 months or less; and

&nbsp;&nbsp;&nbsp;&nbsp;• U.S. government agency discount notes.

If the market advances during periods when the Fund is holding a large position in cash or cash equivalents, the Fund may not participate to the extent it would have if the Fund had been more fully invested in accordance with its principal investment strategies, which may result in the Fund not achieving its investment objective.

To the extent that the Fund invests in money market mutual funds for its cash positions, there will be some duplication of expenses because the Fund will bear its pro rata portion of such money market funds' management fees and operational expenses.

**Implementation of Investment Objective and Strategies**

The Fund has developed an extensive quality control program to ensure that the Fund's investment strategy, research process and administration are implemented properly. The objectives of this program are to ensure that:

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's investment strategy is applied consistently over time;

&nbsp;&nbsp;&nbsp;&nbsp;• The objective investment criteria are applied on a uniform basis; and

&nbsp;&nbsp;&nbsp;&nbsp;• Management focuses at all times on the best interests of the shareholders of the Fund.

The Fund's investment strategy has been blended with certain administrative policies to accomplish its investment objective. The Fund has:

&nbsp;&nbsp;&nbsp;&nbsp;• Established an investment team to execute the investment discipline;

&nbsp;&nbsp;&nbsp;&nbsp;• Objectively defined the Fund's research process, so that every security in the Fund's portfolio has met specific objective and analytical tests;

&nbsp;&nbsp;&nbsp;&nbsp;• Defined the Fund's trading policy to ensure that the Fund (a) purchases only eligible equity securities issued by companies that meet the Fund's investment criteria and (b) makes changes

to its portfolio only when the Adviser determines the issuer's performance makes a change advisable; and

&nbsp;&nbsp;&nbsp;&nbsp;• Established investment policies that prohibit the Fund from trading on margin, lending securities, selling short, or trading in futures or options.

These measures are in addition to those required by the Investment Company Act of 1940, as amended ("1940 Act"). See the Fund's SAI for more information on compliance with the 1940 Act.

**Fund Liquidity Programs**

If deemed in the best interests of the Fund and its shareholders, the Fund may participate in liquidity programs ("Liquidity Programs" or "Programs") offered by two independent third-party service providers, unaffiliated with the Fund and Adviser, designed to provide alternative liquidity sources for mutual funds experiencing net redemptions of their shares. These Liquidity Programs provide participating mutual funds, including the Fund, with a source of cash that is used to meet net shareholder redemptions that will settle on the next business day by purchasing shares of mutual funds, including the Fund. Depending on the Program used, the Fund's shares are redeemed when the Fund experiences net sales, at the end of a maximum holding period set by each Program, which ranges from two trading days to eight calendar days, or at other times in the discretion of the Program or the Adviser.

During the period that these Programs hold the Fund's shares, they will have the same rights and privileges with respect to those shares as any other shareholder. One of the Programs charges the Fund a fee each time the Fund requests the Program to purchase Fund shares. The fee is calculated by applying a fee rate to the total value of the shares purchased by the Program. The fee rate is determined through an automated daily auction among participating mutual funds. The current minimum fee rate is 0.14% of the total value of the Fund shares purchased, although a Fund may submit a bid at a higher fee rate if it determines that doing so is in the best interest of the Fund and its shareholders.

Purchases of Fund shares through the Liquidity Programs are made on an investment-blind basis without regard to the Fund's objective, policies or anticipated performance. One of these Liquidity Programs, in accordance with federal securities laws applicable due to its structure, is prohibited from acquiring more than 3% of the outstanding voting securities of the Fund. For the other Program, its ownership of Fund shares will not exceed 5% of the Fund's total assets under management.

When each Program redeems its Fund shares, it will redeem its entire share position in the Fund and request that such redemption be delivered in-kind in accordance with the Fund's redemption in-kind policies described under the "Redemptions In-Kind" section in this Prospectus.

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|:---|:---|
| **Prospectus** | **The Jensen Quality Growth Fund Inc.**<sub>9</sub> |

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The Fund's Board has approved the use of these Liquidity Programs. The Adviser believes that the Programs may help limit the impact to the Fund during periods of net redemptions of Fund shares, including lowering transaction costs, to the benefit of the Fund and its shareholders, although there is no guarantee that the Programs will do so. To the extent that the Fund's assets do not decline, the Adviser may also benefit.

Neither Program is subject to the Fund's investment minimums or the limitations noted in Market Timing section contained in this Prospectus.

**Principal Risks**

**Stock Market Risk**

Because the Fund invests in common stock, the Fund is subject to the risk that the market value of its securities may decrease over a short or extended period of time. The prices of equity securities may change, sometimes rapidly and unpredictably, in response to many different factors such as general economic conditions, interest rates, the historical and prospective financial performance of a company, the value of its assets, investor sentiment and perception of a company, and the occurrence of local, regional, national or global events such as bank failures, epidemics and other public health emergencies, wars or other conflicts, acts of terrorism, and natural disasters. In addition, particular sectors of the stock market may underperform or outperform the market as a whole, and the value of an individual security held by the Fund may be more volatile than the market as a whole.

**Management Risk**

The Adviser makes all decisions regarding the Fund's investments. Accordingly, the Fund's investment success depends on the skill of the Adviser in evaluating, selecting and monitoring the Fund's assets and investments. The Fund may only invest in those companies that can be purchased at a discount to their intrinsic values as calculated by the Adviser. Since the intrinsic value is calculated from estimated future cash flows, the Adviser's estimate may be in error or change as the forces of economics, competition, inflation, and other factors affect each particular company, and as a result the market price of a company's securities may never reach the Adviser's estimate of its intrinsic value. In addition, because intrinsic value is a function of business performance and does not change as much or as frequently as market value, the relationship between the two is not constant, and this disconnect may result in the market price of a company's securities remaining significantly below the Adviser's estimate of its intrinsic value for extended periods of time. Although each company selected for investment by the Fund must have demonstrated at least a decade of high operating performance that the Adviser believes can be continued by maintaining or increasing its advantage over competitors, there is a risk that other companies engaged in the same business may succeed in gaining a competitive advantage. The

Adviser's assessment of its investment criteria for a portfolio company may be incorrect. Certain risks are inherent in the ownership of any security, and there is no assurance that the Fund's investment objective will be achieved.

**Recent Market Events Risk**

U.S. and international markets have experienced, and may continue to experience, significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the imposition of tariffs on goods by the United States and ongoing trade tensions resulting from threatened reciprocal tariffs by trading partners, uncertainty regarding inflation and central banks' interest rate changes, the possibility of a national or global recession, political events, the war between Russia and Ukraine, armed conflict in the Middle East, and the impact of the coronavirus (COVID-19) global pandemic. The impact of COVID-19 may last for an extended period of time. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The imposition of tariffs on goods by the United States, ongoing trade tensions, and armed conflicts around the globe have contributed to recent market volatility and may continue to do so. The ongoing Middle East conflict has led to significant loss of life, damaged infrastructure and escalated tensions both in the region and globally. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. As a result, the risk environment remains elevated. The Adviser will monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund's investment objective, but there can be no assurance that they will be successful in doing so.

**Non-diversification Risk**

The Fund is a non-diversified mutual fund. This means the Fund is not as restricted as some other mutual funds are by the provisions of the 1940 Act with respect to the diversification of its investments. The Fund's "non-diversified status" permits the investment of a greater portion of the Fund's assets in the securities of a smaller number of issuers than would be permissible under a "diversified status." The appreciation or depreciation of a single portfolio security, or the performance of particular sectors of the stock market, may have a greater impact on the NAV of the Fund. Accordingly, the NAV of the Fund may fluctuate more than a comparable "diversified" fund.

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| **10** | **The Jensen Quality Growth Fund Inc.** | **Prospectus** |

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**Company and Sector Risk**

The Fund's principal investment strategies require that a company selected for investment must, among other criteria and in the determination of the Adviser, have attained a return on equity of at least 15 percent per year for each of the prior 10 fiscal years. Due to the relatively limited number of companies that meet this investment criteria and thereby qualify for investment consideration, at times the Fund is prohibited from investing in certain companies and sectors that are experiencing strong, shorter-term market appreciation but have not attained the high level of consistent, long-term business performance that is required for investment consideration by the Fund. As a result, the Fund's performance may trail the overall market over a short or extended period of time compared to what its performance may have been if the Fund was able to invest in such rapidly growing, non-qualifying companies.

**Large-Cap Company Risk**

Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. Also, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. The Adviser considers companies with market capitalizations in excess of $10 billion to be large-cap companies.

**Growth Stock Risk**

The prices of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks and may be out of favor with investors at different periods of time. Compared to value stocks, growth stocks may experience larger price swings.

**Other Investment Risks**

The Fund may engage in certain non-principal investment strategies as discussed in this Prospectus. To the extent that the Fund engages in these non-principal strategies, the Fund will be subject to the following risks:

**Preferred Stock Risk**

A preferred stock is a blend of the characteristics of a bond and common stock. It may offer the higher yield of a bond and has priority over common stock in equity ownership, but it does not have the seniority of a bond and, unlike common stock, its participation in the issuer's growth may be limited. Generally, preferred stock has preference over common stock in the receipt of dividends or in any residual assets after payment to creditors should the issuer be dissolved or both. Although the dividend on a preferred stock may be set at a fixed annual rate, in some circumstances it may be changed or deferred by the issuer.

**Convertible Securities Risk**

A convertible security is a fixed-income security (a debt instrument or a preferred stock) that may be converted at a stated price within a specified period of time into a certain quantity of the common stock of the same or a different issuer. Convertible securities are senior to

common stock in an issuer's capital structure but are usually subordinated to similar non-convertible securities. The market value of a convertible security performs like that of a regular debt security, that is, if market interest rates rise, the value of the convertible security falls.

**International Risk, Foreign Securities and ADRs**

Although all of the Fund's portfolio securities must be listed on a major United States stock exchange, including the NYSE and the NASDAQ<sup>®</sup> Stock Market, the Fund may invest in certain foreign securities and ADRs. The Fund also invests in U.S. companies that engage in significant foreign business. See "Investment Objective, Principal Investment Strategies and Primary Risks—The Fund's Portfolio Securities" in this Prospectus. These investments involve certain risks, such as:

&nbsp;&nbsp;&nbsp;&nbsp;• Political or economic instability in the country where the company is headquartered or doing business;

&nbsp;&nbsp;&nbsp;&nbsp;• Fluctuations in the relative rates of exchange between the currencies of different nations;

&nbsp;&nbsp;&nbsp;&nbsp;• The recent imposition of tariffs on goods by the United States and the difficulty of predicting international trade patterns; and

&nbsp;&nbsp;&nbsp;&nbsp;• The possibility of imposition of exchange control regulations.

These securities may also be subject to greater fluctuations in price. With respect to certain foreign countries, there also is a possibility of expropriation, nationalization, confiscatory taxation, political, economic or social instability and diplomatic developments that could affect investments in those countries. See "Investment Policies, Strategies and Associated Risks—American Depositary Receipts" in the Fund's SAI for additional information relating to ADRs.

**Cybersecurity Risk**

With the widespread use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security, and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (such as through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (that is, efforts to make network services unavailable to intended users). Cyber incidents affecting the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund's ability to calculate its NAV, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other law, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional

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| **Prospectus** | **The Jensen Quality Growth Fund Inc.**<sub>11</sub> |

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compliance costs. Similar adverse consequences could result from cyber incidents affecting issuers of securities in which the Fund invests, counterparties with which the Fund engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions (including financial intermediaries and service providers for Fund shareholders) and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Fund and its service providers have established business continuity plans in the

event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cyber security plans and systems put in place by its service providers or any other third parties whose operations may affect the Fund or its shareholders. As a result, the Fund and its shareholders could be negatively impacted.

**Management of the Fund**

**Organization of the Fund**

The Fund is organized as an Oregon corporation and is managed under the supervision of its Board of Directors. For additional information about the Fund's organization and Board of Directors, please see the Fund's SAI.

**Investment Adviser**

The Fund's investment adviser is Jensen Investment Management, Inc., with offices at 5500 Meadows Road, Suite 200, Lake Oswego, Oregon 97035-3623. The investments and business operations of the Fund are managed by the Adviser subject to oversight by the Fund's Board of Directors. The Adviser is also responsible for selecting brokers and dealers to execute the Fund's portfolio transactions. Jensen Investment Management, Inc. has acted as the Fund's investment adviser since the Fund was established in 1992.

The Adviser also serves as investment adviser to individual and institutional clients, including private clients, pension plans, foundations, endowments and other businesses. The Adviser also serves as investment adviser to the Jensen Quality Mid Cap Fund and the Jensen Global Quality Growth Fund, each of which is an open-end mutual fund and the Jensen Quality Growth ETF, an exchange traded fund, and was managing assets totaling approximately $[...] billion as of August 31, 2025. For its services to the Fund, the Adviser receives an investment advisory fee paid monthly by the Fund at an annual rate calculated as a percentage of the average daily net assets of the Fund. The table below illustrates the Fund's base investment advisory fee annual rate and the reduced annual fee rates on Fund assets in excess of certain levels (breakpoints):

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|:---|:---|:---|:---|
| **Annual Investment Advisory Fee**<br>(as a percentage of the Fund's average daily net assets) | **Annual Investment Advisory Fee**<br>(as a percentage of the Fund's average daily net assets) | **Annual Investment Advisory Fee**<br>(as a percentage of the Fund's average daily net assets) | **Annual Investment Advisory Fee**<br>(as a percentage of the Fund's average daily net assets) |
| &nbsp;&nbsp;$4 billion or less | &nbsp;&nbsp;More than $4 billion, up to $8 billion | &nbsp;&nbsp;More than $8 billion, up to $12 billion | &nbsp;&nbsp;More than $12 billion |
| &nbsp;&nbsp;0.500% | &nbsp;&nbsp;0.475% | &nbsp;&nbsp;0.450% | &nbsp;&nbsp;0.425% |

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For the Fund's most recent fiscal year ended May 31, 2025, aggregate advisory fees paid to the Adviser by the Fund amounted to [...]% of average daily net assets of the Fund. The Fund's Board of

Directors most recently approved the continuation of the Fund's investment advisory agreement with the Adviser on July 16, 2024. A discussion regarding the Board of Director's decision to continue the Fund's investment advisory agreement with the Adviser is included in the Fund's semi-annual report to shareholders for the six-month period ended November 30, 2024 and will be included in the Fund's semi-annual report to shareholders for the six-month period ended November 30, 2025.

**Portfolio Managers**

The Fund is managed by a team composed of the Adviser's investment team for the Fund, which is responsible for all investment decisions for the Fund. All members share equal responsibility in managing the Fund and making decisions regarding the Fund's investments. The SAI provides additional information about the investment team's compensation, other accounts managed by each member of the investment team and each member's ownership of securities in the Fund. The investment team is composed of Robert D. McIver, Kurt M. Havnaer, Allen T. Bond, Kevin J. Walkush, Adam D. Calamar, and Jeffrey D. Wilson.

Robert D. McIver was appointed President of the Fund and President of the Adviser in February 2007, and joined the Adviser in September 2004 as Director of Operations and Portfolio Manager. Mr. McIver is also a Director of the Fund. Mr. McIver, a Managing Director of the Adviser since 2007, has over 36 years of experience in the banking and investment management business, including 2 years with National Westminster Bank as a corporate banker, 10 years with Schroder Investment Management in London, and two additional years with Schroder & Co. Trust Bank where he served as Chief Investment Officer, Latin America. He managed two private property management and resort companies in British Columbia, Canada from 2001 – 2004. Mr. McIver has been a member of the investment team since March of 2005.

Kurt M. Havnaer, CFA, Portfolio Manager, has been employed by the Adviser since December 2005, previously holding the position of Business Analyst through September 2015. Mr. Havnaer has over 36

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| **12** | **The Jensen Quality Growth Fund Inc.** | **Prospectus** |

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years of experience in the investment management industry. Prior to joining the Adviser, he spent 9 years at Columbia Management Advisors as a high yield analyst and co-portfolio manager. Prior to that, Mr. Havnaer was a portfolio manager, analyst and trader at Safeco Asset Management. He has been a member of the investment team since September of 2007.

Allen T. Bond, CFA, Head of Research and Managing Director, has been employed by the Adviser since February 2007, previously holding the position of Business Analyst through September 2015, and Portfolio Manager since October 2015. Mr. Bond has over 26 years of experience in the investment management industry. Mr. Bond previously served as a Credit Analyst at Washington Mutual where he performed fundamental analysis on investment-grade corporate bond issuers in connection with a fixed-income securities portfolio managed by the insurance company subsidiary of Washington Mutual. Prior to Washington Mutual, he was a High Yield Credit Analyst and Trader for Columbia Management Group. Mr. Bond began his career as a trader at Ferguson Wellman Capital Management. He has been a member of the investment team since May of 2011.

Kevin J. Walkush, Portfolio Manager, has been employed by the Adviser since May 2007, previously holding the position of Business Analyst through September 2015. Mr. Walkush has over 19 years of experience in the investment management industry. Mr. Walkush joined the Adviser from Morningstar where he held the position of Stock Analyst. In that role, Mr. Walkush provided equity research coverage of industrial, mining, and alternative energy stocks. Prior to Morningstar, Mr. Walkush consulted for Lux Capital where he performed due diligence on investment candidates as well as prepared university-based technology for commercialization. Mr. Walkush has also held various finance and operational roles at Amazon.com and Weyerhaeuser. He has been a member of the investment team since May of 2011.

Adam D. Calamar, CFA, Portfolio Manager, has been employed by the Adviser since May 2008, and has over 17 years of experience in the investment management industry. Mr. Calamar held the position of Business Analyst from January 2010 through September 2015, and previously held the position of Manager of Institutional Services where he assisted in relationship management with the company's institutional clients. Mr. Calamar was previously employed by Broadmark Asset Management, LLC. He has been a member of the investment team since September 2013.

Jeffrey D. Wilson, CFA, Portfolio Manager, has been employed by the Adviser since July 2019, previously holding the position of Business Analyst through December 2022, and has over 19 years of experience in the investment management industry. Mr. Wilson joined the Adviser from Scharf Investments, LLC ("Scharf") where he held the position of Senior Research Analyst. In that role, Mr. Wilson provided global equity research coverage of domestic and international stocks. Prior to Scharf, he was an Analyst and Portfolio Manager at

Freestone Capital Management, LLC, performing due diligence on several all-cap quality strategies during his six-year tenure. Mr. Wilson began his career at ICM Asset Management as a Research Analyst in 2005.

**Distribution and Servicing of Shares**

**Distributor**

Quasar Distributors, LLC ("Distributor"), 190 Middle Street, Suite 301, Portland, Maine 04101, serves as distributor and principal underwriter for the Fund's shares. Quasar is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc.

**Class J Shares**

**Distribution and Shareholder Servicing Plan**

The Fund has implemented a combined Distribution and Shareholder Servicing Plan (the "12b-1 Plan") for its Class J shares in accordance with Rule 12b-1 of the 1940 Act. The 12b-1 Plan allows the Fund's Class J shares to pay fees to financial intermediaries (including broker-dealers that sponsor mutual fund supermarket programs) and other service providers for the sale and distribution of Class J shares and for shareholder servicing and maintenance of shareholder accounts. The 12b-1 Plan authorizes and provides for payments of up to 0.25% per year of the Fund's average daily net assets for Class J shares for sale and distribution services and shareholder servicing. As these fees are paid out of the Fund's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

In addition to payments made under the Fund's 12b-1 Plan and other payments made by the Fund such as for sub-transfer agency, account maintenance and recordkeeping, the Adviser makes payments from past profits and other resources, including from its relationship with the Fund, to compensate those financial intermediaries (including broker-dealers that sponsor mutual fund supermarket programs) and other service providers that provide sales and distribution services and shareholder servicing and account maintenance to the Fund's Class J Shares and charge a higher fee than the 0.25% paid by the Class J shares under the 12b-1 Plan. The portion of these fees that are not sub-transfer agency fees and which are in excess of 0.25% is paid by the Adviser and not by the Class J shares. The fee rates charged by these financial intermediaries vary. The total amount of these payments is substantial, may be substantial to any given recipient and may exceed the costs and expenses incurred by the recipient for any fund-related marketing or shareholder servicing activities. The payments described in this paragraph may be considered "revenue sharing payments." The Fund's SAI provides more information concerning payments to financial intermediaries. Investors should consult their financial intermediary regarding the amount and other details of the payments the financial intermediary receives for the services it provides to the Fund's Class J shares and other mutual funds available to the financial intermediary's customers. To the extent that these fees received by the financial

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| **Prospectus** | **The Jensen Quality Growth Fund Inc.**<sub>13</sub> |

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intermediary for its services to the Fund, or other payments it receives for providing Fund marketing support to the Fund, are higher than those paid by other mutual funds, such payments create an incentive for the financial intermediary and its financial professionals to sell the Class J Shares of the Fund rather than other mutual funds or to sell Class J Shares over other share classes of the Fund for which the intermediary does not receive payment or receives a lower amount.

**Class I Shares**

**Shareholder Servicing Plan**

The Fund has implemented a Shareholder Servicing Plan (the "Shareholder Servicing Plan") for its Class I shares that authorizes the Fund to make payments to financial intermediaries, retirement plan administrators and other service providers for Class I shareholders in return for their shareholder servicing and maintenance of Class I shareholder accounts, including participant recordkeeping and administrative services provided for participants in retirement plans that maintain Class I accounts in the Fund. These shareholder servicing and maintenance fees may not exceed 0.10% per year of the Fund's average daily net assets for Class I shares and may not be used to pay for any services in connection with the distribution and sale of Class I shares.

In addition to payments under the Fund's Shareholder Servicing Plan, the Adviser makes payments from its past profits and other resources, including its relationship with the Fund, to compensate certain financial intermediaries and other service providers that provide shareholder servicing and account maintenance to the Fund's Class I shares. For any fee charged by a financial intermediary that is higher than the 0.10% paid by the Class I shares under the Shareholder Servicing Plan, or for such fees otherwise not paid under the Shareholder Servicing Plan, this portion of the fees is paid by the Adviser and not by the Class I shares. The fee rates charged by these financial intermediaries vary. The total amount of these payments is substantial, may be substantial to any given recipient and may exceed the costs and expenses incurred by the recipient for any fund-related marketing or shareholder servicing activities. The payments described in this paragraph may be considered "revenue sharing payments." The Fund's SAI provides more information concerning payments to financial intermediaries. Investors should consult their financial intermediary regarding the details of the payments the financial intermediary receives for providing servicing for the Class I shares and other mutual funds. These payments made by the Fund to a financial intermediary may be higher than payments made for the same services by other mutual funds that are available to customers of the financial intermediary. In such case, the financial intermediary and its financial professionals have an incentive to sell the Class I shares of the Fund rather than other mutual funds that are available to the financial intermediary's customers or to sell Class I shares over other share classes of the Fund or which the intermediary does not receive payment or receives a lower amount.

**Class R Shares**

**Distribution and Shareholder Servicing Plan**

The Fund has implemented a combined Distribution and Shareholder Servicing Plan (the "12b-1 Plan") for its Class R shares in accordance with Rule 12b 1 of the Investment Company Act of 1940. The 12b-1 Plan allows the Fund's Class R shares to pay fees to financial intermediaries and other service providers for the sale and distribution of Class R shares and for shareholder servicing and maintenance of shareholder accounts. The 12b-1 Plan authorizes and provides for payments of up to 0.50% per year of the Fund's average daily net assets for Class R shares for sale and distribution services and shareholder servicing. As these fees are paid out of the Fund's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

In addition, the Adviser may make payments from past profits and other resources, including from its relationship with the Fund, to compensate any financial intermediaries and other service providers that provide sales and distribution services and shareholder servicing and account maintenance to the Fund's Class R shares and charge a higher fee than the 0.50% paid by the Class R shares under the 12b-1 Plan. Any portion of these fees in excess of 0.50% is paid by the Adviser and not by the Class R shares of the Fund. The fee rates charged by these financial intermediaries vary. The Fund's SAI provides more information concerning payments to financial intermediaries. Investors should consult their financial intermediary regarding the amount and other details of the payments the financial intermediary receives for the services it provides to the Fund's Class R shares and other mutual funds available to the financial intermediary's customers. To the extent that these fees paid to the financial intermediary (and any fees paid to the financial intermediary under the Fund's Shareholder Servicing Plan (see below)) for its services to the Fund, or other payments it receives for providing Fund marketing support, are higher than those paid by other mutual funds, such payments create an incentive for the financial intermediary and its financial professionals to sell the Class R shares of the Fund rather than other mutual funds or to sell Class R shares over other share classes of the Fund for which the intermediary does not receive payment or receives a lower amount.

**Shareholder Servicing Plan**

The Fund has implemented a Shareholder Servicing Plan (the "Shareholder Servicing Plan") for its Class R shares that authorizes the Fund to make payments to financial intermediaries, retirement plan administrators and other service providers in return for their shareholder servicing and maintenance of Class R shareholder accounts, including participant recordkeeping and administrative services provided for participants in retirement plans that maintain Class R accounts in the Fund. The shareholder servicing and maintenance fees authorized under the Shareholder Servicing Plan may not exceed 0.25% per year of the Fund's average daily net assets for Class R shares and may not be used to pay for any services

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| **14** | **The Jensen Quality Growth Fund Inc.** | **Prospectus** |

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in connection with the distribution and sale of Class R shares. The fee rates charged by these financial intermediaries vary.

**Class Y Shares**

**Shareholder Servicing Plan**

The Class Y Shares are not subject to, and do not pay, any 12b-1 fee, sub-transfer agency fee or shareholder servicing plan fee. Furthermore, it is the Adviser's general policy and practice not to make payments from its past profits and other resources, including from its relationship with the Fund, to financial intermediaries to compensate them for the shareholder recordkeeping and servicing they provide to their individual customers who are beneficial owners of the Class Y Shares of the Fund. To the extent, however, that the Adviser makes an exception to or amends its general policy and practice and makes such payments to any financial intermediaries (including payments due to a relationship subject to a prior policy), which payments may be considered "revenue sharing payments," it will only do so if such payments are determined by the Adviser to be consistent with regulatory rules and guidance.

**Sub-Transfer Agency Fees**

The Fund's Class J shares makes payments to certain financial intermediaries who have chosen to maintain an "omnibus account" with the Fund, which is a single account in the Fund that contains the combined investment in Class J shares for all of a financial intermediary's customers. In turn, these financial intermediaries provide shareholder recordkeeping and servicing to their individual customers who are beneficial owners of the Fund via these omnibus accounts. These payments, commonly known as "sub-transfer agency fees," made by the Fund to such financial intermediaries for the shareholder recordkeeping and servicing they provide to their individual customers who are indirect Fund shareholders approximate the fees that would be paid by the Fund to Fund Services for maintaining and servicing these accounts if the financial intermediaries' customers were instead direct shareholders of the Fund.

**Shareholder Service Information**

**Pricing of Fund Shares**

The price of each class of Fund shares is its net asset value per share ("NAV"). The NAV of each class of shares is calculated at the close of regular trading hours of the NYSE (generally 4:00 p.m., Eastern Time) each day the NYSE is open. Therefore, shares of the Fund are not priced on days when the NYSE is closed, which generally is on weekends and national holidays in the U.S.A. For a list of holidays observed by the NYSE, please see the Fund's SAI. Your purchase and redemption requests are priced at the next NAV calculated after receipt of a properly completed purchase or redemption order. The NAV for each class is calculated by dividing the total value of the Fund's securities and other assets that are allocated to the class, less the liabilities allocated to that class, by the total number of shares outstanding for the class. Due to the fact that different expenses are charged to the Class J, Class I, Class R, and Class Y shares, the NAVs of the different classes of the Fund may vary.

The Fund uses the following methods to value securities held in its portfolio:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities listed on U.S. stock exchanges, including the NYSE, are valued at the last sale price at the close on its principal exchange. Securities listed on the NASDAQ<sup>®</sup> Stock Market are valued at the NASDAQ Official Closing Price. If such a price is lacking for the trading period immediately preceding the time of determination, such securities are valued at their current bid price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities that are traded in the over-the-counter market are valued at their current bid price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Short-term money market securities maturing within 60 days are valued on the amortized cost basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities for which market quotations are not readily available shall be valued at their fair value.

The market value of the securities in the Fund's portfolio changes daily and the NAV of each class of Fund shares changes accordingly.

**Fair Value Pricing**

If market quotations are not readily available, a security or other asset will be valued at its fair value as determined under the Adviser's fair value pricing procedures subject to oversight by the Board of Directors. These fair value procedures will also be used to price a security when corporate events, events in the securities market and/or world events cause the Adviser to believe that a security's last sale price may not reflect its actual fair value. The intended effect of using fair value pricing procedures is to ensure that the Fund is accurately priced.

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| **Prospectus** | **The Jensen Quality Growth Fund Inc.** | **15** |

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The Fund normally invests in common stock of domestic issuers listed on U.S. stock exchanges, including the NYSE or the NASDAQ<sup>®</sup> Stock Market, the substantial majority of which are large capitalization, highly liquid securities. Nonetheless, these securities may at times not have market quotations readily available, including, but not limited to, such instances where the market quotation for a security has become stale, sales of a security have been infrequent, or where there is a thin market in the security. To address these situations, the Adviser has developed procedures that utilize fair value pricing when reliable market quotations are not readily available or the Fund's Pricing Service does not provide a valuation, (or provides a valuation that, in the judgment of the Adviser, does not represent the security's fair value), or when, in the judgment of the Adviser, events have rendered the market value unreliable. Valuing securities at fair value involves reliance on judgment. Fair value determinations are made in good faith in accordance with procedures adopted by the Adviser subject to oversight by the Board of Directors. When a security is fair valued, it is priced at the amount that the owner of the security might reasonably expect to receive upon its current sale.

Because fair value pricing is subjective in nature, there can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund's NAV. There can be significant deviations between a fair value price at which a portfolio security is being carried and the price at which it is purchased or sold. Furthermore, changes in the fair valuation of portfolio securities may be less frequent and of greater magnitude than changes in the price of portfolio securities valued using market quotations.

See the SAI for more information about the pricing of the Fund's shares.

**How to Buy Fund Shares**

The Fund offers four different classes of shares through this prospectus. Class J shares, the Fund's original class of shares, are available to retain investors, Class I shares are available to institutional investors and individuals willing to make significant initial investment, Class R shares are available to defined contribution plans and other retirement plans, and Class Y shares are available to institutional investors and individuals willing to make a higher significant investment, to employees and clients of the Adviser as well as to employee benefit plans sponsored by the Adviser. Each share class has its own expense structure and minimum investment amount.

Shares of the Fund are sold at the NAV, which means that you pay no sales charges or commissions when you purchase shares. Your share price will be the next NAV calculated after the Fund receives your request in good order. Forms are available by request and at www.jenseninvestment.com.

**Class J Shares**

You may purchase Class J shares of the Fund directly from the Fund. Class J shares, the Fund's original class of shares, are available to retail investors.

**Class I Shares**

Unless otherwise exempt from its investment minimum, only investors who are willing to make a significant initial investment may purchase Class I shares of the Fund directly from the Fund.

**Class R Shares**

You may purchase Class R shares of the Fund directly from the Fund. Class R shares are available to defined contribution plans and other retirement plans.

**Class Y Shares**

The Class Y shares are available only to institutional and individual investors willing to make a significant initial investment, to employees and clients of the Adviser as well as to employee benefit plans sponsored by the Adviser. You may purchase Class Y shares of the Fund directly from the Fund.

**Additional Purchase Information Pertaining to the Fund**

When making a purchase request, make sure your request is in good order. For purchases made through Fund Services, "good order" means your purchase request includes:

&nbsp;&nbsp;&nbsp;&nbsp;• The *name* of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• The *dollar* amount of shares to be purchased;

&nbsp;&nbsp;&nbsp;&nbsp;• Account application form or investment stub; and

&nbsp;&nbsp;&nbsp;&nbsp;• Check payable to "The Jensen Quality Growth Fund Inc."

For information about your financial intermediary's requirements for purchases in good order, please contact your financial intermediary.

**Share Classes and Minimum Investments Pertaining to the Fund**

This Prospectus offers four classes of Fund shares: Class J shares, Class I shares, Class R shares and Class Y shares. The four classes of Fund shares are subject to the same investment advisory fees but are subject to different distribution and/or shareholder servicing fees.

Except as described in this section, the minimum investment amount for each class of Fund shares is as follows:

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| | Initial <br>Investment | Subsequent Investment |
| Class J | $2500 | $100 |
| Class I | $250000 | $100 |
| Class R | $2500 | $100 |
| Class Y | $1000000 | $100 |

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| **16** | **The Jensen Quality Growth Fund Inc.** | **Prospectus** |

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These minimums may be waived for accounts held in qualified retirement or profit sharing plans, and/or omnibus accounts established by financial intermediaries where the investment in the Fund is expected to meet the minimum investment amount within a reasonable time period as determined by the Adviser. Registered investment advisors and broker-dealers may generally meet the minimum investment amount by aggregating multiple accounts with common ownership or discretionary control within the Fund.

Current and former employees of the Adviser and their spouses (including domestic partners) and children, may purchase Class Y shares and are not subject to any minimum initial investment amount. Subsequent investments by such shareholders are subject to the $100 minimum described above.

The Fund reserves the right to waive the minimum initial investment or minimum subsequent investment amounts at its discretion. Shareholders will be given at least 30 days' written notice of any increase in the minimum dollar amount of initial or subsequent investments.

**Financial Intermediaries**

You may purchase shares of the Fund through a third-party financial intermediary, such as a broker-dealer (including one that sponsors a mutual fund supermarket program), financial institution or other financial service firm. When you purchase shares of the Fund through a financial intermediary, the financial intermediary may be listed as the shareholder of record of the shares. In addition, a financial intermediary may use procedures and impose restrictions that are different from those applicable to shareholders that invest in the Fund directly.

The price per share you will receive will be the NAV next computed after your request is received in good order by the financial intermediary. The Fund may make arrangements with certain financial intermediaries ("Authorized Intermediaries") to receive purchase and redemption orders on its behalf. Authorized Intermediaries may be authorized to designate other intermediaries to receive purchase and redemption requests on behalf of the Fund. The Fund will be deemed to have received a purchase order when an Authorized Intermediary or, if applicable, its designee receives the order. Purchase requests submitted to an Authorized Intermediary or its designee after the Authorized Intermediary's or designee's imposed cut-off time may not be received by the Fund prior to the Fund's cut-off time at the close of regular trading (generally 4:00 p.m., Eastern time) on that day. Such purchase requests will be processed at the NAV calculated at the close of regular trading on the next day that the NYSE is open for business. For more information about your financial intermediary's rules and procedures, whether your financial intermediary is an Authorized Intermediary, and whether your financial intermediary imposes cut-off times for the receipt of orders that are earlier than the cut-off times established by the Fund, contact your financial intermediary directly.

If you intend to invest in the Fund through a financial intermediary, you should read the program materials provided by the financial intermediary as a supplement to this Prospectus. Financial intermediaries may charge you transaction-based fees or other charges for the services they provide to you. These charges are not reflected in the fee table or expense example in this Prospectus, and such charges are retained by the financial intermediary and are not paid to the Fund or the Adviser.

**Buying Shares by Mail**

Complete an application and send it to the address below, with a check for at least the minimum amount and made payable to "The Jensen Quality Growth Fund Inc.":

**By Mail:**

The Jensen Quality Growth Fund Inc.

c/o U.S. Bank Global Fund Services

PO Box 219252

Kansas City, MO 64121-9252

**By Overnight or Express Mail:**

The Jensen Quality Growth Fund Inc.

c/o U.S. Bank Global Fund Services

801 Pennsylvania Ave, Suite 219252

Kansas City, MO 64105-1307

To make additional investments once you have opened your account, write your account number on the check and send it together with the Invest by Mail form from your most recent confirmation statement received from Fund Services. If you do not have the Invest by Mail form, include the Fund name, your name, address, and account number on a separate piece of paper along with your check.

The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, deposit in the mail or with such services, or receipt at Fund Services' post office box, of purchase orders or redemption requests does not constitute receipt by Fund Services. Receipt of purchase orders or redemption requests is based on when the order is received at Fund Services' offices.

The Fund will not accept payment in cash or money orders. To prevent check fraud, the Fund will not accept third-party checks, Treasury checks, credit card checks, traveler's checks or starter checks for the purchase of shares. The Fund is unable to accept post-dated checks or any conditional order or payment. All purchases must be in U.S. dollars drawn on a domestic financial institution.

**NOTE: Fund Services will charge your account a $25 fee for any payment returned. In addition, you will be responsible for any losses suffered by the Fund as a result.**

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| **Prospectus** | **The Jensen Quality Growth Fund Inc.** | **17** |

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**Buying Shares by Wire**

If you are making an initial investment in the Fund by wire transfer, please contact the Fund by telephone before you wire funds to make arrangements with a telephone service representative to submit your completed application via mail, overnight delivery, or facsimile. Upon receipt of your completed application, your account will be established and a service representative will contact you to provide your new account number and wiring instructions. If you do not receive this information within one business day, you should call Fund Services toll free at 800-992-4144. You may then contact your bank to wire funds according to the instructions you were given. Your purchase will be placed as of the date the funds are received provided the funds are received before the close of the market. If the funds are received after the close of the market, your shares will be purchased using the next business day's closing NAV. The Fund and U.S. Bank National Association are not responsible for the consequences of delays resulting from the banking or Federal Reserve wire system, or from incomplete wiring instructions.

