# EDGAR Filing Document

**Accession Number:** 0001141819
**File Stem:** 0000894189-25-009152
**Filing Date:** 2025-9
**Character Count:** 527929
**Document Hash:** e258ce771279c4a4f5504cccf565b065
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-009152.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0000894189-25-009152

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 46

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**EFFECTIVENESS DATE**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRUST FOR PROFESSIONAL MANAGERS
- **CENTRAL INDEX KEY:** 0001141819

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10401
- **FILM NUMBER:** 251350198

**BUSINESS ADDRESS:**
- **STREET 1:** U.S. BANCORP FUND SERVICES LLC
- **STREET 2:** 615 EAST MICHIGAN ST 2ND FLOOR
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 4147655067

**MAIL ADDRESS:**
- **STREET 1:** U.S. BANCORP FUND SERVICES LLC
- **STREET 2:** 615 EAST MICHIGAN ST 2ND FLOOR
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZODIAC TRUST
- **DATE OF NAME CHANGE:** 20010601
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRUST FOR PROFESSIONAL MANAGERS
- **CENTRAL INDEX KEY:** 0001141819

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-62298
- **FILM NUMBER:** 251350197

**BUSINESS ADDRESS:**
- **STREET 1:** U.S. BANCORP FUND SERVICES LLC
- **STREET 2:** 615 EAST MICHIGAN ST 2ND FLOOR
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 4147655067

**MAIL ADDRESS:**
- **STREET 1:** U.S. BANCORP FUND SERVICES LLC
- **STREET 2:** 615 EAST MICHIGAN ST 2ND FLOOR
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZODIAC TRUST
- **DATE OF NAME CHANGE:** 20010601

## Series and Classes Contracts Data

### Jensen Quality Mid Cap Fund (Series ID: S000028264)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000086400 | Jensen Quality Mid Cap Fund - I Shares | JNVIX           |
| C000086401 | Jensen Quality Mid Cap Fund - J Shares | JNVSX           |
| C000216771 | Jensen Quality Mid Cap Fund - Y Shares | JNVYX           |

### Jensen Global Quality Growth Fund (Series ID: S000067414)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000216768 | Jensen Global Quality Growth Fund - Y Shares | JGQYX           |
| C000216769 | Jensen Global Quality Growth Fund - J Shares | JGQSX           |
| C000216770 | Jensen Global Quality Growth Fund - I Shares | JGQIX           |

?xml version='1.0' encoding='ASCII'? ck0001141819-20250926

As filed with the Securities and Exchange Commission on September 26, 2025

1933 Act Registration File No. 333-62298

1940 Act File No. 811-10401

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-1A**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | &nbsp;&nbsp;REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | &nbsp;&nbsp;[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;&nbsp;&nbsp;Post-Effective Amendment No. | 885 | &nbsp;&nbsp;[X] |

---

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X] <br> Amendment No. <u>887</u> [X]

**<u>TRUST FOR PROFESSIONAL MANAGERS</u>**

(Exact Name of Registrant as Specified in Charter)

615 East Michigan Street

Milwaukee, Wisconsin 53202

(Address of Principal Executive Offices) (Zip Code)

(Registrant's Telephone Number, including Area Code) (626) 914-7363

Jay S. Fitton, Secretary

Trust for Professional Managers

c/o U.S. Bank Global Fund Services

615 East Michigan Street, 2<sup>nd</sup> Floor

Milwaukee, Wisconsin 53202

(Name and Address of Agent for Service)

Copies to:

Carol A. Gehl, Esq.

Godfrey & Kahn, S.C.

833 East Michigan Street, Suite 1800

Milwaukee, Wisconsin 53202

(414) 273-3500

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

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

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

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

[ ] on (date) 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.

**Explanatory Note:** This Post-Effective Amendment No. 885 to the registration statement of Trust for Professional Managers (the "Trust") is being filed to add the audited financial statements and certain related financial information for the fiscal year ended May 31, 2025 for the Jensen Quality Mid Cap Fund and Jensen Global Quality Growth Fund, and to make other permissible changes under Rule 485(b).

------

![2025 - Jensen - Mid Cap & Global - Combined Prospectus Covers.jpg](ck0001141819-20250926_g1.jpg)

------

---

| | |
|:---|:---|
| **Prospectus** | &nbsp;&nbsp;&nbsp;September 30, 2025 |

---

**Jensen Quality Mid Cap Fund** 

**Class J Shares &nbsp;&nbsp;&nbsp;&nbsp;JNVSX**

**Class I Shares &nbsp;&nbsp;&nbsp;&nbsp;JNVIX**

**Class Y Shares &nbsp;&nbsp;&nbsp;&nbsp;JNVYX**

**Jensen Global Quality Growth Fund** 

**Class J Shares &nbsp;&nbsp;&nbsp;&nbsp;JGQSX**

**Class I Shares &nbsp;&nbsp;&nbsp;&nbsp;JGQIX**

**Class Y Shares &nbsp;&nbsp;&nbsp;&nbsp;JGQYX**

Each a series of Trust for Professional Managers (the "Trust")