For subsequent investments by wire, please contact Fund Services at 800-992-4144 prior to sending your wire. This will alert the Fund to your intention and will ensure proper credit when your wire is received. Instruct your bank to wire transfer your investment to:

U.S. Bank National Association

777 E. Wisconsin Ave

Milwaukee, Wisconsin 53202

ABA Number: 075000022

For credit to U.S. Bank Global Fund Services

Account Number 112-952-137

Further credit to:&nbsp;&nbsp;&nbsp;&nbsp;The Jensen Quality Growth Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;Shareholder account name and account number

**Buying Shares by Telephone**

If you have established bank instructions on your account and have not declined telephone transaction privileges on your New Account Application Form, you may purchase additional shares of the Fund, in amounts of $100 or more, by telephoning Fund Services toll free at 800-992-4144. If your account has been open for seven business days, this option allows you to move money from your bank account to the Fund account upon request. Only bank accounts held at U.S. banks that are Automated Clearing House ("ACH") members may be used for telephone transactions. Shares will be purchased in your account at the applicable price determined on the day of your order, as long as your order is received prior to 4:00 p.m. Eastern Time. If your payment is rejected by your bank, Fund Services will charge your account a $25 fee. In addition to the fee, you will also be responsible for any resulting loss incurred by the Fund.

**Automatic Investment Program (Class J shares only)**

You may purchase Fund shares automatically from your bank under the automatic investment program, which allows monies to be

transferred directly from your checking or savings account to invest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• Purchases may be made on a monthly basis.

&nbsp;&nbsp;&nbsp;&nbsp;• To be eligible, your account must be maintained at a domestic financial institution that is an ACH member.

&nbsp;&nbsp;&nbsp;&nbsp;• You may sign up for the automatic investment program by completing an application form.

&nbsp;&nbsp;&nbsp;&nbsp;• Minimum initial investment is $100 (for automatic investment program only).

&nbsp;&nbsp;&nbsp;&nbsp;• Minimum subsequent investment is $100.

Please call our shareholder services at 800-992-4144 for more information about participating in the program. Any request to change or terminate your Automatic Investment Plan should be submitted to Fund Services five days prior to effective date of the request. Fund Services will charge your account a $25 fee for any ACH payment that is not honored.

**Anti-Money Laundering Program**

The Fund has established an Anti-Money Laundering Compliance Program (the "Program") as required by the USA PATRIOT Act and related anti-money laundering laws and regulations. To ensure compliance with these laws, the Account Application asks for, among other things, the following information for all "customers" seeking to open an "account" (as those terms are defined in rules adopted pursuant to the USA PATRIOT Act):

&nbsp;&nbsp;&nbsp;&nbsp;• full name;

&nbsp;&nbsp;&nbsp;&nbsp;• date of birth (individuals only);

&nbsp;&nbsp;&nbsp;&nbsp;• Social Security or taxpayer identification number; and

&nbsp;&nbsp;&nbsp;&nbsp;• permanent street address (a P.O. Box alone is not acceptable).

Accounts opened by entities, such as corporations, limited liability companies, partnerships, business trusts or trusts, will require additional documentation including in the case of a legal entity, the identity of the beneficial owners of the entity. Please note that if any information listed above is missing, your Account Application will be returned and your account will not be opened. In compliance with the USA PATRIOT Act and other applicable anti-money laundering laws and regulations, Fund Services will verify the information on your application as part of the Program. The Fund reserves the right to request additional clarifying information to form a reasonable belief as to the true identity of a customer. In the rare event that we are unable to verify your identity, the Fund reserves the right to redeem your account at the current day's net asset value. If you

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| **18** | **The Jensen Quality Growth Fund Inc.** | **Prospectus** |

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require additional assistance when completing your application, please contact Fund Services at 800-992-4144.

**Choosing a Distribution Option**

When you complete your account application, you may choose from four distribution options.

**1.**You may invest all income dividends and capital gains distributions in additional shares of the Fund. This option is assigned automatically if no other choice is made.

**2.**You may elect to receive income dividends and capital gains distributions in cash.

**3.**You may elect to receive income dividends in cash and to reinvest capital gains distributions in additional shares of the Fund.

**4.**You may elect to invest income dividends in additional shares of the Fund and receive capital gains distributions in cash.

If you elect to receive distributions and/or dividends by check and the post office cannot deliver such check, or if such check remains uncashed for six months, the Fund reserves the right to reinvest the distribution check in your account at the Fund's then current NAV per share and to reinvest all subsequent distributions in shares of the Fund until an updated address is received. You may change your election at any time. Your request for a change must be received by Fund Services in writing or by telephone at least five days prior to the record date for the distribution for which a change is requested.

**Retirement Plans**

Tax-deferred retirement plans including:

&nbsp;&nbsp;&nbsp;&nbsp;• IRAs;

&nbsp;&nbsp;&nbsp;&nbsp;• Keogh plan accounts;

&nbsp;&nbsp;&nbsp;&nbsp;• SEP accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;• Other ERISA-qualified plans

may invest in the Fund, subject to the other requirements of the Fund. If a plan has already been established with a custodian or trustee, the plan may purchase shares of the Fund in the same manner as any other shareholder, subject to any special charges imposed by the plan's custodian or trustee.

If you want to establish an individual retirement account naming Fund Services as custodian, please call our shareholder services at 800-992-4144 for information and forms.

**Additional Purchase Information**

The Fund reserves the right to reject your purchase order and suspend the offering of the Fund's shares to you if management determines the rejection or suspension is in the best interests of the Fund.

Shares of the Fund have not been registered for sale outside of the United States, Puerto Rico, Guam and the U.S. Virgin Islands. The Fund generally does not sell shares to investors residing outside the United States, even if they are United States citizens or lawful permanent residents, except to investors with United States military APO or FPO addresses.

**Stock Certificates**

The issuance of Fund shares is recorded on the books of the Fund in full and fractional shares carried to the third decimal place. For investor convenience and to avoid additional operating costs, the Fund does not expect to issue share certificates.

**Conversion and Exchange of Shares**

For Other Classes of the Fund

Holders of Class J shares may be or become eligible to invest in Class I shares or Class Y shares of the Fund. Holders of Class I shares may be or become eligible to invest in Class Y shares of the Fund. Such shareholders may convert their shares into shares of the other share class provided that following the conversion the shareholder meets the then-applicable eligibility requirements for the share class. Neither the Class I shares nor Class Y shares is subject to any sales charges or Rule 12b-1 distribution fees. The conversion will be executed on the basis of the respective net asset values of the share classes.

Investors who hold Class I shares of the Fund through a fee-based program of a financial intermediary, but who subsequently become ineligible to participate in the program or withdraw from the program, may be subject to conversion of their Class I shares by their program provider to another class of shares of the Fund having

expenses (including Rule 12b-1 fees) that may be higher than the expenses of the Class I shares. Investors should contact their program provider to obtain information about their eligibility for the provider's program and the class of shares they would receive upon such a conversion.

Ordinarily, your conversion of one class of shares of the Fund into another class of shares of the Fund is not considered to be a taxable transaction for federal income tax purposes. You should consult your tax adviser.

For Another Fund Managed by the Adviser

You may exchange all or a portion of your investment from the Fund to the same share class in an identically registered account of any other mutual fund managed by the Adviser. Any new account established through an exchange will be subject to the minimum investment requirements described above. Exchanges will be executed on the basis of the relative NAV of the shares exchanged. An exchange of Fund shares for shares of another mutual fund is considered to be a sale of shares for federal income tax purposes which may result in a realized taxable gain or loss. Call the Fund (toll-free) at 800-992-4144 to learn more about exchanges.

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| **Prospectus** | **The Jensen Quality Growth Fund Inc.** | **19** |

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**The Fund and Fund Services are available to assist you in opening accounts and when purchasing, exchanging or redeeming shares.**

**Closure of the Fund**

The Board of Directors retains the right to close the Fund (or partially close the Fund) to new purchases if it is determined to be in the best interest of shareholders. Based on market and Fund conditions, the Adviser may recommend to the Board of Directors that the Fund be closed to new investors, all investors or certain classes of investors (such as fund supermarkets) at any time. If the Fund is closed to new purchases it will continue to honor redemption requests, subject to any suspensions by the Fund of redemption rights at times when the NYSE is closed or during certain other periods as permitted under the federal securities laws.

**Householding**

In an effort to decrease costs, the Fund has reduced the number of duplicate prospectuses, and certain other shareholder documents you receive and sends only one copy of each to those addresses shared by two or more accounts. Call toll-free at 800-992-4144 to request individual copies of these documents, or if your shares are held through a financial institution please contact them directly. The Fund will begin sending individual copies 30 days after receiving your request. This policy does not apply to account statements.

**Lost Shareholders, Inactive Accounts and Unclaimed Property**

It is important that the Fund maintains a correct address for each shareholder. An incorrect address may cause a shareholder's account statements and other mailings to be returned to the Fund. Based upon statutory requirements for returned mail, the Fund will attempt to locate the shareholder or rightful owner of the account. If the Fund is unable to locate the shareholder, then it will determine whether the shareholder's account can legally be considered abandoned. Your mutual fund account may be transferred to the state government of your state of residence if no activity occurs within your account during the "inactivity period" specified in your state's abandoned property laws. The Fund is legally obligated to escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator in accordance with statutory requirements. The shareholder's last known address of record determines which state has jurisdiction. Please proactively contact Fund Services toll-free at 800-992-4144 at least annually to ensure your account remains in active status.

If you are a resident of the state of Texas, you may designate a representative to receive notifications that, due to inactivity, your mutual fund account assets may be delivered to the Texas Comptroller. Please contact Fund Services if you wish to complete a Texas Designation of Representative form.

**How to Redeem Fund Shares**

You may redeem Fund shares on any business day the NYSE is open. Shares of the Fund are redeemed at the next NAV calculated after the Fund has received your redemption request in good order. Payment is typically made within one to three business days of receipt of a valid redemption request.

**Redemption by Mail**

You may mail your redemption request to:

**By Mail:**

The Jensen Quality Growth Fund Inc.

c/o U.S. Bank Global Fund Services

PO Box 219252

Kansas City, MO 64121-9252

**By Overnight or Express Mail:**

The Jensen Quality Growth Fund Inc.

c/o U.S. Bank Global Fund Services

801 Pennsylvania Ave, Suite 219252

Kansas City, MO 64105-1307

The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, deposit in the mail or with such services, or receipt at Fund Services' post office box, of purchase orders or redemption requests does not constitute receipt by Fund Services. Receipt of purchase orders or redemption requests is based on when the order is received at Fund Services' offices.

It is important that your redemption request be mailed to the correct address and be in good order. If a redemption request is inadvertently sent to the Fund at its corporate address, it will be forwarded to Fund Services, but the effective date of the redemption will be delayed. No redemption will be made until a request is submitted in good order.

A redemption request made through Fund Services is considered to be in "good order" if the following information is included:

&nbsp;&nbsp;&nbsp;&nbsp;• The *name* of the Fund and Class of shares;

&nbsp;&nbsp;&nbsp;&nbsp;• The *dollar* amount or number of shares being redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;• The account registration number; and

&nbsp;&nbsp;&nbsp;&nbsp;• The signatures of all registered shareholders as registered, providing a signature guarantee(s), if applicable (see the section entitled "Signature Guarantee" below).

The Fund reserves the right to change the requirements for what constitutes a redemption request in "good order." Shareholders will be given advance notice if the requirements of "good order" change. For information about your financial intermediary's requirements for

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| **20** | **The Jensen Quality Growth Fund Inc.** | **Prospectus** |

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redemption requests in good order, please contact your financial intermediary.

Redemption requests for accounts registered in the names of corporations, fiduciaries and institutions may require additional redemption documents, such as corporate resolutions, certificates of incumbency or copies of trust documents. Please contact Fund Services if your account is registered in one of these categories.

You may receive proceeds of your sale by a check sent to the address of record, or electronically via the ACH network using the previously established bank instructions or via federal wire transfer to your pre-established bank account. The Fund expects that it will typically take one to three business days following the receipt of your redemption request to pay out redemption proceeds, regardless of whether the redemption proceeds are paid by check, ACH transfer or wire. Please note that wire transfers are subject to a $15 fee. There is no charge to have proceeds sent via ACH. Funds, however, are typically not credited to your bank until one to three business days after redemption. In all cases, proceeds will be processed within seven calendar days after the Fund receives your redemption request, unless the Fund has suspended your right of redemption or postponed the payment date as permitted under the federal securities laws.

The Fund typically expects it will hold cash or cash equivalents to meet redemption requests. The Fund may also use the proceeds from the sale of portfolio securities to meet redemption requests if consistent with the management of the Fund. These redemption methods will be used regularly under normal market conditions and may also be used in periods of stressed market conditions. The Fund reserves the right to satisfy redemption requests in-kind as described below. The Fund also has in place a line of credit that may be used to meet redemption requests.

**IRA Redemption**

If you are an IRA shareholder, you must indicate on your written redemption request whether or not to withhold federal income tax. If your redemption request fails to make an indication, your redemption proceeds will be subject to withholding at a current withholding rate of 10%.

Shares held in IRA accounts may be redeemed by telephone at 800-992-4144. Investors will be asked whether or not to withhold taxes from any distribution.

IRA accounts will be charged a $15 annual maintenance fee.

**Redemption by Telephone**

Unless you have declined telephone transaction privileges on your New Account Application Form, you may redeem shares in any amount not less than $100 and not more than $50,000 by instructing Fund Services by telephone at 800-992-4144. A signature verification from a Signature Validation Program member or other acceptable form of authentication from a financial institution source may be

required of all shareholders in order to add or change telephone redemption privileges on an existing account. Once a telephone transaction has been placed, it cannot be canceled or modified after the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time). If an account has more than one owner or authorized person, the Fund will accept telephone instructions from any one owner or authorized person.

Note: Neither the Fund nor any of its service providers will be liable for any loss or expense in acting upon instructions that are reasonably believed to be genuine. To confirm that all telephone instructions are genuine, the Fund will use reasonable procedures, such as requesting:

&nbsp;&nbsp;&nbsp;&nbsp;• That you correctly state your Fund account number;

&nbsp;&nbsp;&nbsp;&nbsp;• The name in which your account is registered;

&nbsp;&nbsp;&nbsp;&nbsp;• The Social Security or tax identification number under which the account is registered; and

&nbsp;&nbsp;&nbsp;&nbsp;• The address of the account holder, as stated in the New Account Application Form.

Telephone trades must be received by or prior to market close. During periods of high market activity, shareholders may encounter higher than usual call waits. Please allow sufficient time to place your telephone transaction. Once a telephone transaction has been placed, it cannot be canceled or modified after the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time). If an account has more than one owner or authorized person, the Fund will accept telephone instructions from any one owner or authorized person. Telephone redemptions will not be made if you have notified Fund Services of a change of address within 15 calendar days before the redemption request. Neither the Fund nor Fund Services is liable for any loss incurred due to failure to complete a telephone transaction prior to market close.

**Systematic Withdrawal Program**

The Fund offers a systematic withdrawal plan (the "SWP") whereby shareholders or their representatives may request a redemption in a specific dollar amount be sent to them each month, calendar quarter or annually. Investors may choose to have a check sent to the address of record, or proceeds may be sent to a pre-designated bank account via the ACH network. To start this program, your account must have Fund shares with a value of at least $10,000, and the minimum amount that may be withdrawn each month, calendar quarter, or year is $500. This program may be terminated or modified by the Fund at any time. Any request to change or terminate your SWP should be communicated in writing or by telephone to Fund Services no later than five days before the next scheduled withdrawal. A withdrawal under the SWP involves a redemption of Fund shares, and may result in a taxable capital gain or loss for federal income tax purposes. In addition, if the amount withdrawn

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| **Prospectus** | **The Jensen Quality Growth Fund Inc.** | **21** |

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exceeds the amounts credited to your account, the account ultimately may be depleted. Please call 800-992-4144 for additional information regarding the SWP.

**Signature Guarantee**

Fund Services may require a signature guarantee for certain redemption requests. Signature guarantees can be obtained from domestic banks, brokers, dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies and savings associations, as well as from participants in the New York Stock Exchange Medallion Signature Program and the Securities Transfer Agents Medallion Program ("STAMP"), but not from a notary public. A signature guarantee, from either a Medallion program member or a non-Medallion program member, of each owner is required in the following situations:

&nbsp;&nbsp;&nbsp;&nbsp;• If ownership is being changed on your account;

&nbsp;&nbsp;&nbsp;&nbsp;• When redemption proceeds are payable or sent to any person, address or bank account not on record;

&nbsp;&nbsp;&nbsp;&nbsp;• If a change of address was received by Fund Services within the last 15 calendar days; or

&nbsp;&nbsp;&nbsp;&nbsp;• For redemptions over $50,000 from any shareholder account.

The Fund reserves the right to require a signature guarantee or other acceptable signature verification under other circumstances. Non-financial transactions including establishing or modifying certain services on an account may require a signature guarantee, a signature verification from a Signature Validation Program member, or other acceptable form of authentication from a financial institution source. Signature guarantees may be obtained from domestic banks, brokers, dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies and savings associations, as well as from participants in the New York Stock Exchange Medallion Signature Program and the Securities Transfer Agents Medallion Program ("STAMP") but not from a notary public.

**Redemption-in-Kind**

The Fund generally pays redemption proceeds in cash. However, pursuant to the Fund's policies, the Fund reserves the right to pay all or part of a shareholder's redemption proceeds by a distribution of liquid securities with a market value equal to the redemption price (redemption in-kind). The Fund does not expect to redeem shares in-kind except to (i) meet redemption requests that represent a large percentage of the Fund's net assets, or (ii) when the Adviser determines that existing conditions make cash payments undesirable, including when the Fund experiences one or more uncharacteristically large redemptions by one or more Fund shareholders or during extreme market conditions that significantly limit market liquidity and increase the risk of diluting the interests of remaining Fund shareholders when selling portfolio securities to

meet Fund redemptions. The Fund also expects to redeem shares in-kind when it participates in the Liquidity Programs described in this Prospectus. Any securities redeemed in kind remain subject to general market risks until sold. For federal income tax purposes, redemptions in-kind are taxed in the same manner to a redeeming shareholder as redemptions paid in cash. In addition, sales of such in-kind securities may generate taxable gains.

Pursuant to the Fund's policies, if your total redemption request during any 90-day period is in excess of the lesser of $250,000 or 1% of the Fund's NAV, valued at the beginning of such period, the Fund has the right to redeem your shares by giving you the amount that exceeds $250,000 or 1% of the Fund's NAV in securities instead of cash. If the Fund pays your redemption proceeds in kind by a distribution of securities, you could incur subsequent brokerage or other charges in converting the securities to cash, and you will bear any market risks associated with such securities until they are converted into cash

**Redemption Price and Payment for Fund Shares**

Redemption requests are processed at the NAV next computed after Fund Services or other authorized agent receives a redemption request in good order (as defined above). If your redemption request is received by Fund Services or other authorized agent in good order before the close of regular trading hours on the NYSE (currently, 4 p.m. Eastern Time), the request is effective on the day received. If your redemption request is received in good order after the close of regular trading hours on the NYSE, it is effective on the next business day.

Payment for your redeemed Fund shares will be mailed to you generally within one or two business days, but no later than the seventh day after your redemption request is received in good order by Fund Services. However, if any portion of the shares to be redeemed represents an investment made by check or electronic funds transfer through the ACH network, the Fund may delay the payment of the redemption proceeds until Fund Services is reasonably satisfied that the purchase amount has been collected. This may take up to 12 calendar days from the date you purchased shares. You may avoid these delays by purchasing shares of the Fund by wire transfer. The Fund may, however, suspend your right of redemption or postpone the payment date at times when the NYSE is closed or during certain other periods as permitted under the federal securities laws.

The Fund may be required to withhold a percentage for federal income tax (backup withholding) from dividend payments, distributions, and redemption proceeds if you do not provide a correct social security or tax identification number or the Internal Revenue Service ("IRS") notifies the Fund that you are subject to backup withholding. See the section entitled "Distributions and Taxes" in this Prospectus for more information.

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| **22** | **The Jensen Quality Growth Fund Inc.** | **Prospectus** |

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Your redemption payment will be mailed by check to the account name(s) and address exactly as registered. You may also request payment by wire transfer or electronic funds transfer through the ACH network to your predetermined bank account. There is no charge for redemption payments that are mailed or sent via ACH. ACH payments are usually available within 2 business days. Redemption payments sent by wire transfer must be at least $1,000, and Fund Services currently charges $15 for each wire transfer which, for financial intermediaries, may be paid for by the Fund. Your bank may also impose an incoming wire charge. Wire fees are charged against the account only in the case of dollar specific redemptions. In the case of share specific or complete liquidation, fees are deducted from the redemption proceeds.

**Redemptions at the Option of the Fund**

In addition, the Fund may institute a policy whereby it automatically redeems shares if an account balance drops below a specified amount as a result of redemptions by the shareholder. If such a policy is instituted, the Fund may not implement such redemption if the decrease in the account balance was caused by any reason other than shareholder redemptions. As of the date of this Prospectus, the Fund has not instituted such a policy. However, the Fund's Board of Directors is authorized to institute such a policy if it determines that such a policy is in the best interests of the Fund and its shareholders.

The Fund may require the redemption of shares if, in its opinion, such action would prevent the Fund from becoming a personal holding company, as defined in the Internal Revenue Code.

**Financial Intermediaries**

You may also redeem your shares of the Fund through a third-party financial intermediary, such as a broker-dealer, financial institution or other financial service firm. Such financial intermediaries are authorized to designate other financial intermediaries to receive redemption orders on behalf of the Fund. If you purchased your shares of the Fund through a financial intermediary, your redemption order must be placed through the same financial intermediary. The Fund will be deemed to have received the redemption order when such financial intermediary receives the order. A financial intermediary may use procedures and impose restrictions (and possibly charge fees) that are different from those applicable to shareholders who redeem directly from the Fund.

**Market Timing**

The Fund is designed for long-term investors. Except as noted below, investors who engage in frequent purchases and redemptions of the Fund's shares, referred to as "market timing," may dilute the value of the Fund's shares, interfere with the efficient management of the Fund's portfolio and increase the Fund's brokerage and administrative costs. The Fund's Board of Directors has adopted a policy regarding such market timing. The Fund believes that its investment strategy is not attractive to market timing investors because its portfolio holdings are primarily of domestic issuers, which eliminates "time-

zone arbitrage" that may be associated with funds that have significant holdings in foreign securities traded on foreign exchanges. In addition, the Fund invests primarily in large capitalization "blue chip" companies that historically have exhibited a relatively low level of the short-term volatility usually sought by market-timing investors. As a result, the Fund does not currently impose any trading restrictions or redemption fees on Fund shareholders.

However, the Fund discourages market timing and monitors trading activity using a variety of procedures and techniques, including analysis of data for any large redemptions, including the identity and holding period of the redeeming shareholder. These procedures and techniques are applied uniformly to all shareholders and may change from time to time as approved by the Fund's Board of Directors.

In an effort to discourage market timing and minimize potential harm to the Fund and its shareholders, the Fund reserves the right to identify trading practices as abusive. The Fund reserves the right to reject your purchase order and suspend the offering of the Fund's shares to you if management determines that the rejection or suspension is in the best interests of the Fund.

Due to the complexity and subjectivity involved in identifying market timing and the volume of shareholder transactions the Fund handles, there can be no assurance that the Fund's efforts will identify all trades or trading practices that may be considered abusive. The ability of the Fund to apply its market timing policy to investors investing through financial intermediaries is dependent on the receipt of information necessary to identify transactions by the underlying investors and the financial intermediary's cooperation in implementing the policy. In particular, because the Fund receives purchase and sale orders through financial intermediaries that use omnibus accounts, the Fund cannot always detect market timing. In compliance with Rule 22c-2 of the 1940 Act, the Distributor, on behalf of the Fund, has entered into shareholder information agreements with each of the Fund's financial intermediaries. Under the terms of each shareholder information agreement, the financial intermediary must, upon request, provide the Fund with certain shareholder identity and trading information so that the Fund can enforce its market timing policy. There may be limitations, however, on the ability of financial intermediaries to impose restrictions on the trading practices of their clients. As a consequence, the Fund's ability to monitor and discourage abusive trading practices in omnibus accounts of financial intermediaries may be limited.

Short-term trading by Liquidity Programs is permitted. However, in most cases, the Fund will neither make any exceptions to its short-term trading policy, nor grant permission to any third-party to engage in short-term trading within the Fund.

**Additional Redemption Information**

Neither the Fund, the Adviser nor Fund Services will be liable for any loss, cost or expense of acting on written instructions believed by the

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| **Prospectus** | **The Jensen Quality Growth Fund Inc.** | **23** |

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party receiving the instructions to be genuine and in accordance with the procedures described in this Prospectus.

**General Transaction Policies**

The Fund reserves the right to:

&nbsp;&nbsp;&nbsp;&nbsp;• Vary or waive any minimum investment requirement.

&nbsp;&nbsp;&nbsp;&nbsp;• Redeem all shares in your account if your balance falls below the Fund's minimum for the applicable class of shares. If, within 60 days of the Fund's written request, you have not increased your account balance, you may be required to redeem your shares. The Fund will not require you to redeem shares if the value of your account drops below the investment minimum due to fluctuations of NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Delay paying redemption proceeds for up to seven days after receiving a request, if an earlier payment could adversely affect the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• Modify or terminate the Automatic Investment Plan at any time.

Your broker/dealer or other financial service firm may establish policies that differ from those of the Fund. For example, the financial service firm may charge transaction fees, set higher minimum investments, or impose certain limitations on buying or selling shares in addition to those identified in this Prospectus. Contact your broker/dealer or other financial service firm for details.

**Distributions and Taxes**

The Fund declares and makes distributions from its net investment income on a quarterly basis and declares and distributes any net capital gain realized by the Fund at least on an annual basis. These distributions are paid in additional shares of the Fund unless the shareholder elects to receive distributions in cash as described in the section entitled "How to Purchase Shares – Choosing a Distribution Option."

If you elect to receive distributions from the Fund of net investment income and/or capital gains paid in cash and the U.S. Postal Service cannot deliver the check or a check remains outstanding for six months, the Fund reserves the right to reinvest the check in your account at the Fund's current NAV and reinvest all subsequent distributions in shares of the Fund.

The Fund will notify its shareholders following the end of each calendar year of the amounts of dividend distributions and capital gain distributions paid (or deemed paid) for the year.

The Fund intends to qualify at all times as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended. By qualifying as a RIC and satisfying certain other requirements, the Fund will not be subject to federal income or excise taxes to the extent the Fund distributes its net investment income and realized capital gains to its shareholders. The remainder of this discussion assumes the Fund qualifies as a RIC and has satisfied the annual income, investment and distribution requirements.

The taxation of distributions from the Fund is the same whether paid in cash or in additional shares. For federal income tax purposes, distributions of investment company taxable income are treated as ordinary income, and distributions reported by the Fund as a capital gain dividend (*i.e.*, as the excess of net long-term capital gain over

net short-term capital loss) in written statements furnished to the Fund's shareholders are generally taxable as long-term capital gains to the recipient shareholder regardless of the length of time the shareholder held the Fund's shares. In the case of non-corporate shareholders, certain net investment income distributions may be attributable to and reported by the Fund as "qualified dividend" income in written statements furnished to the Fund's shareholders, currently taxable at long-term capital gain rates. For corporate shareholders, a portion of the Fund's distributions of investment company taxable income may qualify for the dividends-received deduction to the extent the Fund receives dividends directly or indirectly from U.S. corporations, reports the amount distributed as eligible for deduction and the corporate shareholder meets certain holding period requirements with respect to its shares.

For a non-corporate shareholder, distributions of the Fund's net capital gain (net long-term capital gain less net short-term capital loss) are generally taxable as long-term capital gain regardless of the length of time that a shareholder has owned Fund shares. Distributions of net capital gain are not eligible for qualified dividend income treatment or the dividends-received deduction referred to in the previous paragraph.

You may also be subject to state or local taxes with respect to holding or selling Fund shares or on distributions from the Fund. You are advised to consult your tax adviser with respect to state and local tax consequences of owning shares of the Fund.

Federal law requires the Fund to withhold a percentage of all distributions and redemption proceeds paid to shareholders that have not provided their correct taxpayer identification number or certified that withholding does not apply. Each prospective shareholder is asked to certify on its application to open an account that the social security number or other tax identification number provided is correct and that the prospective shareholder is not subject to a percentage

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| **24** | **The Jensen Quality Growth Fund Inc.** | **Prospectus** |

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backup withholding for previous under-reporting of income to the IRS. The Fund generally does not accept an application to open an account that does not comply with these requirements.

In addition to the federal income tax, certain individuals, trusts and estates are subject to a tax of 3.8% on net investment income. The net investment income tax is imposed on the lesser of: (i) the taxpayer's investment income, net of deductions properly allocable to such income; or (ii) the amount by which the taxpayer's modified adjusted gross income exceeds certain thresholds ($250,000 for married individuals filing jointly, $200,000 for unmarried individuals and $125,000 for married individuals filing separately). The Fund's distributions are includable in a shareholder's investment income for purposes of this net investment income tax. In addition, any capital gain realized by a shareholder upon a sale or redemption of Fund shares is includable in such shareholder's investment income for purposes of this net investment income tax.

The Fund is required to report to you and the IRS the cost basis of Fund shares acquired after January 1, 2012 when you subsequently sell or redeem those shares. The Fund will determine cost basis using the loss/gain utilization method unless you elect in writing any

alternate IRS-approved cost basis method. Please see the SAI for more information regarding cost basis reporting.

The federal income tax status of all distributions made by the Fund for the preceding year will be annually reported to shareholders. Distributions made by the Fund may also be subject to state and local taxes. Additional tax information may be found in the SAI.

You may also be subject to state or local taxes with respect to distributions from the Fund or sales, exchanges, or redemptions of Fund shares. You are advised to consult your tax adviser with respect to state and local tax consequences of owning shares of the Fund.

**This tax discussion is only a brief summary of some of the important federal tax considerations generally affecting the Fund and its shareholders. There may be other federal, state or local tax considerations applicable to a particular shareholder. Prospective investors in the Fund are urged to consult their tax advisers prior to purchasing shares of the Fund.**

**Confirmation and Statements**

Fund Services will send you a statement of your account after every transaction affecting your share balance or account registration. Please allow seven to ten business days for Fund Services to confirm your order. Fund Services will send a quarterly account statement to you, regardless of whether you have purchased or redeemed any shares during the quarter. Generally, a statement with tax information will be mailed to you by January 31 of each year. A copy of the tax statement also is filed with the IRS.

The Fund will send you an audited annual report each year and an unaudited semi-annual report after the Fund's second fiscal quarter. Each of these reports includes a statement listing the Fund's portfolio securities.

**Disclosure of Portfolio Holdings Information**

The Fund's complete portfolio holdings are filed with the SEC within 60 days of the end of each fiscal quarter in the Annual Report and Semi-Annual Report to Fund shareholders on Form N-CSR and in the quarterly holdings report on Part F of Form N-PORT. The Fund also discloses its portfolio holdings as of each calendar quarter end on its website at www.jenseninvestment.com. The portfolio holdings information is normally updated within 10 days after each quarter end and remains posted on the website until replaced with the next

calendar quarter's portfolio holdings information or at other times during the quarter when the Fund makes significant changes to its portfolio holdings. Portfolio holdings information posted on the Fund's website may be separately provided to any person commencing the day after it is first published on the website. A further description of the Fund's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund's SAI.

**Shareholder Inquiries**

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| **Prospectus** | **The Jensen Quality Growth Fund Inc.** | **25** |

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Shareholder inquiries are answered promptly. Any inquiries you have should be addressed to U.S. Bank Global Fund Services at PO Box 219252, Kansas City, MO 64121-9252 (telephone 800-992-4144).

In addition, you may review your account information online by visiting online by visiting

https://www.jenseninvestment.com/individual/contact-us/

and clicking on the US Bank Investor Portal or visiting

https://www.secureaccountview.com/BFWeb/clients/jensen/index

.

**Index Description**

**Investors cannot invest directly in an index, although they may invest in the underlying securities.**

The S&P 500<sup>®</sup> Index is a widely recognized, unmanaged index of common stock of mostly larger-sized U.S. companies.

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| **26** | **The Jensen Quality Growth Fund Inc.** | **Prospectus** |

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**Financial Highlights**

The financial highlights table is intended to help you understand the Fund's financial performance for the past five years. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate an investor would have earned or lost on an investment in the Fund, assuming the reinvestment of all dividends and distributions. This information has been audited by [...], the Fund's independent registered public accounting firm, whose report, along with the Fund's financial statements, is included in the Fund's 2025 <u>[Annual Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000887215/000113322824007403/jqgfi-efp8164_ncsr.htm)[,](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000887215/000113322824007403/jqgfi-efp8164_ncsr.htm)</u> which is available without charge upon request.

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|:---|:---|:---|:---|:---|:---|
| **Class J**<br>**Per Share Data:** |<br>**year** <br>**ended**<br>**May 31,** <br>**2025** |<br>**year** <br>**ended**<br>**May 31,** <br>**2024** |<br>**year <br>ended<br>May 31, <br>2023** | **year <br>ended<br>May 31, <br>2022** | **year <br>ended<br>May 31, <br>2021** |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of year |  | $57.43 | $57.86 | $60.00 | $49.46 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> |  | 0.46 | 0.50 | 0.44 | 0.52 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains on investments |  | 7.57 | 0.75 | 1.83 | 15.63 |
| &nbsp;&nbsp;&nbsp;Total from investment operations |  | 8.03 | 1.25 | 2.27 | 16.15 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income |  | (0.46) | (0.49) | (0.40) | (0.52) |
| &nbsp;&nbsp;&nbsp;Distributions from capital gains |  | (4.14) | (1.19) | (4.01) | (5.09) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | $(4.60) | $(1.68) | $(4.41) | $(5.61) |
| Net asset value, end of year |  | $60.86 | $57.43 | $57.86 | $60.00 |
| Total return |  | 14.29% | 2.29% | 2.92% | 33.95% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000's) |  | $2385457 | $2363726 | $2455146 | $2549594 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets |  | 0.81% | 0.82% | 0.81% | 0.82% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets |  | 0.73% | 0.88% | 0.69% | 0.89% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate |  | 10.46% | 15.67% | 10.87% | 12.33% |

---

<sup>(1)</sup> Net investment income per share is calculated using the ending accumulated net investment income balances prior to consideration or adjustments for permanent book-to-tax differences.

---

| | | |
|:---|:---|:---|
| **Prospectus** | **The Jensen Quality Growth Fund Inc.** | **27** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I**<br>**Per Share Data:** |<br>**year** <br>**ended**<br>**May 31,** <br>**2025** |<br>**year** <br>**ended**<br>**May 31,** <br>**2024** |<br>**year <br>ended<br>May 31, <br>2023** | **year <br>ended<br>May 31, <br>2022** | **year <br>ended<br>May 31, <br>2021** |
| Net asset value, beginning of year |  | $57.38 | $57.82 | $59.99 | $49.46 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> |  | 0.57 | 0.61 | 0.57 | 0.61 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains on investments |  | 7.58 | 0.76 | 1.84 | 15.65 |
| &nbsp;&nbsp;&nbsp;Total from investment operations |  | 8.15 | 1.37 | 2.41 | 16.26 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income |  | (0.60) | (0.62) | (0.57) | (0.64) |
| &nbsp;&nbsp;&nbsp;Distributions from capital gains |  | (4.14) | (1.19) | (4.01) | (5.09) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | $(4.74) | $(1.81) | $(4.58) | $(5.73) |
| Net asset value, end of year |  | $60.79 | $57.38 | $57.82 | $59.99 |
| Total return |  | 14.53% | 2.51% | 3.14% | 34.24% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000's) |  | $4998912 | $4909180 | $4762505 | $5003474 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets |  | 0.60% | 0.61% | 0.61% | 0.61% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets |  | 0.95% | 1.09% | 0.89% | 1.10% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate |  | 10.46% | 15.67% | 10.87% | 12.33% |

---

<sup>(1)</sup> Net investment income per share is calculated using the ending accumulated net investment income balances prior to consideration or adjustments for permanent book-to-tax differences.

---

| | | |
|:---|:---|:---|
| **28** | **The Jensen Quality Growth Fund Inc.** | **Prospectus** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R**<br>**Per Share Data:** |<br>**year** <br>**ended**<br>**May 31,** <br>**2025** |<br>**year** <br>**ended**<br>**May 31,** <br>**2024** |<br>**year <br>ended<br>May 31, <br>2023** | **year <br>ended<br>May 31, <br>2022** | **year <br>ended<br>May 31, <br>2021** |
| Net asset value, beginning of year |  | $57.10 | $57.49 | $59.66 | $49.18 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> |  | 0.12 | 0.26 | 0.16 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains on investments |  | 7.54 | 0.74 | 1.81 | 15.57 |
| &nbsp;&nbsp;&nbsp;Total from investment operations |  | 7.66 | 1.00 | 1.97 | 15.82 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income |  | (0.12) | (0.20) | (0.13) | (0.25) |
| &nbsp;&nbsp;&nbsp;Distributions from capital gains |  | (4.14) | (1.19) | (4.01) | (5.09) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | $(4.26) | $(1.39) | $(4.14) | $(5.34) |
| Net asset value, end of year |  | $60.50 | $57.10 | $57.49 | $59.66 |
| Total return |  | 13.68% | 1.83% | 2.44% | 33.36% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000's) |  | $14366 | $13531 | $17801 | $26380 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets |  | 1.34% | 1.29% | 1.26% | 1.26% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets |  | 0.20% | 0.41% | 0.23% | 0.44% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate |  | 10.46% | 15.67% | 10.87% | 12.33% |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Net investment income per share is calculated using the ending accumulated net investment income balances prior to consideration or adjustments for permanent book-to-tax differences.