615 East Michigan Street

Milwaukee, WI 53202

800-992-4144

www.jenseninvestment.com

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **Summary Section - Quality Mid Cap Fund** | **Summary Section - Quality Mid Cap Fund** | [2](#ide4e349559a34b198288a1438a65c7b4_7) |
| **Summary Section - Global Quality Growth Fund** | **Summary Section - Global Quality Growth Fund** | [7](#ide4e349559a34b198288a1438a65c7b4_909) |
| **[I](#ide4e349559a34b198288a1438a65c7b4_13)[nvestment](#ide4e349559a34b198288a1438a65c7b4_13)[O](#ide4e349559a34b198288a1438a65c7b4_13)[bjective](#ide4e349559a34b198288a1438a65c7b4_13)[, P](#ide4e349559a34b198288a1438a65c7b4_13)[rincipal](#ide4e349559a34b198288a1438a65c7b4_13)[I](#ide4e349559a34b198288a1438a65c7b4_13)[nvestment](#ide4e349559a34b198288a1438a65c7b4_13)[S](#ide4e349559a34b198288a1438a65c7b4_13)[trategies](#ide4e349559a34b198288a1438a65c7b4_13)[and Principal Risks](#ide4e349559a34b198288a1438a65c7b4_13)** | **[I](#ide4e349559a34b198288a1438a65c7b4_13)[nvestment](#ide4e349559a34b198288a1438a65c7b4_13)[O](#ide4e349559a34b198288a1438a65c7b4_13)[bjective](#ide4e349559a34b198288a1438a65c7b4_13)[, P](#ide4e349559a34b198288a1438a65c7b4_13)[rincipal](#ide4e349559a34b198288a1438a65c7b4_13)[I](#ide4e349559a34b198288a1438a65c7b4_13)[nvestment](#ide4e349559a34b198288a1438a65c7b4_13)[S](#ide4e349559a34b198288a1438a65c7b4_13)[trategies](#ide4e349559a34b198288a1438a65c7b4_13)[and Principal Risks](#ide4e349559a34b198288a1438a65c7b4_13)** | [12](#ide4e349559a34b198288a1438a65c7b4_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Other Investment Risks](#ide4e349559a34b198288a1438a65c7b4_25) | &nbsp;&nbsp;&nbsp;&nbsp;[Other Investment Risks](#ide4e349559a34b198288a1438a65c7b4_25) | [19](#ide4e349559a34b198288a1438a65c7b4_25) |
| **Management of the Fund** | **Management of the Fund** | [20](#ide4e349559a34b198288a1438a65c7b4_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Adviser](#ide4e349559a34b198288a1438a65c7b4_31) | &nbsp;&nbsp;&nbsp;&nbsp;[Investment Adviser](#ide4e349559a34b198288a1438a65c7b4_31) | [20](#ide4e349559a34b198288a1438a65c7b4_31) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Managers](#ide4e349559a34b198288a1438a65c7b4_34) | &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Managers](#ide4e349559a34b198288a1438a65c7b4_34) | [21](#ide4e349559a34b198288a1438a65c7b4_34) |
| **Shareholder Information** | **Shareholder Information** | [22](#ide4e349559a34b198288a1438a65c7b4_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;Choosing a Share Class | &nbsp;&nbsp;&nbsp;&nbsp;Choosing a Share Class | [22](#ide4e349559a34b198288a1438a65c7b4_40) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Distribution and Shareholder Servicing Plan – Class J Shares](#ide4e349559a34b198288a1438a65c7b4_43) | &nbsp;&nbsp;&nbsp;&nbsp;[Distribution and Shareholder Servicing Plan – Class J Shares](#ide4e349559a34b198288a1438a65c7b4_43) | [22](#ide4e349559a34b198288a1438a65c7b4_43) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Shareholder Servicing Plan – Class I Shares](#ide4e349559a34b198288a1438a65c7b4_46) | &nbsp;&nbsp;&nbsp;&nbsp;[Shareholder Servicing Plan – Class I Shares](#ide4e349559a34b198288a1438a65c7b4_46) | [22](#ide4e349559a34b198288a1438a65c7b4_46) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Pricing of Fund Shares](#ide4e349559a34b198288a1438a65c7b4_49) | &nbsp;&nbsp;&nbsp;&nbsp;[Pricing of Fund Shares](#ide4e349559a34b198288a1438a65c7b4_49) | [23](#ide4e349559a34b198288a1438a65c7b4_49) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Fair Value Pricing](#ide4e349559a34b198288a1438a65c7b4_52) | &nbsp;&nbsp;&nbsp;&nbsp;[Fair Value Pricing](#ide4e349559a34b198288a1438a65c7b4_52) | [23](#ide4e349559a34b198288a1438a65c7b4_52) |
| &nbsp;&nbsp;&nbsp;&nbsp;[How to Purchase Shares](#ide4e349559a34b198288a1438a65c7b4_55) | &nbsp;&nbsp;&nbsp;&nbsp;[How to Purchase Shares](#ide4e349559a34b198288a1438a65c7b4_55) | [24](#ide4e349559a34b198288a1438a65c7b4_55) |
| &nbsp;&nbsp;&nbsp;&nbsp;[How to Redeem Shares](#ide4e349559a34b198288a1438a65c7b4_58) | &nbsp;&nbsp;&nbsp;&nbsp;[How to Redeem Shares](#ide4e349559a34b198288a1438a65c7b4_58) | [28](#ide4e349559a34b198288a1438a65c7b4_58) |
| **Distribution and Servicing of Fund Shares** | **Distribution and Servicing of Fund Shares** | [31](#ide4e349559a34b198288a1438a65c7b4_61) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Distributor](#ide4e349559a34b198288a1438a65c7b4_64) | &nbsp;&nbsp;&nbsp;&nbsp;[Distributor](#ide4e349559a34b198288a1438a65c7b4_64) | [31](#ide4e349559a34b198288a1438a65c7b4_64) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Sub-Transfer Agency Fees – Class J Shares](#ide4e349559a34b198288a1438a65c7b4_67) | &nbsp;&nbsp;&nbsp;&nbsp;[Sub-Transfer Agency Fees – Class J Shares](#ide4e349559a34b198288a1438a65c7b4_67) | [31](#ide4e349559a34b198288a1438a65c7b4_67) |
| **Distribution and Taxes** | **Distribution and Taxes** | [32](#ide4e349559a34b198288a1438a65c7b4_70) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Distributions](#ide4e349559a34b198288a1438a65c7b4_73) | &nbsp;&nbsp;&nbsp;&nbsp;[Distributions](#ide4e349559a34b198288a1438a65c7b4_73) | [32](#ide4e349559a34b198288a1438a65c7b4_73) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Federal Income Tax Consequences](#ide4e349559a34b198288a1438a65c7b4_76) | &nbsp;&nbsp;&nbsp;&nbsp;[Federal Income Tax Consequences](#ide4e349559a34b198288a1438a65c7b4_76) | [32](#ide4e349559a34b198288a1438a65c7b4_76) |
| **Confirmation and Statements** | **Confirmation and Statements** | [33](#ide4e349559a34b198288a1438a65c7b4_79) |
| **Disclosure of Portfolio Holdings Information** | **Disclosure of Portfolio Holdings Information** | [33](#ide4e349559a34b198288a1438a65c7b4_82) |
| **Shareholder Inquiries** | **Shareholder Inquiries** | [34](#ide4e349559a34b198288a1438a65c7b4_85) |
| **Financial Highlights** | **Financial Highlights** | [35](#ide4e349559a34b198288a1438a65c7b4_88) |
| **Notice of Privacy Policy** | PN- [42](#ide4e349559a34b198288a1438a65c7b4_91) | PN- [42](#ide4e349559a34b198288a1438a65c7b4_91) |
| **For More Information** | Back Cover | Back Cover |

---

---

| | |
|:---|:---|
| **Prospectus** | **Jensen Funds**<sub>1</sub> |

---

------

**Summary Section - Quality Mid Cap Fund**

**Investment Objective**

The objective of the Jensen Quality Mid Cap Fund (the "Quality Mid Cap Fund" or 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) | |
| | **Class J** | **Class I** |<br>**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) | |
| | **Class J** | **Class I** |<br>**Class Y** |
| Management Fees | 0.65% | 0.65% | 0.65% |
| Distribution and Shareholder Servicing (12b-1) Fees | 0.25% |  |  |
| Shareholder Servicing Fee <sup>1</sup> |  | 0.02% |  |
| Other Expenses | <u>0.21%</u> | <u>0.21%</u> | <u>0.21%</u> |
| Total Annual Fund Operating Expenses | <u>1.11%</u> | <u>0.88%</u> | <u>0.86%</u> |
| Fee Waiver/Expense Reimbursements | <u>(0.06)%</u> | <u>(0.06)%</u> | <u>(0.06)%</u> |
| Total Annual Fund Operating Expenses after Fee Waiver/Expense Reimbursements<sup>2</sup> | 1.05% | 0.82% | 0.80% |

---

<sup>1.</sup>The Trust's Board of Trustees (the "Board of Trustees") has authorized a shareholder servicing plan fee in the amount of 0.10% of the Fund's average daily net assets for Class I shares. Currently, the shareholder servicing plan fee being charged is 0.02% of the Fund's average daily net assets for Class I shares; however, the fee may be increased to 0.10% of the Fund's average daily net assets for Class I shares at any time.

<sup>2.</sup>Pursuant to an operating expense limitation agreement between the Fund's investment adviser, Jensen Investment Management, Inc. (the "Adviser"), and the Trust, on behalf of the Fund, the Adviser has agreed to waive its management fees and/or reimburse expenses of the Fund to ensure that Total Annual Fund Operating Expenses (exclusive of front-end or contingent deferred loads, Rule 12b-1 plan fees, shareholder servicing plan fees, interest (including interest incurred in connection with bank and custody overdrafts), acquired fund fees and expenses, leverage (*i.e.*, any expenses incurred in connection with borrowings made by the Fund), tax expenses, dividends and interest on short positions, brokerage commissions, merger or reorganization expenses and extraordinary expenses), do not exceed 0.80% of the Fund's average daily net assets through March 1, 2027. This operating expense limitation agreement can be terminated only by, or with the consent of, the Board of Trustees. The Adviser may request recoupment of previously waived fees and paid expenses from the Fund up to three years from the date such fees and expenses were waived or paid, subject to the operating expense limitation agreement, if such reimbursement will not cause the Fund's Total Annual Operating Expenses (after the amount of the reimbursement is taken into account) to exceed the lesser of: (1) the expense limitation in

place at the time of the waiver and/or expense payment; or (2) the expense limitation in place at the time of the recoupment.

**Example**

This Example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and either redeem or hold 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. The operating expense limitation agreement discussed above is reflected only through March 1, 2027. 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** | $107 | $347 | $606 | $1346 |
| **Class I** | $84 | $275 | $482 | $1079 |
| **Class Y** | $82 | $268 | $471 | $1055 |

---

**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 generate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, and potentially higher taxes, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the fiscal year ended May 31, 2025, the Fund's portfolio turnover rate was 24.87% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund's investment strategy seeks to identify companies the Adviser deems to be undervalued. To achieve its objective of long-term capital appreciation, the Fund invests in equity securities of companies that satisfy the investment criteria described below. Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowing for investment purposes) in equity securities of companies meeting the criteria for "quality" and "mid-capitalization" as determined by the Adviser. The Adviser considers a company to be a "mid-capitalization" company if it is listed in the MSCI U.S. Mid Cap 450 Index at the time that the Adviser creates the Fund's investable universe. 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.

The Adviser determines the companies that qualify for inclusion in the Fund's investable universe on at least an annual basis. These companies are selected from a universe of publicly traded U.S. companies that, as determined by the Adviser, have produced long-term records of consistently high returns on shareholder equity. In order to qualify for this universe, each company must meet the Adviser's definitions of "mid-capitalization" and "quality", and may

---

| | | |
|:---|:---|:---|
| **2** | **Jensen Funds** | **Prospectus** |

---

------

include companies with negative equity resulting from debt-financing of large share repurchases. These companies may have unique risk profiles depending on the amount of debt incurred relative to the company's ability to repay that debt.

Equity securities in which the Fund may invest as a principal strategy consist primarily of common stocks of mid-cap U.S. companies.

The Fund's investment strategy is based on applying fundamental analysis and valuation models to this select universe of companies in order to identify investment opportunities. Fundamental analysis includes assessment of the company's industry, strategy, competitive advantages, business segments, geographic distribution, growth and profitability, financial statements (income statement, cash flow statement, balance sheet), and the company's other financial reports. The valuation models are rooted in fundamentals-based investment principles and include discounted cash flow models (for example, determining the present value of expected future cash flows), relative valuation methods (for example, a company's valuation relative to its own history, its industry peers, or the broader stock market), and ratio methods (for example, a company's price-to-earnings ratios).

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 described above for inclusion in the universe of companies in which the Fund may invest. 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. Examples of such extraordinary situations include a significant acquisition, divestiture, or accounting rule change that results in a significant change to a company's equity balance and a non-meaningful return on equity number.

The Adviser expects to include in the Fund's investment portfolio at any time securities of approximately 30 to 50 primarily domestic companies. The Fund must always own the securities of a minimum of 25 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.

A significant portion of the Fund's portfolio may be invested in the equity securities of companies comprising one or more industry sectors (e.g., industrial sector) and such sectors favored by the Adviser will change during certain market environments.

**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, you could lose money by investing in the Fund. The principal risks of investing in this Fund are:

+&nbsp;&nbsp;&nbsp;&nbsp;*Stock Market Risk*

&nbsp;&nbsp;&nbsp;&nbsp;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.

+&nbsp;&nbsp;&nbsp;&nbsp;*Management Risk*

&nbsp;&nbsp;&nbsp;&nbsp;The investment process used by the Adviser, including the Adviser's valuation models, to select securities for the Fund's investment portfolio may not prove effective, and the Adviser's judgments about the attractiveness, value and potential appreciation of the Fund's investments may prove to be incorrect in that 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.

+&nbsp;&nbsp;&nbsp;&nbsp;*General Market Risk*

Certain securities selected for the Fund's portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time.

+&nbsp;&nbsp;&nbsp;&nbsp;*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 uncertainty regarding inflation and central banks' interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events and geopolitical conflicts. As a result of continuing political tensions and armed conflicts, including the wars in Europe and the Middle East, markets have experienced increased volatility. Continuing market volatility as a result of recent market conditions or other events may have an adverse effect on the performance of the Fund.

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

The Fund's investment strategy requires that a company selected for investment must, among other criteria and in the determination of the Adviser, have attained a return on equity of 15% or greater for at least ten consecutive 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 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.

---

| | |
|:---|:---|
| **Prospectus** | **Jensen Funds**<sub>3</sub> |

---

------

Further, a significant portion of the Fund's portfolio may be invested in the equity securities of companies comprising one or more industry sectors and such sectors favored by the Adviser will change during certain market environments. As of the Fund's most recent fiscal year end, a significant portion of the Fund's portfolio was invested in the following sector:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *Industrials Sector Risk.* To the extent that the Fund invests a significant portion of its assets in the industrials sector, the Fund will be sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the industrials sector. The industrials sector may be significantly affected by general economic trends, including such factors as import controls, commodity prices, and worldwide competition.

*+&nbsp;&nbsp;&nbsp;&nbsp;Mid-Capitalization Company Risk*

&nbsp;&nbsp;&nbsp;&nbsp;The Fund may invest substantially all of its assets in the stocks of mid-cap companies. Mid-cap companies may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these mid-cap companies may pose additional risks, including liquidity risk, because these companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, mid-cap stocks may be more volatile than those of larger companies.

*+&nbsp;&nbsp;&nbsp;&nbsp;Regulatory Risk* 

Legal, tax and regulatory changes could occur that may adversely affect the Fund's ability to pursue its investment strategies and/or increase the costs of implementing such strategies.

+ *Competitive Risk*

Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments.

**Investment Suitability**

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

**Performance**

The performance information below 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 the one year, five year, ten year and since inception periods compare with those of a broad measure of market performance and a second more narrowly tailored index. The Fund's past performance information, 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.

**Jensen Quality Mid Cap Fund - Class J Shares**<sup>1</sup>

Calendar Year Returns as of December 31

![12424](ck0001141819-20250926_g2.jpg)

<sup>1</sup>The returns in the bar chart are for the Class J shares. Class I and Class Y shares would have substantially similar annual returns as Class J shares because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the classes have different expenses.

The Fund's calendar year-to-date return for Class J shares as of June 30, 2025 was -0.32%. During the period of time shown in the bar chart, the Fund's highest quarterly return for Class J shares was 21.16% for the quarter ended June 30, 2020, and the lowest quarterly return for Class J shares was -23.33% for the quarter ended March 31, 2020.

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| | | |
|:---|:---|:---|
| **4** | **Jensen Funds** | **Prospectus** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**<br>For the Periods Ended<br>December 31, 2024 | **One Year** | **Five Year** | **Ten Year** | **Since Inception**<br>**3/31/2010** |
| **Class J Shares** | | | | |
| Return Before Taxes | 9.41% | 9.87% | 8.32% | 9.81% |
| Return After Taxes on Distributions | 7.97% | 9.18% | 7.12% | 8.43% |
| Return After Taxes on Distributions and Sale of Fund Shares | 6.70% | 7.76% | 6.34% | 7.71% |
| **Class I Shares** |  |  |  |  |
| Return Before Taxes | 9.75% | 10.14% | 8.56% | 10.03% |
| **Class Y Shares\*** |  |  |  |  |
| Return Before Taxes | 9.73% | 10.16% | 8.59% | 10.05% |
| **MSCI U.S. Mid Cap 450 Index \*\***<br>(reflects no deductions for fees, expenses, or taxes) | 17.18% | 10.62% | 10.35% | 12.18% |
| **Russell Midcap® Total Return Index**<br>(reflects no deductions for fees, expenses, or taxes) | 15.34% | 9.92% | 9.63% | 11.68% |
| **MSCI U.S. Investable Market 2500 Index\*\*\***<br>(reflects no deductions for fees, expenses, or taxes) | 23.82% | 14.02% | 12.64% | 13.45% |
| **Russell 3000® Index**<br>(reflects no deductions for fees, expenses, or taxes) | 23.81% | 13.86% | 12.55% | 13.36% |

---

\*Class Y shares commenced operations on January 15, 2020. Performance shown for Class Y shares prior to their inception (five year, ten year and since inception columns) reflects the performance of the Class I shares, adjusted to reflect Class Y expenses.

\*\*Effective September 30, 2025, the Adviser believes that the MSCI U.S. Mid Cap 450 Index better represents the investable opportunity set for the Fund than does the Russell MidCap Total Return Index.

\*\*\*Effective September 30, 2025, the Fund is replacing the Russell 3000 Index with the MSCI U.S. Investable Market 2500 Index as a broad-based securities market index as it is considered to be broadly representative of the overall applicable securities market.

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 or other tax-advantaged 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 and Class 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:

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Year Service Began <br>with the Fund | Primary Title |
| Kurt M. Havnaer | Since 2010 | Senior Portfolio Manager |
| Adam D. Calamar | Since 2010 | Senior Portfolio Manager |
| Tyra S. Pratt | Since 2017 | Portfolio Manager |

---

All members of the Fund's portfolio management team share responsibility in managing the Fund and making decisions regarding the Fund's investments.