---

| | | |
|:---|:---|:---|
| **Prospectus** | **The Jensen Quality Growth Fund Inc.** | **29** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class Y**<br>**Per Share Data:** |<br>**year** <br>**ended**<br>**May 31,** <br>**2025** |<br>**year** <br>**ended**<br>**May 31,** <br>**2024** |<br>**year <br>ended<br>May 31, <br>2023** |<br>**year <br>ended<br>May 31, <br>2022** |<br>**year <br>ended<br>May 31, <br>2021** |
| Net asset value, beginning of year |  | $57.37 | $57.82 | $59.98 | $49.46 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> |  | 0.62 | 0.66 | 0.62 | 0.66 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains on investments |  | 7.58 | 0.75 | 1.84 | 15.64 |
| &nbsp;&nbsp;&nbsp;Total from investment operations |  | 8.20 | 1.41 | 2.46 | 16.30 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income |  | (0.65) | (0.67) | (0.61) | (0.69) |
| &nbsp;&nbsp;&nbsp;Distributions from capital gains |  | (4.14) | (1.19) | (4.01) | (5.09) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | $(4.79) | $(1.86) | $(4.62) | $(5.78) |
| Net asset value, end of year |  | $60.78 | $57.37 | $57.82 | $59.98 |
| Total return |  | 14.63% | 2.59% | 3.23% | 34.34% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (000's) |  | $2039604 | $2822513 | $2756312 | $2755356 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets |  | 0.52% | 0.52% | 0.52% | 0.52% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets |  | 1.03% | 1.17% | 0.98% | 1.18% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate |  | 10.46% | 15.67% | 10.87% | 12.33% |

---

<sup>(1)</sup> Net investment income per share is calculated using the ending accumulated net investment income balances prior to consideration or adjustments for permanent book-to-tax differences.

---

| | | |
|:---|:---|:---|
| **30** | **The Jensen Quality Growth Fund Inc.** | **Prospectus** |

---

------

**The Jensen Quality Growth Fund Inc.**

**Investment Adviser**

Jensen Investment Management, Inc.

5500 Meadows Road, Suite 200

Lake Oswego, OR 97035-3623

Telephone:&nbsp;&nbsp;&nbsp;&nbsp;503-726-4384

&nbsp;&nbsp;&nbsp;&nbsp;800-221-4384

www.jenseninvestment.com

**Custodian**

U.S. Bank, National Association

Custody Operations

1555 North RiverCenter Drive, Suite 302

Milwaukee, WI 53212-3958

**Transfer Agent, Fund Administrator**

**and Fund Accountant**

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202-5207

Telephone: 800-992-4144

**Distributor**

Quasar Distributors, LLC

190 Middle Street, Suite 301

Portland, ME 04101

**Legal Counsel**

Stoel Rives LLP

760 SW Ninth Avenue, Suite 3000

Portland, OR 97205

**Independent Registered Public Accounting Firm**

[...]

[...]

[...]

---

| | | |
|:---|:---|:---|
| **Prospectus** | **The Jensen Quality Growth Fund Inc.** | **31** |

---

------

**Notice of Privacy Policy**

The Jensen Quality Growth Fund Inc. (the "Fund"), has had a long-standing policy of maintaining strict confidentiality over customer information. The Fund's policy is as follows:

**Confidentiality and Security**

All nonpublic personal information about our customers ("you") will be kept strictly confidential. We maintain physical, electronic and operational safeguards to protect customer nonpublic personal information.

*Categories of information the Fund discloses and parties to whom the Fund discloses that information:*

The Fund does not disclose any nonpublic personal information about its current or former shareholders to nonaffiliated third parties without the shareholder's authorization, except as permitted or required by law. For example, the Fund is permitted by law to disclose all of the information it collects, as described below, to its Transfer Agent to process your transactions. The Fund is also permitted by law (and may be required by law) to disclose any nonpublic personal information it collects from you to law enforcement agencies, the Securities and Exchange Commission, and other federal and state regulatory authorities.

*Categories of information the Fund collects:*

The Fund collects nonpublic personal information about you from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information the Fund receives from you on or in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, telephone number, social security number, and date of birth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information about your transactions with the Fund, its affiliates, or others, including, but not limited to, your account number and balance, investment history, parties to transactions, and information about our communications with you, such as account statements and trade confirmations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event that you hold shares of the Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary will govern how your nonpublic personal information would be shared with nonaffiliated third parties.

---

| | | |
|:---|:---|:---|
| **32** | **The Jensen Quality Growth Fund Inc.** | **Prospectus** |

---

------

![pagesfromjensen-growthfunda.jpg](pagesfromjensen-growthfunda.jpg)

------

SUBJECT TO COMPLETION

Dated July 30, 2025

THE INFORMATION HEREIN IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT AN OFFER TO SELL THESE SECURITIES AND IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION IN WHICH THE OFFER OR SALE IS NOT PERMITTED.

![jensen-growthonlyxsaicovera.jpg](jensen-growthonlyxsaicovera.jpg)

------

---

| | | |
|:---|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
| Page | Page | Page |
| [DESCRIPTION OF THE FUND](#i5934ab6f85f0445c9f6861346661de4d_7) | [DESCRIPTION OF THE FUND](#i5934ab6f85f0445c9f6861346661de4d_7) | [1](#i5934ab6f85f0445c9f6861346661de4d_7) |
| &nbsp;&nbsp;&nbsp;[History and Classification](#i5934ab6f85f0445c9f6861346661de4d_10) | &nbsp;&nbsp;&nbsp;[History and Classification](#i5934ab6f85f0445c9f6861346661de4d_10) | [1](#i5934ab6f85f0445c9f6861346661de4d_10) |
| &nbsp;&nbsp;&nbsp;[Investment Policies, Strategies and Associated Risks](#i5934ab6f85f0445c9f6861346661de4d_13) | &nbsp;&nbsp;&nbsp;[Investment Policies, Strategies and Associated Risks](#i5934ab6f85f0445c9f6861346661de4d_13) | [1](#i5934ab6f85f0445c9f6861346661de4d_13) |
| [DISCLOSURE OF PORTFOLIO HOLDINGS INFORMATION](#i5934ab6f85f0445c9f6861346661de4d_16) | [DISCLOSURE OF PORTFOLIO HOLDINGS INFORMATION](#i5934ab6f85f0445c9f6861346661de4d_16) | [4](#i5934ab6f85f0445c9f6861346661de4d_16) |
| [MANAGEMENT OF THE FUND](#i5934ab6f85f0445c9f6861346661de4d_19) | [MANAGEMENT OF THE FUND](#i5934ab6f85f0445c9f6861346661de4d_19) | [4](#i5934ab6f85f0445c9f6861346661de4d_19) |
| &nbsp;&nbsp;&nbsp;[Board of Directors and Officers](#i5934ab6f85f0445c9f6861346661de4d_22) | &nbsp;&nbsp;&nbsp;[Board of Directors and Officers](#i5934ab6f85f0445c9f6861346661de4d_22) | [5](#i5934ab6f85f0445c9f6861346661de4d_22) |
| &nbsp;&nbsp;&nbsp;[Board Leadership Structure](#i5934ab6f85f0445c9f6861346661de4d_25) | &nbsp;&nbsp;&nbsp;[Board Leadership Structure](#i5934ab6f85f0445c9f6861346661de4d_25) | [5](#i5934ab6f85f0445c9f6861346661de4d_25) |
| &nbsp;&nbsp;&nbsp;[Directors and Officers](#i5934ab6f85f0445c9f6861346661de4d_28) | &nbsp;&nbsp;&nbsp;[Directors and Officers](#i5934ab6f85f0445c9f6861346661de4d_28) | [5](#i5934ab6f85f0445c9f6861346661de4d_28) |
| &nbsp;&nbsp;&nbsp;[Board Committees](#i5934ab6f85f0445c9f6861346661de4d_31) | &nbsp;&nbsp;&nbsp;[Board Committees](#i5934ab6f85f0445c9f6861346661de4d_31) | [10](#i5934ab6f85f0445c9f6861346661de4d_31) |
| &nbsp;&nbsp;&nbsp;[Compensation](#i5934ab6f85f0445c9f6861346661de4d_34) | &nbsp;&nbsp;&nbsp;[Compensation](#i5934ab6f85f0445c9f6861346661de4d_34) | [11](#i5934ab6f85f0445c9f6861346661de4d_34) |
| &nbsp;&nbsp;&nbsp;[Director Ownership of Fund Shares and Certain Transactions](#i5934ab6f85f0445c9f6861346661de4d_37) | &nbsp;&nbsp;&nbsp;[Director Ownership of Fund Shares and Certain Transactions](#i5934ab6f85f0445c9f6861346661de4d_37) | [11](#i5934ab6f85f0445c9f6861346661de4d_37) |
| [CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS](#i5934ab6f85f0445c9f6861346661de4d_40) | [CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS](#i5934ab6f85f0445c9f6861346661de4d_40) | [12](#i5934ab6f85f0445c9f6861346661de4d_40) |
| &nbsp;&nbsp;&nbsp;[Control Persons](#i5934ab6f85f0445c9f6861346661de4d_43) | &nbsp;&nbsp;&nbsp;[Control Persons](#i5934ab6f85f0445c9f6861346661de4d_43) | [12](#i5934ab6f85f0445c9f6861346661de4d_43) |
| &nbsp;&nbsp;&nbsp;[Principal Shareholders](#i5934ab6f85f0445c9f6861346661de4d_46) | &nbsp;&nbsp;&nbsp;[Principal Shareholders](#i5934ab6f85f0445c9f6861346661de4d_46) | [12](#i5934ab6f85f0445c9f6861346661de4d_46) |
| [INVESTMENT ADVISORY AND OTHER SERVICES](#i5934ab6f85f0445c9f6861346661de4d_49) | [INVESTMENT ADVISORY AND OTHER SERVICES](#i5934ab6f85f0445c9f6861346661de4d_49) | [13](#i5934ab6f85f0445c9f6861346661de4d_49) |
| &nbsp;&nbsp;&nbsp;[Adviser](#i5934ab6f85f0445c9f6861346661de4d_52) | &nbsp;&nbsp;&nbsp;[Adviser](#i5934ab6f85f0445c9f6861346661de4d_52) | [13](#i5934ab6f85f0445c9f6861346661de4d_52) |
| &nbsp;&nbsp;&nbsp;[Management of the Adviser](#i5934ab6f85f0445c9f6861346661de4d_55) | &nbsp;&nbsp;&nbsp;[Management of the Adviser](#i5934ab6f85f0445c9f6861346661de4d_55) | [14](#i5934ab6f85f0445c9f6861346661de4d_55) |
| &nbsp;&nbsp;&nbsp;[Board Consideration and Approval of the Advisory Agreement](#i5934ab6f85f0445c9f6861346661de4d_58) | &nbsp;&nbsp;&nbsp;[Board Consideration and Approval of the Advisory Agreement](#i5934ab6f85f0445c9f6861346661de4d_58) | [15](#i5934ab6f85f0445c9f6861346661de4d_58) |
| &nbsp;&nbsp;&nbsp;[Portfolio Manager](#i5934ab6f85f0445c9f6861346661de4d_61) | &nbsp;&nbsp;&nbsp;[Portfolio Manager](#i5934ab6f85f0445c9f6861346661de4d_61) | [15](#i5934ab6f85f0445c9f6861346661de4d_61) |
| &nbsp;&nbsp;&nbsp;[Administrator](#i5934ab6f85f0445c9f6861346661de4d_64) | &nbsp;&nbsp;&nbsp;[Administrator](#i5934ab6f85f0445c9f6861346661de4d_64) | [18](#i5934ab6f85f0445c9f6861346661de4d_64) |
| &nbsp;&nbsp;&nbsp;[Custodian, Transfer Agent and Dividend Disbursing Agent, and Fund Accountant](#i5934ab6f85f0445c9f6861346661de4d_67) | &nbsp;&nbsp;&nbsp;[Custodian, Transfer Agent and Dividend Disbursing Agent, and Fund Accountant](#i5934ab6f85f0445c9f6861346661de4d_67) | [19](#i5934ab6f85f0445c9f6861346661de4d_67) |
| [DISTRIBUTION AND SERVICING OF FUND SHARES](#i5934ab6f85f0445c9f6861346661de4d_70) | [DISTRIBUTION AND SERVICING OF FUND SHARES](#i5934ab6f85f0445c9f6861346661de4d_70) | [19](#i5934ab6f85f0445c9f6861346661de4d_70) |
| &nbsp;&nbsp;&nbsp;[Distributor](#i5934ab6f85f0445c9f6861346661de4d_73) | &nbsp;&nbsp;&nbsp;[Distributor](#i5934ab6f85f0445c9f6861346661de4d_73) | [19](#i5934ab6f85f0445c9f6861346661de4d_73) |
| &nbsp;&nbsp;&nbsp;[Distribution and Shareholder Servicing Plans](#i5934ab6f85f0445c9f6861346661de4d_76) | &nbsp;&nbsp;&nbsp;[Distribution and Shareholder Servicing Plans](#i5934ab6f85f0445c9f6861346661de4d_76) | [19](#i5934ab6f85f0445c9f6861346661de4d_76) |
| &nbsp;&nbsp;&nbsp;[Fund Supermarkets](#i5934ab6f85f0445c9f6861346661de4d_79) | &nbsp;&nbsp;&nbsp;[Fund Supermarkets](#i5934ab6f85f0445c9f6861346661de4d_79) | [22](#i5934ab6f85f0445c9f6861346661de4d_79) |
| &nbsp;&nbsp;&nbsp;[Shareholder Servicing Plan – Class I Shares](#i5934ab6f85f0445c9f6861346661de4d_82) | &nbsp;&nbsp;&nbsp;[Shareholder Servicing Plan – Class I Shares](#i5934ab6f85f0445c9f6861346661de4d_82) | [23](#i5934ab6f85f0445c9f6861346661de4d_82) |
| &nbsp;&nbsp;&nbsp;[Shareholder Servicing Plan – Class R Shares](#i5934ab6f85f0445c9f6861346661de4d_85) | &nbsp;&nbsp;&nbsp;[Shareholder Servicing Plan – Class R Shares](#i5934ab6f85f0445c9f6861346661de4d_85) | [23](#i5934ab6f85f0445c9f6861346661de4d_85) |
| &nbsp;&nbsp;&nbsp;[Code of Ethics](#i5934ab6f85f0445c9f6861346661de4d_88) | &nbsp;&nbsp;&nbsp;[Code of Ethics](#i5934ab6f85f0445c9f6861346661de4d_88) | [23](#i5934ab6f85f0445c9f6861346661de4d_88) |
| &nbsp;&nbsp;&nbsp;[Proxy Voting Guidelines](#i5934ab6f85f0445c9f6861346661de4d_91) | &nbsp;&nbsp;&nbsp;[Proxy Voting Guidelines](#i5934ab6f85f0445c9f6861346661de4d_91) | [23](#i5934ab6f85f0445c9f6861346661de4d_91) |
| &nbsp;&nbsp;&nbsp;[Anti-Money Laundering Program](#i5934ab6f85f0445c9f6861346661de4d_94) | &nbsp;&nbsp;&nbsp;[Anti-Money Laundering Program](#i5934ab6f85f0445c9f6861346661de4d_94) | [24](#i5934ab6f85f0445c9f6861346661de4d_94) |
| [BROKERAGE ALLOCATION AND OTHER PORTFOLIO TRANSACTIONS](#i5934ab6f85f0445c9f6861346661de4d_97) | [BROKERAGE ALLOCATION AND OTHER PORTFOLIO TRANSACTIONS](#i5934ab6f85f0445c9f6861346661de4d_97) | [24](#i5934ab6f85f0445c9f6861346661de4d_97) |
| &nbsp;&nbsp;&nbsp;[General Considerations](#i5934ab6f85f0445c9f6861346661de4d_100) | &nbsp;&nbsp;&nbsp;[General Considerations](#i5934ab6f85f0445c9f6861346661de4d_100) | [24](#i5934ab6f85f0445c9f6861346661de4d_100) |
| &nbsp;&nbsp;&nbsp;[Capital Stock](#i5934ab6f85f0445c9f6861346661de4d_103) | &nbsp;&nbsp;&nbsp;[Capital Stock](#i5934ab6f85f0445c9f6861346661de4d_103) | [26](#i5934ab6f85f0445c9f6861346661de4d_103) |
| [PURCHASE, REDEMPTION AND PRICING OF FUND SHARES](#i5934ab6f85f0445c9f6861346661de4d_106) | [PURCHASE, REDEMPTION AND PRICING OF FUND SHARES](#i5934ab6f85f0445c9f6861346661de4d_106) | [26](#i5934ab6f85f0445c9f6861346661de4d_106) |
| &nbsp;&nbsp;&nbsp;[Purchases and Redemptions](#i5934ab6f85f0445c9f6861346661de4d_109) | &nbsp;&nbsp;&nbsp;[Purchases and Redemptions](#i5934ab6f85f0445c9f6861346661de4d_109) | [26](#i5934ab6f85f0445c9f6861346661de4d_109) |
| &nbsp;&nbsp;&nbsp;[Conversion Privileges](#i5934ab6f85f0445c9f6861346661de4d_112) | &nbsp;&nbsp;&nbsp;[Conversion Privileges](#i5934ab6f85f0445c9f6861346661de4d_112) | [27](#i5934ab6f85f0445c9f6861346661de4d_112) |
| &nbsp;&nbsp;&nbsp;[Pricing of Fund Shares](#i5934ab6f85f0445c9f6861346661de4d_115) | &nbsp;&nbsp;&nbsp;[Pricing of Fund Shares](#i5934ab6f85f0445c9f6861346661de4d_115) | [27](#i5934ab6f85f0445c9f6861346661de4d_115) |
| [TAXATION OF THE FUND](#i5934ab6f85f0445c9f6861346661de4d_118) | [TAXATION OF THE FUND](#i5934ab6f85f0445c9f6861346661de4d_118) | [28](#i5934ab6f85f0445c9f6861346661de4d_118) |
| &nbsp;&nbsp;&nbsp;[Tax Status of the Fund](#i5934ab6f85f0445c9f6861346661de4d_121) | &nbsp;&nbsp;&nbsp;[Tax Status of the Fund](#i5934ab6f85f0445c9f6861346661de4d_121) | [29](#i5934ab6f85f0445c9f6861346661de4d_121) |
| &nbsp;&nbsp;&nbsp;[Taxation of Fund Distributions](#i5934ab6f85f0445c9f6861346661de4d_124) | &nbsp;&nbsp;&nbsp;[Taxation of Fund Distributions](#i5934ab6f85f0445c9f6861346661de4d_124) | [30](#i5934ab6f85f0445c9f6861346661de4d_124) |
| &nbsp;&nbsp;&nbsp;[Other Tax Considerations](#i5934ab6f85f0445c9f6861346661de4d_127) | &nbsp;&nbsp;&nbsp;[Other Tax Considerations](#i5934ab6f85f0445c9f6861346661de4d_127) | [30](#i5934ab6f85f0445c9f6861346661de4d_127) |
| &nbsp;&nbsp;&nbsp;[Additional Information](#i5934ab6f85f0445c9f6861346661de4d_130) | &nbsp;&nbsp;&nbsp;[Additional Information](#i5934ab6f85f0445c9f6861346661de4d_130) | [31](#i5934ab6f85f0445c9f6861346661de4d_130) |
| [COST BASIS REPORTING](#i5934ab6f85f0445c9f6861346661de4d_133) | [COST BASIS REPORTING](#i5934ab6f85f0445c9f6861346661de4d_133) | [31](#i5934ab6f85f0445c9f6861346661de4d_133) |
| [GENERAL INFORMATION](#i5934ab6f85f0445c9f6861346661de4d_136) | [GENERAL INFORMATION](#i5934ab6f85f0445c9f6861346661de4d_136) | [32](#i5934ab6f85f0445c9f6861346661de4d_136) |
| &nbsp;&nbsp;&nbsp;[Independent Registered Public Accounting Firm](#i5934ab6f85f0445c9f6861346661de4d_139) | &nbsp;&nbsp;&nbsp;[Independent Registered Public Accounting Firm](#i5934ab6f85f0445c9f6861346661de4d_139) | [32](#i5934ab6f85f0445c9f6861346661de4d_139) |
| &nbsp;&nbsp;&nbsp;[Limitation of Director Liability](#i5934ab6f85f0445c9f6861346661de4d_142) | &nbsp;&nbsp;&nbsp;[Limitation of Director Liability](#i5934ab6f85f0445c9f6861346661de4d_142) | [32](#i5934ab6f85f0445c9f6861346661de4d_142) |
| &nbsp;&nbsp;&nbsp;[Financial Statements](#i5934ab6f85f0445c9f6861346661de4d_145) | &nbsp;&nbsp;&nbsp;[Financial Statements](#i5934ab6f85f0445c9f6861346661de4d_145) | [32](#i5934ab6f85f0445c9f6861346661de4d_145) |
| [APPENDIX A](#i5934ab6f85f0445c9f6861346661de4d_148) | Appendix - A-[1](#i5934ab6f85f0445c9f6861346661de4d_148) | Appendix - A-[1](#i5934ab6f85f0445c9f6861346661de4d_148) |

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**DESCRIPTION OF THE FUND**

**History and Classification**

The Jensen Quality Growth Fund Inc. (the "Fund") is an open-end, non-diversified, management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"). The Class J, Class I and Class Y shares are considered no load mutual fund share classes. The Fund was organized as an Oregon corporation on April 17, 1992 and commenced operations on August 3, 1992. Prior to that date, the Fund had no operations other than organizational matters. The Fund's name prior to March 1, 2018 was The Jensen Portfolio, Inc. dba Jensen Quality Growth Fund. Shareholders of the Fund approved the Fund's name change at a meeting of shareholders on November 15, 2017.

The Fund is designed to provide individuals and trusts, pension and profit sharing plans, employee benefit trusts, endowments, foundations, other institutions, and corporations with access to the professional investment management services offered by Jensen Investment Management, Inc., which serves as the investment adviser (the "Adviser") to the Fund. The Adviser also serves as investment adviser to the Jensen Quality Mid Cap Fund, the Jensen Global Quality Growth Fund, each an open-end mutual fund series of the Trust for Professional Managers, a Delaware statutory trust (the "Trust"), and the Jensen Quality Growth ETF, an exchange traded fund and also a series of the Trust.

In accordance with a Multiple Class Plan adopted pursuant to Rule 18f-3 under the 1940 Act, the Fund offers four classes of shares for investors—Class J, Class I, Class R and Class Y shares. Class J is the class of shares comprising the original Jensen Fund. Class J shares are available to retail investors and assessed a combined distribution and shareholder servicing fee of 0.25% per year of the Fund's average daily net assets for Class J shares. Class R shares are available to defined contribution plans and other retirement plans and assessed a combined distribution and shareholder servicing fee of 0.50% per year of the Fund's average daily net assets for Class R shares. In addition, Class R shares are assessed an additional shareholder servicing fee not to exceed 0.25% per year of the Fund's average daily net assets for Class R

shares to pay for shareholder support services, including the recordkeeping and administrative services provided by retirement plan administrators to retirement plans (and their participants) that are shareholders of Class R shares. Class I shares are available to institutional investors and individuals willing to make a significant initial investment in the Fund. Class I shares are assessed a shareholder servicing fee not to exceed 0.10% per year of the Fund's average daily net assets for Class I shares, and are not subject to any distribution fees. More information regarding the Rule 12b-1 Plan and Shareholder Servicing Plan can be found under the section entitled "Distribution and Servicing of Fund Shares – Distribution and Shareholder Servicing Plans." Class Y shares are available only to institutional and individual investors willing to make a higher, significant initial investment in the Fund and to employees and clients of the Adviser. Class Y shares are not subject to any shareholder servicing or distribution fees.

See the sections entitled "Management of the Fund" and "Investment Advisory and Other Services" in this SAI for more information about the Adviser.

**Investment Policies, Strategies and Associated Risks**

**Investment Objective**

The Fund's investment objective is long-term capital appreciation. The Fund's investment objective is not a fundamental policy and may be changed by the Board of Directors without shareholder approval upon 60 days' written notice to shareholders.

The Fund's Prospectus discusses the types of securities in which the Fund will invest, and describe the Fund's investment objectives and strategies. See the section entitled "Investment Objective, Principal Investment Strategies and Primary Risks" in the Prospectus. This SAI contains information supplemental to the Prospectus concerning the techniques and operations of the Fund, the securities the Fund will invest in, and the policies the Fund follows.

<u>Commercial Paper Ratings</u>

Moody's Investors Services ("Moody's") and Standard & Poor's Corporation ("S&P") are private services that

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provide ratings of the credit quality of commercial paper. A description of the ratings assigned to commercial paper by Moody's and S&P are included as Appendix A to this SAI. The Fund may purchase commercial paper that is rated P-1 by Moody's or A-1 by S&P and demand notes issued by companies whose commercial paper receives such ratings.

<u>American Depositary Receipts</u>

The Fund may invest in certain foreign securities, directly and by purchasing American Depositary Receipts ("ADRs"). In addition, the Fund invests in domestic companies that engage in substantial foreign business. Some of the risk factors associated with such investments are described in the Prospectus under "Principal Risks—International Risk, Foreign Securities and ADRs." This information supplements the information about ADRs contained in the Prospectus.

Generally, ADRs are denominated in United States dollars and are publicly traded on exchanges or over-the-counter in the United States. ADRs are receipts issued by domestic banks or trust companies evidencing the deposit of a security of a foreign issuer.

ADRs may be issued in sponsored or unsponsored programs. In sponsored programs, an issuer has made arrangements to have its securities trade in the form of ADRs. In unsponsored programs, the issuer may not be directly involved in the creation of the program. Although regulatory requirements with respect to sponsored and unsponsored programs are generally similar, in some cases it may be easier to obtain financial information from an issuer that has participated in the creation of a sponsored program. The Fund will acquire only ADRs issued in sponsored programs.

**Fundamental Investment Restrictions**

The Fund has adopted the fundamental investment restrictions below. These restrictions may not be changed without the approval of the shareholders. Any change must be approved by the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)67% or more of the Fund's shares present at a shareholder meeting if the holders of more than 50% of the Fund's outstanding shares are present in person or by proxy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)More than 50% of the Fund's outstanding shares.

In accordance with these restrictions, the Fund may not:

1. At the close of any fiscal quarter, have less than 50% of its total assets represented by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Cash and cash equivalents permitted by Section 851 of the Internal Revenue Code of 1986, as amended (the "Code"), and government securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Other securities limited, with respect to any one issuer, to an amount not greater in value than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer.

Compliance with the Fund's policy limiting to 5% the amount of assets that may be invested in any one issuer is measured at the close of each fiscal quarter. The percentage of Fund assets in any one issuer could amount to more than 5% due to market appreciation of the Fund's investment. Changes to valuations between measurement dates will not necessarily affect compliance with this policy. The Fund's investment in any one issuer will not, however, exceed 25% of the value of the Fund's total assets at the close of any fiscal quarter.

2. Concentrate its investments in any one industry if, as a result, 25% or more of the Fund's assets will be invested in such industry. This restriction, however, does not limit the Fund from investing in obligations issued or guaranteed by the U.S. government, or its agencies or instrumentalities.

3. Borrow money, except as permitted under the 1940 Act.

4. Purchase securities on margin, except such short-term credits as are standard in the industry for the clearance of transactions.

5. Make short sales of securities or maintain a short position.

6. Lend portfolio securities.

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7. Make loans to any person or entity, except that the Fund may, consistent with its investment objectives and policies, invest in: (a) publicly traded debt securities; (b) commercial paper; and (c) demand notes, even though the investment in such obligations may be deemed to be the making of loans.

8. Invest in, or engage in transactions involving: real estate or real estate mortgage loans; commodities or commodities contracts, including futures contracts; oil, gas or other mineral exploration or development programs, or option contracts.

9. Invest in any security that would expose the Fund to unlimited liability.

10. Underwrite the securities of other issuers, or invest in restricted or illiquid securities.

11. Invest in securities of other investment companies, except as permitted under the 1940 Act.

12. Issue any senior securities.

13. Change the investment policies set forth in the Fund's then current Prospectus and SAI, unless at least 30 days' prior written notice is provided to each shareholder describing each policy change and the reasons for the change.

**Temporary and Cash Investments**

Under normal market conditions, the Fund will stay fully invested according to its principal investment strategies as noted above. The Fund, however, may temporarily depart from its principal investment strategies by making short-term investments in cash, cash equivalents, and high-quality, short-term debt securities and money market instruments for temporary defensive purposes, in response to adverse market, economic, political or other conditions, the Adviser may invest up to 25% of the Fund's assets in cash or cash equivalents. This may result in the Fund not achieving its investment objective during that period.

For longer periods of time, the Fund may hold a substantial cash position. If the market advances during periods when the Fund is holding a large cash position, the Fund may not participate to the extent it would have if the Fund had been more fully invested, and this may result in

the Fund not achieving its investment objective during that period. To the extent that the Fund uses a money market fund for its cash position, there will be some duplication of expenses because the Fund would bear its pro rata portion of such money market fund's advisory fees and operational expenses.

**Portfolio Turnover**

The Fund purchases portfolio securities with the expectation of holding them for long-term appreciation. The Fund will not sell its position in a portfolio company unless the Adviser determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The portfolio company should be replaced with another qualifying security that the Adviser has determined to have a greater opportunity to achieve the Fund's objective (as further described in the Fund's Prospectus); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The issuer of the security no longer meets one or more of the investment criteria specified in the Fund's Prospectus. However, if such failure is due to an extraordinary situation that the Adviser believes will not have a material adverse impact on the company's operating performance, then the Fund may hold and continue to invest in the company.

Accordingly, the Fund does not expect its annual portfolio turnover generally to exceed 25%. The turnover rate could, however, be significantly higher or lower depending on the performance of the portfolio companies, the frequency and the number of shares of the Fund that are redeemed, or other external factors outside the control of the Fund and the Adviser.

High portfolio turnover rates are generally likely to lead to increased Fund expenses, including brokerage commissions and other transaction costs. A high portfolio turnover rate may also generate capital gains, including short-term capital gains taxable to shareholders as ordinary income. As a result, a high portfolio turnover rate could lower a shareholder's after-tax investment return.

In computing the portfolio turnover rate, all securities whose maturity or expiration dates at the time of acquisition was one year or less are excluded. The turnover rate is calculated by dividing (a) the lesser of purchases or sales of portfolio securities for the fiscal year by (b) the monthly average of the value of the portfolio securities owned by the Fund during the fiscal year.

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The following are the portfolio turnover rates for the fiscal years ended May 31, 2025 and 2024:

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| | |
|:---|:---|
| **<u>Portfolio Turnover Rate<br>For the Fiscal Years Ended May 31,</u>** | **<u>Portfolio Turnover Rate<br>For the Fiscal Years Ended May 31,</u>** |
| **<u>2025</u>** | **<u>2024</u>** |
| [...]% | 10.00% |

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**DISCLOSURE OF PORTFOLIO HOLDINGS INFORMATION**

The Fund's Board of Directors has adopted portfolio holdings disclosure policies and procedures that govern the timing and circumstances of disclosing the Fund's portfolio investments to shareholders and third-parties to ensure that disclosure is in the best interests of the Fund's shareholders. In adopting the policies and procedures, the Board of Directors considered actual and potential material conflicts that could arise between the interests of Fund shareholders, the Adviser, distributor, or any other person affiliated with the Fund.

The Fund's complete portfolio holdings are filed with the SEC within 60 days of the end of each fiscal quarter in the Fund's Annual Report and Semi-Annual Report to shareholders on Form N-CSR and in the Fund's quarterly holdings reports on Part F of Form N-PORT. These reports are available, free of charge, on the EDGAR database on the SEC's website at www.sec.gov. The Fund also discloses its portfolio holdings as of each calendar quarter end on its website at www.jenseninvestment.com. The portfolio holdings information is normally updated within ten days after each quarter end and remains posted on the website until replaced with the next calendar quarter's portfolio holdings information. In the event that the Fund makes significant changes to its portfolio holdings during the calendar quarter, the Fund may choose to update its portfolio holdings information on the website.

To assure that the Fund's portfolio holdings information is disseminated fairly to the public and to prevent selective disclosure of such information and to avoid conflicts of interest with the Fund's shareholders, the Adviser, Distributor (as defined below), or any other affiliated person of the Fund, the Fund's portfolio holdings information may not be disclosed to any person earlier than the day after the portfolio holdings information is first

published on the Fund's website, except as described below or otherwise when the Fund's Chief Compliance Officer ("CCO") determines that such disclosure is in the best interests of the Fund's shareholders. The Fund may provide to third-party service providers portfolio holdings information on a more frequent basis when there is a legitimate business purpose for such disclosure. These third party service providers may include the custodian, administrator, transfer agent, distributor, legal counsel, independent registered public accounting firm, proxy services, printers, Liquidity Programs, broker-dealers executing fund transactions and investment research data services. The Fund's service arrangements with each of these entities include a duty of confidentiality (including appropriate limitations on trading) by each service provider and its employees, either by law or by contract with respect to portfolio holdings data disclosed to them.. The Fund's portfolio holdings policies and procedures prohibit the Adviser, its affiliates or employees, and the Fund from receiving any direct or indirect compensation in connection with the disclosure of information about the Fund's portfolio holdings.

The Fund's Board of Directors receives a report from the CCO on an annual basis on the CCO's review and assessment of the adequacy and reasonableness of the Fund's portfolio holdings disclosure policies and procedures.

**MANAGEMENT OF THE FUND**

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**Board of Directors and Officers**

The Fund is managed under the supervision of its Board of Directors (the "Board"), which consists of six individuals (each a "Director"), five of whom are not "interested" persons of the Fund or the Adviser as that term is defined under the 1940 Act ("Independent Directors"). The Board is responsible for the overall management of the Fund, including the general supervision and review of the Fund's investment policies and activities. The Board appoints the officers who conduct the day-to-day business of the Fund. The directors are fiduciaries for the Fund's shareholders and are governed by the laws of the state of Oregon in this capacity.

**Board Leadership Structure**

The Board conducts regular quarterly in-person meetings and may hold telephonic, video or special in-person meetings as necessary. At these regular quarterly meetings, the Board receives information from the Adviser concerning the Fund's performance, portfolio holdings, adherence to the Fund's investment discipline and restrictions, market outlook and other information. In addition, in connection with its consideration of whether to renew the Fund's investment advisory contract with the Adviser, the Board reviews the nature, extent and quality of the services provided to the Fund by the Adviser. The Board annually reviews the Fund's service contracts with the Fund Services, Custodian and Distributor (each as defined herein). The Independent Directors also hold quarterly regularly scheduled in-person meetings outside of the presence of the interested Directors and the Adviser, and may meet as needed in between their regularly scheduled meetings.

The Fund's current Chair of the Board is an Independent Director. The Board has adopted a policy that the Board should be composed of 75% or more Independent Directors and a Chair who is an Independent Director.

Dr. Janet Hamilton, an Independent Director, serves as Chair of the Board. The Chair's duties include setting the agenda for each Board meeting in consultation with the Adviser and the other Directors and presiding over Board meetings. The Chair also meets with the Adviser between meetings and facilitates communications between the Board and the Adviser, and serves as the point person for addressing issues in between regular Board meetings,

including serving as a conduit of information from Independent Directors to the Adviser. The Chair also acts as the primary contact for the Directors with the Fund's CCO and the Adviser. The Directors believe this structure facilitates the orderly and efficient flow of information to the Directors from the Adviser. The Fund believes that Prof. Hamilton's prior experience as Chair of the Board's Audit Committee and her extensive academic experience, financial analysis skills, status as a CFA, long-time employment as an Associate Professor and Area Director, Finance, at Portland State University's School of Business, and 23 years of service on the Finance Faculty for the Oregon Executive MBA program at the University of Oregon, qualifies her to serve as Chair of the Board.

The Board reviews its leadership structure periodically as part of its annual self-assessment process. The Directors have concluded that the Board's leadership structure of a Chair who is an Independent Director and a Board constituted of more than 75% Independent Directors is appropriate given the specific characteristics or circumstances of the Fund.

The Directors believe the Board's leadership structure allows them to effectively perform their oversight responsibilities and to act in the best interests of the Fund's shareholders.

The Independent Directors have engaged their own independent counsel to advise them on matters relating to their responsibilities in connection with the Fund.

As described in more detail below under the section heading "**Board Committees**", the Board has two standing committees—the Audit Committee and the Governance Committee. All of the committees are chaired by Independent Directors and are composed solely of Independent Directors. Each committee meets periodically to perform its delegated oversight responsibilities and report its findings and recommendations to the Board. The Board may establish additional committees or ad hoc or special committees in the future or as needed to assist the Board in carrying out its oversight responsibilities.