**Purchase and Sale of Fund Shares**

You may purchase or redeem shares by mail (Jensen Quality Mid Cap Fund, c/o U.S. Bank Global Fund Services, PO 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 ("NYSE") is open for trading, or by wire. Investors who wish to purchase or redeem Fund shares through a financial intermediary should contact the financial intermediary directly. The minimum initial and subsequent investment amounts are as follows:

---

| | | |
|:---|:---|:---|
| | Minimum <br>Investment Amount | Minimum <br>Investment Amount |
| | **Initial** | **Additional** |
| &nbsp;&nbsp;&nbsp;Class J Shares | $2500 | $100 |
| &nbsp;&nbsp;&nbsp;Class I Shares | $250000 | $100 |
| &nbsp;&nbsp;&nbsp;Class Y Shares | $1000000 | $100 |

---

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 or other tax-advantaged arrangement, such as a 401(k) plan or an IRA. You may be taxed later upon withdrawal of monies from tax-deferred arrangements.

---

| | |
|:---|:---|
| **Prospectus** | **Jensen Funds**<sub>5</sub> |

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**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** | **Jensen Funds** | **Prospectus** |

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**Summary Section - Global Quality Growth Fund**

**Investment Objective**

The objective of the Jensen Global Quality Growth Fund (the "Global Quality Growth Fund" or 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 tables 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) |
| | **Class J** | **Class I** | **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) |
| | **Class J** | **Class I** | **Class Y** |
| &nbsp;&nbsp;Management Fees | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;Distribution and Shareholder Servicing (12b-1) Fees | 0.25% |  |  |
| &nbsp;&nbsp;Shareholder Servicing Fee<sup>1</sup> |  | 0.02% |  |
| &nbsp;&nbsp;Other Expenses | <u>0.47%</u> | <u>0.47%</u> | <u>0.47%</u> |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | <u>1.47%</u> | <u>1.24%</u> | <u>1.22%</u> |
| &nbsp;&nbsp;Fee Waiver/Expense Reimbursements | <u>-0.22%</u> | <u>-0.22%</u> | <u>-0.22%</u> |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses after Fee Waiver/Expense Reimbursements<sup>2</sup> | <u>1.25%</u> | <u>1.02%</u> | <u>1.00%</u> |

---

<sup>1.</sup>The Trust's Board of Trustees (the "Board of Trustees") has authorized a shareholder servicing plan fee in the amount of 0.10% of the Fund's average daily net assets for Class I shares. Currently, the shareholder servicing plan fee being charged is 0.02% of the Fund's average daily net assets for Class I shares; however, the fee may be increased to 0.10% of the Fund's average daily net assets for Class I shares at any time.

<sup>2.</sup>Pursuant to an operating expense limitation agreement between the Fund's investment adviser, Jensen Investment Management, Inc. (the "Adviser"), and the Trust, on behalf of the Fund, the Adviser has agreed to waive its management fees and/or reimburse expenses of the Fund to ensure that Total Annual Fund Operating Expenses (exclusive of front-end or contingent deferred sales loads, Rule 12b-1 plan fees, shareholder servicing plan fees, interest (including interest incurred in connection with bank and custody overdrafts), acquired fund fees and expenses, leverage (i.e., any expenses incurred in connection with borrowings made by the Fund), tax expenses, dividends and interest on short positions, brokerage commissions, merger or reorganization expenses and extraordinary expenses), do not exceed 1.00% of the Fund's average daily net assets through March 1, 2027. This operating expense limitation agreement can be terminated only by, or with the consent of, the Board of Trustees. The Adviser may request recoupment of previously waived fees and paid expenses from the Fund up to three years from the date such fees and expenses were waived or paid, subject to the operating expense limitation agreement, if such reimbursement will not cause the Fund's Total Annual Fund Operating Expenses (after the amount of the

reimbursement is taken into account) to exceed the lesser of: (1) the expense limitation in place at the time of the waiver and/or expense payment; or (2) the expense limitation in place at the time of the recoupment.

**Example**

This Example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and either redeem or hold 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 operating expenses remain the same. The operating expense limitation agreement discussed above is reflected only through March 1, 2027. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 <br>Year** | **3 <br>Years** | **5<br>Years** | **10 <br>Years** |
| **Class J** | $127 | $443 | $782 | $1739 |
| **Class I** | $104 | $372 | $660 | $1481 |
| **Class Y** | $102 | $365 | $649 | $1458 |

---

**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 generate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, and potentially higher taxes, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the fiscal year ended May 31, 2025, the Fund's portfolio turnover rate was 22.56% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund's approach to investing focuses on companies determined by the Adviser to have 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. Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in U.S. and foreign equity securities of companies meeting the criteria for quality and growth as determined by 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, or cash flow. 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.&nbsp;&nbsp;&nbsp;&nbsp;Projected earnings growth based on expected five- to ten-year annual increase in operating earnings per share.

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| | |
|:---|:---|
| **Prospectus** | **Jensen Funds**<sub>7</sub> |

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

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

4.&nbsp;&nbsp;&nbsp;&nbsp;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.

The Fund will invest in equity securities of approximately 25 to 40 U.S. and foreign companies that satisfy the Adviser's investment criteria of "growth" and "quality". Equity securities in which the Fund invests as a principal strategy consist of publicly traded companies around the world, including securities issued by corporations located in developing or emerging markets. Generally, each company in which the Fund invests must, as determined by the Adviser: (1) have consistently achieved a high return on equity over the prior ten fiscal years; (2) be in excellent financial condition; and (3) be capable of sustaining outstanding business performance. The Adviser determines on an annual basis the companies that qualify for inclusion in the Fund's investable universe. These companies are selected from a universe of companies that, as determined by the Adviser, 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.

The Fund must always own the securities of a minimum of 15 different companies in its portfolio. The Fund strives to essentially 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's investments in other eligible equity securities may include depositary receipts, such as American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts (GDRs"), or other forms of depositary receipts. The Fund typically invests in securities of issuers from at least three or more countries, including the United States, with at least 40% of the Fund's net assets invested in foreign securities. In making a determination of whether an issuer will be classified as "domestic" or "foreign," 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 may purchase securities when they are priced below their full 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.

A significant portion of the Fund's portfolio may be invested in the equity securities of companies comprising one or more industry sectors (e.g., information technology sector) and such sectors favored by the Adviser will change during certain market environments.

The Fund is non-diversified, which means that a relatively high percentage of its assets may be invested in a limited number 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, **you could lose money by investing in the Fund**. The principal risks of investing in this Fund are:

*+&nbsp;&nbsp;&nbsp;&nbsp;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.

*+&nbsp;&nbsp;&nbsp;&nbsp;Management Risk*

The investment process used by the Adviser, including the Adviser's valuation models, to select securities for the Fund's investment portfolio may not prove effective, and the Adviser's judgments about the attractiveness, value and potential appreciation of the Fund's investments may prove to be incorrect in that 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.

+ *General Market Risk*

Certain securities selected for the Fund's portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time.

+ *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 uncertainty regarding inflation and central banks' interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events and geopolitical conflicts. As a result of continuing political tensions and armed conflicts, including the wars in Europe and the Middle East, markets have experienced increased volatility. Continuing market volatility as a result of recent market conditions or other events may have an adverse effect on the performance of the Fund.

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| | | |
|:---|:---|:---|
| **8** | **Jensen Funds** | **Prospectus** |

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

The Fund's investment strategy requires that a company selected for investment must, among other criteria and in the determination of the Adviser, have attained a return on equity of 15% or greater for at least ten consecutive 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 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.

Further, a significant portion of the Fund's portfolio may be invested in the equity securities of companies comprising one or more industry sectors and such sectors favored by the Adviser will change during certain market environments. As of the Fund's most recent fiscal year end, a significant portion of the Fund's portfolio was invested in the following sector:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *Information Technology Sector Risk.* To the extent the Fund invests a significant portion of its assets in the information technology sector, the Fund will be sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the information technology sector. Companies in the information technology sector and companies that rely heavily on technology are particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition.