**Directors and Officers**

The directors and officers of the Fund are listed below, together with information about their principal business occupations during at least the last five years:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s) <br>Held with <br>the Fund** | **Term of Office and Length of Time Served\*\*** | **Principal Occupation During Past Five Years** | **# of <br>Portfolios <br>in Fund Complex Overseen<br>by Director** | **Other Directorships Held by Director During the Past Five Years** |
| **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** |
| Kerry E. Barnett<br>The Jensen Quality Growth Fund Inc.<br>5500 Meadows Road<br>Suite 200<br>Lake Oswego, OR 97035<br>Year of Birth: 1957 | Independent Director | Indefinite Term; since November 1, 2024. | Retired. President and Chief Executive Officer of SAIF Corp. (2015-2021) | 1 | Board member, Mutual of Enumclaw Insurance Company (not a public company), a property and casualty insurer, since 2021;Board member, CareOregon (not-for-profit) Medicaid insurance carrier, since 2020. Board Member, National Council for Compensation Insurance, from 2017 to 2021. |
| Kenneth Thrasher<br>The Jensen Quality Growth Fund Inc.<br>5500 Meadows Road<br>Suite 200<br>Lake Oswego, OR 97035<br>Year of Birth: 1949 | Independent<br>Director | Indefinite Term;<br>since July 2007. | Retired. Chairman (2002 – 2018) and CEO (2002 – 2009) of Complí, a web-based compliance and risk management software solution company; President and CEO of Fred Meyer, Inc. (now a division of Kroger), a retail grocery and general merchandise company, from 1999-2001, and other executive positions at Fred Meyer, Inc., including EVP and Chief Administrations Officer and SVP and Chief Financial Officer, from 1982-1999. | 1 | Northwest Natural Holding Company and Northwest Natural Gas Company (a natural gas distribution and service provider) from 2005 to May 2025. |
| Janet G. Hamilton, PhD, CFA<br>The Jensen Quality Growth Fund Inc.<br>5500 Meadows Road<br>Suite 200<br>Lake Oswego, OR 97035<br>Year of Birth: 1955 | Independent Director | Indefinite Term; since October 2016 and Chair since July 2025. | Associate Professor, Finance, Portland State University's School of Business (1986 – present) and Area Director (2016-present). | 1 |  |
| Kathleen J. Kee, CFP<br>The Jensen Quality Growth Fund Inc.<br>5500 Meadows Road<br>Suite 200<br>Lake Oswego, OR 97035<br>Year of Birth: 1961 | Independent Director | Indefinite Term; since October 2021. | Senior Wealth Advisor,<br>Focus Partners Wealth<br>(July 2024 - present);<br>Senior Wealth Advisor,<br>Buckingham Strategic Wealth (2020 – July 2024); Chief Executive Officer, Confluence Wealth Management LLC (2011 – 2020). | 1 |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s) <br>Held with <br>the Fund** | **Term of Office and Length of Time Served\*\*** | **Principal Occupation During Past Five Years** | **# of <br>Portfolios <br>in Fund Complex Overseen<br>by Director** | **Other Directorships Held by Director During the Past Five Years** |
| Charles A. Wilhoite, CPA<br>The Jensen Quality Growth Fund Inc.<br>5500 Meadows Road<br>Suite 200<br>Lake Oswego, OR 97035<br>Year of Birth: 1964 | Independent Director | Indefinite Term; since January 2023. | Managing Director<br>(1995 – present) of<br>Willamette Management<br>Associates, a Citizens<br>Company, a financial<br>advisory services firm. | 1 | Northwest Natural Holding Company and Northwest Natural Gas Company (a natural gas distribution and service provider). |
| **INTERESTED DIRECTOR** | **INTERESTED DIRECTOR** | **INTERESTED DIRECTOR** | **INTERESTED DIRECTOR** | **INTERESTED DIRECTOR** | **INTERESTED DIRECTOR** |
| Robert D. McIver\*<br>Jensen Investment Management, Inc.<br>5500 Meadows Road<br>Suite 200<br>Lake Oswego, OR 97035<br>Year of Birth: 1965 | Director and President | Indefinite Term; since July 2015; One-Year Term as President of the Fund; Served as President since February 2007. | Director (since July 2015) of the Fund; President and Director (February 2007 – present) and Director of Operations (2004 – February 2007) of Jensen Investment Management, Inc. | 1 | Jensen Investment Management, Inc. (since February 2007) |
| **OFFICERS OF THE FUND** | **OFFICERS OF THE FUND** | **OFFICERS OF THE FUND** | **OFFICERS OF THE FUND** | **OFFICERS OF THE FUND** | **OFFICERS OF THE FUND** |
| Robert D. McIver\*<br>SEE ABOVE |  |  |  |  |  |
| Richard W. Clark\*\*\*<br>Jensen Investment Management, Inc. <br>5500 Meadows Road<br>Suite 200<br>Lake Oswego, OR 97035<br>Year of Birth: 1969 | Vice President | 1 Year Term; Served since April 2017. | Director (since December 2024 - present), Director – Business Development (since August 2022), Director - Sales and Marketing (2001-2022) of Jensen Investment Management, Inc. | N/A | N/A |
| Shannon M. Contreras\*<br>Jensen Investment Management, Inc.<br>5500 Meadows Road<br>Suite 200<br>Lake Oswego, OR 97035<br>Year of Birth: 1973 | Treasurer and Vice President | 1 Year Term; Served since February 2020. | Director (since 2022), Director of Finance and Treasurer (February 2020 – Present), Senior Compliance Officer and Associate - Finance (October<br>2014 – February 2020) of Jensen Investment Management, Inc. | N/A | N/A |
| Gabriel L. Goddard\*<br>Jensen Investment Management, Inc. <br>5500 Meadows Road<br>Suite 200<br>Lake Oswego, OR 97035<br>Year of Birth: 1972 | Chief Compliance Officer and AML Officer; Vice President and Secretary | 1 Year Term; Served since January 2018 (as Vice President and Secretary) and<br>since February 2020 as Chief Compliance<br>Officer and AML Officer. | Vice President and Secretary (January 2018-present), Secretary, General Counsel, Chief Compliance Officer (2012-present), and Director (2017-present) of Jensen Investment Management, Inc. | N/A | N/A |

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\*&nbsp;&nbsp;&nbsp;&nbsp;This individual is an "interested person" of the Fund within the meaning of the 1940 Act because the individual also serves as an officer of the Adviser and owns securities of the Adviser.

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\*\*&nbsp;&nbsp;&nbsp;&nbsp;Each Director serves for an indefinite term in accordance with the Bylaws of the Fund until the Director's successor is duly elected and qualified, or the date a Director dies, resigns, retires or is removed in accordance with the Bylaws of the Fund.

\*\*\*&nbsp;&nbsp;&nbsp;&nbsp;This individual is an "interested person" of the Fund within the meaning of the 1940 Act because the individual owns securities of the Adviser.

**Board Role in Risk Oversight**

The Fund is subject to several risks, including compliance, investment, operational and reputational risk, among others. The Board is responsible for oversight of the management and affairs of the Fund, including oversight of risk management. The day-to-day management of the Fund's investment and operational risks is overseen and performed primarily by the Adviser and the Fund's other service providers including the custodian, administrator, fund accountant, transfer agent and the distributor, subject to supervision by the Adviser. To aid in the management of risk, whether compliance, operational, investment, reputational or other, the Fund has adopted compliance policies and procedures to identify particular risks and to minimize the occurrence of events or circumstances that could have a material adverse effect on the Fund's investment performance or its operations. In addition, the Fund's service providers use a variety of processes, procedures and controls to identify and manage particular risks. All of these service providers have an independent interest in managing risk appropriately, however, their policies and procedures to manage risks may differ from the Fund's and each other's in the setting of priorities, the resources available or the effectiveness of relevant controls.

The Board implements its risk oversight function in a variety of ways, including by the whole Board and through Board committees. At the regular Board and Board committee meetings, the Board receives reports from the Adviser and other service providers on the Fund's activities and various risks relating to the Fund. The Fund's CCO reports to the Board at the regular quarterly Board meetings and meets separately with the Independent Directors at their quarterly meetings. In addition, the Fund's CCO regularly reports to the Board on the Fund's compliance with the Fund's policies and procedures and includes material compliance matters since the last report. Not less than annually, the CCO provides to the Board a report on whether the Fund's compliance policies and procedures are adequately and effectively designed to avoid violations by the Fund of the federal securities laws. The Fund's independent accountant reviews with the Audit Committee (and interested Directors) on not less than an

annual basis its audit report of the Fund's financial statements, including discussions of major risks identified by the independent accountant and whether there are any significant deficiencies or material weaknesses in the Fund's internal controls. Board oversight of risk is also performed in between regular Board meetings through communications between the Board and the Adviser. Independent Directors are encouraged to communicate directly, or through the Fund's Chair, with the Fund's management.

The Board recognizes that it cannot identify or quantify all the risks facing the Fund, and some risks cannot be mitigated or eliminated in a cost-effective manner. Moreover, there are limitations to the effectiveness of the processes, methods and controls the Fund uses to manage risk. Some risks, such as investment-related risk, are simply part of the Fund's business and are necessary to achieve the Fund's investment goals. Accordingly, there are limitations to the Board's oversight of risk and the Fund's ability to manage risk.

**Board Conclusion on Individual Director Skills, Attributes, Qualifications, and Experience**

The Governance Committee of the Board is responsible for assessing the experience, qualifications, attributes and skills of potential candidates for nomination to serve as directors of the Fund. The Governance Committee is composed of all of the Fund's Independent Directors and takes into account a wide variety of factors and the specific work experience and other qualifications of candidates to serve as directors. On an annual basis, the Board conducts a self-assessment and considers, among other things, whether the existing Directors have the requisite experience and skills to provide effective oversight. The Board intends that its Directors must continually meet the following criteria among other criteria considered by the Governance Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• They possess skills and abilities relevant to the mutual fund and investment company industry, including an ability to read and understand financial statements;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• They possess knowledge of matters relating to the mutual fund and investment company industry, and remain active enough to keep them in contact with the markets, the business and technical environments and the communities in which the Fund is active;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• They are able to function as a part of an effective group, willing to speak their mind but respecting and cooperating with other members of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• They recognize in their activities for the Fund the predominance of overall Fund performance above any particular area of special personal interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• They are of good reputation and character, conduct themselves in accordance with high ethical standards and possess personal and professional integrity, in this and in other ways maintaining the respect of their fellow directors.

The Board has concluded that each of the Directors is qualified and should continue to serve on the Board because he or she meets the criteria described above, and based on (i) his or her individual skills, attributes, qualifications or business experience and (ii) the skills, attributes, qualifications or business experience of the Directors as a group. Information about the specific skills, attributes, qualifications or business experience of each Director is as follows.

**Kerry E. Barnett.** Mr. Barnett was elected by the Fund's shareholders on November 1, 2024 to serve as an Independent Director of the Fund. Mr. Barnett retired in 2021 from SAIF Corp., where he had served as the President and Chief Executive Officer since 2015. Mr. Barnett serves on the Board of Directors of each of Mutual of Enumclaw Insurance Company, a property and casualty insurer, and CareOregon, a not-for-profit Medicaid insurance carrier. He was employed as a senior executive and officer in insurance companies for 22 years, and previously served as Oregon's Insurance Commissioner and Superintendent of Banks. He is formerly a member of the Oregon State Bar. Based on the foregoing, and his extensive experience as a chief executive officer and his extensive insurance industry

**Kenneth Thrasher.** Mr. Thrasher is an Independent Director and has served as a Director of the Fund since 2007 and Chair from July 20, 2022 to July 16, 2025. Mr. Thrasher has been designated an "audit committee financial expert" by the Board based on his extensive management and financial experience serving in the capacity of Chief Executive Officer or President of both publicly traded and private companies, as well as serving as Chief Financial Officer in his career at each. Mr. Thrasher served as the Chair of the Board of Directors at Complí, a web-based compliance and risk management software solution company, and served on the Board of Directors of each of Northwest Natural Holding Company and Northwest Natural Gas Company, a publicly traded natural gas distribution and service provider, for more than the last five years until May 2025. Based on the foregoing, and because of the experience gained serving as a Director since 2007, the Board concluded that Mr. Thrasher should continue to serve as a Director of the Fund. Mr. Thrasher will retire from service as a Director effective as of October 21, 2025.

**Prof. Janet G. Hamilton, PhD, CFA.** Dr. Hamilton is an Independent Director and has served as a Director of the Fund since October 19, 2016 and Chair since July 17, 2025. Dr. Hamilton has been designated an "audit committee financial expert" by the Board based on her extensive academic experience, financial analysis skills and status as a Chartered Financial Analyst ("CFA"). Dr. Hamilton serves as an Associate Professor and Area Director, Finance, at Portland State University's School of Business where she has been employed since 1986. Additionally, Dr. Hamilton served on the Finance Faculty for the Oregon Executive MBA program at the University of Oregon from 1989 to 2012. In her roles as both an associate professor of finance and member of the finance faculty, Dr. Hamilton has developed skills in economic problem solving, valuation, and financial analysis. Her academic research has been published in various finance journals. Dr. Hamilton has previously served in several capacities on the Board of Directors for the CFA Society of Portland, including as President. Based on the foregoing, and because of her experience gained serving as a Director since October 2016, the Board concluded that Dr. Hamilton should continue to serve as a Director of the Fund.

**Kathleen J. Kee.** Ms. Kee has served as an Independent Director of the Fund since October 13, 2021.

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Ms. Kee has served as a Senior Wealth Advisor for Focus Partners Wealth, a registered investment advisor providing financial planning and wealth management services, from July 2024 – present, and a Senior Wealth Advisor for Buckingham Strategic Wealth, also a registered investment advisor providing financial planning and wealth management services, from December 2020 – June 2024. She previously served as the Chief Executive Officer for Confluence Wealth Management LLC, a boutique registered investment advisor wealth management firm working with high-net-worth individuals and families, from 2011 to November 2020. Based on the foregoing, and her extensive experience in the investment management industry, the Board concluded that Ms. Kee should serve as a Director of the Fund.

**Charles A. Wilhoite, CPA.** Charles A. Wilhoite was elected to serve as an Independent Director of the Fund commencing on January 1, 2023. Mr. Wilhoite has served as a Managing Director of Willamette Management Associates, a Citizens Company, a financial advisory services firm specializing in financial advisory, business and intangible asset valuation, forensic analysis, and litigation support services, since 1995. Mr. Wilhoite serves on the Board of Directors of each of Northwest Natural Holding Company and Northwest Natural Gas Company, a publicly traded natural gas distribution and service provider. Based on the foregoing, and his accounting background and extensive experience in the financial services and valuation industry, the Board concluded that Mr. Wilhoite should serve as a Director of the Fund.

**Robert D. McIver.** Mr. McIver has served as a Director of the Fund since July 2015. He has served as President and Director of the Adviser since 2007 and as Director of Operations from 2004-2007. Prior to the Adviser, Mr. McIver was General Manager of Fairmont Villa Management and Vice President of Fairmont Riverside Golf Estates Ltd. from 2001-2004, and before that was a portfolio manager at Schroder Investment Management for 10 years, and Chief Investment Officer at Schroder & Co. Trust Bank for two years. Based on the foregoing, and because of the experience gained serving as President and Director of the Adviser since 2007, and his knowledge of the investment management industry, the Board concluded that Mr. McIver should continue to serve as a Director of the Fund.

**Board Committees**

<u>Audit Committee</u>

The Fund's Audit Committee is comprised of all of the Independent Directors, and Ms. Kee is the Chair of the Audit Committee. The Audit Committee reviews financial statements and other audit-related matters for the Fund. The Audit Committee also holds discussions with management and with the independent registered public accounting firm engaged by the Fund concerning the scope of the audit and the independent registered public accounting firm's independence. The Audit Committee meets twice a year, and if necessary, more frequently. The Audit Committee met two times during the fiscal year ended May 31, 2025.

<u>Governance Committee</u>

The Fund's Governance Committee is comprised of all of the Independent Directors, and Mr. Wilhoite is the Chair of the Governance Committee. The Governance Committee evaluates and nominates Board candidates to fill vacancies and for election and re-election as and when required. The Board has adopted the following procedures by which shareholders may recommend nominees to the Governance Committee. While the Governance Committee normally is able to identify from its own resources an ample number of qualified candidates, the Governance Committee will consider properly qualified candidates for the Board submitted by shareholders, so long as the shareholder or shareholder group submitting a proposed nominee (1) beneficially owns more than 5% of the Fund's voting shares; (2) has held such shares continuously for the past two years; and (3) is not an adverse holder (*i.e.*, the shareholder or shareholder group has acquired such shares in the ordinary course of business and not with the purpose nor with the effect of changing or influencing the control of the Fund). Such suggestions must be sent in writing to the Fund's Secretary at the address of the Fund (5500 Meadows Road, Suite 200, Lake Oswego, OR 97035-3623) and must be accompanied by the shareholder's contact information, the nominee's contact information and number of Fund shares owned by the nominee, all information regarding the nominee that would be required to be disclosed in solicitations of proxies for elections of directors required under the Securities Exchange Act of 1934, as amended, and a notarized letter from the nominee stating his or her intention to serve as a nominee and be

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named in the Fund's proxy statement, if so designated by the Governance Committee. Shareholder recommendations for nominations to the Board will be accepted on an ongoing basis and such recommendations will be kept on file for consideration when there is a vacancy on the Board. The Governance Committee met two times during the fiscal year ended May 31, 2025.

**Compensation**

The Fund does not compensate directors who are officers or employees of the Adviser. The Independent Directors are each paid an annual retainer of $55,000 from the Fund, plus a fee of $6,000 for each Board meeting attended in person and $4,000 for each Board meeting held by telephone. In addition, the Chair of the Board is paid an annual fee of $17,500, the Chair of the Audit Committee is paid an annual fee of $9,000, and the Chair of the Governance Committee is paid an annual fee of $7,000. They are also reimbursed for travel and other reasonable out-of-pocket expenses in connection with attendance at Board meetings, but such reimbursements are not considered "compensation" and therefore are not included in the amounts shown in the table below. The Fund does not offer any retirement benefits for the directors. The Board holds regular quarterly meetings. During the fiscal year ended May 31, 2025, the directors received the following compensation from the Fund:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Person** | **Aggregate Compensation From Fund** | **Pension or Retirement Benefits Accrued as Part of Fund Expenses** | **Estimated Annual Benefit Upon Retirement** | **Total Compensation from Fund Paid to Directors** |
| **Interested Directors** | | | | |
| Robert D. McIver |  |  |  |  |
| **Independent Directors** |  |  |  |  |
| Roger A. Cooke<sup>(1)</sup> | $[...] |  |  | $[...] |
| Kenneth Thrasher<sup>(2)</sup> | $[...] |  |  | $[...] |
| Janet G. Hamilton | $[...] |  |  | $[...] |
| Kathleen J. Kee | $[...] |  |  | $[...] |
| Charles A. Wilhoite | $[...] |  |  | $[...] |
| Kerry E Barnett<sup>(3)</sup> | $[...] |  |  | $[...] |

---

<sup>(1)</sup> Mr. Cooke retired as a director in October 2024

<sup>(2)</sup> Mr. Thrasher served as Chair of the Board during the period covered by the table above, for which he received an annual fee of $15,000 included in the fees noted above.

<sup>(3)</sup> Mr. Barnett became a director of the Fund on November 1, 2024.

For the fiscal year ended May 31, 2025, members of the Audit Committee and Governance Committee were paid a fee of $3,000 for each meeting attended in person, and Independent Directors were paid a fee of $3,000 for each meeting of the Independent Directors attended in person.

------

**Director Ownership of Fund Shares and Certain Transactions**

The following table shows the dollar range of shares beneficially owned by each director in the Fund as of December 31, 2024:

**Interested Directors:**

---

| | |
|:---|:---|
| **Name of Director** | **Aggregate Dollar Range of<br>Equity Securities in the Fund** |
| Robert D. McIver | Over $100,000 |

---

**Independent Directors:**

---

| | |
|:---|:---|
| **Name of Director** | **Aggregate Dollar Range of<br>Equity Securities in the Fund** |
| Kenneth Thrasher | Over $100,000 |
| Janet G. Hamilton | Over $100,000 |
| Kathleen J. Kee | Over $100,000 |
| Charles A. Wilhoite | Over $100,000 |
| Kerry E. Barnett<sup>(1)</sup> |  |

---

<sup>(1)</sup> Mr. Barnett became a director of the Fund on November 1, 2024.

As of December 31, 2024, none of the Independent Directors or members of their immediate families owned any securities of the Adviser, the Distributor or any other entity directly or indirectly controlling, controlled by, or under common control with the Adviser or Distributor.

During the two most recently completed calendar years, none of the Independent Directors nor members of their immediate families conducted any reportable transactions (or series of transactions) with (i) the Fund or with any other investment company advised by the Adviser or distributed by the Distributor, (ii) an officer of the Fund or of any other investment company advised by the Adviser or distributed by the Distributor, or (iii) the Adviser, Distributor, an officer of the Adviser or Distributors or any affiliate of the Adviser or Distributor, in which the amount exceeded $120,000.

**CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS**

**Control Persons**

As of August 31, 2025, officers and directors, as a group, owned of record or beneficially less than 1% of the Class J, Class I, Class R and Class Y shares of the Fund. As of August 31, 2025, there were no control persons of the Fund. The term "control" means:

• The beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a company;

• The acknowledgment or assertion by either the controlled or controlling party of the existence of control; or

• A final adjudication under section 2(a)(9) of the 1940 Act that control exists.

**Principal Shareholders**

As of August 31, 2025, the following shareholders owned of record or were known by the Fund to own beneficially 5 percent or more of any class of the Fund's outstanding shares:

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Class J Shares</u>** | **<u>Class J Shares</u>** | **<u>Class J Shares</u>** | **<u>Class J Shares</u>** | **<u>Class J Shares</u>** |
| **Name and Address** | **Parent Company** | **Jurisdiction** | **% Ownership** | **Type of Ownership** |
| [...] | [...] | [...] | [...] | [...] |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Class I Shares</u>** | **<u>Class I Shares</u>** | **<u>Class I Shares</u>** | **<u>Class I Shares</u>** | **<u>Class I Shares</u>** |
| **Name and Address** | **Parent Company** | **Jurisdiction** | **% Ownership** | **Type of Ownership** |
| [...] | [...] | [...] | [...] | [...] |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Class R Shares</u>** | **<u>Class R Shares</u>** | **<u>Class R Shares</u>** | **<u>Class R Shares</u>** | **<u>Class R Shares</u>** |
| **Name and Address** | **Parent Company** | **Jurisdiction** | **% Ownership** | **Type of Ownership** |
| [...] | [...] | [...] | [...] | [...] |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Class Y Shares</u>** | | | | |
| **Name and Address** | **Parent Company** | **Jurisdiction** | **% Ownership** | **Type of Ownership** |
| [...] | [...] | [...] | [...] | [...] |

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**INVESTMENT ADVISORY AND OTHER SERVICES**

**Investment Adviser**

Jensen Investment Management, Inc., the investment adviser to the Fund since its inception in 1992, provides investment advisory services to the Fund pursuant to an Investment Advisory and Service Contract dated March 1, 2025 ("Advisory Agreement"), which was approved by the Board of Directors on July 16, 2024 and by the Fund's shareholders on November 13, 2024. The current term of the Advisory Agreement commenced on March 1, 2025 and will continue until August 1, 2026 unless terminated earlier in accordance with its terms. Under the Advisory Agreement, the Adviser is responsible for the overall management of the Fund. The Adviser reviews the portfolio of securities and investments in the Fund, and

------

advises and assists the Fund in the selection, acquisition, holding or disposal of securities and makes recommendations with respect to other aspects and affairs of the Fund. The Adviser is also responsible for placing orders for the purchase and sale of the Fund's investments directly with the issuers or with brokers or dealers selected by the Adviser. See the section entitled "Brokerage Allocation and Other Portfolio Transactions" in this SAI. Additional information about the services provided by the Adviser to the Fund is described under the section entitled "Management of the Fund" in the Fund's Prospectus.

The Adviser also serves as the investment adviser to the Jensen Quality Mid Cap Fund and the Jensen Global Quality Growth Fund, each of which is an open-end mutual fund, and the Jensen Quality Growth ETF, an exchange traded fund.

**Management of the Adviser**

Robert D. McIver, Gabriel L. Goddard, Shannon M. Contreras, and Richard W. Clark -- each of whom is an officer of the Fund -- and Allen T. Bond are directors, and with the exception of Mr. Clark, also officers, of the Adviser. Mr. McIver, a Managing Director of the Adviser and a portfolio manager of the Fund, beneficially owns 25% or more of the outstanding stock of the Adviser. Accordingly, Mr. McIver is presumed to be a control person of the Adviser. For further information, see below and "Management of the Fund" in this SAI.

For its services to the Fund, the Investment Adviser receives an investment advisory fee paid monthly by the Fund at an annual rate calculated as a percentage of the average daily net assets of the Fund. The table below illustrates the Fund's base investment advisory fee annual rate and the reduced annual fee rates on Fund assets in excess of certain levels (breakpoints):

---

| | | | |
|:---|:---|:---|:---|
| **Annual Investment Advisory Fee<br>(as a percentage of the Fund's average daily net assets)** | **Annual Investment Advisory Fee<br>(as a percentage of the Fund's average daily net assets)** | **Annual Investment Advisory Fee<br>(as a percentage of the Fund's average daily net assets)** | **Annual Investment Advisory Fee<br>(as a percentage of the Fund's average daily net assets)** |
| **$4 billion or less** | **More than $4 billion, up to $8 billion** | **More than $8 billion, up to $12 billion** | **More than $12 billion** |
| 0.500% | 0.475% | 0.450% | 0.425% |

---

The investment advisory fees paid to the Adviser for the services provided to the Fund for the past three fiscal years were as follows:

---

| | | |
|:---|:---|:---|
| | **Investment Advisory Fees Paid<br>During Fiscal Years Ended May 31,** | |
| **<u>2025</u>** | **<u>2024</u>** | **<u>2023</u>** |
| $[...] | $49066231 | $47517961 |

---

The investment advisory fee paid by the Fund is allocated among the Fund's four share classes based on the average daily net assets of each share class.

The Advisory Agreement provides that, in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard for its obligations or duties thereunder, the Adviser is not liable for any act or omission or loss in the course of, or in connection with, the rendering of services under the Advisory Agreement. The Advisory Agreement does not restrict the ability of the Adviser to act as investment adviser for any other person, firm or corporation, and the Adviser advises other individual and institutional investors. The Adviser also serves as the investment adviser to the Jensen Quality Mid Cap Fund, the Jensen Global Quality Growth Fund, each an open-end mutual fund, and the Jensen Quality Growth ETF, an exchange traded fund, and each of which is a separate

------

series of the Trust for Professional Managers, a Delaware statutory trust.

The Advisory Agreement continues in effect from year-to-year, so long as such continuance is approved annually by either (1) the Board; or (2) a vote of the majority of the outstanding voting shares of the Fund.

The Advisory Agreement is terminable without penalty on not less than 60 days' written notice by the Board, by vote of the majority of the outstanding voting shares of the Fund, or upon not less than 60 days' written notice by the Adviser. The Advisory Agreement terminates automatically upon its assignment as defined in the 1940 Act. In addition, the Advisory Agreement provides that, in the event of a material change in the management or ownership of the Adviser, whether caused by death, disability or other reason, the Board is required to meet as soon as practicable after such event to consider whether another investment adviser should be selected for the Fund. In such event, the Advisory Agreement may be terminated without any prior notice.

The Advisory Agreement reserves to the Adviser the right to grant the use of a name similar to the Fund's name to another investment company or business enterprise without approval of the Fund's shareholders and reserves the right of the Adviser to withdraw the use of the Fund's name from the Fund. However, if the Adviser chooses to withdraw from the Fund the use of the Fund's name, at the time of such withdrawal, the Adviser would have to submit to the Fund's shareholders the question of whether they wish to continue the Advisory Agreement.

As used in this SAI and in the Fund's Prospectus, when referring to approval of the Advisory Agreement to be obtained from shareholders of the Fund, the term "majority" means the vote, at any meeting of the shareholders, of the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)67% or more of the Fund's shares present at such meeting, if the holders of more than 50% of the Fund's outstanding shares are present in person or by proxy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)More than 50% of the Fund's outstanding shares.

**Board Consideration and Approval of the Advisory Agreement**

A discussion regarding the Board's approval of the Fund's investment advisory agreement with the Adviser is included in the Fund's Semi-Annual Report to shareholders dated November 30, 2024 and will be included in the Fund's Semi-Annual Report to shareholders dated November 30, 2025.

**Portfolio Managers**

The Fund is managed by an investment team consisting of Kurt M. Havnaer, Adam D. Calamar, Kevin J. Walkush, Robert D. McIver, Allen T. Bond, and Jeffrey D. Wilson. The information provided below supplements the information provided in the Prospectus under the heading "Portfolio Managers" with respect to the investment professionals responsible, either individually or jointly, for the day-to-day management of the Fund, other accounts including two registered open-end investment companies, an exchange traded fund, a collective investment fund, private clients and institutional investors, including pension plans, foundations and endowments ("other accounts"), as set forth below as of May 31, 2025.

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category of Account** | **Total Number of Accounts Managed** | **Total Assets in Accounts Managed<br>(in Millions)** | **Number of Accounts for which Advisory Fee is Based on Performance** | **Assets in Accounts for which Advisory Fee is Based on Performance<br>(in Millions)** |
| **<u>Robert D. McIver</u>** | | | | |
| &nbsp;&nbsp;&nbsp;Other Registered Investment Companies | [...] | $[...] | [...] | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | [...] | $[...] | [...] | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | [...] | $[...] | [...] | $0 |
| **<u>Kurt M. Havnaer</u>** |  |  |  | $0 |
| &nbsp;&nbsp;&nbsp;Other Registered Investment Companies | [...] | $[...] | [...] | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | [...] | $[...] | [...] | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | [...] | $[...] | [...] | $0 |
| **<u>Allen T. Bond</u>** |  |  |  | $0 |
| &nbsp;&nbsp;&nbsp;Other Registered Investment Companies | [...] | $[...] | [...] | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | [...] | $[...] | [...] | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | [...] | $[...] | [...] | $0 |
| **<u>Kevin J. Walkush</u>** |  |  |  | $0 |
| &nbsp;&nbsp;&nbsp;Other Registered Investment Companies | [...] | $[...] | [...] | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | [...] | $[...] | [...] | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | [...] | $[...] | [...] | $0 |
| **<u>Adam D. Calamar</u>** |  |  |  | $0 |
| &nbsp;&nbsp;&nbsp;Other Registered Investment Companies | [...] | $[...] | [...] | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | [...] | $[...] | [...] | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | [...] | $[...] | [...] | $0 |
| **<u>Jeffrey D. Wilson</u>** |  |  |  | $0 |
| &nbsp;&nbsp;&nbsp;Other Registered Investment Companies | [...] | $[...] | [...] | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | [...] | $[...] | [...] | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | [...] | $[...] | [...] | $0 |

---

**Material Conflicts of Interest**

The Fund's investment team and certain portfolio managers manage other accounts that share the Fund's primary investment objective of long-term capital appreciation and generally have the same principal investment strategies. Because the Adviser employs a similar investment approach in managing the Fund and the other accounts, conflicts of interest may arise. As a result, the Adviser has adopted trade allocation procedures that, among other things, ensure that the trades are allocated

fairly and equitably to the other accounts and the Fund consistent with the Adviser's fiduciary duty to each client.

In determining a fair allocation, the Adviser evaluates a number of factors, including among others, the size of the transaction, transaction costs and the relative size of a client's account. Because the substantial majority of the equity securities purchased by the Adviser for its clients has abundant liquidity and high average daily trading volume, market impact is often not a significant concern. However, when the same investment decision is made for

------

more than one client account, which may include the Fund, all client orders given to each broker are generally combined for execution as a "block" trade. Execution prices for block trades are averaged and each participating account receives that average price. Partially filled orders are allocated pro rata each day in proportion to each account's order size.

Conflicts of interest may also arise when portfolio managers trade securities for their own accounts that the Adviser recommends to the Fund and other accounts. These trades are subject to the Adviser's and Fund's joint Code of Ethics and Standards of Conduct (the "Code of Ethics"), which is designed to identify and limit conflicts of interest and help portfolio managers and other covered persons comply with applicable laws in the conduct of the Adviser's business. The Code of Ethics requires all employees of the Adviser, including portfolio managers to place the interests of the Adviser's clients ahead of their own interests and the interests of the Adviser, that they not take inappropriate advantage of their position with the Adviser and that they conduct their personal securities transactions in a manner that is not inconsistent with the interests of the Adviser's clients. The Code of Ethics includes restrictions and prohibitions on personal trading and various reporting obligations regarding the portfolio manager's personal securities transactions and holdings.

The Adviser has not identified any other material conflicts between the Fund and other accounts managed by the portfolio managers. However, actual or apparent conflicts of interest may arise in connection with the day-to-day management of the Fund and other accounts. Portfolio managers may give advice, exercise investment responsibility or take other actions that differ among clients. While portfolio managers treat all clients on a fair and equitable basis relative to each other, each account has differing tax considerations, account sizes, policies and investment restrictions. Clients may not participate in all investments or they may participate in different degrees or at different times as other clients. As a result, unequal time and attention may be devoted to the Fund and other accounts. In addition, the various management fees charged to some of the other accounts are generally higher than the management fee charged to the Fund. This could create a conflict of interest where a portfolio manager appears to have favored an account with a higher management fee solely because the account has

outperformed the Fund. However, this apparent conflict is mitigated by the fact that the Fund represents the primary source of the Adviser's total management fee revenue and the portfolio managers do not directly receive any separate compensation based on management fees generated or performance-based fees.

**Portfolio Manager Compensation**

The investment team's compensation is paid by the Adviser. The investment team's compensation consists primarily of a fixed salary and a bonus. Each investment team member's salary is reviewed annually and is based upon consideration of various factors, including, but not limited to, merit, cost of living increases, employment market competition and the individual member's job performance. Discretionary bonuses are paid to all employees of the Adviser. After considering its profitability each year, the Adviser determines a percentage for its use in calculating bonuses which is uniformly applied to each employee's annual salary. In addition, the investment team, along with all eligible employees of the Adviser, participates in the Adviser's discretionary annual Profit Sharing Plan. At each year end, contributions to the plan are calculated as a percentage of each eligible employee's annual salary plus bonus. This percentage is decided upon after considering the Adviser's profitability each year and is also applied uniformly to each such employee. None of the investment team's compensation is related to the performance of the Fund or the amount of the Fund's assets.

Each member of the investment team is a shareholder of the Adviser. As a result, each investment team member also receives his proportional share of any net profit earned by the Adviser.

**Ownership of Securities in the Fund by the Portfolio Managers**

As of May 31, 2025, the portfolio managers beneficially owned shares of the Fund as follows:

------

---

| | |
|:---|:---|
| **Name of Portfolio Manager** | **Dollar Range of** <br>**Equity Securities in the Fund**<sup>(1)</sup> |
| Allen T. Bond | $[...] |
| Adam D. Calamar | $[...] |
| Kurt M. Havnaer | $[...] |
| Robert D. McIver | $[...] |
| Kevin J. Walkush | $[...] |
| Jeffrey D. Wilson | $[...] |

---

<sup>(1)</sup> The dollar range shown above includes Fund shares beneficially owned by the investment team member's account in the Adviser's Profit Sharing Plan.

**Administrator**

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), 615 East Michigan Street, Milwaukee, Wisconsin 53202, acts as the Fund's administrator pursuant to the terms of a fund administration and servicing agreement (the "Administration Agreement") between the Fund and Fund Services. Fund Services performs administrative functions for the Fund in addition to services it provides as the Fund's transfer agent and dividend disbursing agent. The administrative duties it performs pursuant to the Administration Agreement include:

• Compiling data for the Fund;

• Assisting in updating the Fund's Prospectus, SAI, proxy statements, if any, and notices to the Securities and Exchange Commission ("SEC") required pursuant to Rule 24f-2 under the 1940 Act;

• Preparing Annual Reports on Form N-CEN and other required Fund regulatory filings;

• Preparing and filing all federal and state tax returns and required tax filings, other than those required to be made by the Fund's custodian and transfer agent;

• Preparing compliance filings pursuant to state securities laws;

• Preparing financial statements for the Fund's Annual and Semi-Annual Reports to Shareholders with the advice of the Fund's independent registered public accounting firm, as needed, and assisting in editing these reports if requested by the Adviser;

• Monitoring the Fund's expense accruals;

• Monitoring the Fund's status as a regulated investment company under Subchapter M of the Code;

• Maintaining the Fund's fidelity bond as required by the 1940 Act;

• Periodically monitoring the Fund's compliance with the 1940 Act and the investment limitations of the Fund as set forth in the Fund's Prospectus; and

• Generally assisting in the Fund's administrative operations.

For the fiscal years indicated below, the following administrative fees were paid to Fund Services by the Fund:

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| | | |
|:---|:---|:---|
| **Administration Fees Paid<br>During Fiscal Years Ended May 31,** | **Administration Fees Paid<br>During Fiscal Years Ended May 31,** | **Administration Fees Paid<br>During Fiscal Years Ended May 31,** |
| **<u>2025</u>** | **<u>2024</u>** | **<u>2023</u>** |
| $[...] | $1585522 | $1511478 |

---

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Fund Services is relieved of liability to the Fund for any act or omission in the course of its performance under the Administration Agreement, so long as Fund Services acts in good faith and is not negligent or guilty of any willful misconduct. The Administration Agreement continues in effect from year-to-year. The Administration Agreement, however, may be terminated by the Fund or by Fund Services without penalty after at least 90 days' written notice.

**Custodian, Transfer Agent and Dividend Disbursing Agent, and Fund Accountant**

U.S. Bank National Association (the "Custodian") 1555 North RiverCenter Drive, Suite 302, Milwaukee, WI 53212, serves as the custodian of the Fund's cash and securities, pursuant to a Custody Agreement between the Custodian and the Fund. For its custodial services to the Fund, the Custodian receives monthly fees based upon the Fund's month-end, aggregate net asset value, plus certain charges for securities transactions. U.S. Bank National Association and Fund Services are affiliated entities.