*+&nbsp;&nbsp;&nbsp;&nbsp;Non-Diversification Risk*

The Fund is classified as a "non-diversified" investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). Therefore, the Fund may invest a relatively high percentage of its assets in a smaller number of issuers or may invest a larger proportion of its assets in the obligations of a single issuer. As a result, the gains and losses on a single investment may have a greater impact on the Fund's net asset value ("NAV") and may make the Fund more volatile than more diversified funds.

*+&nbsp;&nbsp;&nbsp;&nbsp;Foreign Securities and Currency Risk*

Non-U.S. securities are subject to risks relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices, including fluctuations in foreign currencies. A change in the value of a foreign currency against the U.S. dollar will result in a corresponding change in value of securities denominated in that currency. Issuers of foreign securities may not be required to provide operational or financial information

that is as timely or reliable as those required for issuers of U.S. securities. The income or dividends earned on foreign securities may be subject to foreign withholding taxes. The securities of foreign companies are frequently denominated in foreign currencies. To the extent that a market is closed while the markets for the underlying currencies remain open, certain markets may not always reflect significant price and rate movements.

*+&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Risk*

Countries in emerging markets are generally more volatile and can have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues. Emerging market securities may be subject to relatively more abrupt and severe price declines due to the smaller securities markets, lower trading volumes and less government regulation of securities markets in emerging market countries compared to those in developed countries. Investments in emerging market securities generally are more illiquid and volatile and subject to a higher risk of settlement disruptions than investments in securities of issuers in developed countries.

*+&nbsp;&nbsp;&nbsp;&nbsp;Large-Capitalization 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-capitalization 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-capitalization companies.

*+&nbsp;&nbsp;&nbsp;&nbsp;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.

*+&nbsp;&nbsp;&nbsp;&nbsp;Depositary Receipts Risk*

Investments in depositary receipts may entail the special risks of foreign investing, including currency exchange fluctuations, government regulations, and the potential for political and economic instability.

+ *Regulatory Risk* 

Legal, tax and regulatory changes could occur that may adversely affect the Fund's ability to pursue its investment strategies and/or increase the costs of implementing such strategies.

+ *Competitive Risk* 

Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments.

---

| | |
|:---|:---|
| **Prospectus** | **Jensen Funds**<sub>9</sub> |

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**Investment Suitability**

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

**Performance**

The performance information below 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 the one year and since inception periods compare with those of a broad measure of market performance. The Fund's past performance information, 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.

**Jensen Global Quality Growth Fund - Class J Shares**<sup>1</sup>

Calendar Year Returns as of December 31

![14050](ck0001141819-20250926_g3.jpg)

<sup>1</sup>The returns in the bar chart are for the Class J shares. Class I and Class Y shares would have substantially similar annual returns as Class J shares because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the classes have different expenses.

The Fund's calendar year-to-date return for Class J shares as of June 30, 2025 was 6.39%. During the period of time shown in the bar chart, the Fund's highest quarterly return for Class J shares was 11.67% for the quarter ended December 31, 2021, and the lowest quarterly return for Class J shares was -12.77% for the quarter ended June 30, 2022.

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns**<br>For the Periods Ended<br>December 31, 2024 | **One Year** | **Since Inception**<br>**4/15/2020** |
| **Class J Shares** | | |
| Return Before Taxes | 10.01% | 12.14% |
| Return After Taxes on Distributions | 9.96% | 12.06% |
| Return After Taxes on Distributions and Sale of Fund Shares | 5.96% | 9.67% |
| **Class I Shares** |  |  |
| Return Before Taxes | 10.18% | 12.38% |
| **Class Y Shares** |  |  |
| Return Before Taxes | 10.27% | 12.42% |
| **MSCI All Country World Index**<br>(reflects no deductions for fees, expenses, or taxes) | 17.49% | 15.14% |

---

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| | | |
|:---|:---|:---|
| **10** | **Jensen Funds** | **Prospectus** |

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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 or other tax-advantaged 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 and Class 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:

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Year Service Began <br>with the Fund | Primary Title |
| Robert D. McIver | Since 2020 | President and Managing Director |
| Allen T. Bond | Since 2020 | Head of Research and Managing Director |
| Jannis Fingberg\* | Since 2025 | Portfolio Manager |
| Jeffrey D. Wilson | Since 2020 | Portfolio Manager |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Mr. Fingberg was appointed as a Portfolio Manager to the Fund in September 2025.

All members of the Fund's portfolio management team share responsibility jointly and primarily in managing the Fund and making decisions regarding the Fund's investments.

**Purchase and Sale of Fund Shares**

You may purchase or redeem shares by mail (Jensen Global Quality Growth Fund, c/o U.S. Bank Global Fund Services, PO 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 ("NYSE") is open for trading, or by wire. Investors who wish to purchase or redeem Fund shares through a financial intermediary should contact the financial intermediary directly. The minimum initial and subsequent investment amounts are as follows:

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| | | |
|:---|:---|:---|
| | Minimum <br>Investment Amount | Minimum <br>Investment Amount |
| | **Initial** | **Additional** |
| Class J Shares | $2500 | $100 |
| Class I Shares | $250000 | $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 or other tax-advantaged arrangement, such as a 401(k) plan or an IRA. You may be taxed later upon withdrawal of monies from tax-deferred 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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|:---|:---|
| **Prospectus** | **Jensen Funds**<sub>11</sub> |

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

**Investment Objective - Both Funds**

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

**Quality Mid Cap Fund**

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 mid-capitalization, 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.

**Global Quality Growth Fund**

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 U.S. and foreign 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 - Both Funds**

The Funds' 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 continue to do so.

**Investment Process - Quality Mid Cap Fund**

The Fund's investment strategy seeks to identify companies the Adviser deems to be undervalued. To achieve the Fund's objective of long-term capital appreciation, the Fund invests primarily in the common stocks of approximately 30 to 50 U.S. companies selected according to the specific criteria established by the Adviser and described more fully below. Under normal circumstances, the Fund invests 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 "mid-capitalization" as determined by the Adviser. The Adviser considers a company to be a "mid-capitalization" company if it is listed in the MSCI U.S. Mid Cap 450 Index at the time that the Fund's investable universe is created. 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.

The Adviser determines the companies that qualify for inclusion in the Fund's investable universe on at least an annual basis. The Adviser selects investments for the Fund from a universe of publicly

traded U.S. companies that, as determined by the Adviser, have produced long-term records of consistently high returns on shareholder equity. The Fund's investment strategy is based on applying fundamental analysis and valuation models to this select universe of companies in order to identify investment opportunities. Fundamental analysis includes assessment of the company's industry, strategy, competitive advantages, business segments, geographic distribution, growth and profitability, financial statements (income statement, cash flow statement, balance sheet), and the company's other financial reports. The valuation models are rooted in fundamentals-based investment principles and include discounted cash flow models (for example, determining the present value of expected future cash flows), relative valuation methods (for example, a company's valuation relative to its own history, its industry peers, or the broader stock market), and ratio methods (for example, a company's price-to-earnings ratios). Underpinnings of the philosophy are embedded in academic research, the Adviser's history as an investor and extensive back-testing of the Fund's investment universe.

The Fund's strategy employs a multi-step process that defines the Fund's investable universe as publicly traded U.S. companies listed in the MSCI U.S. Mid Cap 450 Index, and a return on equity of 15% or greater for at least ten consecutive fiscal years. The return on equity is determined by the Adviser and may include companies with negative equity resulting from debt-financing of large share repurchases. These companies may have unique risk profiles depending on the amount of debt incurred relative to the company's ability to repay that debt. The Adviser then conducts fundamental research on companies and applies valuation models to determine potential investments.

Securities of companies whose market capitalizations no longer meet the Adviser's definition of "mid-capitalization" after purchase may continue to be held in the Fund. To a limited extent, the Fund may also purchase stocks of companies with business characteristics similar to small- and mid-cap companies, but that may have market capitalizations above the market capitalization of the largest member of the MSCI U.S. Mid Cap 450 Index.

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. Examples of such extraordinary situations include a significant acquisition, divestiture, or accounting rule change that results in a significant change to a company's equity balance and a non-meaningful return on equity number.