Fund Services serves as the Fund's transfer agent and dividend disbursing agent pursuant to a Transfer Agent Servicing Agreement between Fund Services and the Fund. Fund Services processes requests for the purchase or redemption of the Fund's shares, sends statements of ownership to shareholders, and performs other administrative duties on behalf of the Fund. Fund Services does not play any role in establishing the investment policies of the Fund or in determining which securities are to be purchased or sold by the Fund. All fees and expenses of Fund Services are paid by the Fund. For its services as transfer agent and dividend disbursing agent, Fund Services receives fees from the Fund based upon the number of shareholder accounts maintained and the number of transactions effected. Fund Services is also reimbursed by the Fund for out-of-pocket expenses.

Fund Services also serves as the Fund's fund accountant pursuant to a Fund Accounting Services Agreement between the Fund and Fund Services. Fund Services maintains the financial accounts and records of the Fund and provides other accounting services to the Fund, including calculation of the net asset value ("NAV") per share for each share class of the Fund. For its services as fund accountant, Fund Services receives monthly fees based upon the Fund's month-end, aggregate NAV, plus

certain charges for pricing the Fund's portfolio holdings pursuant to its calculation of the per share NAV for each share class of the Fund.

**DISTRIBUTION AND SERVICING OF FUND SHARES**

**Distributor**

Quasar Distributors, LLC (the "Distributor"), 190 Middle Street, Suite 301, Portland, Maine 04101, is the Fund's principal underwriter and the distributor of the Funds' shares pursuant to a distribution agreement between the Distributor and the Fund (the "Distribution Agreement"). The offering of the Fund's shares is continuous. Pursuant to the Distribution Agreement, the Distributor, as agent, sells shares of the Fund on a best efforts basis. The Distributor is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc.

The Distribution Agreement must be renewed annually by the Board of Directors or the vote of a majority of the Fund's outstanding voting securities and, in either case, by a majority of the Board of Directors who are not "interested persons" (as defined in the 1940 Act) of any party to the Distribution Agreement. The Distribution Agreement may be terminated, without the payment of any penalty, by the Fund upon no less than 60 days' written notice through a vote of (i) a majority of the Fund's outstanding voting securities or (ii) a majority of the Board of Directors who are not "interested persons" and who have no direct or indirect financial interest in the operation of the Distribution Agreement. The Distribution Agreement may be terminated by Distributor upon no less than 60 days' written notice to the Fund. The Distribution Agreement will automatically terminate in the event of its assignment.

**Distribution and Shareholder Servicing Plans**

As noted in the Fund's Prospectus, the Fund has adopted an Amended and Restated Distribution and Shareholder Servicing Plan pursuant to Rule 12b-1 promulgated by the SEC pursuant to the 1940 Act (the "12b-1 Plan" or the "Plan") for Class J shares and Class R shares. The 12b-1 Plan was unanimously renewed by the

------

Fund's Board of Directors on July 16, 2025. Under the Plan, Class J shares and Class R shares pay the Distributor or other qualified recipients an amount from Fund assets at the following annual rates:

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| | |
|:---|:---|
| **Class** | **Maximum Fee under 12b-1 Plan<br>(as a % of average daily net assets)** |
| Class J | 0.25% |
| Class R | 0.50% |

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If the Distributor or other qualified recipient is due more monies for its services rendered than are payable annually under the Plan, the unpaid amount is carried forward from period to period (not to exceed three years) while the Plan is in effect until such time as it is paid.

The 12b-1 Plan is a "compensation" plan (*i.e.* the distribution fee is payable to the Distributor regardless of the distribution-related expenses actually incurred on behalf of the Fund's Class J and Class R shares) that provides for payment by each class to the Distributor and other qualified recipients (*e.g.* securities dealers, financial institutions and other industry professionals, collectively, "financial intermediaries") for the services they provide that are principally related to the sale and promotion of the Fund's Class J and Class R shares or to provide certain shareholder services, including services provided by broker-dealers that maintain individual shareholder account records for, and provide account maintenance and shareholder servicing to, their customers who invest in the Fund through a single "omnibus" account.

Activities covered by the 12b-1 Plan include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advertising and marketing of the Fund's Class J shares and Class R shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preparing, printing, and distributing prospectuses and sales literature to prospective shareholders, brokers, or administrators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Implementing and operating the 12b-1 Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing shareholder services and maintenance of shareholder accounts by qualified recipients.

The Plan must be renewed annually by the Board of Directors, including a majority of the Independent Directors

who have no direct or indirect financial interest in the operation of the 12b-1 Plan, cast in person at a meeting called for that purpose. The Board believes the Plan could be a significant factor in the growth and retention of Fund assets resulting in a more advantageous expense ratio that would benefit Fund shareholders.

The Plan and any related agreements may not be amended to increase the amount spent for distribution expenses without the approval of those shareholders holding a majority of the Fund's outstanding shares. All material amendments to the Plan, the Distribution Agreement, or any other related agreements must be approved by a vote of the Independent Directors, cast in person at a meeting called for the purpose of voting on any such amendment.

The Distributor is required to report in writing to the Board, at least quarterly, on the amounts and purpose of any payment made under the Plan. The Distributor is also required to provide the Board with other information as requested so as to enable the Directors to make an informed decision on whether to continue the Plan from year to year.

With the exception of the Adviser and the Distributor, no "interested person" of the Fund, as defined in the 1940 Act, and no Independent Director of the Fund has or had a direct or indirect financial interest in the Plan, the Distribution Agreement, or any other related agreement.

The tables below show the amount of 12b-1 fees incurred and the allocation of such fees by the Fund for the fiscal year ended May 31, 2025.

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Class J shares of the Fund paid the following amounts under the 12b-1 Plan:

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| | |
|:---|:---|
| **Expenses** | **12b-1 Expenses Paid** |
| Advertising | $[...] |
| Printing/Postage | $[...] |
| Payments to Distributor | $[...] |
| Payments to broker-dealers | $[...] |
| Payments to sales personnel | $[...] |
| Interest, carrying or other financing charges | $[...] |
| Other (Payments to Adviser) | <u>$[...]</u> |
| **TOTAL** | **<u>$[...]</u>** |

---

Class R shares of the Fund paid the following amounts under the 12b-1 Plan:

---

| | |
|:---|:---|
| **Expenses** | **12b-1 Expenses Paid** |
| Advertising | $[...] |
| Printing/Postage | $[...] |
| Payments to Distributor | $[...] |
| Payments to broker-dealers | $[...] |
| Payments to sales personnel | $[...] |
| Interest, carrying or other financing charges | $[...] |
| Other (Payments to Adviser) | <u>$[...]</u> |
| **TOTAL** | **<u>$[...]</u>** |

---

During each of the Fund's last three fiscal years ended May 31, 2023, 2024 and 2025, respectively, the Distributor did not receive any net underwriting commissions on the sale of the Fund's shares.

As of May 31, 2025, the Class J shares of the Fund had $[...] of unreimbursed expenses under the Plan paid by the Adviser for services it rendered to the Fund under the Plan in prior years. Such unreimbursed expenses represented less than [...]% of Class J shares assets (and less than 0.000% of the Fund's net assets) as of May 31, 2025.

As of May 31, 2025, the Class R shares of the Fund had $[...] of unreimbursed expenses under the Plan paid by the Adviser for services it rendered to the Fund under the Plan in prior years. Such unreimbursed expenses represented [...]% of Class R shares assets (and less than 0.000% of the Fund's net assets) as of May 31, 2025.

Payments made by the Fund to financial intermediaries (including those that sponsor mutual fund supermarket programs) are based primarily on the dollar amount of assets invested in the Class J shares and Class R shares of the Fund attributable to a particular financial intermediary. Financial intermediaries may pay a portion of the payments received from the Fund to their investment professionals and to other financial intermediaries for which they provide clearing services. In addition, Class J shares and Class R shares of the Fund may, from time to time, make payments under the 12b-1 Plan to defray expenses incurred by financial intermediaries for the marketing support they provide for the Fund, such as conducting training and educational meetings regarding various aspects of the Fund for their investment professionals, hosting client seminars where the Fund is discussed, and providing exhibition space to Adviser sales and marketing personnel at industry trade shows and conferences sponsored by the financial intermediaries. Payments made by the Fund to the Adviser are to reimburse the Adviser for the costs it incurs in providing distribution and shareholder servicing and related activities to the Fund, including compensation and travel expense for sales and marketing personnel of the Adviser, including the Adviser's Director - Business Development as well as other sales and marketing employees of the Adviser, preparation of

------

marketing materials and payments made to media relations and marketing consulting firms.

With respect to all share classes, to the extent payments made to financial intermediaries exceed the fees payable from the class under the applicable 12b-1 Plan or Shareholder Service Plan and the sub-transfer agency fees paid by the Class J shares, the Adviser makes payments to such intermediaries from its past profits and other resources, including from its relationship with the Fund. A number of factors are considered in determining the amount of these additional payments to intermediaries, including the amount of assets invested with the Fund and other mutual funds sponsored by the Adviser, the stability of such assets over time, the distribution capabilities of the intermediary and the quality of the firm's relationship with the Adviser, the Fund and other mutual funds sponsored by the Adviser. The total amount of these payments is substantial, may be substantial to any given recipient and may exceed the costs and expenses incurred by the recipient for any fund-related marketing or shareholder servicing activities. The payments described in this paragraph may be considered "revenue sharing payments." To the extent that financial intermediaries receiving revenue sharing payments sell more shares of the Fund, the Adviser benefits from the increase in assets. For the fiscal year ended May 31, 2025, the Adviser's payments to financial intermediaries in excess of the 12b-1 fees and sub-transfer agency fees paid by the Fund were made primarily to the following broker-dealers that sponsor mutual fund supermarket programs (see discussion below) and other financial intermediaries that provide shareholder recordkeeping and servicing and retirement plan services, and whose customers have invested in the Fund:[Charles Schwab & Co., Inc., Edward Jones, Empower, Fidelity Brokerage Services, Inc., Pershing LLC, LPL Financial, SEI, Nationwide Investment Services, Morgan Stanley Smith Barney, MSCS Financial Services, Vanguard Brokerage Services, TD Ameritrade, Inc., Financial Data Services/Merrill Lynch, RBC Wealth Management, ADP Broker Dealer, Ascensus, Benefit Plan Administrative Services, Raymond James, Ameriprise Financial, J.P. Morgan Securities LLC, Principal and U.S. Bank. The Adviser expects that additional firms may be added to this list from time to time.]

The Fund does not participate in any joint distribution activities with any other investment company.

Investors should consult their financial intermediary regarding the details of the payments such intermediary and their investment professionals receive in connection with the sale or servicing of Fund shares. The receipt of payments and other compensation described in this section provides a financial intermediary and its investment professionals with an incentive to favor sales of the Fund over shares of other mutual funds or to favor one class over another class of with respect to which the intermediary does not receive payment or receives a lower amount.

**Fund Supermarkets**

The Fund's Class J shares participate in various "fund supermarket" programs in which a mutual fund supermarket sponsor (generally a broker-dealer) offers many mutual funds to the sponsor's customers without charging the customers a sales charge or transaction fee. The Fund pays the fund supermarket sponsor a negotiated fee for distributing the Fund's Class J shares and for maintaining shareholder account records and providing shareholder services to the sponsor's customers holding shares of the Fund. If the fund supermarket sponsor's fees exceed the 12b-1 fees with respect to the Fund's Class J shares and the sub-transfer agency fees paid by these shares, the Adviser pays the excess from its past profits and other resources, including from its relationship with the Fund.

**Sub-Transfer Agency Fees**

The Fund's Class J shares make payments to certain financial intermediaries who have chosen to maintain an "omnibus account" with the Fund, which is a single account in the Fund that contains the combined investment in Class J shares for all of a financial intermediary's customers. In turn, these financial intermediaries provide shareholder record-keeping and servicing to their individual customers who are beneficial owners of the Fund through these omnibus accounts. These payments, commonly known as sub-transfer agency fees, made by the Fund to such financial intermediaries for the shareholder recordkeeping and servicing they provide to their individual customers who are indirect Fund shareholders approximate the fees that would be paid by the Fund to Fund Services for maintaining and servicing these accounts if the financial intermediaries' customers were instead direct shareholders of the Fund. The sub-transfer agency fees paid to these financial intermediaries is fixed and is reviewed and approved annually by the Board of Directors and is

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determined based on a calculation methodology that uses the average of published per-account fee amounts from multiple brokerage platforms known to the Fund.

**Shareholder Servicing Plan – Class I Shares**

The Fund has adopted an Amended Shareholder Servicing Plan for the Class I shares to pay for shareholder support services from the Fund's assets pursuant to a Shareholder Servicing Agreement in an amount not to exceed 0.10% of Class I shares' average daily net assets. Class I shares are responsible for paying shareholder servicing fees to various shareholder servicing agents, including retirement plan administrators and other service providers, who have written shareholder servicing agreements with the Fund, and perform shareholder servicing functions and maintenance of shareholder accounts, including participant recordkeeping and administrative services for participants in retirement plans, on behalf of the Class I shareholders. Class I shares paid $[...] in shareholder servicing fees during the fiscal year ended May 31, 2025.

To the extent amounts paid to financial intermediaries exceed the payments made under the Class I Shares Amended Shareholder Servicing Plan, the excess is paid by the Adviser from its past profits and other resources, including from its relationship with the Fund. The total amount of these payments is substantial, may be substantial to any given recipient and may exceed the costs and expenses incurred by the recipient for any fund-related marketing or shareholder servicing activities. [ For the fiscal year ended May 31, 2025, the Adviser's payments to financial intermediaries in excess of the shareholder servicing fees paid by the Fund were made primarily to the following broker-dealers and financial intermediaries that provide shareholder servicing functions and maintenance of shareholder accounts, and retirement plan services, and whose customers have invested in the Fund: Charles Schwab & Co., Inc., Fidelity Brokerage Services, Inc., Ascensus, Vanguard Brokerage Services, Financial Data Services/Merrill Lynch, Ameriprise Financial, J.P. Morgan Securities, LPL Financial, RBC Wealth Management, MassMutual, and Midatlantic. The Adviser expects that additional firms may be added to this list from time to time.]

**Shareholder Servicing Plan – Class R Shares**

The Fund has adopted a Shareholder Servicing Plan for its Class R shares that authorizes the Fund to make payments to financial intermediaries, retirement plan administrators and other service providers in return for their shareholder servicing and maintenance of Class R shareholder accounts, including participant recordkeeping and administrative services provided for participants in retirement plans that maintain Class R accounts in the Fund. The shareholder servicing and maintenance fees authorized under the Shareholder Servicing Plan for Class R shares may not exceed 0.25% per year of the Fund's average daily net assets for Class R shares and may not be used to pay for any service in connection with the distribution and sale of Class R shares. Class R shares paid $[...] in shareholder servicing fees during the fiscal year ended May 31, 2025.

**Code of Ethics**

The Fund and the Adviser have adopted a joint written code of ethics ("Code of Ethics") under Rule 17j-1 of the 1940 Act. Subject to the provisions of the Code of Ethics, personnel of the Adviser ("Covered Persons") are permitted to invest in securities, including those that may be purchased or held by the Fund.

The Distributor relies on the principal underwriter's exception under Rule 17j-1(c)(3) from the requirements to adopt a code of ethics pursuant to Rule 17j-1 because the Distributor is not affiliated with the Fund or the Adviser, and no officer, director, or general partner of the Distributor serves as an officer or director of the Fund or the Adviser.

The Code of Ethics is available by accessing the SEC's website at *www.sec.gov*.

**Proxy Voting Guidelines**

The Adviser provides a voice on behalf of shareholders of the Fund. The Adviser views the proxy voting process as an integral part of the relationship with the Fund. The Adviser is also in a better position to monitor corporate actions, analyze proxy proposals, make voting decisions and ensure that proxies are submitted promptly. Therefore, the Fund delegates its authority to vote proxies to the Adviser, subject to the supervision of the Board. The Fund's proxy voting policies are summarized below.

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<u>Policies of the Fund's Adviser</u>

It is the Adviser's policy to vote all proxies received by the Fund on a timely basis. Upon receiving each proxy, the Adviser will review the issues presented and make a decision to vote for, against or abstain on each of the issues presented in accordance with the proxy voting guidelines that it has adopted. The Adviser will consider information from a variety of sources in evaluating the issues presented in a proxy. The Adviser generally supports policies, plans and structures that give quality management teams enough flexibility to run the business in order to maximize value for owners. Conversely, the Adviser generally opposes proposals that it believes may restrict the ability of shareholders to realize the full potential value of their investment.

<u>Conflicts of Interest</u>

The Adviser's duty is to vote in the best interests of the Fund's shareholders. Therefore, in the event that a potential material conflict of interest arises between the Adviser and the Fund, the Adviser will take one of the following steps to resolve the conflict:

1. Vote the securities based on a pre-determined voting policy if the application of the policy to the matter presented involves little discretion on the part of the Adviser;

2. Disclose the conflict to the Independent Directors of the Fund and obtain their direction on how to vote the proxy; or

3. Vote the securities in accordance with a pre-determined policy based upon the recommendations of an independent third party, such as a proxy voting service.

<u>More Information</u>

The Fund's voting records relating to its portfolio securities during the most recent 12-month period ended June 30 is available on the SEC's website at *www.sec.gov,* via email at cco@jenseninvestment.com, and the Fund's website at www.jenseninvestment.com*.* In addition, a copy of the Fund's proxy voting policies and procedures, and the voting records described in the previous sentence, are also available without charge, upon request by calling the Fund at 800-992-4144. These materials will be sent within three business days of receipt of a request.

**Anti-Money Laundering Program**

The Fund has established an Anti-Money Laundering Compliance Program (the "Program") as required by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act"). To ensure compliance with this law, the Fund's Program provides for the development of internal practices, procedures and controls, designation of anti-money laundering compliance officers, an ongoing training program and an independent audit function to determine the effectiveness of the Program. Mr. Gabriel L. Goddard, the Fund's CCO, has been designated as the Fund's Anti-Money Laundering Officer.

Procedures to implement the Program include, but are not limited to, determining that the Fund's Distributor and transfer agent have established proper anti-money laundering procedures, reporting suspicious and/or fraudulent activity and a complete and thorough review of all new opening account applications. The Fund will not transact business with any person or legal entity whose identity and beneficial owners, if applicable, cannot be adequately verified under the provisions of the USA PATRIOT Act.

As a result of the Program, the Fund may be required to "freeze" the account of a shareholder if the shareholder appears to be involved in suspicious activity or if certain account information matches information on government lists of known terrorists or other suspicious persons, or the Fund may be required to transfer the account or proceeds of the account to a governmental agency.

**BROKERAGE ALLOCATION AND OTHER PORTFOLIO TRANSACTIONS**

**General Considerations**

Pursuant to the Advisory Agreement, the Adviser is responsible for the execution of the Fund's portfolio transactions and the allocation of brokerage transactions. The Adviser's objective in selecting broker/dealers and in effecting portfolio transactions is to seek the best

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combination of price and execution with respect to the Fund's portfolio transactions. The best net price, giving consideration to brokerage commissions, spreads and other costs, is an important factor in this decision, but a number of other factors are also considered. These factors may include, but are not limited to: (1) the Adviser's knowledge of negotiated commission rates and spreads currently available; (2) the nature of the security to be traded; (3) the size and type of transaction; (4) the nature and character of the markets for the security to be purchased or sold; (5) the desired timing of the trade; (6) the activity existing and expected in the market for the particular security; (7) confidentiality and anonymity; (8) execution; (9) clearance and settlement capabilities as well as the broker/dealer's reputation and perceived financial soundness; (10) the Adviser's knowledge of broker/dealer operational problems; (11) the broker/dealer's execution services rendered on a continuing basis and in other transactions; and (12) the reasonableness of spreads or commissions.

With respect to fixed income transactions, the Adviser may compare broker or dealer bids or offers on the basis of best net price.

The Adviser has no pre-existing obligations to deal with any broker or group of brokers regarding the execution of the Fund's portfolio transactions. However, the Adviser uses only a few brokers to execute most, if not all, of the Fund's equity securities transactions. These brokers have agreed to execute all Fund equity securities trades at commission rates and with execution services that the Adviser believes are favorable to the Fund and its shareholders. To evaluate the execution quality of these trades, the Adviser analyzes all of the Fund's trades each quarter and reports its findings to the Board. The Fund paid the following amounts in total brokerage commissions during the past three fiscal years:

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| | | |
|:---|:---|:---|
| **Brokerage Commissions Paid<br>During Fiscal Years Ended May 31,** | **Brokerage Commissions Paid<br>During Fiscal Years Ended May 31,** | **Brokerage Commissions Paid<br>During Fiscal Years Ended May 31,** |
| **<u>2025</u>** | **<u>2024</u>** | **<u>2023</u>** |
| $[...] | $142129 | $122183 |

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The Fund's investment philosophy generally results in a low portfolio turnover rate due to the relatively few portfolio transactions during any period, other than those required by the purchase or sale of Fund shares. As a result, for the fiscal year ended May 31, 2025, brokerage commissions represented less than [...]% of the Fund's average net assets.

To the knowledge of the Fund's management, during the Fund's three most recent fiscal years, the Fund did not pay any brokerage commissions to any broker who was (i) an affiliated person of the Fund; (ii) affiliated with an affiliated person of the Fund; or (iii) affiliated with the Adviser or Distributor. The Fund did not acquire securities of its regular brokers or dealers (as defined in Rule 10b-1 under the 1940 Act) or their parents during its most recent fiscal year.

The Adviser does not enter into "soft-dollar" arrangements to obtain research, meaning that it does not use the Fund's commissions to pay for and receive investment research from any of its brokers.

Investment decisions for the Fund are made independently from those of other accounts managed by the Adviser. However, because of the similar investment approach employed by the Adviser, securities of the same issuer may be purchased, held or sold by the Fund and other accounts. As a result, the Adviser has adopted trade allocation procedures that, among other things, seek to allocate trades fairly and equitably to all accounts, including the Fund, consistent with Adviser's fiduciary duty to each client. In determining a fair allocation, the Adviser evaluates a number of factors, including among others, the size of the transaction, transaction costs and the relative size of a client's account.

When the same investment decision is made for more than one client account, which may include the Fund purchase or sale, orders for a security are not required to be combined for execution as a "block" trade unless the Adviser believes that one or more such orders has the potential to impact the market. Because the majority of the equity securities purchased by the Adviser for its clients have significant liquidity and high average daily trading volume, market impact is often not a significant concern.

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However, the potential for market impact may exist when (i) the investment team decides to liquidate or significantly reduce a security position held in all or substantially all clients accounts; (ii) the investment team makes the decision to purchase a new security in all or substantially all client accounts; or (iii) sizeable orders for the same security for multiple accounts are submitted by one or more portfolio managers and reach the trading desk at approximately the same time.

In these circumstances, the Adviser will generally combine all client orders given to each broker for execution as a "bunched" or block trade. When multiple block trades are placed with multiple brokers, the sequence in which brokers are contacted and given the block trade orders is randomly determined using computer software.

Additionally, the Adviser generally attempts to combine orders even if market impact is not a significant concern. However, where the Adviser does not block trades (as set forth above), it will work trades in the order received from portfolio managers. If similar orders for different accounts are received after the first order, traders may begin aggregating the remaining orders if all accounts would be treated in a fair and equitable manner.

Execution prices for each block trade are averaged and each account participating in the block trade receives that average price. Partially filled orders for each block trade are allocated pro rata each day in proportion to each participating account's order size.

Although the Adviser believes that ultimately the ability to participate in block trades will be beneficial to the Fund, in some cases this procedure may adversely affect the price paid or received or the size of the position purchased or sold by the Fund.

**Capital Stock**

The Fund was incorporated under Oregon law on April 17, 1992. The Fund has an authorized capital of 5,000,000,000 shares of Common Stock, all of which have been authorized for existing share classes. The Fund offers Class J, Class I, Class R, and Class Y shares pursuant to a Rule 18f-3 Plan adopted by the Board in accordance with the 1940 Act. Shares of each class represent an equal pro rata interest in the Fund and, generally, have identical voting, dividend, liquidation, and other relative rights, preferences, limitations, and terms and conditions, except:

(1) each class has a different designation; (2) each class of shares bears expenses attributable to that class as set forth in the Rule 18f-3 Plan and the Prospectus; (3) each class has exclusive voting rights on matters submitted to shareholders and relate solely to the class or its distribution and service plan adopted under Rule 12b-1, if applicable; and (4) each class has separate voting rights on matters submitted to shareholders in which the interests of one class differ from the interests of another class. The differences among the classes are subject to change by action of the Board to the extent permitted by the 1940 Act and the Fund's Amended and Restated Articles of Incorporation and Amended and Restated Bylaws. All issued and outstanding shares of the Fund are fully paid and non-assessable. No share class has preemptive rights. Fractional shares have the same rights proportionately as full shares. The Fund's shares do not have cumulative voting rights, which means that shareholders owning more than 50 percent of Fund shares voting for the election of directors may elect all the directors. Under the Fund's Amended and Restated Articles of Incorporation and Amended and Restated Bylaws, there are no restrictions on the right of Fund shareholders to retain or dispose of the Fund's shares, other than the possible termination of the Fund.

**PURCHASE, REDEMPTION AND PRICING OF FUND SHARES**

Information concerning the purchase and redemption of the Fund's shares is set forth in the sections "How to Buy Fund Shares" and "How to Redeem Fund Shares" in the Fund's Prospectus.

**Purchases and Redemptions**

Shares are directly sold by the Fund on a continuous basis. Shares may also be purchased or sold through certain broker-dealers, financial institutions or other service providers, as described in the Fund's Prospectus. The Fund does not charge any sales load or commission in connection with the purchase of shares.

Although the Fund and Adviser have established a minimum investment amount of $2,500 for Class J shares and Class R shares, $250,000 for Class I shares and $1,000,000 for Class Y shares, the Fund, in its sole

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discretion, may approve smaller amounts for certain investors.

The Fund reserves the right to suspend or postpone redemptions during any period when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Trading on the New York Stock Exchange (the "NYSE") is closed for other than customary weekend and holiday closing, or restricted as determined by the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The SEC has by order permitted the Fund to suspend redemptions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)An emergency exists, as determined by the SEC, which makes the disposal of the Fund's portfolio securities or a determination of the net asset value of the Fund's shares not reasonably practicable.

The Fund may institute a policy that requires the automatic redemption of Fund shares if a shareholder's account balance drops below a certain amount as a result of redemptions by the shareholder. If an automatic redemption policy is adopted, the Fund may not cause a redemption to occur if the decrease in a shareholder's account balance was caused by any reason other than a shareholder's redemption of Fund shares. As of the date of this SAI, the Fund has not adopted a policy imposing the automatic redemption of a shareholder's account if it falls below a certain amount. Authorization for adopting and implementing such a policy rests with the Board. The Board will enact an automatic redemption policy if it determines that it is in the best interests of the Fund and its shareholders.

None of the Fund, the Adviser or Fund Services will be liable for any loss or expense of effecting redemptions upon instructions believed by them to be genuine and in accordance with the procedures described in the Fund's Prospectus.

**Conversion Privileges**

Shareholders of Class J shares have the privilege of converting their shares to Class I, Class R, and Class Y shares, provided that immediately after the conversion, the Class J shareholder meets the then applicable eligibility requirements for Class I, Class R or Class Y shares.

Shareholders of Class I shares have the privilege of converting their shares to Class Y shares, provided that immediately after conversion, the Class I shareholder meets the then applicable eligibility requirements for Class Y shares.

Investors who hold Class I or Class Y shares of the Fund through a fee-based program of a financial intermediary, but who subsequently become ineligible to participate in the program or withdraw from the program, may be subject to conversion of their Class I or Class Y shares by their program provider to another class of shares of the Fund having expenses (including Rule 12b-1 fees) that may be higher than the expenses of the Class I or Class Y shares. Investors should contact their program provider to obtain information about their eligibility for the provider's program and the class of shares they would receive upon such a conversion.

A share conversion from one class of shares of the Fund to a different class of the same Fund generally will not result in a realization of a capital gain or loss for federal income tax purposes. You should consult your tax adviser before converting shares of one class of the Fund for another class of shares of the Fund.

**Pricing of Fund Shares**

As indicated in the Fund's Prospectus, the Fund's net asset value per share ("NAV") for each class of the Fund's shares is determined as of the close of business on the NYSE (currently, 4 p.m. Eastern time) on each day the NYSE is open for trading. The NAV will not be determined on the following holidays: New Year's Day, Martin Luther King, Jr. Day, President's Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

The Fund's NAV for each class of Fund shares is computed by dividing the value of the Fund's securities and any cash or other assets (including interest and dividends accrued but not yet received) allocated to the class, minus all liabilities (including accrued expenses) allocated to that class, by the total number of shares outstanding for the class at such time. Expenses, including the fees payable to the Adviser, are accrued daily as is practicable. Dividend income is recorded on the ex-dividend date and interest on bonds or other interest-bearing securities is accrued daily.

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Securities that are listed on United States stock exchanges or the NASDAQ<sup>®</sup> Stock Market are valued at the last sale price or official closing price on the day the securities are valued or, if there has been no sale on that day, at the last available bid price. Quotations are taken from the market in which the security is primarily traded. Over-the-counter securities are valued at their current bid price. Securities for which market quotations are not readily available are valued at fair value, pursuant to the Adviser's procedures subject to oversight by the Board.

Notwithstanding the above procedures, fixed-income securities may be valued on the basis of prices provided by an approved pricing service when the Adviser believes that such prices reflect market values.

An example of how the shares of the Fund calculated their total offering price per share as of May 31, 2025 is as follows:

**Class J Shares**

---

| | | |
|:---|:---|:---|
| Net Assets | = | Net Asset Value Per Share |
| Shares Outstanding | = | Net Asset Value Per Share |
| $[...] | = | $[...] |
| [...] | = | $[...] |

---

**Class I Shares**

---

| | | |
|:---|:---|:---|
| Net Assets | = | Net Asset Value Per Share |
| Shares Outstanding | = | Net Asset Value Per Share |
| $[...] | = | $[...] |
| [...] | = | $[...] |

---

**Class R Shares**

---

| | | |
|:---|:---|:---|
| Net Assets | = | Net Asset Value Per Share |
| Shares Outstanding | = | Net Asset Value Per Share |
| $[...] | = | $[...] |
| [...] | = | $[...] |

---

**Class Y Shares**

---

| | | |
|:---|:---|:---|
| Net Assets | = | Net Asset Value Per Share |
| Shares Outstanding | = | Net Asset Value Per Share |
| $[...] | = | $[...] |
| [...] | = | $[...] |

---

**TAXATION OF THE FUND**

This section is not intended to be a full discussion of federal income tax laws and the effect of such laws on you.

This section is based on the Code, Treasury Regulations, judicial decisions, and IRS guidance on the date hereof, all of which are subject to change, and possibly with retroactive effect. These changes could impact the Fund's investment or the tax consequences to you of investing in the Fund. Some of the changes could affect the timing, amount and tax treatment of Fund distributions made to shareholders. There may be other federal, state, foreign or local tax considerations relevant

------

to a particular shareholder. No assurance can be given that legislative, judicial, or administrative changes will not be forthcoming which could affect the accuracy of any statements made in this section. Please consult your tax advisor before investing.

The Fund expects to qualify continuously as a regulated investment company ("RIC") under Part I of Subchapter M of the Code. To qualify as a RIC, the Fund generally must satisfy a gross income test and certain diversification tests. The Fund's policy is to distribute to its shareholders all of its investment company taxable income and any net capital gain for each fiscal year in a manner that complies with the distribution requirements of the Code, so that the Fund will not be subject to any federal income or excise taxes on amounts distributed. However, the Fund can give no assurances that its anticipated distributions will be sufficient to eliminate all Fund level taxes. If the Fund does not qualify as a RIC, and is unable to obtain relief from such failure, it would be taxed as a regular corporation and, in such case, it would be more beneficial for a shareholder to directly own the Fund's underlying investments rather than indirectly owning them through the Fund.

**Tax Status of the Fund**

To qualify as a RIC for any taxable year, the Fund must, among other things: (a) derive at least 90% of its gross income from dividends, interest, payments with respect to securities loans, gain from sale or other disposition of stock or securities, and certain other types of income; and (b) diversify its holdings so that, at the end of each fiscal quarter: (i) the Fund holds cash, government securities, securities of other RICs and other securities that represent at least 50% of the value of all Fund assets; (ii) the other securities of any one issuer used to satisfy this 50% asset test constitute no more than 5% of the value of the assets of the Fund and 10% of the outstanding voting securities of the issuer; and (iii) no more than 25% of the value of the assets of the Fund is invested in the securities (other than government securities or the securities of other RICs) of any one issuer or of two or more issuers that the Fund "controls" within the meaning of Section 851 of the Code and that meet certain other criteria. In certain situations, however, a RIC such as the Fund, that fails to satisfy either or both of these requirements will continue to be treated as a RIC but the Fund will be subject to an

additional tax, which will reduce the amounts available for distribution to shareholders. In addition, the Fund must file, or have filed, a proper election with the Internal Revenue Service.

Generally, to be taxed as a RIC, the Fund must distribute in each taxable year at least 90% of its "investment company taxable income" for the taxable year, which includes, among other items, dividends, interest and net short-term capital gain in excess of net long-term capital loss, computed without any deduction for dividends paid.

A RIC, such as the Fund, that meets the requirements described above is taxed on its investment company taxable income to the extent such income is not distributed to the shareholders of the Fund. In addition, any excess of net long-term capital gain over net short-term capital loss that is not distributed to the shareholders of the Fund is taxed to the Fund at the current corporate income tax rate of 21%.

If the Fund retains any net long-term capital gain in excess of net short-term capital loss and pays federal income tax on such excess (at the current corporate income tax rate of 21%), it may designate such capital gain as having been distributed to shareholders but not in an amount that exceeds such shareholder's proportionate share of the amount subject to tax. If the Fund designates the undistributed capital gains, shareholders:

• Will be taxed on such amounts as long-term capital gain;

• May claim their proportionate share of the federal income tax paid by the Fund on such gain as a credit against their own federal income tax liabilities; and

• Generally, will be entitled to increase the adjusted tax basis of their shares in the Fund by the difference between their pro rata shares of such gains and their tax credits.

The Fund may be liable for a special excise tax if it fails to make sufficient distributions during the calendar year. The required distributions for each calendar year generally equal the sum of (a) 98% of the ordinary income for the calendar year plus (b) 98.2% of the capital gain net income for the one-year period that ends on October 31 during the calendar year, plus (c) an adjustment relating to

------

any shortfall for the prior taxable year. If the actual distributions are less than the required distributions, a federal excise tax of 4% applies to the difference between such amounts.

If the Fund were unable to continue to qualify as a RIC for any reason, and is unable to obtain relief from such failure, it would become liable for federal income tax on its net income and net capital gain (and, possibly, other taxes) for the taxable year or years in which it fails to qualify. Moreover, except to the extent that certain dividend distributions to individuals are taxable at long-term capital gain rates, distributions to shareholders for such period(s) would be treated as dividends taxable at ordinary income rates to the extent of the Fund's current and accumulated earnings and profits, even though all or part of such distributions might have qualified for treatment as long-term capital gain to shareholders had the Fund continued to qualify as a RIC.

There can be no assurance that the requirements for treatment as a RIC will be met by the Fund in all possible circumstances. The remainder of this discussion assumes the Fund qualifies as a RIC and has satisfied the annual income, investment, and distribution requirements.

**Taxation of Fund Distributions**

Distributions of investment company taxable income are treated as ordinary income. Distributions of qualified dividend income to a non-corporate shareholder paid out of the Fund's investment company taxable income will be taxable at long-term capital gain rates. All of the ordinary income dividends paid by a Fund will be taxable as qualified dividend income if the qualified dividend income received by a Fund is equal to 95% (or a greater percentage) of the Fund's gross income (exclusive of net capital gain) in any taxable year. In the case of a corporate shareholder, a portion of the distributions paid by the Fund may be eligible for the dividends-received deduction because a portion of the Fund's income may consist of dividends paid by U.S. corporations. Distributions properly reported by the Fund as a capital gain dividend (*i.e.*, as representing the excess of net long-term capital gain over net short-term capital loss) in written statements furnished to the Fund's shareholders are taxable to shareholders as long-term capital gain, regardless of the length of time shareholders have held shares of the Fund. Any loss that is realized and allowed on redemption of shares of the Fund six months or less from the date of purchase of such shares

and following the receipt of a capital gain dividend will be treated as a long-term capital loss to the extent of the capital gain dividend. The Code contains special rules on the computation of a shareholder's holding period for this purpose.

Distributions will be taxable as described above, whether paid in shares or in cash. Each distribution will be accompanied by a brief explanation of the form and character of the distribution. Shareholders will be notified annually as to the federal income tax status of distributions, and shareholders receiving distributions in the form of newly-issued shares will receive a report as to the NAV of the shares received.

A distribution will be taxable to a shareholder even if the distribution reduces the NAV of the shares held below their cost (and is, in an economic sense, a return of the shareholder's capital). This is more likely when shares are purchased shortly before an annual distribution of capital gain or other earnings.

**Other Tax Considerations**

The Fund must obtain from each shareholder a certification of the shareholder's taxpayer identification number and certain other information. The Fund will not accept an investment to establish a new account that does not comply with this requirement. If a shareholder fails to certify such number and other information, or upon receipt of certain notices from the Internal Revenue Service, the Fund may be required to withhold a percentage of any reportable interest or dividends, or redemption proceeds, payable to the shareholder, and to remit such sum to the Internal Revenue Service for credit toward the shareholder's federal income taxes. A shareholder's failure to provide a correct social security number or other tax identification number may subject the shareholder to a penalty of $50 imposed by the Internal Revenue Service. In addition, that failure may subject the Fund to a separate penalty of $60. This penalty will be charged against the shareholder's account, which may then be closed. Any such closure of the account may result in a capital gain or loss to the shareholder.