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| **12** | **Jensen Funds** | **Prospectus** |

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A significant portion of the Fund's portfolio may be invested in the equity securities of companies comprising one or more industry sectors (e.g., industrial sector) and such sectors favored by the Adviser will change during certain market environments.

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. The Adviser does not make portfolio purchase or sale decisions solely based on its evaluation of ESG factors.

**The Quality Mid Cap Fund's Portfolio Securities**

Although the Fund invests primarily in 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, as amended (the "Exchange Act"), and is listed on a major U.S. stock exchange, including the NYSE and the NASDAQ<sup>®</sup> Stock Market LLC ("NASDAQ").

+&nbsp;&nbsp;&nbsp;&nbsp;Convertible debt securities and convertible preferred stock listed on a major U.S. stock exchange, including the NYSE and the NASDAQ, if the holder has the right to convert the debt securities or preferred stock into common stock that satisfies all the requirements above (as a non-principal strategy).

+&nbsp;&nbsp;&nbsp;&nbsp;American Depositary Receipts ("ADRs") for the common stock of foreign corporations, if the ADRs are issued in sponsored programs, registered under the Exchange Act and listed on a major U.S. stock exchange, including the NYSE and the NASDAQ (as a non-principal strategy). 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 U.S.

+&nbsp;&nbsp;&nbsp;&nbsp;Equity securities issued by foreign companies listed on a major U.S. stock exchange, including the NYSE and the NASDAQ, (as a non-principal strategy). In making a determination of whether an issuer will be classified as "domestic" or "foreign," 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 Adviser determines that the security should be replaced with another qualifying security that has a greater

opportunity for appreciation. In addition, the Fund generally sells its position in a company if that company no longer satisfies the investment criteria specified above, 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. Once the Fund makes a determination, however, that it must sell its securities of a portfolio company no longer meeting the investment criteria, it will sell its position. 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.

**Fund Liquidity Program for Quality Mid Cap Fund**

If deemed in the best interests of the Fund and its shareholders, the Fund may participate in a liquidity program ("Liquidity Program" or "Program") offered by an independent third-party service provider, unaffiliated with the Fund and Adviser, designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. This Liquidity Program provides 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. The Program redeems its shares in the Fund when the Fund experiences net sales, at the end of a maximum holding period of 8 days set by the Program, or at other times in the discretion of the Program or the Adviser.

During the period that the Program holds the Fund's shares, the Program will have the same rights and privileges with respect to those shares as any other shareholder. The Program 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 by the Program are made on an investment-blind basis without regard to the Fund's objective, policies or anticipated performance. The Program, 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.

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|:---|:---|
| **Prospectus** | **Jensen Funds**<sub>13</sub> |

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When the 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.

The Fund's Board of Trustees has approved the use of this Liquidity Program. The Adviser believes that the Program 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 Program will do so. To the extent that the Fund's assets do not decline, the Adviser may also benefit.

The Program is not subject to the Fund's investment minimums or the limitations noted in the "Market Timing" section contained in this Prospectus.

**Investment Process - Global Quality Growth Fund**

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 40 U.S. and foreign companies selected according to the specific, long-term investment criteria established by the Adviser and described more fully below. Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in U.S. and foreign equity securities of companies meeting the criteria for quality and growth as determined by 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, or cash flow. 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.&nbsp;&nbsp;&nbsp;&nbsp;Projected earnings growth based on expected five- to ten-year annual increase in operating earnings per share.

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

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

4.&nbsp;&nbsp;&nbsp;&nbsp;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.

In making a determination of whether an issuer will be classified as "domestic" or "foreign," 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 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. The Adviser determines on an annual basis the companies that qualify for inclusion in the Fund's investable universe. 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.

As determined by the Adviser in each case, a company must satisfy 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% 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 shareholder 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 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 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. The Adviser does not make portfolio purchase or sale decisions solely based on its evaluation of ESG factors.

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| **14** | **Jensen Funds** | **Prospectus** |

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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 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 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.

A significant portion of the Fund's portfolio may be invested in the equity securities of companies comprising one or more industry sectors (e.g., information technology sector) and such sectors favored by the Adviser will change during certain market environments.

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

**The Global Quality Growth Fund's Portfolio Securities**

Although the Fund invests primarily in common stocks of U.S. and foreign 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 Exchange Act, and is listed on a major U.S. stock exchange, including the NYSE and the NASDAQ.

+&nbsp;&nbsp;&nbsp;&nbsp;ADRs for the common stock of foreign corporations, if the ADRs are issued in sponsored programs, registered under the Exchange Act and listed on a major U.S. stock exchange, including the NYSE and the NASDAQ. 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 U.S.

+&nbsp;&nbsp;&nbsp;&nbsp;EDRs are negotiable securities issued by a European bank that represent the public securities of non-European companies and trade on local exchanges. The shares issued by the bank are priced in local currencies. EDRs are comparable to ADRs in the U.S.

+&nbsp;&nbsp;&nbsp;&nbsp;GDRs are bank certificates issued in more than one country for shares of a non-U.S. company. The bank certificate represents shares of the non-U.S. company, and an international bank holds the shares.

+&nbsp;&nbsp;&nbsp;&nbsp;Equity securities issues by foreign companies listed on a major U.S. stock exchange, including the NYSE and the NASDAQ.

+&nbsp;&nbsp;&nbsp;&nbsp;Convertible debt securities and convertible preferred stock listed on a major U.S. stock exchange, including the NYSE and the NASDAQ, if the holder has the right to convert the debt securities or preferred stock into common stock that satisfies all the requirements above (as a non-principal strategy).

**Foreign Currency or Equivalents - Global Quality Growth Fund**

The Fund may invest in foreign currency exchange transactions as a non-principal strategy. Exchange rates between the U.S. dollar and foreign currencies are a function of such factors as supply and demand in the currency exchange markets, international balances of payments, governmental intervention, speculation and other economic and political conditions. Foreign exchange dealers may realize a profit on the difference between the price at which the Fund buys and sells currencies.

**The Funds' Other Investments**

As a non-principal strategy, each Fund may also invest in cash or cash equivalents. Some of these short-term instruments include:

+&nbsp;&nbsp;&nbsp;&nbsp;Cash held by the Funds' custodian, U.S. Bank National Association;

+&nbsp;&nbsp;&nbsp;&nbsp;Money market mutual funds;

+&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.

**Implementation of Investment Objective and Strategies**

Each Fund has developed a 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;A Fund's investment strategy is applied consistently over time;

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| **Prospectus** | **Jensen Funds** | **15** |

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+&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 a Fund.

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

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

+&nbsp;&nbsp;&nbsp;&nbsp;Objectively defined each 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 each 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 such changes are consistent with the Fund's investment discipline; and

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

**Temporary Strategies; Cash or Similar Investments.** 

For temporary defensive purposes, the Adviser may invest up to 100% of a Fund's total assets in high-quality, short-term debt securities and money market instruments. These short-term debt securities and money market instruments include shares of other mutual funds, commercial paper, certificates of deposit, bankers' acceptances, U.S. Government securities and repurchase agreements. Taking a temporary defensive position may result in a Fund not achieving its investment objective. Furthermore, to the extent that a Fund invests in money market mutual funds for its cash position, there will be some duplication of expenses because the Fund would bear its pro rata portion of such money market funds' management fees and operational expenses.

For longer periods of time, a Fund may hold a substantial cash position. If the market advances during periods when a 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.

These measures are in addition to those required by the 1940 Act. See the SAI for more information on compliance with the 1940 Act.

**Principal Risks**

**Stock Market Risk - Both Funds**

Because the Funds invest in common stock, the Funds are subject to the risk that the market value of their 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, and investor sentiment and perception of a company. 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 a Fund may be more volatile than the market as a whole.

**General Market Risk - Both Funds**

The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. The securities markets may experience substantially lower valuations, reduced liquidity, price volatility, credit downgrades, increased likelihood of default, and valuation difficulties, all of which may increase the risks of investing in securities held by the Funds.

**Recent Markets Events Risk - Both Funds**

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 uncertainty regarding inflation and central banks' interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events and geopolitical conflicts. As a result of continuing political tensions and armed conflicts, including the wars in Europe and the Middle East, markets have experienced increased volatility. Continuing market volatility as a result of recent market conditions or other events may have an adverse effect on the performance of the Funds.

Geopolitical economies and financial markets are increasingly interconnected. These developments listed above, as well as other events, could result in further market volatility and may negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite efforts to address market disruptions. As a result, the risk environment remains elevated. The Adviser will monitor developments and seek to manage the Funds in a manner consistent with achieving each Fund's investment objective, but there can be no assurance that they will be successful in doing so.

**Company and Sector Risk - Both Funds**

Each 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 15% or greater for at least ten consecutive fiscal years. Due to the relatively limited number of companies that meet this investment criteria and thereby qualify for investment consideration, at times the Funds are prohibited from investing in certain companies and sectors that are experiencing a shorter-term period of robust earnings growth because they have not attained the high level of consistent, long-term business performance that is required for investment consideration by the Funds. As a result, the Funds' performance may trail the overall market over a short or extended period of time compared to what its performance may have been if the Funds were able to invest in such rapidly growing, non-qualifying companies.

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| **16** | **Jensen Funds** | **Prospectus** |

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Further, a significant portion of each Fund's portfolio may be invested in the equity securities of companies comprising one or more industry sectors and such sectors favored by the Adviser will change during certain market environments. As of each Fund's most recent fiscal year end, a significant portion of the Fund's portfolio was invested in the following sectors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ **Industrials Sector Risk – Quality Mid Cap Fund.**

To the extent that a Fund invests a significant portion of its assets in the industrials sector, the Fund will be sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the industrials sector. Industries in the industrials sector include companies engaged in the production, distribution or service of products or equipment for manufacturing, agriculture, forestry, mining, and construction. The industrials sector may be significantly affected by general economic trends, including such factors as import controls, commodity prices, and worldwide competition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ **Information Technology Sector Risk – Global Quality Growth Fund.** To the extent the Fund invests a significant portion of its assets in the information technology sector, the Fund will be sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the information technology sector. Companies in the information technology sector and companies that rely heavily on technology are particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition.

**ADRs Risk - Both Funds**

The Funds may invest in ADRs. ADRs, which are typically issued by a U.S. financial institution (a "depositary"), evidence ownership interests in a security or pool of securities issued by a foreign company which are held by the depositary. ADRs are denominated in U.S. dollars and trade in the U.S. securities markets. Because ADRs are not denominated in the same currency as the underlying securities into which they may be converted, they are subject to currency risks. In addition, depositary receipts involve many of the same risks of investing directly in foreign securities. Generally, ADRs are treated by the Funds the same as foreign securities.

**Management Risk - Quality Mid Cap Fund**

The investment process used by the Adviser, including the Adviser's valuation models, to select securities for investment may not prove effective, and the Adviser's judgments about the attractiveness, value and potential appreciation of the Fund's investment may prove to be incorrect in that 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.

**Mid-Capitalization Company Risk - Quality Mid Cap Fund**

Generally, mid-capitalization, and less seasoned companies, have more potential growth than large-capitalization companies. They also often involve greater risk than large-capitalization companies, and these risks are passed on to the Fund. Mid-capitalization companies may not have the management experience, financial resources, product diversification and competitive strengths of large-capitalization companies, and, therefore, their securities tend to be more volatile than the securities of larger, more established companies, making them less liquid than other securities. Mid-capitalization company stocks tend to be bought and sold less often and in smaller amounts than larger company stocks. Because of this, if the Fund wants to sell a large quantity of a mid-capitalization company's stock, it may have to sell at a lower price than the Adviser might prefer, or it may have to sell in smaller than desired quantities over a period of time. An investment in the Fund may be more suitable for long-term investors who are willing to bear the risk of these fluctuations.

**Management Risk - Global Quality Growth Fund**

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.

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| **Prospectus** | **Jensen Funds** | **17** |

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**Non-Diversification Risk - Global Quality Growth Fund**

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.

**Foreign Securities and Currency Risk - Global Quality Growth Fund**

Generally, foreign securities are issued by companies organized outside the U.S. and are traded primarily in markets outside the U.S. Foreign securities may be more difficult to sell than U.S. securities. Investments in foreign securities may involve difficulties in receiving or interpreting financial and economic information, possible imposition of taxes, higher brokerage and custodian fees, possible currency exchange controls or other government restrictions, including possible seizure or nationalization of foreign deposits or assets. Foreign securities may also be less liquid and more volatile than U.S. securities. There may also be difficulty in invoking legal protections across borders.

Many of the foreign securities in which the Fund invests will be denominated or quoted in a foreign currency. Changes in foreign currency exchange rates will affect the value of securities denominated or quoted in foreign currencies. Exchange rate movements can be large and can endure for extended periods of time, affecting either favorably or unfavorably the value of the Fund's assets.

**Emerging Markets Risk - Global Quality Growth Fund**

The risks of foreign investments are usually much greater when they are made in emerging markets. Investments in emerging markets may be considered speculative. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. They are more likely to experience high rates of inflation and currency devaluations, which may adversely affect returns. In addition, many emerging markets have far lower trading volumes and less liquidity than developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. In addition, traditional measures of investment value used in the U.S., such as price to earnings ratios, may not apply to certain emerging markets. Also, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which companies in developed countries are subject. In addition, investments in emerging market countries present risks to a greater

degree than those presented by investments in countries with developed securities markets and more advanced regulatory systems.

Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their governments may be more likely to take actions that are hostile or detrimental to private enterprise or foreign investment than those of more developed countries, including expropriation of assets, confiscatory taxation or unfavorable diplomatic developments. Some emerging countries have pervasive corruption and crime that may hinder investments. Certain emerging markets may also face other significant internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth. National policies that may limit the Fund's investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national interests.

Emerging markets may also have differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other laws or restrictions applicable to investments differ from those found in more developed markets. Sometimes, they may lack, or be in the relatively early development of, legal structures governing private and foreign investments and private property. In addition to withholding taxes on investment income, some emerging market countries may impose different capital gains taxes on foreign investors.

Practices in relation to settlement of securities transactions in emerging market countries involve higher risks than those in developed markets, in part because the Fund will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud, negligence, and/or undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging markets, and, along with other factors, could result in ownership registration being completely lost. The Fund would absorb any loss resulting from such registration problems and may have no successful claim for compensation. In addition, communications between parties in the U.S. and parties in emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates.

**GDRs and EDRs Risk - Global Quality Growth Fund**

To the extent the Fund may invest in foreign securities, the Fund may invest in GDRs and EDRs. GDRs and EDRs are receipts issued by foreign banks or trust companies, or foreign branches of U.S. banks that represent an interest in shares of either a foreign or U.S. corporation. GDRs and EDRs may not be denominated in the same currency as the underlying securities into which they may be converted, and are subject to currency risks. Depositary receipts involve many of the same risks of investing directly in foreign securities.

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| **18** | **Jensen Funds** | **Prospectus** |

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**Large-Capitalization Company Risk - Global Quality Growth Fund**

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-capitalization 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-capitalization companies.

**Growth Stock Risk - Global Quality Growth Fund**

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.

**Regulatory Risk- Both Funds**

Legal, tax and regulatory changes could occur that may adversely affect the Funds' ability to pursue its investment strategies and/or increase the costs of implementing such strategies. The potential impact that such regulations could have on securities held by the Funds is unknown. No assurance can be made that the U.S. Government or a foreign government or any U.S. or foreign regulatory body (or other authority or regulatory body) will not continue to take further legislative or regulatory action in response to the continuing economic turmoil or otherwise, and the effect of such actions, if taken, cannot be known.

**Competitive Risk- Both Funds**

Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. Some individual companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of other companies, especially during extended periods of economic expansion. Some companies may have limited product lines or financial resources, may be dependent upon a particular niche of the market, and may be dependent upon a small or inexperienced management group.

**Other Investment Risks - Both Funds**

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

**Preferred Stock Risk - Both Funds**

A preferred stock is a blend of the characteristics of a bond and common stock. Preferred stock 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. 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 - Both Funds**

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.