If the Fund declares a dividend in October, November or December payable to the shareholders of record on a certain date in such a month and pays the dividend during January of the following year, the shareholders will be taxed as if they had received the dividend on December 31

------

of the year in which the dividend was declared. Thus, a shareholder may be taxed on the dividend in a taxable year prior to the year of actual receipt.

Individuals, trusts and estates are subject to a tax of 3.8% (in addition to regular income tax) on net investment income. The net investment income tax is imposed on the lesser of the taxpayer's (i) investment income, net of deductions properly allocable to such income or (ii) the amount by which the taxpayer's modified adjusted gross income exceeds certain thresholds ($250,000 for married individuals filing jointly, $200,000 for unmarried individuals and $125,000 for married individuals filing separately). The Fund anticipates that it will distribute income that will be includable in investment income and modified adjusted gross income for purposes of this net investment income tax.

A redemption of Fund shares may result in taxable gain or loss to the redeeming shareholder, depending upon whether the redemption proceeds payable to the shareholder are more or less than the shareholder's adjusted basis for the redeemed shares.

Under the Foreign Account Tax Compliance Act ("FATCA"), the Fund may be required to withhold a 30% tax on distributions of (i) investment company taxable income and (ii) net capital gain and the gross proceeds of a sale, exchange or redemption of Fund shares. FATCA withholding (i) applies to distributions of investment company taxable income, and (ii) is scheduled to apply, to distributions of net capital gain and the gross proceeds of a sale, exchange or redemption of Fund shares. FATCA withholding applies to distributions to (i) certain "foreign financial institutions" unless the applicable foreign financial institution complies with certain information reporting requirements generally intended to allow the IRS to obtain information about U.S. accountholders, among other items, and (ii) certain "non-financial foreign entities" unless the applicable institution or entity provides the Fund with a properly completed Form W-8BEN-E Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities), certifying that it is not subject to FATCA withholding. The Treasury Department has issued proposed Treasury Regulations that would eliminate FATCA withholding on Fund distributions of the gross proceeds from a sale or redemption of Fund shares. Although taxpayers are entitled to rely on these proposed Treasury Regulations until final Treasury Regulations are

issued, these proposed Treasury Regulations have not been finalized, may not be finalized in their proposed form, and are potentially subject to change.

Shareholders and prospective investors are urged to consult their tax adviser regarding the application of this FATCA withholding tax to their investment in the Fund and the potential certification, compliance, due diligence, reporting, and withholding obligations to which shareholders and prospective investors may become subject in order to avoid this withholding tax.

**Additional Information**

The foregoing summary and the summary of the tax consequences of an investment in the Fund included in the Prospectus under "Distributions and Taxes" are necessarily general and abbreviated. No attempt has been made to present a complete or detailed explanation of tax matters. The summary does not identify or address all statutory provisions that presently are scheduled to become inapplicable or "sunset" as of a future date. Furthermore, the provisions of the statutes and regulations on which these summaries are based are subject to prospective or retroactive change by legislative or administrative action. State and local taxes are beyond the scope of this discussion. Prospective investors in the Fund should consult their own tax advisers regarding federal, state or local tax matters.

**COST BASIS REPORTING**

The Fund is required to report to the IRS the cost basis of shares acquired by a shareholder on or after January 1, 2012 ("covered shares") when the shareholder sells, exchanges or redeems such shares. These requirements do not apply to shares held through a tax-deferred arrangement, such as a 401(k) plan or an IRA, or to shares held by tax-exempt organizations, financial institutions, corporations (other than S corporations), banks, credit unions, and certain other entities and governmental bodies. Shares acquired before January 1, 2012 ("non-covered shares") are treated as if held in a separate account from covered shares. The Fund is not required to determine or report a shareholder's cost basis in non-covered shares and

------

is not responsible for the accuracy and reliability of any information provided for non-covered shares.

The cost basis of a share is generally its purchase price adjusted for distributions, returns of capital and other corporate actions. Cost basis is used to determine whether the sale, exchange or redemption of a share results in a capital gain or loss. If you sell, exchange or redeem covered shares during any year, then the Fund will report the gain or loss, cost basis, and holding period of such covered shares to the IRS and you on Consolidated Form 1099.

A cost basis method is the method by which the Fund determines which specific shares are deemed to be sold, exchanged or redeemed when a shareholder sells, exchanges or redeems less than its entire holding of Fund shares and has made multiple purchases of Fund shares on different dates at differing net asset values. If a shareholder does not affirmatively elect a cost basis method, the Fund will use the loss/gain utilization method, which depletes shares with losses prior to shares with gains. For lots that yield losses, short-term shares are sold, exchanged or redeemed prior to long-term shares. For lots that yield gains, long-term shares are sold, exchanged or redeemed prior to short-term shares. Each shareholder may elect in writing (and not over the telephone) any alternate IRS-approved cost basis method to calculate the cost basis in its covered shares. The default cost basis method applied by the Fund or the alternate method elected by a shareholder may not be changed after the settlement date of a sale, exchange or redemption of Fund shares.

If you hold Fund shares through a broker (or another nominee), please contact that broker or nominee with respect to the reporting of cost basis and available elections for your account.

You are encouraged to consult your tax adviser regarding the application of these cost basis reporting rules and, in particular, which cost basis calculation method you should elect.

**GENERAL INFORMATION**

**Independent Registered Public Accounting Firm**

[...], 342 North Water Street, Suite 830, Milwaukee, Wisconsin 53202 serves as the Fund's independent registered public accounting firm. In addition to reporting on the annual financial statements of the Fund, [...] may review certain of the Fund's filings that are filed with the SEC, as necessary.

**Limitation of Director Liability**

The Fund's Amended and Restated Articles of Incorporation and Amended and Restated Bylaws include provisions that limit the personal liability of the Fund's directors to the Fund or its shareholders for monetary damages for conduct as a director. The provisions eliminate such liability to the fullest extent permitted by law. Oregon law permits elimination of such liability, except in the following cases: (i) any breach of the director's duty of loyalty to the Fund or its shareholders; (ii) acts or omissions not in good faith or which involved intentional misconduct or a knowing violation of law; (iii) any unlawful distribution, as defined by Oregon law; or (iv) any transaction from which the director derived an improper personal benefit. The general effect of the provisions is to eliminate monetary damages as one of the remedies available to shareholders for enforcement of a director's duty of care.

**Financial Statements**

The audited financial statements of the Fund for the fiscal year ended May 31, 2025 and the report of the Fund's independent registered public accounting firm in connection therewith, are included in the Fund's <u>[Annual Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000887215/000113322824007403/jqgfi-efp8164_ncsr.htm)[to Shareholders](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000887215/000113322824007403/jqgfi-efp8164_ncsr.htm)</u> dated May 31, 2025, as filed with the Securities and Exchange Commission on Form N-CSR on [...], which is incorporated by reference into this SAI.

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**APPENDIX A**

**COMMERCIAL PAPER RATINGS**

Prime 1 (P-1) and A-1 are the highest commercial paper ratings issued by Moody's Investor Services, Inc. ("Moody's") and Standard & Poor's Corporation ("S&P"), respectively.

<u>Description of Moody's Commercial Paper Ratings</u>

Issuers within the Prime category may be given ratings 1, 2 or 3, depending on the relative strengths of certain factors. Among the factors considered by Moody's in assigning ratings are the following:

(1)Evaluation of the management of the issuer;

(2)Economic evaluation of the issuer's industry or industries and an appraisal of speculative type risks that may be inherent in certain areas;

(3)Evaluation of the issuer's products in relation to competition and customer acceptance;

(4)Liquidity;

(5)Amount and quality of long-term debt;

(6)Trend of earnings over a period of ten years;

(7)Financial strength of a parent company and the relationships which exist with the issuer; and

(8)Recognition by the management of obligations that may be present or may arise as a result of public interest questions and preparations to meet obligations.

<u>Description of S&P's Commercial Paper Ratings</u>

An issuer's commercial paper rated A by S&P has the following characteristics:

(1)Liquidity ratios are adequate to meet cash requirements;

(2)Long-term senior debt of the issuer should be rated A or better, although in some cases BBB credits may be allowed if other factors outweigh the BBB;

(3)The issuer has access to at least two additional channels of borrowing;

(4)Basic earnings and cash flow have an upward trend with allowance made for unusual circumstances;

(5)Typically, the issuer's industry should be well established and the issuer should have a strong position in the industry, and the reliability and quality of management should be unquestioned. Commercial paper rated A is further referred to by the use of numbers 1, 2 and 3 to denote relative strength within this highest classification, with "1" being the highest rating.

Appendix - 1

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![pagesfromjensen-growthonlya.jpg](pagesfromjensen-growthonlya.jpg)

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**THE JENSEN QUALITY GROWTH FUND INC.**

**PART C**

**OTHER INFORMATION**

**Item 28.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exhibits.</u>**

---

| | | |
|:---|:---|:---|
| (a) |  | <u>[Amended and Restated Articles of Incorporation is herein incorporated by reference from the Post-Effective Amendment No. 15 to the Registrant's Registration Statement on Form N-1A filed with the SEC on July 25, 2003.](https://www.sec.gov/Archives/edgar/data/887215/000089418903001016/amendedarticles.txt)</u> |
|  | (i) | <u>[Articles of Amendment dated September 28, 2016 to the Amended and Restated Articles of Incorporation is herein incorporated by reference from the Post-Effective Amendment No. 40 to the Registrant's Registration Statement on Form N-1A filed with the SEC on September 29, 2016.](https://www.sec.gov/Archives/edgar/data/887215/000089418916012129/articles.htm)</u> |
|  | (ii) | <u>[Articles of Amendment dated March 1, 2018 to the Amended and Restated Articles of Incorporation is herein incorporated by reference from the Post-Effective Amendment No. 44 to the Registrant's Registration Statement on Form N-1A filed with the SEC on September 28, 2018.](https://www.sec.gov/Archives/edgar/data/887215/000089418918005413/amres_articles-incorp.htm)</u> |
| (b) |  | <u>[Amended and Restated Bylaws is herein incorporated by reference from the Post-Effective Amendment No. 11 to the Registrant's Registration Statement on Form N-1A filed with the SEC on June 18, 2001.](https://www.sec.gov/Archives/edgar/data/887215/000089418901500114/bylaws.txt)</u> |
| (c) |  | Instruments Defining Rights of Security Holders is herein incorporated by reference to the Registrant's Amended and Restated Articles of Incorporation and the Amended and Restated Bylaws. |
| (d) |  | <u>[Investment Advisory and Service Contract dated](jqgf-nvestmentadvisoryagre.htm)[Marc](jqgf-nvestmentadvisoryagre.htm)[h 1,](jqgf-nvestmentadvisoryagre.htm)[2025](jqgf-nvestmentadvisoryagre.htm)</u> – ***Filed Herewith*** |
| (e) |  | <u>[Form of](https://www.sec.gov/Archives/edgar/data/887215/000089418921006878/exe-jqgfdistributionagreem.htm)[Distribution Agreement dated as of](https://www.sec.gov/Archives/edgar/data/887215/000089418921006878/exe-jqgfdistributionagreem.htm)[September 30, 2021](https://www.sec.gov/Archives/edgar/data/887215/000089418921006878/exe-jqgfdistributionagreem.htm)[is herein incorporated by refe](https://www.sec.gov/Archives/edgar/data/887215/000089418921006878/exe-jqgfdistributionagreem.htm)[rence from the Post-Ef](https://www.sec.gov/Archives/edgar/data/887215/000089418921006878/exe-jqgfdistributionagreem.htm)[fective Amendm](https://www.sec.gov/Archives/edgar/data/887215/000089418921006878/exe-jqgfdistributionagreem.htm)[ent No. 49 to the Registrant](https://www.sec.gov/Archives/edgar/data/887215/000089418921006878/exe-jqgfdistributionagreem.htm)['](https://www.sec.gov/Archives/edgar/data/887215/000089418921006878/exe-jqgfdistributionagreem.htm)[s Registration Statement on Form N-1A filed wi](https://www.sec.gov/Archives/edgar/data/887215/000089418921006878/exe-jqgfdistributionagreem.htm)[th](https://www.sec.gov/Archives/edgar/data/887215/000089418921006878/exe-jqgfdistributionagreem.htm)[the SEC on Septe](https://www.sec.gov/Archives/edgar/data/887215/000089418921006878/exe-jqgfdistributionagreem.htm)[mber 27, 2021](https://www.sec.gov/Archives/edgar/data/887215/000089418921006878/exe-jqgfdistributionagreem.htm)[.](https://www.sec.gov/Archives/edgar/data/887215/000089418921006878/exe-jqgfdistributionagreem.htm)</u> |
| (f) |  | Bonus or Profit Sharing Contracts – Not Applicable. |
| (g) |  | <u>[Amended and Restated Custody Agreement](https://www.sec.gov/Archives/edgar/data/887215/000089418920008017/jensen-arcustodyagreem.htm)[is herein incorporated by reference from the Post-Effective Amendment No.](https://www.sec.gov/Archives/edgar/data/887215/000089418920008017/jensen-arcustodyagreem.htm)[48 to the Registrant](https://www.sec.gov/Archives/edgar/data/887215/000089418920008017/jensen-arcustodyagreem.htm)['](https://www.sec.gov/Archives/edgar/data/887215/000089418920008017/jensen-arcustodyagreem.htm)[s Registration Statement on Form](https://www.sec.gov/Archives/edgar/data/887215/000089418920008017/jensen-arcustodyagreem.htm)[N-1A filed with the SEC on September 29, 202](https://www.sec.gov/Archives/edgar/data/887215/000089418920008017/jensen-arcustodyagreem.htm)[0.](https://www.sec.gov/Archives/edgar/data/887215/000089418920008017/jensen-arcustodyagreem.htm)</u> |
| (h) |  | Other Material Contracts |
|  | (1) | <u>[Amended and Restated Transfer Agent Servicing Agreement dated as of October 24, 2019](https://www.sec.gov/Archives/edgar/data/887215/000089418920008017/jensen-artransferagent.htm)[is incorporated by reference from the Post-Effec](https://www.sec.gov/Archives/edgar/data/887215/000089418920008017/jensen-artransferagent.htm)[tive Amendment N](https://www.sec.gov/Archives/edgar/data/887215/000089418920008017/jensen-artransferagent.htm)[o. 48 to the Registrant](https://www.sec.gov/Archives/edgar/data/887215/000089418920008017/jensen-artransferagent.htm)['](https://www.sec.gov/Archives/edgar/data/887215/000089418920008017/jensen-artransferagent.htm)[s Re](https://www.sec.gov/Archives/edgar/data/887215/000089418920008017/jensen-artransferagent.htm)[gistration Statement on Form N-1A filed with the SEC on September 29, 2020.](https://www.sec.gov/Archives/edgar/data/887215/000089418920008017/jensen-artransferagent.htm)</u> |
|  | (2) | <u>[Amended and Restated Fund Accounting Servicing Agreement dated as of October 24, 2019](https://www.sec.gov/Archives/edgar/data/887215/000089418920008017/jensen-arfundaccountin.htm)[is](https://www.sec.gov/Archives/edgar/data/887215/000089418920008017/jensen-arfundaccountin.htm)[incor](https://www.sec.gov/Archives/edgar/data/887215/000089418920008017/jensen-arfundaccountin.htm)[porated by refer](https://www.sec.gov/Archives/edgar/data/887215/000089418920008017/jensen-arfundaccountin.htm)[ence from the Post-Effective Amendment No. 48 to the Re](https://www.sec.gov/Archives/edgar/data/887215/000089418920008017/jensen-arfundaccountin.htm)[gistra](https://www.sec.gov/Archives/edgar/data/887215/000089418920008017/jensen-arfundaccountin.htm)[nt](https://www.sec.gov/Archives/edgar/data/887215/000089418920008017/jensen-arfundaccountin.htm)['](https://www.sec.gov/Archives/edgar/data/887215/000089418920008017/jensen-arfundaccountin.htm)[s Registration Statement on Form N-1A filed with the SEC on September 29, 2020.](https://www.sec.gov/Archives/edgar/data/887215/000089418920008017/jensen-arfundaccountin.htm)</u> |
|  | (3) | <u>[Amended and Restated Fund Administration Servicing Agreement dated as of October 24, 2019](https://www.sec.gov/Archives/edgar/data/887215/000089418920008017/jensen-arfundadministr.htm)[is incorporated by reference from the Post-Effective Amendment No. 48 to the Registrant's Registration Statement on Form N-1A filed with the SEC on September 29, 2020.](https://www.sec.gov/Archives/edgar/data/887215/000089418920008017/jensen-arfundadministr.htm)</u> |
|  | (4) | <u>[Amended Shareholder Servicing Plan for the Class I Shares is herein incorporated by reference from the Post-Effective Amendment No. 19 to the Registrant's Registration Statement on Form N-1A filed with the SEC on September 28, 2005.](https://www.sec.gov/Archives/edgar/data/887215/000089418905002625/clsishrhldrsrvgpln.htm)</u> |
|  | (5) | <u>[Shareholder Servicing Plan for the Class R Shares is herein incorporated by reference from the Post-Effective Amendment No. 29 to the Registrant's Registration Statement on Form N-1A filed with the SEC on September 28, 2011.](https://www.sec.gov/Archives/edgar/data/887215/000089418911004437/service_plan.htm)</u> |
| (i) |  | <u>[Opinion and Consent of Legal Counsel to Registrant is herein incorporated by reference from the Post-Effective Amendment No. 9 to the Fund's Registration Statement filed with the SEC on September 27, 1999.](https://www.sec.gov/Archives/edgar/data/887215/000089387799000616/0000893877-99-000616.txt)</u> |
| (j) |  | Consent of Independent Registered Public Accounting Firm **— *To Be Filed by Amendment.*** |
| (k) |  | All Financial Information Omitted From Item 27 – Not Applicable. |

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| | | |
|:---|:---|:---|
| (l) |  | <u>[Initial Capital Agreements is herein incorporated by reference from exhibit 13 of the Post-Effective Amendment No. 7 to the Fund's Registration Statement filed with the SEC on September 23, 1998.](https://www.sec.gov/Archives/edgar/data/887215/0000893877-98-000624.txt)</u> |
| (m) |  | <u>[Amended and Restated Distribution and Shareholder Servicing Plan (Rule 12b-1 Plan) is herein incorporated by reference from the Post-Effective Amendment No. 15 to the Registrant's Registration Statement on Form N-1A filed with the SEC on July 25, 2003.](https://www.sec.gov/Archives/edgar/data/887215/000089418903001016/shareholderservicing.txt)</u> |
| (n) |  | <u>[Rule 18f-3 Multiple Class Plan is herein incorporated by reference from the Post-Effective Amendment No. 44 to the Registrant's Registration Statement on Form N-1A filed with the SEC on September 28, 2018.](https://www.sec.gov/Archives/edgar/data/887215/000089418918005413/rule-18f3_multclassplan.htm)</u> |
| (o) |  | Reserved |
| (p) | (i) | <u>[Combined Code of Ethics for Jensen Investment Management, Inc, and The Jensen Quality Growth Fund Inc.](a41625codeofethics.htm)[dated April 16, 202](a41625codeofethics.htm)[5](a41625codeofethics.htm)</u> – ***Filed Herewith*** |
| (q) | (i) | <u>[Power of Attorney dated September 21, 2007 is herein incorporated by reference from the Post-Effective Amendment No. 21 to the Registrant's Registration Statement on Form N-1A filed with the SEC on September 28, 2007.](https://www.sec.gov/Archives/edgar/data/887215/000089418907002909/poa.htm)</u> |
|  | (ii) | <u>[Power of Attorney dated September 8, 2017 is herein incorporated by reference from the Post-Effective Amendment No. 42 to the Registrant's Registration Statement on Form N-1A filed with the SEC on September 21, 2017.](https://www.sec.gov/Archives/edgar/data/887215/000089418917005035/poa.htm)</u> |
|  | (iii) | <u>[Power of Attorney dated September 27, 2022 is herein incorporated by reference from the Post-Effective Amendment No. 50 to the Registrant's Registration Statement on Form N-1A filed with the SEC on September 27, 2022.](https://www.sec.gov/Archives/edgar/data/887215/000089418922007153/ex99qiii-powerofattorneyfo.htm)</u> |
|  | (iv) | <u>[Power of Attorney dated September 22, 2023 is herein incorporated by reference from the Post-Effective Amendment No. 51 to the Registrant's Registration Statement on Form N-1A filed with the SEC on September 27, 2023.](https://www.sec.gov/Archives/edgar/data/887215/000089418923007248/exqivpowerofattorney-jensen.htm)</u> |
|  | (v) | <u>[Power of Attorney](exhibitqv-powerofattorneyx.htm)</u> – ***Filed Herewith.*** |

---

**Item 29.&nbsp;&nbsp;&nbsp;&nbsp;<u>Persons Controlled by or Under Common Control with Registrant.</u>**

See "Control Persons and Principal Shareholders" in the Statement of Additional Information.

The Registrant is controlled by its Board of Directors. Jensen Investment Management, Inc., an Oregon corporation, acts as the investment adviser to Registrant under the terms of an investment advisory contract with the Registrant. See "Management of the Fund" and "Investment Advisory and Other Services" in the Statement of Additional Information.

**Item 30.&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification.</u>**

The Registrant's Amended and Restated Articles of Incorporation, as amended, and Amended and Restated Bylaws provide for the indemnification of any person, to the fullest extent permitted by law, for all liabilities (including attorney fees, judgments, fines and amounts paid in settlement) actually and reasonably incurred in connection with any actual or threatened proceeding (including, to the extent permitted by law, any derivative action) by reason of the fact that the person is or was serving as a director or officer of the Registrant. The indemnity does not cover liability arising out of a breach of the duty of loyalty, acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of the law, acts in which an improper personal benefit is derived, the unlawful payment of dividends or purchases of stock, or if a court determines that such indemnification is not lawful.

**Item 31.&nbsp;&nbsp;&nbsp;&nbsp;<u>Business and Other Connections of Investment Adviser.</u>**

Jensen Investment Management, Inc. (the "Adviser") serves as the investment adviser to the Registrant. The principal business address of the Adviser is 5500 Meadows Road, Suite 200, Lake Oswego, Oregon 97035-3623. With respect to the Adviser and each director, officer or partner of the Adviser, the response to this Item is incorporated by reference to the Adviser's Uniform Application for Investment Adviser Registration ("Form

------

ADV") on file with the Securities and Exchange Commission ("SEC"). The Adviser's Form ADV may be obtained, free of charge, at the SEC's website at <u>www.adviserinfo.sec.gov</u>.

**Item 32.&nbsp;&nbsp;&nbsp;&nbsp;<u>Principal Underwriter.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Quasar Distributors, LLC (the "Distributor") serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:

&nbsp;&nbsp;&nbsp;&nbsp;1.Abacus FCF ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;2.Advisor Managed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;3.Antares Private Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;4.Capital Advisors Growth Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;5.Chase Growth Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;6.Davidson Multi Cap Equity Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;7.Edgar Lomax Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;8.First Sentier American Listed Infrastructure Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;9.First Sentier Global Listed Infrastructure Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;10.Huber Large Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;11.Huber Mid Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;12.Huber Select Large Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;13.Huber Small Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;14.Logan Capital Broad Innovative Growth ETF, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;15.Medalist Partners MBS Total Return Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;16.Medalist Partners Short Duration Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;17.O'Shaughnessy Market Leaders Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;18.PIA BBB Bond Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;19.PIA High Yield (MACS) Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;20.PIA High Yield Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;21.PIA MBS Bond Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;22.PIA Short-Term Securities Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;23.Poplar Forest Cornerstone Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;24.Poplar Forest Partners Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;25.Pzena Emerging Markets Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;26.Pzena International Small Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;27.Pzena International Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;28.Pzena Mid Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;29.Pzena Small Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;30.Reverb ETF, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;31.Scharf Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;32.Scharf Global Opportunity Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;33.Scharf Multi-Asset Opportunity Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;34.Shenkman Capital Floating Rate High Income Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;35.Shenkman Capital Short Duration High Income Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;36.The Aegis Funds

&nbsp;&nbsp;&nbsp;&nbsp;37.Allied Asset Advisors Funds

&nbsp;&nbsp;&nbsp;&nbsp;38.Angel Oak Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;39.Angel Oak Strategic Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;40.Brookfield Infrastructure Income Fund Inc.

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&nbsp;&nbsp;&nbsp;&nbsp;41.Brookfield Investment Funds

&nbsp;&nbsp;&nbsp;&nbsp;42.Buffalo Funds

&nbsp;&nbsp;&nbsp;&nbsp;43.DoubleLine Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;44.EA Series Trust *(f/k/a Alpha Architect ETF Trust)*

&nbsp;&nbsp;&nbsp;&nbsp;45.AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;46.AAM Brentview Dividend Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;47.AAM Low Duration Preferred and Income Securities ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;48.AAM S&P 500 High Dividend Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;49.AAM Sawgrass U.S. Large Cap Quality Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;50.AAM Sawgrass U.S. Small Cap Quality Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;51.AAM SLC Low Duration Income ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;52.AAM Transformers ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;53.Acquirers Deep Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;54.Aptus Collared Investment Opportunity ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;55.Aptus Deferred Income ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;56.Aptus Defined Risk ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;57.Aptus Drawdown Managed Equity ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;58.Aptus Enhanced Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;59.Aptus International Enhanced Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;60.Aptus Large Cap Enhanced Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;61.Aptus Large Cap Upside ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;62.Bahl & Gaynor Dividend ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;63.Bahl & Gaynor Income Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;64.Bahl & Gaynor Small Cap Dividend ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;65.BTD Capital Fund, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;66.Carbon Strategy ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;67.ClearShares OCIO ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;68.ClearShares Piton Intermediate Fixed Income Fund, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;69.ClearShares Ultra-Short Maturity ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;70.Distillate International Fundamental Stability & Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;71.Distillate Small/Mid Cash Flow ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;72.Distillate U.S. Fundamental Stability & Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;73.ETFB Green SRI REITs ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;74.Hoya Capital High Dividend Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;75.Hoya Capital Housing ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;76.LHA Market State Tactical Beta ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;77.LHA Market State Tactical Q ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;78.LHA Risk-Managed Income ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;79.McElhenny Sheffield Managed Risk ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;80.NETLease Corporate Real Estate ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;81.Opus Small Cap Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;82.The Acquirers Fund, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;83.The Brinsmere Fund - Conservative ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;84.The Brinsmere Fund - Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;85.U.S. Global GO GOLD and Precious Metal Miners ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;86.U.S. Global JETS ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;87.U.S. Global Sea to Sky Cargo ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;88.U.S. Global Technology and Aerospace & Defense ETF, Series of ETF Series Solutions

------

&nbsp;&nbsp;&nbsp;&nbsp;89.US Vegan Climate ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;90.Vest 10 Year Interest Rate Hedge ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;91.Vest 2 Year Interest Rate Hedge ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;92.First American Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;93.FundX Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;94.The Glenmede Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;95.The GoodHaven Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;96.Harding, Loevner Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;97.Hennessy Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;98.Horizon Funds

&nbsp;&nbsp;&nbsp;&nbsp;99.Hotchkis & Wiley Funds

&nbsp;&nbsp;&nbsp;&nbsp;100.Intrepid Capital Management Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;101.Jacob Funds Inc.

&nbsp;&nbsp;&nbsp;&nbsp;102.The Jensen Quality Growth Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;103.Kirr, Marbach Partners Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;104.Core Alternative ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;105.Wahed Dow Jones Islamic World ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;106.Wahed FTSE USA Shariah ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;107.LKCM Funds

&nbsp;&nbsp;&nbsp;&nbsp;108.LoCorr Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;109.MainGate Trust

&nbsp;&nbsp;&nbsp;&nbsp;110.ATAC Rotation Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;111.Coho Relative Value Equity Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;112.Coho Relative Value ESG Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;113.Cove Street Capital Small Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;114.Jackson Square Large-Cap Growth Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;115.Jackson Square SMID-Cap Growth Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;116.Kensington Active Advantage Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;117.Kensington Defender Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;118.Kensington Dynamic Allocation Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;119.Kensington Hedged Premium Income ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;120.Kensington Managed Income Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;121.LK Balanced Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;122.Leuthold Core ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;123.Leuthold Core Investment Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;124.Leuthold Global Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;125.Leuthold Grizzly Short Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;126.Leuthold Select Industries ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;127.Muhlenkamp Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;128.Nuance Concentrated Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;129.Nuance Mid Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;130.Olstein All Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;131.Olstein Strategic Opportunities Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;132.Port Street Quality Growth Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;133.Principal Street High Income Municipal Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;134.Principal Street Short Term Municipal Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;135.Reinhart Genesis PMV Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;136.Reinhart International PMV Fund, Series of Managed Portfolio Series

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&nbsp;&nbsp;&nbsp;&nbsp;137.Reinhart Mid Cap PMV Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;138.Tortoise Global Water ESG Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;139.Tremblant Global ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;140.Greenspring Income Opportunities Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;141.Hood River International Opportunity Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;142.Hood River New Opportunities Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;143.Hood River Small-Cap Growth Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;144.SanJac Alpha Core Plus Bond ETF, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;145.SanJac Alpha Low Duration ETF, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;146.SWP Growth & Income ETF, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;147.Vert Global Sustainable Real Estate ETF, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;148.Mason Capital Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;149.Matrix Advisors Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;150.Monetta Trust

&nbsp;&nbsp;&nbsp;&nbsp;151.Nicholas Equity Income Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;152.Nicholas Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;153.Nicholas II, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;154.Nicholas Limited Edition, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;155.Oaktree Diversified Income Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;156.Permanent Portfolio Family of Funds

&nbsp;&nbsp;&nbsp;&nbsp;157.Perritt Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;158.Procure ETF Trust II

&nbsp;&nbsp;&nbsp;&nbsp;159.Professionally Managed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;160.Prospector Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;161.Provident Mutual Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;162.Abbey Capital Futures Strategy Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;163.Abbey Capital Multi-Asset Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;164.Adara Smaller Companies Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;165.Aquarius International Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;166.Boston Partners All Cap Value Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;167.Boston Partners Emerging Markets Dynamic Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;168.Boston Partners Global Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;169.Boston Partners Global Sustainability Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;170.Boston Partners Long/Short Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;171.Boston Partners Long/Short Research Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;172.Boston Partners Small Cap Value Fund II, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;173.Campbell Systematic Macro Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;174.F/m 10-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;175.F/m 2-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;176.F/m 3-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;177.F/m Emerald Life Sciences Innovation ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;178.F/m High Yield 100 ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;179.F/m Investments Large Cap Focused Fund Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;180.F/m Opportunistic Income ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;181.F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;182.Motley Fool 100 Index ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;183.Motley Fool Capital Efficiency 100 Index ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;184.Motley Fool Global Opportunities ETF, Series of The RBB Fund, Inc.

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&nbsp;&nbsp;&nbsp;&nbsp;185.Motley Fool Mid-Cap Growth ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;186.Motley Fool Next Index ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;187.Motley Fool Small-Cap Growth ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;188.Optima Strategic Credit Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;189.SEG Partners Long/Short Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;190.SGI Dynamic Tactical ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;191.SGI Enhanced Core ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;192.SGI Enhanced Global Income ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;193.SGI Enhanced Market Leaders ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;194.SGI Global Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;195.SGI Peak Growth Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;196.SGI Prudent Growth Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;197.SGI Small Cap Core Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;198.SGI U.S. Large Cap Core ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;199.SGI U.S. Large Cap Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;200.SGI U.S. Small Cap Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;201.US Treasury 10 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;202.US Treasury 12 Month Bill ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;203.US Treasury 2 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;204.US Treasury 20 Year Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;205.US Treasury 3 Month Bill ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;206.US Treasury 3 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;207.US Treasury 30 Year Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;208.US Treasury 5 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;209.US Treasury 6 Month Bill ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;210.US Treasury 7 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;211.WPG Partners Select Hedged Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;212.WPG Partners Select Small Cap Value Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;213.WPG Partners Small Cap Value Diversified Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;214.The RBB Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;215.RBC Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;216.Rockefeller Municipal Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;217.Series Portfolios Trust

&nbsp;&nbsp;&nbsp;&nbsp;218.Tax-Exempt Private Credit Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;219.Thompson IM Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;220.Tortoise Capital Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;221.Bright Rock Mid Cap Growth Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;222.Bright Rock Quality Large Cap Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;223.CrossingBridge Low Duration High Income Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;224.CrossingBridge Nordic High Income Bond Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;225.CrossingBridge Responsible Credit Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;226.CrossingBridge Ultra-Short Duration Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;227.RiverPark Strategic Income Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;228.Dearborn Partners Rising Dividend Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;229.Jensen Global Quality Growth Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;230.Jensen Quality MidCap Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;231.Rockefeller Climate Solutions Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;232.Rockefeller US Small Cap Core Fund, Series of Trust for Professional Managers

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&nbsp;&nbsp;&nbsp;&nbsp;233.USQ Core Real Estate Fund

&nbsp;&nbsp;&nbsp;&nbsp;234.Wall Street EWM Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;235.Wisconsin Capital Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is Three Canal Plaza, Suite 100, Portland, ME, 04101.

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| | | | |
|:---|:---|:---|:---|
| **<u>Name</u>** | **<u>Address</u>** | **<u>Position with Underwriter</u>** | **<u>Position with Registrant</u>** |
| Teresa Cowan | 190 Middle Street, Suite 301, Portland, Maine 04101 | President/Manager |  |
| Chris Lanza | 190 Middle Street, Suite 301, Portland, Maine 04101 | Vice President |  |
| Kate Macchia | 190 Middle Street, Suite 301, Portland, Maine 04101 | Vice President |  |
| Susan L. LaFond | 190 Middle Street, Suite 301, Portland, Maine 04101 | Vice President and Chief Compliance Officer and Treasurer |  |
| Kelly B. Whetstone | 190 Middle Street, Suite 301, Portland, Maine 04101 | Secretary |  |
| Weston Sommers | 190 Middle Street, Suite 301, Portland, Maine 04101 | Financial and Operations Principal and Chief Financial Officer |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.

**Item 33.&nbsp;&nbsp;&nbsp;&nbsp;<u>Location of Accounts and Records.</u>**

The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, are maintained at the following locations:

---

| | |
|:---|:---|
| <u>Records Relating to</u>: | <u>Are located at:</u> |
| <br>Registrant's Fund Administrator, Fund Accountant, and Transfer Agent | <br>U.S. Bancorp Fund Services, LLC<br>615 East Michigan Street<br>Milwaukee, WI 53202 |
| Registrant's Investment Adviser | Jensen Investment Management, Inc.<br>5500 Meadows Road, Suite 200<br>Lake Oswego, OR 97035-3623 |
| Registrant's Custodian | U.S. Bank National Association<br>1555 North River Center Drive, Suite 302<br>Milwaukee, WI 53212 |
| Registrant's Distributor | Quasar Distributors, LLC<br>Three Canal Plaza, Suite 100<br>Portland, ME, 04101 |

---

**Item 34.&nbsp;&nbsp;&nbsp;&nbsp;<u>Management Services.</u>**

Not applicable.

------

**Item 35.&nbsp;&nbsp;&nbsp;&nbsp;<u>Undertakings.</u>**

The Registrant hereby undertakes to furnish each person to whom a prospectus is delivered with a copy of the Registrant's latest Annual Report to Shareholders, upon request and without charge.

------

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Post-Effective Amendment No. 53 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Lake Oswego and the State of Oregon, on the 30th day of July, 2025.

**THE JENSEN QUALITY GROWTH FUND INC.**

By:*&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Robert D. McIver</u>*<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Robert D. McIver, President

Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 53 to its Registration Statement has been signed below on July 30, 2025 by the following persons in the capacities indicated.

---

| | |
|:---|:---|
| <u>Signature</u> | <u>Title</u> |
| *<u>Kenneth Thrasher\*</u>* | Director |
| Kenneth Thrasher |  |
| *<u>/s/ Robert D. McIver</u>* | President and Director |
| Robert D. McIver | (Principal Executive Officer) |
| *<u>/s/ Shannon Contreras</u>* | Vice President and Treasurer |
| Shannon Contreras | (Principal Accounting Officer) |
| *<u>Janet G. Hamilton\*</u>* | Chairman and Director |
| Janet G. Hamilton |  |
| *<u>Kathleen J. Kee\*</u>* | Director |
| Kathleen J. Kee |  |
| *<u>Charles A. Wilhoite\*</u>*  | Director |
| Charles A. Wilhoite |  |
| *<u>Kerry E. Barnett\*</u>*  | Director |
| Kerry E. Barnett |  |
| \*By: *<u>/s/ Robert D. McIver</u>*  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert D. McIver, Attorney-In Fact as per Power of Attorney filed September 27, 2023, and per Power of Attorney filed herewith. |  |

---

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| <u>[Investment Advisory and Service Contract dated March 1, 2025](jqgf-nvestmentadvisoryagre.htm)</u> | (d) |
| <u>[Combined Code of Ethics for Jensen Investment Management, Inc, and The Jensen Quality Growth Fund Inc. dated April 16, 2025](a41625codeofethics.htm)</u> | (p)(i) |
| <u>[Power of Attorney](exhibitqv-powerofattorneyx.htm)</u> | (q)(v) |

---

------

## Ex-99.(D)

INVESTMENT ADVISORY AND SERVICE CONTRACT

between

THE JENSENQUALITY GROWTH FUND INC.

and

JENSEN INVESTMENT MANAGEMENT, INC.

This Agreement is entered into, effective March 1, 2025, by and between THE JENSEN QUALITY GROWTH FUND INC., an Oregon corporation (the "Fund"), and JENSEN INVESTMENT MANAGEMENT, INC., an Oregon corporation (the "Adviser").

In consideration of the mutual covenants contained in this Agreement, it is hereby agreed as

follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Fund hereby employs the Adviser to act as its investment adviser and, as such, to manage the investment and reinvestment of the assets of the Fund in accordance with the Fund's investment objectives, policies and limitations, and to administer the Fund's affairs to the extent requested by the Fund, subject to the supervision of the Board of Directors of the Fund, for the period and upon the terms set forth in this Agreement. Investment of funds shall be subject to all applicable restrictions of the Articles of Incorporation and Bylaws of the Fund as may, from time to time, be in force and all applicable provisions of the Investment Company Act of 1940, or any successor statute, as amended from time to time (the "1940 Act").

The Adviser agrees to: (a) furnish the investment advisory services specified above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) furnish, for the use of the Fund, office space and all necessary office facilities, equipment and personnel for servicing the investments of the Fund; and (c) permit any of its officers and employees to serve, without compensation except as otherwise set forth herein, as directors or officers of the Fund if elected to such positions. The Adviser shall pay the salaries and fees, if any, of all officers of the Fund and of all directors of the Fund who are "interested persons" (as defined in the 1940 Act) of the Fund or of the Adviser and of all personnel of the Fund or Adviser performing services relating to research, statistical and investment activities, provided, however, that the board of directors of the Fund (including a majority of directors who are not interested persons) may, in its sole and absolute discretion, pay some portion or all of the compensation and related expenses of the Fund's Chief Compliance Officer and any other Fund personnel who perform certain administrative, regulatory or other compliance duties for the Fund as required or prescribed by rules and regulations adopted from time to time by the Securities and Exchange Commission (the "Commission).

The Adviser shall, on behalf of the Fund, maintain the Fund's records and books of account (other than those maintained by the Fund's transfer agent, registrar, custodian and shareholder servicing agent). All books and records so maintained shall be the property of the Fund and, upon request, the Adviser shall surrender to the Fund any of such books and records requested.

The investment policies and all other actions of the Fund are, and shall at all times be, subject to the control and direction of the Board of Directors of the Fund. In acting under this Agreement, the Adviser shall be an independent contractor and shall not be an agent of the Fund.

With respect to services performed in connection with the purchase and sale of portfolio securities on behalf of the Fund, the Adviser may place transaction orders for the Fund's account with

1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.For the services and facilities to be furnished, the Fund shall pay to the Adviser monthly compensation equal to an annual percentage rate of the Fund's average daily net assets as set forth below:

---

| | |
|:---|:---|
| **Average Daily Net Assets of Fund** | **Rate** |
| $0 to $4 billion | 0.500% |
| $4 billion to $8 billion | 0.475% |
| $8 billion to $12 billion | 0.450% |
| Over $12 billion | 0.425% |

---

The daily net asset value of the Fund shall be computed in the manner and at the times set forth in the Fund's Articles of Incorporation. On any day that the Fund's net asset value is not calculated, the net asset value for such day shall be deemed to be the net asset value as of the close of business on the last day on which such calculation was made for the purposes of the foregoing computations. Except as hereinafter set forth, compensation under this Agreement shall be calculated and accrued daily, and the amounts of the daily accruals shall be paid monthly. Such calculations shall be made by applying 1/365th of the annual rate to the Fund's net asset value each day determined as of the close of business on that day.

For the month and year in which this Agreement becomes effective or terminates, there shall be an appropriate proration on the basis of the number of days that the Agreement is in effect during the month and year, respectively.

The services of the Adviser under this Agreement are not to be deemed exclusive, and the Adviser shall be free to render similar services or other services to others, including other investment companies, so long as its services under this Agreement are not impaired by the delivery of such services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The Fund shall pay all of its expenses other than those expressly stated to be payable by the Adviser. The expenses payable by the Fund shall include, without limitation: (a) interest and taxes;

&nbsp;&nbsp;&nbsp;&nbsp;(b) brokerage fees and commissions and other costs in connection with the purchase or sale of portfolio securities; (c) fees and expenses of its directors other than those who are "interested persons" (as defined in the 1940 Act) of the Fund or the Adviser; (d) legal and audit expenses; (e) transfer agent expenses and expenses for servicing shareholder accounts; (f) expenses of computing the net asset value of the shares of the Fund and the amount of its dividends; (g) custodian fees and expenses; (h) administrative fees and expenses; (i) fees and expenses related to the registration and qualification of the Fund and its shares for distribution under state and federal securities laws; (j) expenses of printing and mailing reports, notices and proxy materials to shareholders of the Fund; (k) the cost of issuing share certificates, if certificates are issued; (l) expenses for reports, membership dues and other dues in the Investment Company Institute or any similar trade organization; (m) expenses of preparing and typesetting prospectuses; (n) expenses of printing and mailing prospectuses sent to existing shareholders; (o) such nonrecurring expenses as may arise, including expenses incurred in actions, suits or proceedings to which the Fund is a party and the legal obligation that the Fund may have to indemnify its officers and directors in respect thereto; (p) the organizational costs of the Fund and other Fund expenses that are capitalized; (q) insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) expenses of maintaining the Fund's corporate existence, providing investor services and corporate

2

------

reports, and holding corporate meetings; (s) as determined by the board of directors (including a majority of the directors who are not interested persons) in its sole and absolute discretion, any portion or all of any compensation and related expenses of the Fund's Chief Compliance Officer and other Fund personnel performing certain administrative, regulatory or other compliance duties for the Fund as required or prescribed by rules and regulations adopted from time to time by the Commission; and (t) such other expenses as the directors of the Fund may, from time to time, determine to be properly payable by the Fund.

The Adviser may, but has no obligation to, pay any or all of the expenses of the Fund that are payable by the Fund. In such event, the Fund shall promptly reimburse the Adviser for all such expenses so paid by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.In the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of obligations or duties hereunder on the part of the Adviser, the Adviser shall not be subject to liability to the Fund or to any shareholder of the Fund for any act or omission in the course of, or connected with, rendering services under this Agreement or for any losses that may be sustained by the Fund or its shareholders in the purchase, holding or sale of any security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Subject to all applicable statutes and regulations, it is understood that directors, officers or agents of the Fund are or may be interested in the Adviser as officers, directors, agents, shareholders or otherwise and that the officers, directors, shareholders and agents of the Adviser may be interested in the Fund as officers, directors, agents, shareholders or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The Adviser shall have the right to grant the use of a name similar to the Fund's name to another investment company or business enterprise without the approval of the Fund's shareholders and shall have the right to withdraw from the Fund the use of the Fund's name. However, the Adviser may not withdraw from the Fund the use of the Fund's name without submitting to the Fund's shareholders the question of whether the shareholders wish the Fund to continue this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.This Agreement became effective on March 1, 2025 and shall continue in full force and effect until August 1, 2026 unless sooner terminated as hereinafter provided. The Agreement shall continue in force from year to year thereafter, but only as long as such continuance is specifically approved at least annually in the manner required by the 1940 Act.

This Agreement shall automatically terminate in the event of its assignment, and may be terminated at any time without payment of any penalty by the Fund or by the Adviser on 60 days' written notice to the other party. The Fund may effect termination by action of its Board of Directors or by vote of a majority of the outstanding shares of the common stock of the Fund (as defined in the 1940 Act), accompanied by the appropriate notice. In the event of the death or disability of any of the principal officers of the Adviser, or if, for any other reason, there is a material change in the management or ownership of the Adviser, the Board of Directors of the Fund shall be required to meet as soon as practicable after such event to consider whether another investment adviser should be selected for the Fund. If the Fund's Board determines, at such meeting, that this Agreement should be terminated, this Agreement may be terminated without the payment of any penalty and without any required prior notice; <u>provided</u>, <u>however</u>, that any change in the ownership of the Adviser that constitutes an assignment (within the meaning of the 1940 Act) shall require the automatic termination of this Agreement.

This Agreement may be terminated at any time by the Board of Directors of the Fund or by vote of a majority of the outstanding shares of common stock of the Fund, and such termination shall be without the payment of any penalty and without any required prior notice, if it shall have been established by a court of competent jurisdiction that the Adviser or any officer or director of the Adviser has taken

3

------

any action that results in a breach of the covenants of the Adviser set forth in this Agreement. In addition, the Adviser agrees to inform the Board of Directors of the Fund if the Adviser learns that it or any of its officers or directors has taken any action that results in a breach of the Adviser's covenants set forth in this Agreement. The Board of Directors of the Fund shall meet as soon as practicable after it receives such notification to consider whether another investment adviser should be selected for the Fund. If the Fund's Board determines, at such meeting, that this Agreement should be terminated, this Agreement may be terminated without the payment of any penalty and without any required prior notice.

Termination of this Agreement shall not affect the right of the Adviser to receive payments on any unpaid balance of the compensation described in Section 2 earned prior to such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not thereby be affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Any notice under this Agreement shall be in writing, addressed and delivered or mailed, postage prepaid, to the other party at such address as such other party may designate for the receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.If any action or suit is instituted to enforce or interpret this Agreement, the prevailing party shall be entitled to recover from the other party, in addition to all other rights and remedies, the prevailing party's reasonable attorney fees at trial and on appeal.

IN WITNESS WHEREOF, the Fund and the Adviser have caused this Agreement to be executed as of the date first written above.

THE JENSEN QUALITY GROWTH FUND INC.

By: <u>&nbsp;&nbsp;&nbsp;&nbsp;/s/ Kenneth Thrasher&nbsp;&nbsp;&nbsp;&nbsp;</u> Title:&nbsp;&nbsp;&nbsp;&nbsp; Chair of the Board of Directors

JENSEN INVESTMENT MANAGEMENT, INC.

By : <u>&nbsp;&nbsp;&nbsp;&nbsp;/s/ Robert D. McIver&nbsp;&nbsp;&nbsp;&nbsp;</u> Title: President

4

## Ex-99.(P)(I)

![picture1.jpg](picture1.jpg)

**CODE OF ETHICS AND STATEMENT OF POLICIES**

**JENSEN INVESTMENT MANAGEMENT, INC. AND**

**THE JENSEN QUALITY GROWTH FUND INC.**

**APRIL 16, 2025**

------

![picture1.jpg](picture1.jpg)

CODE OF ETHICS AND STATEMENT OF POLICIES

    

**TABLE OF CONTENTS**

**Page**

&nbsp;&nbsp;&nbsp;&nbsp;I.Provisions of the Code of Ethics Applicable to Jensen Investment Management and

the Jensen Quality Growth Fund&nbsp;&nbsp;&nbsp;&nbsp;1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.[Statement](#i94f68b1a541640529c67385ff45f53fd_7) [of](#i94f68b1a541640529c67385ff45f53fd_7) [General](#i94f68b1a541640529c67385ff45f53fd_7) [Principles](#i94f68b1a541640529c67385ff45f53fd_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i94f68b1a541640529c67385ff45f53fd_7)[1](#i94f68b1a541640529c67385ff45f53fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Definitions&nbsp;&nbsp;&nbsp;&nbsp;4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.[Confidentiality](#i94f68b1a541640529c67385ff45f53fd_28) [of](#i94f68b1a541640529c67385ff45f53fd_28) [Fund](#i94f68b1a541640529c67385ff45f53fd_28) [and](#i94f68b1a541640529c67385ff45f53fd_28) [Client](#i94f68b1a541640529c67385ff45f53fd_28) [Transactions](#i94f68b1a541640529c67385ff45f53fd_28) [and](#i94f68b1a541640529c67385ff45f53fd_28) [Information](#i94f68b1a541640529c67385ff45f53fd_28)[&nbsp;&nbsp;&nbsp;&nbsp;](#i94f68b1a541640529c67385ff45f53fd_28)[8](#i94f68b1a541640529c67385ff45f53fd_28)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.[Policy](#i94f68b1a541640529c67385ff45f53fd_28)[Prohibiting](#i94f68b1a541640529c67385ff45f53fd_28)[Insider](#i94f68b1a541640529c67385ff45f53fd_28)[Trading](#i94f68b1a541640529c67385ff45f53fd_28)[&nbsp;&nbsp;&nbsp;&nbsp;](#i94f68b1a541640529c67385ff45f53fd_28)[8](#i94f68b1a541640529c67385ff45f53fd_28)

&nbsp;&nbsp;&nbsp;&nbsp;II.Portion of Code of Ethics Applicable to Jensen Investment Management, Inc.&nbsp;&nbsp;&nbsp;&nbsp;10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.[Gifts](#i94f68b1a541640529c67385ff45f53fd_34)[and](#i94f68b1a541640529c67385ff45f53fd_34)[Entertainment](#i94f68b1a541640529c67385ff45f53fd_34)[Policies](#i94f68b1a541640529c67385ff45f53fd_34)[&nbsp;&nbsp;&nbsp;&nbsp;](#i94f68b1a541640529c67385ff45f53fd_34)[10-](#i94f68b1a541640529c67385ff45f53fd_34)[11](#i94f68b1a541640529c67385ff45f53fd_34)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.[Outside](#i94f68b1a541640529c67385ff45f53fd_37) [Business](#i94f68b1a541640529c67385ff45f53fd_37) [Activities,](#i94f68b1a541640529c67385ff45f53fd_37) [Employment](#i94f68b1a541640529c67385ff45f53fd_37) [and/or](#i94f68b1a541640529c67385ff45f53fd_37) [Directorship](#i94f68b1a541640529c67385ff45f53fd_37)[&nbsp;&nbsp;&nbsp;&nbsp;](#i94f68b1a541640529c67385ff45f53fd_37)[11](#i94f68b1a541640529c67385ff45f53fd_37)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.[Personal](#i94f68b1a541640529c67385ff45f53fd_40)[Trading](#i94f68b1a541640529c67385ff45f53fd_40)[Rules and](#i94f68b1a541640529c67385ff45f53fd_40)[Reporting](#i94f68b1a541640529c67385ff45f53fd_40)[&nbsp;&nbsp;&nbsp;&nbsp;](#i94f68b1a541640529c67385ff45f53fd_40)[12](#i94f68b1a541640529c67385ff45f53fd_40)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.[Prohibited Activities, Prohibited Purchases and Sales, Pre-clearance](#i94f68b1a541640529c67385ff45f53fd_70)[Requirements](#i94f68b1a541640529c67385ff45f53fd_70)[&nbsp;&nbsp;&nbsp;&nbsp;](#i94f68b1a541640529c67385ff45f53fd_70)[12](#i94f68b1a541640529c67385ff45f53fd_70)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.[Reporting](#i94f68b1a541640529c67385ff45f53fd_73)[&nbsp;&nbsp;&nbsp;&nbsp;](#i94f68b1a541640529c67385ff45f53fd_73)[16](#i94f68b1a541640529c67385ff45f53fd_73)

&nbsp;&nbsp;&nbsp;&nbsp;III.Portion of Code Applicable to the Jensen Quality Growth Fund.&nbsp;&nbsp;&nbsp;&nbsp;22

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Personal Trading Rules and Reporting&nbsp;&nbsp;&nbsp;&nbsp;22

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Prohibited Activities, Prohibited Purchases and Sales, Pre-clearance Requirements&nbsp;&nbsp;&nbsp;&nbsp;22

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Reporting&nbsp;&nbsp;&nbsp;&nbsp;23

Appendix A – Beneficial Ownership

------

<u>CODE OF ETHICS AND STATEMENT OF POLICIES</u>

![picture1.jpg](picture1.jpg)

The Federal Securities Laws and various rules adopted by the Securities and Exchange Commission ("SEC") require investment companies and investment advisers to adopt a written code of ethics designed to deal with confidentiality, insider trading and the conflicts of interest that might arise with regard to the management of the business of Jensen Investment Management Inc.'s ("Jensen Investment Management" or "Jensen") and management of The Jensen Quality Growth Fund Inc. ("Jensen Quality Growth Fund" or "Fund" as used in this Section I). Accordingly, the Fund and Jensen have adopted this joint Code of Ethics and Statement of Policies (the "Code"), and such adoption has been approved by the respective Boards of Directors of the Fund and Jensen.

The Code and the obligations on the Fund, Jensen, and their respective directors, officers, and/or employees to adhere to the Code are intended to satisfy Jensen's and the Fund's requirements, respectively, under Rule 17j-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 204A- 1 under the Investment Advisers Act of 1940. To the extent that the Code imposes obligations on the Fund, Jensen, and their respective directors, officers, and/or employees in addition to those required by Rule 17j-and Rule 204A-1, it does so as a matter of striving to promote best practices. In doing so, the Fund and Jensen recognize that a failure to comply with any sections of the Code that are not required by any rules or regulations should not be automatically construed as a violation of Rule 17j- 1 or Rule 204A-1. Capitalized and/or bolded terms used in this Code that are not otherwise defined in the text of the Code shall have the meaning given to them in Section I.B. "Definitions".

***This Code includes several provisions and statements of general principles to guide an Access Person's compliance with the Code. Accordingly, some of the provisions in this Code may be subject to interpretation. All employees, officers, and directors of both Jensen and Jensen Quality Growth Fund are encouraged to communicate with Jensen's Chief Compliance Officer, The Fund's Chief Compliance Officer, Counsel to the Fund or Counsel to the Independent Directors of the Fund, as applicable, as to any questions about, or guidance with respect to, their compliance obligations with the Code***.

&nbsp;&nbsp;&nbsp;&nbsp;**I.<u>Provisions of the Code of Ethics Applicable to Jensen Investment Management and the</u> <u>Jensen Quality Growth Fund</u>**

&nbsp;&nbsp;&nbsp;&nbsp;**<u>A.</u>Statement of General Principles**

The success of the Fund and Jensen depends upon their individual and collective reputation(s) for excellence and integrity in the investment marketplace. Therefore, all directors and officers of the Fund and Jensen's employees must act in accordance with the highest ethical standards of loyalty, candor and care in all matters relating to the Fund and its shareholders. Similarly, with respect to its other advisory **Clients**, including other registered investment companies for which it provides advisory services, Jensen's employees must act with the highest ethical standards of loyalty, candor and care in all matters. Notwithstanding any provision to the contrary in the Code, no provision of

------

<u>CODE OF ETHICS AND STATEMENT OF POLICIES</u>

![picture1.jpg](picture1.jpg)

the Code shall impose or be deemed to impose any fiduciary duties on a director of the Fund with respect to any Jensen **Client** other than the Fund and its shareholders.

A relationship of trust and confidence exists between Jensen and its **Clients** and between the directors and officers of the Fund and its shareholders. As a result, the interests of Jensen's **Clients** and the Fund's shareholders must always come first. This means that all actions by (i) Jensen employees that are detrimental, or potentially detrimental, to Jensen's **Clients** or shareholders of the **Jensen Funds** or (ii) directors and officers of the Fund that are or could be detrimental to the shareholders of the Fund, must be avoided. In order to fulfill their fiduciary duties, all Jensen employees must conduct all activities, including, but not limited to, their personal securities transactions, in a manner that does not operate adversely to the interests of **Clients** or shareholders of the **Jensen Funds**, and must otherwise avoid serving their own personal interests ahead of **Clients** or shareholders. Likewise, directors and officers of the Fund must conduct all activities, including, but not limited to their personal securities transactions, in a manner that does not operate adversely to the interests of shareholders of the Fund, and must otherwise avoid serving their own personal interests ahead of Fund shareholders. Further, Jensen employees and directors and officers of the Fund may not do indirectly what they cannot do directly (i.e., through a third party, etc.).

All directors and officers of the Fund and Jensen's employees are required to comply with Federal Securities Laws. To help individuals comply with their fiduciary duties and other standards imposed by Federal Securities Laws, the Fund and Jensen have adopted this Code. All directors and officers of the Fund and Jensen employees must avoid any activity that, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Defrauds or deceives a **Client** and/or Fund shareholder in any manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Misleads a **Client** and/or Fund shareholder, including by making any statement that omits material facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Functions as a manipulative practice with respect to a **Client** and/or Fund shareholder in any manner, including with respect to any securities.

The Code includes specific provisions with which all directors and officers of the Fund and Jensen employees must comply unless otherwise exempted. All directors and officers of the Fund and Jensen employees are expected to abide by the spirit of the Code and the principles articulated herein. Upon assuming their position with the Fund or Jensen, each director, officer or employee is required to acknowledge in writing that they have read and understand the Code and that they recognize they are subject to the Code and will comply with its requirements.

This Code establishes policies and procedures that govern certain personal securities transactions by directors and officers of the Fund and Jensen employees. In addition, the Code establishes policies and procedures applicable to directors and officers of the Fund and Jensen employees that have been designed to detect and prevent the misuse of material, nonpublic information in securities transactions and to provide guidance in other legal, regulatory and ethical matters.

------

<u>CODE OF ETHICS AND STATEMENT OF POLICIES</u>

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In following the principles of this Code of Ethics, directors and officers of the Fund and Jensen employees should consider the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are my actions legal and ethical?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are my actions honest in every respect?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Would I be proud to read about my action in the newspaper?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Can I defend my action with a clear conscience?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are the interests of Jensen, its **Clients**, the Fund and its shareholders placed above my personal interests?

**Conflicts of Interest**

The Code of Ethics is based on the following principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Jensen employee has a duty to place the interests of Jensen's **Clients** as well as shareholders of the **Jensen Funds**, ahead of their own interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each director and officer of the Fund has a duty to place the interests of Fund shareholders ahead of their own interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Jensen employee must conduct their personal securities transactions consistent with the Code in such a manner so as to:

oMitigate conflict(s) of interest;

oNot abuse their position of trust and responsibility; and

oNot interfere with the management of **Clients'** portfolios or the **Jensen Funds**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each director and officer of the Fund must conduct their personal securities transactions consistent with the Code in such a manner so as to:

oAvoid any conflict(s) of interest;

oNot abuse their position of trust and responsibility; and

oNot interfere with the management of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each director and officer of the Fund and Jensen employee may not take inappropriate advantage of their position.

Jensen employees and directors and officers of the Fund must adhere to general fiduciary principles and comply with the specific provisions of this Code. Technical compliance with the terms of this

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Code does not insulate a person from scrutiny in instances where their personal securities transactions show a pattern of abuse or a failure to adhere to general fiduciary principles.

Conflicts of interest may arise at any time given the dynamic environment in which Jensen and the Fund conduct business and where there are competing interests between Clients and/or Fund shareholders and Jensen's business interests or the personal interests of Jensen's employees. Conflicts exist or could arise where an employee's personal interests could potentially cause an employee to prioritize their own gains over the best interests of their clients. Regardless of the motivations of Jensen's employees, a particular activity or situation may create a conflict of interest or lead to the creation of a conflict of interest even without any financial impact to Jensen, its **Clients**, or shareholders of the **Jensen Funds** or any personal gain to the employee. Likewise, a particular activity or situation involving a director or officer of the Fund may be found to involve a conflict of interest or lead to a conflict of interest without any financial impact to the Fund or its shareholders or any personal gain to the director or officer of the Fund.

The receipt of investment opportunities, perks, or gifts from persons doing or seeking business with Jensen or the Jensen Funds could call into question the exercise of independent judgment of a Jensen employee or a director or officer of the Fund. For example, vendors should not be chosen based on opportunities, perks and/or gifts.

Jensen employees and directors and officers of the Fund should avoid other activities that create a conflict of interest or could create a conflict of interest. Each such director or officer of the Fund and/or Jensen employee must promptly report any situation or transaction involving a conflict of interest to Jensen's Chief Compliance Officer and/or the Chief Compliance Officer of the Fund, as appropriate. The Chief Compliance Officer(s) will determine whether a conflict of interest exists, whether there is any resulting action to be taken, and will discuss with the relevant Board of Directors as deemed necessary.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>B.</u>Definitions <u>Access Person</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Jensen:</u> An "Access Person" of Jensen shall mean all employees of Jensen. Consultants, interns, temporary and/or contract employees and non-employee officers and directors, if any, may be deemed Access Persons based on their level of access to information and may be subject to some or all of the provisions of this Code of Ethics. Jensen employees who are also officers or directors the Jensen Quality Growth Fund (i.e., not independent directors) shall be subject to the portion of the Code of Ethics applicable to Jensen Investment Management. All references to Jensen "employees" shall have the same meaning as "Access Person" of Jensen.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Jensen Quality Growth Fund</u>: An "Access Person" of the Jensen Quality Growth Fund shall mean any officer or director of the Fund, including each of its Independent Directors.

If a reference to "Access Person" in this Code is not expressly modified by "Fund" or "Jensen", the reference is deemed to be an Access Person of each of Jensen and the Fund.

**<u>Account</u>** <u>or</u> **<u>Accounts</u>** – As used in this Code, an "**Account**" or "**Accounts**" means any account maintained by any investment adviser, broker, dealer or bank (whether discretionary, non- discretionary, self-directed or custodial (e.g., for a minor)) that currently <u>holds or is permitted to hold</u> **Securities** (as defined herein), (i) in which the director, officer or employee (including those held by their spouse, domestic partner, minor children, resident parent, etc.) has any direct or indirect **Beneficial Ownership** interest or (ii) for a trust, estate or guardianship for which the director, officer or employee serves as a trustee or grantor, executor, guardian or custodian.

For all of Jensen's employees, the term "**Account**" shall also include those **Accounts** that hold or are permitted to hold shares of the **Jensen Funds.**

**<u>Automatic</u> <u>Investment</u> <u>Plan</u>** – The term "Automatic Investment Plan" shall mean a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan and periodic purchases made in an **Account** via payroll contributions into a 401K plan or other profit-sharing plan, including that of Jensen Investment Management.

**<u>Beneficial Ownership</u> –** See Appendix A. As it relates to family members, each Jensen employee is deemed to have beneficial ownership in Securities held by members of the employee's immediate family sharing the same household. "Immediate family" means a child (including any legally adopted child) or any descendants of either, stepchildren, parents or any ancestor of either, stepparents, and spouse or domestic partner.

**<u>Chief Compliance Officer</u> –** As used in this Code, unless stated otherwise, references to "Chief Compliance Officer" in Section II shall mean Jensen's Chief Compliance Officer. References to "Chief Compliance Officer" in Section III shall mean the Jensen Quality Growth Fund's Chief Compliance Officer.

**<u>Client or Client Account</u> –** As used in this Code, the terms "Client Account" or "Client" means any investment advisory client of Jensen governed by a written investment management agreement, including each of the **Jensen Funds** for which Jensen serves as the investment adviser.

**<u>Control</u> –** The term "Control" shall have the same meaning as that set forth in Section 2(a)(9) of the Investment Company Act of 1940, meaning the power to exercise a controlling influence over the

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management or policies of a company, unless such power is solely the result of an official position with such company.

**<u>Direct or Indirect Influence or Control</u>** – The term "Direct or Indirect Influence or Control" means, with respect to an **Account**, having or sharing discretion over the **Account**, directing particular purchases and sales of **Securities** (including bankers' acceptances, bank certificates of deposit, commercial paper, and high-quality short-term debt instruments) for the **Account**, or making suggestions regarding or otherwise directing allocations to specific securities, sectors or industries. Suggestions or directions given to a third-party manager of an **Account** relating to risk tolerances or broad asset class percentages are not considered to be "Direct or Indirect Influence or Control".

**<u>Federal Securities Laws</u>** – As used in this Code, the term "Federal Securities Laws" means the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach- Bliley Act, any rules adopted by the Securities Exchange Commission under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, any rules adopted thereunder by the Commission or the Department of the Treasury, and any other such rules enacted that apply to investment advisers and/or investment companies.

**<u>Fund</u>** <u>or</u> **<u>Funds</u>** <u>or</u> **<u>Jensen</u> <u>Funds</u>** – Subject to the last sentence of this definition, as used in this Code, the term "Fund" or "Funds" or "**Jensen Funds**" shall refer to each of the Jensen Quality Growth Fund, the Jensen Quality Mid Cap Fund, the Jensen Global Quality Growth Fund, the Jensen Quality Growth ETF, and any other registered investment company managed or advised by Jensen pursuant to a written investment management agreement unless the Fund is specifically identified by name.

In Sections I and III of this Code, unless otherwise noted, all references to "**Fund**" shall be to the Jensen Quality Growth Fund.

**<u>Independent Director</u> –** As used in this Code, the term "Independent Director" shall mean a director of the Jensen Quality Growth Fund who is not an "interested person" of the Jensen Quality Growth Fund within the meaning of Section 2(a)(19) of the Investment Company Act.

**<u>Initial Public Offering</u> –** The term "Initial Public Offering" shall mean an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934.

**<u>Investment Personnel</u> –** The term "Investment Personnel" shall mean any Jensen employee who, in connection with their regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities for a **Client Account.** Members of Jensen's Investment Teams are considered "Investment Personnel".

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**<u>Jensen</u> <u>Fund</u>** – See definition of "Fund".

**<u>Limited Offering</u> –** The term "Limited Offering" shall mean an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 thereunder.

**<u>Purchase or Sale of a Security</u> –** As used in this Code, "Purchase or Sale of a Security" shall include, among other things, the purchase or writing of an option to purchase or sell a **Security**, or the purchase or sale of any derivative **Security** whose value is derived from a **Security**, such as a **Security** convertible into or exchangeable for another **Security**.

**<u>Schwab Personal Choice Retirement Account (PCRA)</u> –** A Schwab PCRA is a self-directed brokerage account that resides within Jensen's 401(k)/Profit Sharing Plan.

**<u>Security</u>** <u>or</u> **<u>Securities</u> –** As used in this Code, the term "**Security**" (or "**Securities**" when referring to the plural) means any note, stock, treasury stock, <u>security</u> <u>future</u>, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a <u>national</u> <u>securities</u> <u>exchange</u> relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

All shares issued by any of the **Jensen Funds** are considered **Securities** for the purposes of this Code.

The following are not considered **Securities** under this Code: securities that are direct obligations of the Government of the United States, bankers' acceptances, bank certificates of deposit, commercial paper, high quality short-term debt instruments (including repurchase agreements), and shares of any registered investment company not managed or advised by Jensen.

**<u>Security Held or to be Acquired</u> –** Any **Security** which, within the most recent 15 days (a) is or has been held by any of the **Jensen Funds**; or (b) is being or has been considered for purchase by any of the **Jensen Funds**.

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**<u>Trading List</u> –** The list of **Securities** that are currently held in the Jensen Quality Growth Fund and/or under consideration as candidates for purchase in the Jensen Quality Growth Fund (i.e., bench candidates). Consequently, the **Trading List** includes all **Securities** that fall within the definitions of "**Security Held or to be Acquired**" by the Fund. The **Trading List** also includes any "Prohibited Securities" identified as such therein.

Any questions regarding these definitions should be addressed to the Chief Compliance Officer(s).

&nbsp;&nbsp;&nbsp;&nbsp;**<u>C.</u>Confidentiality of Fund and Client Transactions and Information**

Non-public information relating to the **Jensen Funds** (including, for the avoidance of doubt, trading activity, portfolio holdings and research activities of the **Jensen Funds**), a **Client Account**, and Jensen's business is confidential. Whenever statistical information or research is supplied to or requested by the Funds or Jensen, such information shall not be disclosed to any persons other than authorized persons. When **Investment Personnel** consider the purchase or sale of one or more securities, in the reasonably foreseeable future (e.g., within the next 5 trading days) for a **Client Account,** such considerations shall not be disclosed except to authorized persons. Portfolio holdings information for each of the Funds should be disclosed only in compliance with each Fund's Portfolio Holdings Disclosure Policy, a summary of which is found in the Prospectuses and Statements of Additional Information for the respective **Fund**. Questions regarding this policy should be directed to the Chief Compliance Officer(s).

All brokerage orders for the purchase and sale of securities for a **Client Account** must be executed in a manner that the nature of the transactions shall be kept confidential and disclosed to a third party only on a need-to-know basis, in the course of managing a **Client Account**, or until the information is publicly released in the normal course of business as permitted.

If any employee of Jensen or a director of the Jensen Quality Growth Fund obtains non-public information concerning the **Fund(s)** or a **Client Account**, such person shall keep the information confidential unless specifically authorized to disclose such information by an officer of Jensen or the Jensen Quality Growth Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>D.</u>Policy Prohibiting Insider Trading**

The term "insider trading" is generally used to refer to (i) a person's use of material, nonpublic information in connection with transactions in securities, and (ii) certain communications of material, nonpublic information.

The Fund and Jensen require each of their directors, officers and employees to obey the law and not trade based on material, nonpublic information. In addition, the Fund and Jensen discourage their

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directors, officers and employees from seeking or knowingly obtaining material nonpublic information about publicly traded companies.

The laws concerning insider trading generally prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The purchase or sale of **Securities** by an insider, on the basis of material, nonpublic information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The purchase or sale of **Securities** by a non-insider, based on material, nonpublic information where the information was misappropriated or was disclosed to the non-insider in violation of an insider's duty to keep the information confidential; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The communication of material, nonpublic information in violation of a confidentiality obligation where the information leads to a purchase or sale of **Securities**.

**Who is an Insider?** The concept of "insider" is broad. It includes the officers, directors, employees and majority shareholders of a company. In addition, a person can be considered a "temporary insider" of a company if they enter into a confidential relationship as it relates to a company's affairs and, as a result, is given access to company information that is intended to be used solely for company purposes. Jensen's **Investment Personnel** are usually not considered insiders of the companies that they follow; however, if confidential information is disclosed by a company's representative in a manner such that the **Investment Personnel** knows or should know that the disclosure of information is a breach of that representative's duties to the company, such **Investment Personnel** may become a temporary insider.

**What is Material Information?** Trading on inside information is not a basis for liability unless the information is "material". "Material" information is generally defined as information that a reasonable investor would likely consider important in making their investment decision or information that is reasonably certain to have a substantial effect on the price of a company's stock. Information that should be considered material includes, but is not limited to, dividend changes; earnings estimates; changes in previously released earnings estimates; significant merger or acquisition proposals or agreements; major litigation; liquidity problems; extraordinary management developments; and analysts' reports on a company's prospects.

**What is Nonpublic Information?** Information is nonpublic unless it has been effectively communicated to the marketplace. For information to be considered public, one must be able to point to some fact to show that the information has been generally disseminated to the public. For example, information found in a report filed with the SEC, or appearing in a publication of general circulation or on the website of a media organization such as The Wall Street Journal, etc. is considered public. Market rumors, unless they are sufficiently widespread and specific in nature, are generally not considered public information. If you have any doubts about whether you are in possession of material nonpublic information, consult with the Chief Compliance Officer(s).

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**Penalties for Insider Trading**. Penalties for trading on or communicating material, nonpublic information are severe, both for the individuals involved in the unlawful conduct and for their employers. A person can be subject to penalties even if they do not personally benefit from the violation. Penalties include administrative penalties; civil injunctions; disgorgement of profits; substantial fines; and prison sentences.

In addition to the penalties listed above, Jensen employees involved in insider trading may be terminated from employment and directors and officers of the Jensen Quality Growth Fund involved in insider trading may be removed as a director or officer for the Fund.

**Serving as a Director.** Because officers and directors of a publicly traded company have special information about that company, the Boards of Directors of the Fund and Jensen require approval before any of its directors, officers or employees are permitted to serve as a director or officer of a publicly traded company. If such approval is granted, the Boards of Directors of the Fund and/or Jensen, as applicable, will work with the Fund's and/or Jensen's Chief Compliance Officer to design appropriate processes and procedures to mitigate any conflicts of interests and any potential insider trading issue depending upon the requirements of the individual situation for each such director, officer or employee.

**Reporting Insider Trading.** Jensen directors, officers and employees shall promptly report to the Chief Compliance Officer any information that is or is believed to be material, non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;**II.<u>Portion</u> <u>of</u> <u>Code</u> <u>of</u> <u>Ethics</u> <u>Applicable</u> <u>to</u> <u>Jensen</u> <u>Investment</u> <u>Management,</u> <u>Inc.</u>**<sup>1</sup> Conflicts of interest with **Clients** and shareholders of the **Jensen Funds** are inherent due to the nature of Jensen's business. This Code of Ethics addresses the following conflicts in order to protect **Clients'** interests and meet fiduciary obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gifts and Entertainment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Outside Business Activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Personal Securities Transactions

&nbsp;&nbsp;&nbsp;&nbsp;**<u>A.</u>Gifts and Entertainment Policies**

**<u>Gifts</u> –** Jensen employees<sup>2</sup> may be offered or may receive gifts or promotional items from **Clients**, brokers, vendors, or other persons that potentially conduct business with Jensen and/or the **Jensen**

<sup>1</sup> This section of the Code shall also apply to Jensen employees who also serve as directors and officers of the Jensen Quality Growth Fund. All references to "employees" include resident relatives as discussed in the definition of "Access Persons" above.

<sup>2</sup> Because all Jensen directors and officers are also Jensen employees, the term "employee" or "employees" is used throughout this Section II and refers to all Jensen officers and directors in addition to Jensen employees.

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**Funds**. Gifts include any entertainment (including meals, golf outings, theater, concerts, sporting events, charitable events, conferences, seminars, presentations, and other events of a comparable nature) where a representative of the Client/vendor <u>is not present</u> during the event or meal. Employees are prohibited from accepting any gifts or promotional items from clients, brokers, vendors, or other persons that potentially conduct business with Jensen and/or the **Jensen Funds** if the value exceeds $250 per year per party. Any such gifts or promotional items greater than $250 must be returned or declined unless otherwise approved by the Compliance Department or, with the Chief Compliance Officer's approval, such gifts may be donated to an appropriate charitable organization. However, under no circumstances may employees accept cash, loans, securities, travel, lodging, or anything illegal regardless of the monetary value. Gift cards redeemable for cash (e.g., American Express Gift Checks) are considered cash. Exceptions will be considered to the extent that the gift cards do not create a conflict of interest, such as when gift cards are given to reimburse travel expenses or when a gift card is given in exchange for completion of a survey from an industry vendor so long as all attendees and participants are treated the same. The Chief Compliance Officer, or other designated person(s), must approve any exception. This section does not apply to promotional items (e.g., pens, mugs, caps, T-shirts, food, etc.) that are consistent with customary business practices in the industry.

All gifts <u>to</u> <u>be</u> <u>given</u> must be pre-cleared by the Compliance Department. All gifts <u>received</u> shall be promptly reported to the Compliance Department. Jensen's Compliance Department will maintain a gift log.

**<u>Entertainment</u> –** Employees may accept, in the normal course of business, entertainment from an entity that engages in, or is attempting to engage in, business with Jensen and/or the **Jensen Funds**, so long as it is not so excessive, extravagant, or frequent to raise any questions of impropriety. In addition, employees may provide, in the normal course of business, entertainment to **Clients** as long as it is not so excessive, extravagant, or frequent to raise any questions of impropriety. Such entertainment must be given in a manner that is consistent with the basic principles of this Code of Ethics. Entertainment (which may include meals, golf outings, theater, concerts, sporting events, charitable events, and other events of a comparable nature) must include a representative of the **Client**/vendor throughout the event or it will be considered a gift and will be subject to the requirements set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>B.</u>Outside Business Activities, Employment and/or Directorship**

**All outside business activities must be pre-approved by the Compliance Department.** Outside Business Activities

Because outside business or other outside activities (aside from one's employment with Jensen) may result in an impermissible conflict of interest, all employees must seek <u>prior</u> <u>written</u>

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<u>authorization</u> from the Compliance Department before engaging in such activities. Prior written authorization is required regardless of whether the employee's role involves the exercise of investment discretion and/or other activities that are similar to acting in a financial advisory capacity for another entity. Examples of outside business activities include, but are not limited to, being employed or compensated by any other entity; engaging in any other business or volunteer activities, including part-time, evening or on the weekend; serving as an officer, trustee, director, partner, etc., in any other entity (public or private).

Any ownership of rental property where an employee receives rental income is considered an outside business activity under the Code. In no event may an employee have any outside employment that might jeopardize Jensen's interests, interfere with its operations, or adversely affect the employee's productivity or that of any other employee.

If the Compliance Department determines that any outside business activity will not interfere with any **Client's** interests, the Compliance Department is expected to approve the employee's outside business activity. If approval to serve as a director of a public company is granted, the director, officer or employee has an affirmative duty to recuse themself from participating in deliberations regarding possible investments in the securities issued by the public company on whose board the director, officer or employee sits. The foregoing shall not apply to a director's, officer's or employee's position/services as officer or director of the Jensen Quality Growth Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>C.</u>Personal Trading Rules and Reporting**

&nbsp;&nbsp;&nbsp;&nbsp;**1.Prohibited Activities, Prohibited Purchases and Sales, Pre-clearance Requirements <u>Pre-clearance Requirements</u>**

&nbsp;&nbsp;&nbsp;&nbsp;a.***New Brokerage Accounts*** – Jensen employees shall report to the Compliance Department any new brokerage **Account** *<u>prior to or at the same time</u>* the **Account** is opened. Jensen employees *<u>may</u> <u>not</u> <u>trade</u>* in the new **Account** until it has been approved by the Compliance Department. In addition, Jensen employees who are registered with Quasar must receive pre-clearance from Quasar *<u>prior to opening</u>* a new brokerage **Account**.

&nbsp;&nbsp;&nbsp;&nbsp;b.***Personal Security Transactions* –** Unless otherwise exempted herein, ***<u>ALL</u>*** personal **Securities** transactions, including investments in Initial Public Offerings ("IPOs"), Limited Offerings ("Private Placements") or gifting or donating of shares, must be pre-cleared by the Compliance Department. **<u>Pre-clearance</u> <u>is</u> <u>valid</u> <u>only</u> <u>for</u> <u>the</u> <u>requested</u> <u>trade</u> <u>date</u>** *with the exception of gifts or donations of Securities which may be processed on a date after the pre- clearance is requested*.

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***<u>The</u> <u>Pre-clearance</u> <u>Requirements</u> <u>of</u> <u>this</u> <u>Code</u> <u>shall</u> <u>apply</u> <u>regardless</u> <u>of</u> <u>whether</u> <u>the</u> <u>transaction</u> <u>is exempt from the Blackout Period.</u>***

Except for the Jensen Quality Growth ETF, which must be pre-cleared, pre-clearance is <u>not</u> required for any transactions in:

&nbsp;&nbsp;&nbsp;&nbsp;(1)shares of any Jensen Fund**;** or

&nbsp;&nbsp;&nbsp;&nbsp;(2)Jensen's Profit Sharing 401(k) Plan or in any other similar plan (i.e., through a voluntary contribution to such a plan or other voluntary order for the purchase or sale of shares).

***<u>However,</u> <u>all</u> <u>transactions</u> <u>in</u> <u>any</u> <u>Schwab</u> <u>PCRA</u> <u>must</u> <u>be</u> <u>pre-cleared.</u>***

All personal Securities transactions by Compliance Department personnel subject to pre-clearance under the Code must be approved by another member of the Compliance Department.

**<u>Blackout Period</u> –** Unless otherwise exempted herein, no employee shall purchase or sell, directly or indirectly, any **Security** (excluding shares of the **Jensen Quality Growth Fund, Jensen Quality Mid Cap Fund and the Jensen Global Quality Growth Fund**) within 2 trading days after the **Security** has been purchased or sold by a **Client Account**. Additionally, unless otherwise exempted, an employee may not purchase or sell a **Security** if there is a pending trade order to purchase or sell the **Security** for a **Client Account**. Unless otherwise exempted, no employee may purchase or sell shares of the Jensen Quality Growth ETF within 2 trading days after the ETF has been purchased or sold by a **Client**.

***<u>EXCEPTION</u> <u>TO</u> <u>BLACKOUT</u> <u>PERIOD</u>***

**<u>Equity</u> <u>Securities</u>** – Except in the case of the Jensen Quality Growth ETF, as discussed below, the Blackout Period is not applicable to any purchase or sale, or series of purchases or sales, occurring within a 2-trading day period, of equity **Securities** where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the aggregate amount of the traded Security is equal to or less than $75,000 (excluding transaction costs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the **Security** is of a company with a market capitalization exceeding $5 billion; AND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)the employee is not actually aware that a **Client Account** will purchase or sell the Security within the next 2 trading days or has purchased or sold the **Security** within the last 2 trading days.

This exception does not apply to purchases of **Securities** in IPOs or private placements.

**<u>Fixed Income</u>** – With respect to fixed income **Securities**, the Blackout Period is not applicable to any purchase or sale, or series of purchases or sales of fixed income **Securities** where the aggregate amount of the traded Security is equal to or less than $75,000 (excluding transaction costs) and the **Employee** is not actually aware that a Client will purchase or sell

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the Security within the next 2 trading days has purchased or sold the **Security** within the last 2 trading days.

**<u>Jensen</u> <u>Quality</u> <u>Growth ETF</u>** – The Blackout Period is not applicable to any purchase or sale, or series of purchases or sales, occurring within a 2-trading day period, of shares of the Jensen Quality Growth ETF where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the aggregate amount of the shares traded is equal to or less than $75,000 (excluding transaction costs); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the employee is not actually aware that a Client will purchase or sell shares of the ETF within the next 2 trading days or has purchased or sold shares of the ETF within the last 2 trading days.

**<u>Ban</u> <u>on</u> <u>Short-Term</u> <u>Trading</u> <u>for</u> <u>Profit</u> –** No employee may <u>profit</u> from the purchase and sale, or sale and purchase, of the same (or equivalent (e.g. options, preferred stock, etc.)) **Security** within 60 calendar days (excluding shares of the Jensen Quality Growth Fund, Jensen Quality Mid Cap Fund and the Jensen Global Quality Growth Fund). In addition, no employee may <u>profit</u> from a transaction involving the purchase and subsequent sale (or sale and subsequent purchase) of shares of the Jensen Quality Growth Fund, Jensen Quality Mid Cap Fund or the Jensen Global Quality Growth Fund if such transaction occurs within a 90-day calendar period. The 90-day holding period does not apply to written systematic purchase or sale plans such as an Automatic Investment Program **<u>or</u>** a systematic withdrawal program **<u>or</u>** transactions in shares of the Funds resulting from purchases or sales resulting from the reallocation of participant account balances between the plan sponsor's ***<u>predetermined</u>*** investment models in Jensen's Profit Sharing 401(k) Plan or in any other similar plan.

Any rebalance of portfolio holdings in Jensen's Profit Sharing 401(k) Plan or in any other similar plan is subject to the short-term trading prohibition described in this paragraph. Accordingly, any rebalance of portfolio holdings in Jensen's Profit Sharing 401(k) Plan or in any other similar plan (each, a "Plan") that results in a *<u>reduction</u>* in the number of shares of any **Jensen Funds** owned by the Plan **<u>will</u> <u>violate</u>** the short-term trading prohibition if: (1) within the previous 30 calendar days, an officer, director or employee initiated a rebalance that resulted in an *<u>increase</u>* in the number of shares of any Jensen Funds owned by the Plan; and (2) the net result of the reduction in the number of shares of any Jensen Funds owned by the Plan resulted in a profit.

*The 30-calendar day holding period is governed by the Last In, First Out method.* If an employee sells more shares of a specific **Security** than the number most recently purchased, the average purchase price of the security will be used when determining if the employee profited from the trade. The holding periods begin on the date that shares in a **Security** were last purchased in <u>any</u> **Account**. Therefore, no consideration will be given to the date that specific share lots sold were purchased for purposes of determining the date that the holding period begins.

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This prohibition does not apply to any sale of **Securities** made in order to fund a significant life event, such as purchasing a home or paying medical or education expenses. Any exceptions granted due to a significant life event must be preapproved by Jensen's Chief Compliance Officer.

In addition, Short-term trades designed to realize a loss for tax purposes (i.e., tax loss harvesting) are permitted. The employee should indicate before the sell that the sell and subsequent purchase after 30 days is to realize a loss for tax purposes. The date of the sell and corresponding buy transaction should also be noted.

**<u>Exempt</u> <u>Purchases</u> <u>and</u> <u>Sales</u>**

The prohibitions on purchases and sales set forth above **<u>do</u> <u>not</u> <u>apply</u>** to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales effected in any **Account** over which the individual has no **Direct or Indirect Influence or Control**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales of securities that are direct obligations of the Government of the United States; U.S. Government agency securities; bankers' acceptances; bank certificates of deposit; commercial paper; high-quality short-term debt instruments (including repurchase agreements); and shares of registered open-end investment companies (with the exception of the **Jensen Funds**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-volitional purchases or sales such as **Securities** acquired as the result of a spin-off of an entity from a company owned in an **Account**, the involuntary sale of **Securities** in an Account due to a merger; automatic dividend reinvestments, class action settlements, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases made pursuant to an **Automatic Investment Plan**.

**<u>Ban</u> <u>on</u> <u>Short</u> <u>Sales</u>** – No employee may sell short any **Security** that is held by a **Client Account**.

**<u>Disclosure of Personal Trading Conflicts</u>** – All employees are prohibited from inducing or causing any **Client Account** to take action, or fail to take action, for their own personal benefit over any benefit to any **Client Account(s)**.

**Investment Personnel** would violate this provision if, for any **Security** personally owned by the **Investment Personnel**, they (a) caused a **Client Account** to purchase such **Security** for the purposes of supporting or increasing the price of the **Security**; or (b) caused a **Client Account** to refrain from selling or purchasing such **Security** in an attempt to protect a personal investment or to allow them to circumvent the Blackout Period.

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&nbsp;&nbsp;&nbsp;&nbsp;**2.Reporting**

Every employee<sup>3</sup> must submit the following reports to Jensen's Compliance Department:

**<u>Initial</u> <u>Holdings</u> <u>and</u> <u>Account</u> <u>Reports</u> <u>for</u> <u>New</u> <u>Employees</u>.** No later than 10 calendar days after the person becomes an employee a report with the following information (which information must be current as of a date no more than 45 days prior to the date the person becomes a director, officer or employee):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The title, number of shares and principal amount of each **Security** (including shares of the Funds) in which employee had any direct or indirect **Beneficial Ownership** which may include **Securities** held by members of your immediate family (spouse, domestic partner, minor children, resident parent, etc.) residing in your household. Ownership of any non- Jensen mutual funds do not need to be reported;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name and account number of any **Account(s)**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date that the report is submitted by the employee.

An employee is required to initially (i) report to the Compliance Department any **Account** in which the person has a **Beneficial Ownership** interest but no **Direct or Indirect Influence or Control** and

&nbsp;&nbsp;&nbsp;&nbsp;(ii)certify that the person does not have any **Direct or Indirect Influence or Control** over the **Account**.

The Compliance Department will distribute any certifications used to determine whether an employee has, or has exercised any, **Direct or Indirect Influence or Control** over an **Account**.

**<u>Annual Holdings Reports</u>**<sup>4</sup>. ***<u>By January 30</u>***<sup>th</sup> ***<u>of each calendar year</u>***, each employee shall submit a report with the following information (which information must be current as of a date no more than 45 calendar days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The title and type of **Security**, and as applicable the exchange ticker symbol or CUSIP number, number of shares and principal amount of each **Security** (including shares of the **Jensen Funds**) in which the employee had any direct or indirect **Beneficial Ownership**. Holdings must be reported <u>regardless</u> of whether the **Securities** are held in a brokerage account or managed by someone other than the employee or other resident relative.

3 See definition of "Beneficial Ownership" for application of this section to a Jensen employee with respect to any Securities held by the employee's immediate family.

4 Annual Holdings Reports are administered via Jensen's automated Code of Ethics software. An Annual Holdings Report generated by the software satisfies the content requirements of this portion of the Code.

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Holdings in Dividend Reinvestment Plans, physical stock certificates, etc. must also be reported;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name and number of any **Account(s)**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date that the report is submitted by the employee.

An employee is required to annually (i) report to the Compliance Department any **Account** in which the person has a **Beneficial Ownership** interest but no **Direct or Indirect Influence or Control** and (ii) certify that the person does not have any **Direct or Indirect Influence or Control** over the **Account**.

**<u>Quarterly Transaction and Account Reports</u>**<sup>5</sup>. ***<u>No later than 30 calendar days after the end of</u> <u>each calendar quarter</u>***, each employee shall submit a Quarterly Transaction Report, with the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subject to the exceptions listed below, with respect to any <u>transaction</u> during the quarter in a **Security** (including shares of the **Jensen Funds**) in which the employee had any direct or indirect **Beneficial Ownership**:

oThe date of the transaction, the title, and as applicable, the exchange ticker symbol or CUSIP, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each **Security** involved;

oThe nature of the transaction (i.e., purchase, sale, or any other type of acquisition or disposition (e.g., gifting));

oThe price of the **Security** at which the transaction was effected;

oThe name of the broker, dealer or bank with or through which the transaction was effected; and

oThe date that the report is submitted by the employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to any **<u>Account</u>** established by the employee during the quarter in which any **Securities** (including shares of the **Jensen Funds**) were held or could be held for the direct or indirect benefit of the employee:

oThe name of the broker, dealer or bank with whom the employee established the **Account**;

oThe date the **Account** was established; and

oThe date that the report is submitted by the employee.

**<u>Exceptions from Quarterly Transaction and Account Reporting Requirements</u>** Notwithstanding anything to the contrary in this Section II.C.2:

<sup>5</sup> Quarterly Transaction Reports are administered via Jensen's automated Code of Ethics software. Any Quarterly Transaction Report generated by the software satisfies the content requirements of this portion of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An employee does not need to make a Quarterly Transaction Report with respect to transactions in **Securities** held in any **Account** over which the person has no **Direct or Indirect Influence or Control**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An employee does not need to make a Quarterly Transaction Report with respect to transactions effected pursuant to an automatic dividend reinvestment plan or company sponsored stock purchase plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An employee does not need to make a Quarterly Transaction Report with respect to transactions effected pursuant to an **Automatic Investment Plan**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If an employee is on leave or otherwise not available to work for an extended period of time (e.g. business, illness, vacation, etc.), the employee is excused from submitting the report within 30 days of quarter-end so long as the Compliance Department has granted an exception or has received the following information for all transactions made during the quarter:

oThe date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each **Security** involved;

oThe nature of the transaction (*i.e.*, purchase, sale, or any other type of acquisition or disposition);

oThe price of the **Security** at which the transaction was effected;

oThe name of the broker, dealer or bank with or through which the transaction was effected.

An employee must submit a quarterly transaction report as soon as practicable after returning to work. Additionally, it is the employee's responsibility to make certain that the Compliance Department has received all relevant information regarding quarterly transactions, as set forth above.

**<u>Annual</u> <u>Certification</u> <u>of</u> <u>Compliance</u> <u>with</u> <u>Code</u> <u>of</u> <u>Ethics.</u>** Every employee shall certify annually (on a date each year determined by the Chief Compliance Officer) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they have read and understand this Code of Ethics and recognize that they are subject thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they have complied with the requirements of this Code of Ethics; and

they have reported all personal **Securities** transactions (including in shares of the **Jensen Funds**) and disclosed all **Accounts** as required under this Code of Ethics.

**<u>Duties of Jensen's Chief Compliance Officer</u>** Jensen's Chief Compliance Officer will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deliver to all employees a copy of the Code and require them to sign the certification on an initial and annual basis and when material amendments to the Code are made.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Distribute or make available forms, in a paper or electronic format, for the various reports required by the Code and collect the reports required to be made under the Code by employees, including any certifications used to determine whether an employee has, or has exercised any, **Direct or Indirect Influence or Control** over an **Account**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conduct periodic employee training regarding the requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintain a list of employees deemed Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Periodically perform testing designed to ascertain compliance with this Code. Additionally, the Chief Compliance Officer will periodically review Jensen employees' personal securities transactions and the Code of Ethics' operations and controls to determine their adequacy and effectiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Promptly investigate any reports of violations or suspected violations of the Code. A determination shall be made as to whether a violation has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Chief Compliance Officer shall submit quarterly reports to the Board of Directors of the Jensen Quality Growth Fund regarding compliance with the provisions of the Code by Jensen employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Chief Compliance Officer shall furnish the Board of Directors of the Jensen Quality Growth Fund a written report, no less frequently than annually, that:

odescribes any issues arising under the Code since the last report to the directors, including, but not limited to, information about material violations of this Code and sanctions imposed in response to the material violations; and

ocertifies that Jensen has adopted procedures reasonably necessary to prevent its employees from violating the Code.

The Chief Compliance Officer may delegate administrative responsibilities under this Code. The Chief Compliance Officer shall retain ultimate responsibility for the administration of the Code. Additionally, the Chief Compliance Officer's reports required under this Code may be reviewed by another member of the Compliance Department. The Chief Compliance Officer may not review his/her own reports or pre-clear his/her own trades.

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**<u>Reporting</u> <u>of</u> <u>Violations</u>**

This Code cannot be effective without the cooperation and diligence of all Jensen employees. Employees should promptly contact the Compliance Department with any issues or questions about this Code.

Employees are expected to promptly inform the Chief Compliance Officer about observed illegal or unethical behavior or any other behavior or activity that may be in violation of this Code, including without limitation, information about transactions or relationships that reasonably could give rise to prohibited activities, as soon as such behavior comes to their attention.

Further, any Employee who becomes aware of actual or suspected financial impropriety related to The Jensen Quality Growth Fund should report such information to the Chief Compliance Officer for The Jensen Quality Growth Fund. Alternatively, the employee can report these matters via email to <u>jqgf.board@jenseninvestment.com</u>. Emails received at this address are automatically routed to the Chair of the Fund's Board of Directors and to the Chair of the Fund's Audit Committee.

All employees are expected to fully cooperate in internal investigations of misconduct or violations of this Code and Jensen will, to the extent practicable and legally possible, use its best efforts to maintain the confidentiality of employees who report illegal or unethical behavior. Reporting of violations shall be subject to Jensen's Whistleblower policies and procedures, a copy of which is available from the Chief Compliance Officer.

**<u>Sanctions</u>**

An individual's conduct ultimately depends upon their sense of fiduciary obligation to Jensen and its **Clients,** including the shareholders of the **Jensen Funds**. Nevertheless, this Code sets forth policies regarding conduct in situations where conflicts of interest are most likely to develop. Because the standards in this Code do not take into account all possible conflicts of interest that may arise, careful adherence to both the specific requirements of the Code and its general philosophy and principles is essential.

In response to a violation of this Code, Jensen's Board of Directors and/or the Chief Compliance Officer may impose such sanctions as deemed appropriate under the circumstances. For example, sanctions may include, without limitation, a loss of personal trading privileges for a period of time; fines to be donated to charity; and disgorgement of any profit or other benefit realized from any transaction in violation of this Code. In addition, conduct inconsistent with this Code may result in censure, suspension or termination of employment.

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**<u>Retention</u> <u>of</u> <u>Records</u>**

Jensen shall maintain the required records related to this Code of Ethics for a period of five years from the end of the fiscal year during which the last entry was made on such record. These records shall include: (i) copies of all Codes that were in effect; (ii) each memorandum made by the Chief Compliance Officer hereunder and a record of any violation hereof and any action taken as a result of such violation; (iii) a copy of each acknowledgement, certification and report made by an employee hereunder; (iv) a list of all persons who are or were considered Access Persons under the Code; (v) a record of all persons who were responsible for reviewing reports hereunder from time to time; (vi) a record of any decision and the rationale supporting the decision to approve the purchase of securities by Access Persons; and (vii) a copy of each written annual report to Jensen's Board of Directors, if any.

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&nbsp;&nbsp;&nbsp;&nbsp;**III.Portion of Code Applicable to The Jensen Quality Growth Fund**

In addition to Section I above, Section III is applicable to all **Independent Directors** of The Jensen Quality Growth Fund. As used in this Section III, the term "Fund" means solely The Jensen Quality Growth Fund**.**

&nbsp;&nbsp;&nbsp;&nbsp;**<u>A.</u> <u>Personal</u> <u>Trading</u> <u>Rules</u> <u>and</u> <u>Reporting</u>**

&nbsp;&nbsp;&nbsp;&nbsp;**1.Prohibited Activities, Prohibited Purchases and Sales, Pre-clearance Requirements**

**<u>Insider Trading</u>** – Any **Independent Director** of the Fund shall promptly report to the Chief Compliance Officer(s) any information that is or is believed to be material, non-public information with respect to companies listed on the most recent version of the **Trading List** unless the Independent Director has a duty to maintain the confidentiality of such information.

**<u>Pre-clearance Requirements</u>** – Unless otherwise exempted herein, all personal securities transactions in **Securities** on the **Trading List** must be pre-cleared by the Chief Compliance Officer or other member of the Adviser's Compliance Department. **<u>Pre-clearance is valid only for the</u> <u>requested</u> <u>trade</u> <u>date</u>** *with the exception of gifts or donations of* ***Securities*** *which may be processed on a date after the pre-clearance is requested.*

**<u>Blackout Period</u>** – Unless otherwise exempted herein, no **Independent Director** of the Fund shall purchase or sell, directly or indirectly, any **Security** on the **Trading List** within 2 trading days after the **Security** has been purchased or sold by the Fund. Additionally, unless otherwise exempted, no **Independent Director** shall purchase or sell a **Security** on the **Trading List** if the **Independent Director** is actually aware of a pending trade order to purchase or sell the **Security** by the Fund.

***<u>EXCEPTION TO THE BLACKOUT PERIOD</u>*** – The Blackout Period is not applicable to any purchase or sale, or series of purchases or sales, occurring within 2-calendar day period, of **Securities** on the **Trading List** where (1) the aggregate amount of the trade(s) is equal to or less than $75,000 (excluding commissions); AND (2) the **Security** is of a company with a market capitalization exceeding $5 billion, OR (3) the Independent Director is not actually aware that a **Client** or **Fund** will purchase or sell the Security within the next 2 trading days or has purchased or sold the **Security** within the last 2 trading days.

**<u>Ban on Short-Term Trading for Profit</u>** – No **Independent Director** may <u>profit</u> from the purchase and sale, or sale and purchase, of the same (or equivalent) **Security** within 60 calendar days of any **Security** on the **Trading List**. In addition, no **Independent Director** may <u>profit</u> from a transaction involving the purchase and subsequent sale (or sale and subsequent purchase) of shares of the Jensen Quality Growth Fund if such transaction occurs within a 90-day calendar period. If an **Independent Director** sells more shares of a specific **Security** than the number of shares most

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recently purchased, the average purchase price of the **Security** will be used when determining if the **Independent Director** profited from the trade. The 60/90-day calendar holding period is governed by the Last In, First Out method. The holding period begin on the date that shares in a **Security** were last purchased in an **Account**. Therefore, no consideration will be given to the date that specific share lots sold were purchased for purposes of determining the date that the holding period begins.

Short-term trades designed to realize a loss for tax purposes (i.e. tax loss harvesting) are permitted. **Independent Directors** should **i**ndicate before the sell that the sell then subsequential purchase after 30 days is to realize a loss for tax purposes. The date of the sell and corresponding buy transaction should also be noted.

**<u>Ban on Short Sales</u>** – No **Independent Director** may sell short any **Security** that is on the **Trading List**.

**<u>Exempt</u> <u>Purchases</u> <u>and</u> <u>Sales</u>**

The prohibitions on purchases and sales set forth above shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales effected in any **Account** over which the **Independent Director** has no **Direct or Indirect Influence or Control**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales of **Securities** that are direct obligations of the Government of the United States; U.S. Government agency securities; bankers' acceptances; bank certificates of deposit; commercial paper; high-quality short-term debt instruments (including repurchase agreements); and shares of registered open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-volitional purchases or sales such as **Securities** acquired as the result of a spin-off of an entity from a company owned in an **Account**, the involuntary sale of **Securities** in an **Account** due to a merger; automatic dividend reinvestments, class action settlements, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases in **Securities** made pursuant to an **Automatic Investment Plan**, as defined in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;**2.Reporting**

An **Independent Director** of the Fund **<u>need</u> <u>not</u> <u>make</u>**:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An **Initial Holdings Report** or an **Annual Holdings Report**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A **Quarterly Transaction Report**, **<u>unless</u>** the **Independent Director** traded a **Security** on the **Trading List**.

o*<u>Exceptions</u>*: A **Quarterly Transaction Report** is not required if:

The transaction of a **Security** on the **Trading List** was made (a) pursuant to an automatic dividend reinvestment plan or company sponsored stock plan or (b) in an **Account** where the **Independent Director** does not have any **Direct or Indirect Influence or Control** over the **Account.**

If an **Independent Director** is required to make a **Quarterly Transaction Report** because the **Independent Director** traded a **Security** on the **Trading List** and no exception to reporting applies, the report must be submitted within 30 days after the end of the calendar quarter and must contain:

oThe date of the transaction, the title, and as applicable, the exchange ticker symbol or CUSIP, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each Security involved;

oThe nature of the transaction (i.e., purchase, sale, or any other type of acquisition or disposition (e.g. gifting));

oThe price of the **Security** at which the transaction was effected;

oThe name of the broker, dealer or bank with or through which the transaction was effected; and

oThe date that the report is submitted.

*Alternatively, an* ***Independent Director*** *may submit a broker trade confirmation that contains the information set forth above.*

**<u>Annual Certification of Compliance with Code of Ethics.</u>** Every **Independent Director** shall certify annually (on a date each year determined by the CCO) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they have read and understand this Code of Ethics and recognize that they are subject thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they have complied with the requirements of this Code of Ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they have reported all personal **Securities** transactions and disclosed all **Accounts** required under this Code of Ethics.

The CCO will distribute or make available to the **Independent Directors** any forms necessary to complete the reports required by this **Section 2. Reporting**.

**<u>Duties of Chief Compliance Officer of the Jensen Quality Growth Fund</u>** The CCO shall:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deliver to all **Independent Directors** of the Fund a copy of the Code and require them to sign the certification on an initial and annual basis, as well as for any material amendments to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Distribute or make available forms for the various reports required by the Code and collect the reports required to be made under the Code by the **Independent Directors**, including any certifications used to determine whether an **Independent Director** exercises any **Direct or Indirect Influence or Control** over an **Account**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Periodically educate **Independent Directors** regarding the requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintain a list of those directors or officers of the Fund deemed **Access Persons** including **Independent Directors** and any Directors of the Jensen Quality Growth Fund who are not deemed to be independent. This duty may be delegated to Jensen's Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Periodically review the **Independent Directors'** personal securities transactions reported under this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Periodically perform testing designed to ascertain compliance with this Code including the operations and controls to determine the adequacy and effectiveness of implementation of the requirements of this Code. Testing may be delegated to Jensen's Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Promptly investigate any reports of violations or suspected violations of the Code. A determination shall be made as to whether a violation has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide the Directors of the Jensen Quality Growth Fund with an updated **Trading List** at least quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Submit quarterly reports to the Fund's Board of Directors regarding compliance with provisions of the Code by the Fund's **Independent Directors** and Jensen employees. .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Furnish for the Fund's Board of Directors a written report, no less frequently than annually, that:

odescribes any issues arising under this Code since the last report to the Directors, including, but not limited to, information about material violations of the Code and sanctions imposed in response to the material violations; and

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ocertifies that the Fund and Jensen have adopted procedures reasonably necessary to prevent the Fund's **Independent Director** and Jensen's employees from violating the Code.

The CCO may delegate administrative responsibilities under this Code, but retains ultimate responsibility for the administration of the Code. Additionally, the CCO's reports required under this Code may be reviewed by another member of Jensen's Compliance Department. The CCO may not review his/her own reports or pre-clear his/her own trades.

**<u>Reporting</u> <u>of</u> <u>Violations</u>**

The Fund's **Independent Directors** are expected to inform the CCO about observed illegal or unethical behavior or any other behavior or activity that may be in violation of this Code, including without limitation, transactions or relationships that reasonably could give rise to prohibited activities, as soon as such behavior comes to their attention. All **Independent Directors** are expected to fully cooperate in internal investigations of misconduct or violations of this Code.

**<u>Sanctions</u>**

An individual's conduct ultimately depends upon their sense of fiduciary obligation to the shareholders of the Jensen Quality Growth Fund. Nevertheless, this Code sets forth policies regarding conduct in those situations in which conflicts of interest are most likely to develop. Because the standards in this Code do not consider all possible conflicts of interest that may arise, careful adherence to both the specific requirements of the Code and its general philosophy and principles is essential.

In response to a violation of this Code, the Board of Directors for the Fund may impose such sanctions as deemed appropriate under the circumstances. For example, sanctions may include but not be limited to a loss of personal trading privileges for a period of time; fines to be donated to charity; and disgorgement of any profit or other benefit realized from any transaction in violation of this Code. In addition, conduct inconsistent with this Code may result in censure, suspension or a request to resign from the Fund's Board of Directors.

**<u>Retention</u> <u>of</u> <u>Records</u>**

The Fund shall maintain the required records related to this Code of Ethics for a period of five years from the end of the fiscal year during which the last entry was made on such record. These records shall include: (i) copies of all Codes that were in effect; (ii) each memorandum made by the Chief Compliance Officer hereunder and a record of any violation hereof and any action taken as a result of such violation; (iii) a copy of each acknowledgement, certification and report made by a Fund Director; (v) a record of all persons who were responsible for reviewing reports hereunder from time

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<u>CODE OF ETHICS AND STATEMENT OF POLICIES</u>

![picture1.jpg](picture1.jpg)

to time (vi) a record of any decision and the rationale supporting the decision to approve the purchase of securities by Access Persons, and (vii) a copy of each written annual report to Fund's Board of Directors.

**<u>Approval of Codes and Material Amendments Thereto by Jensen's Board of Directors and the</u> <u>Board of Directors of the Jensen Quality Growth Fund</u>**

The Board of Directors of the Fund, including a majority of the Independent Directors, has approved this Code. Material changes to this Code must be approved by the Board of Directors of the Fund, including a majority of the Independent Directors thereof, within six months of said amendment.

In approving a Code of Ethics or a material amendment thereto, the Board of Directors of Jensen Investment Management or the Jensen Quality Growth Fund, as applicable, must receive a certificate from Jensen or the Fund that it has adopted procedures reasonably necessary to prevent its access persons from violating the Code in question.

The Board of Directors of Jensen Investment Management hereby approves this Code of Ethics.

AMENDED JANUARY 12, 2005, NOVEMBER 1, 2007, MAY 1, 2009, JULY 1, 2011, JUNE 15, 2015,

APRIL 21, 2016, JANUARY 17, 2017, JULY 14, 2020, APRIL 12, 2022, JANUARY 16, 2024, APRIL 16,

2025

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<u>CODE OF ETHICS AND STATEMENT OF POLICIES</u>

![picture1.jpg](picture1.jpg)

APPENDIX A - BENEFICIAL OWNERSHIP

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For purposes of the Code of Ethics and Statement of Policies, a beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in such security.

You have a pecuniary interest in a security if you have the opportunity, directly or indirectly, to profit or share in the profit derived from a transaction in such security. You are deemed to have a pecuniary interest in any securities held by members of your immediate family sharing your household. "Immediate family" means your son or daughter (including any legally adopted child) or any descendants of either, your stepson or stepdaughter, your father or mother or any ancestor of either, your stepfather or stepmother, and your spouse or domestic partner. Also, you are deemed to have a pecuniary interest in securities held by a partnership of which you are a general partner, and Beneficial Ownership of the securities held by such partnership will be attributed to you in proportion to the greater of your capital account or interest in the partnership and any other interests in profits that arise from the purchase and sale of the partnership's portfolio securities.

You are also deemed to have a pecuniary interest in the portfolio securities held by a corporation if you are a controlling shareholder of such corporation and have or share investment control over such portfolio securities.

**Securities** owned of record or held in your name are generally considered to be beneficially owned by you if you have a pecuniary interest in such securities. Beneficial Ownership may include securities held by others for your benefit regardless of record ownership (e.g., securities held for you or members of your immediate family by agents, custodians, brokers, trustees, executors or other administrators; securities owned by you but that have not been transferred into your name on the books of a company; and securities that you have pledged) if you have or share a pecuniary interest in such securities.

With respect to ownership of securities held in trust, Beneficial Ownership includes the ownership of securities as a trustee in instances either where you as trustee have, or where a member of your immediate family has, a pecuniary interest in the securities held by the trust (e.g., by virtue of being a beneficiary of the trust).

The final determination of Beneficial Ownership is a question to be determined considering the facts of the case. Thus, while you may include security holdings of other members of your family, you may nonetheless disclaim Beneficial Ownership of such securities. Any uncertainty as to whether you are the beneficial owner of a security should be brought to the attention of the Chief Compliance Officer.

1

## Ex-99.(Q)(V)

<u>POWER</u> <u>OF</u> <u>ATTORNEY</u>

The undersigned director of The Jensen Quality Growth Fund Inc. (the "Corporation"), an Oregon corporation, hereby appoints Robert D. McIver, with power of substitution or resubstitution, as his attorney-in-fact and agent ("Attorney-in-Fact") with the power and authority to do any and all acts and things and to execute any and all instruments which said Attorney-in-Fact may deem necessary or advisable in furtherance of the business and affairs of the Corporation and relating to compliance by the Corporation with the Investment Company Act of 1940, as amended, and the Securities Act of 1933, as amended (hereafter "Acts"), and any rules, regulations or requirements of the Securities and Exchange Commission (hereafter "SEC") in respect thereof, filing by the Corporation of any and all Registration Statements on Form N-1A pursuant to the Acts and any amendments thereto, including applications for exemptive orders, rulings or filings of proxy materials (together "SEC filings"), signing in the name and on behalf of the undersigned as a director of the Corporation any and all such SEC filings, and the undersigned does hereby ratify and confirm all that said Attorney-in-Fact shall do or cause to be done by virtue thereof.

The undersigned hereby execute this Power of Attorney as of this 28<sup>th</sup> day of July, 2025.

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| | | | |
|:---|:---|:---|:---|
| <u>Signature</u> | <u>Title</u> |  |  |
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*/s/ Kerry E. Barnett* | Director |

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Kerry E. Barnett

## Cover

U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, WI 53202

July 30, 2025

**VIA EDGAR TRANSMISSION**

United States Securities and Exchange Commission

Division of Investment Management

100 F Street, N.E.

Washington, D.C. 20549

**Re:&nbsp;&nbsp;&nbsp;&nbsp;The Jensen Quality Growth Fund Inc. (the "Company")**

**&nbsp;&nbsp;&nbsp;&nbsp;Securities Act Registration No: 033-47508**

**&nbsp;&nbsp;&nbsp;&nbsp;Investment Fund Act Registration No: 811-06653**

Dear Sir or Madam:

Pursuant to Rule 485(a) under the Securities Act of 1933 (the "1933 Act"), the Trust hereby submits Post-Effective Amendment No. 53 to the Trust's Registration Statement for the purpose of making revisions to the The Jensen Quality Growth Fund Inc.'s investment strategies and policies. Pursuant to Rule 485(a)(1), the Trust anticipates that this filing will be effective on September 30, 2025. At or before that time, the Trust will file another Post-Effective Amendment to its Registration Statement under Rule 485(b) of the 1933 Act to be effective not earlier than the effective date of this registration statement. The purpose of that filing will be to respond to Staff comments and add the audited financial statements and certain related financial information for the fiscal year ended May 31, 2025.

If you have any questions regarding the enclosed, please do not hesitate to contact the undersigned at (513) 629-8104.

Very truly yours,

*<u>/s/ Jay S. Fitton</u>*

Jay S. Fitton

For U.S. Bank Global Fund Services

Enclosures

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