**Other Risks**

**Cybersecurity Risk - Both Funds**

With the Internet and other technologies being essential to conducting business, the Funds are 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 (e.g., 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 (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting the Funds or their 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 laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. Similar adverse consequences could result from cyber incidents affecting issuers of securities in which the Funds invest, counterparties with which the Funds engage 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 shareholders) and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Funds' 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 Funds 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 Funds or their shareholders. As a result, the Funds and their shareholders could be negatively impacted.

**International Risk and Foreign Securities Risk - Quality Mid Cap Fund**

Although all of the Fund's portfolio securities must be listed on U.S. stock exchanges, including the NYSE and the NASDAQ, the Fund may invest in certain foreign securities, as well as the securities of domestic companies that engage in significant foreign business. These investments involve certain risks, such as:

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| **Prospectus** | **Jensen Funds** | **19** |

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+&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 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.

**Management of the Funds**

**Investment Adviser**

The Trust, on behalf of each Fund, has entered into an investment advisory agreement (the "Advisory Agreement") with Jensen Investment Management, Inc., located at 5500 Meadows Road, Suite 200, Lake Oswego, Oregon 97035-3623. The Adviser provides investment management services to a wide array of individual and institutional clients, including private clients, pension plans, foundations, endowments and other businesses. Pursuant to the Advisory Agreement, the investments and business operations of the Funds are managed by the Adviser subject to oversight by the Board of Trustees. The Adviser is also responsible for selecting brokers and dealers to execute the Funds' portfolio transactions. The Adviser also maintains related records for the Funds.

The Quality Mid Cap Fund compensates the Adviser for its services at the annual rate of 0.65% of its average daily net assets, payable on a monthly basis in arrears. The Global Quality Growth Fund compensates the Adviser for its services at the annual rate of 0.75% of its average daily net assets, payable on a monthly basis in arrears. For the fiscal year ended May 31, 2025, the Adviser received management fees of 0.60% (net of fee waivers) of the Quality Mid Cap Fund's average daily net assets, and 0.53% (net of fee waivers) of the Global Quality Growth Fund's average daily net assets.

*Fund Expenses*. The Funds are responsible for their own operating expenses; however, pursuant to an operating expense limitation agreement between the Adviser and the Trust, on behalf of the Funds, the Adviser has agreed to waive its management fees and/or reimburse expenses of each Fund to ensure that the Fund's total annual operating expenses (exclusive of front-end or contingent deferred loads, Rule 12b-1 plan fees, shareholder servicing plan fees, interest (including interest incurred in connection with bank and custody overdrafts), acquired fund fees and expenses, leverage (*i.e.*, any expenses incurred in connection with borrowings made by the Funds), tax expenses, dividends and interest expenses on short positions, brokerage commissions, merger or reorganization expenses and extraordinary expenses) do not exceed 0.80% of the average daily net assets of the Quality Mid Cap Fund through March 1, 2027, or 1.00% of the Global Quality Growth Fund's average daily net assets through March 1, 2027. Any waiver of management fees or payment of expenses made by the Adviser may be reimbursed by a Fund in subsequent years if the Adviser so requests. The Adviser may request recoupment of previously waived fees and paid

expenses from a Fund up to three years from the date such fees and expenses were waived or paid, subject to the operating expense limitation agreement, and is permitted to be reimbursed for fee reductions and/or expense payments made in the prior three years, if such reimbursement will not cause the Fund's Total Annual Operating Expenses (after the amount of the reimbursement is taken into account) to exceed the lesser of: (1) the expense limitation in place at the time of the waiver and/or expense payment; or (2) the expense limitation in place at the time of the recoupment. Any such reimbursement will be reviewed and approved by the Board of Trustees. The operating expense limitation agreement can be terminated only by, or with the consent of, the Board of Trustees.

The Board of Trustees most recently approved the Funds' Advisory Agreement with the Adviser on August 27, 2025. A discussion regarding the basis of the approval by the Board of Trustees of the Funds' Advisory Agreement with the Adviser will be included in the Funds' semi-annual report to shareholders for the six-month period ending November 30, 2025.

The Adviser managed assets totaling approximately $8.32 billion at August 31, 2025. The Adviser also serves as investment adviser to The Jensen Quality Growth Fund Inc., an open-end mutual fund, and the Jensen Quality Growth ETF, an exchange-traded fund, each of which is currently offered in a separate prospectus and SAI. Except as noted, the Funds, as series of the Trust, do not hold themselves out as related to any other series of the Trust for purposes of investment and investor services, nor do they share the same investment adviser with any other series.

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| **20** | **Jensen Funds** | **Prospectus** |

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**Portfolio Managers**

Each Fund is managed by a team composed of the Adviser's investment team for the Funds, which is responsible for all of the Funds' investment decisions. All members of each Fund's portfolio management team share 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 Funds. The investment team for the Quality Mid Cap Fund is composed of Kurt M. Havnaer, Adam D. Calamar and Tyra S. Pratt. The investment team for the Global Quality Growth Fund is composed of Robert D. McIver, Allen T. Bond, Jeffrey D. Wilson and Jannis Fingberg.

Kurt M. Havnaer, CFA, Senior 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 37 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.

Adam D. Calamar, CFA, Senior Portfolio Manager, has been employed by the Adviser since May 2008, and has over 18 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.

Tyra S. Pratt serves as a portfolio manager, participates in investment decision-making, and has responsibilities for investment research. Ms. Pratt, CFA, Portfolio Manager, has been employed by the Adviser since July 2017, previously holding the position of Business Analyst through January 2021, and has 14 years of experience in the investment management industry. Ms. Pratt was previously employed by CTC \| myCFO from July 2014 until July 2017.

Robert D. McIver serves as a portfolio manager and participates in investment decision-making. Mr. McIver joined the Adviser in September 2004 as Director of Operations and Portfolio Manager and was appointed President and Managing Director of the Adviser in February 2007. Mr. McIver has over 37 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.

Allen T. Bond, Head of Research, serves as a portfolio manager and has served as Vice President and Managing Director of the Adviser since September 2017, participates in investment decision-making, and has responsibilities for investment research. Mr. Bond, CFA, 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 27 years of experience in the investment management industry. Mr. Bond previously served as a Credit Analyst at Washington Mutual, Inc. 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, Inc. Prior to Washington Mutual, Inc., 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.

Jeffrey D. Wilson serves as a portfolio manager, participates in investment decision-making, and has responsibilities for investment research. Mr. 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 20 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.

Jannis Fingberg, CFA, Portfolio Manager, has been employed by the Adviser since October 2022, initially as a Business Analyst until August 2025 and as Portfolio Manager since September 2025. From February 2022 to October 2022, Mr. Fingberg was a Technology Investment Analyst at Champlain Investment Partners. From 2019 to February 2021, he served as an Investment Analyst to Wing Wah Investments. He previously served as an Equity Research Analyst at Orbis Investment Management in Hong Kong, Bermuda, and London. Mr. Fingberg holds an MBA from Stanford, a BA from the University of Oxford, and is a CFA charterholder with the CFA Society of San Francisco.

CFA<sup>®</sup> is a registered trademark owned by the CFA Institute.

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| **Prospectus** | **Jensen Funds** | **21** |

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**Shareholder Information**

**Choosing a Share Class**

Below is information about the manner in which the Funds offer shares.

The Funds offer Class J, Class I and Class Y shares. The different classes represent investments in the same portfolio of securities, but the classes are subject to different expenses and may have different share prices as outlined below. Each class of shares has different expenses and distribution arrangements to provide for different investment needs. You should always discuss the suitability of your investment with your broker-dealer or financial adviser.

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| | **Class J** | **Class I** | **Class Y** |
| Initial Sales Charge | No. Entire purchase price is invested in shares of the Fund. | No. Entire purchase price is invested in shares of the Fund. | No. Entire purchase price is invested in shares of the Fund. |
| Ongoing Distribution and/or Shareholder Service (Rule 12b-1 Fees) | 0.25% | No. | No. |
| Shareholder Servicing Fee | No. | 0.10% | No. |
| Conversion feature<sup>(1)</sup> | Yes. | Yes. | Yes. |

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<sup>(1)</sup> See the section titled "Share Class Conversions" in this Prospectus for more information on the voluntary and/or automatic conversions that apply to each share class.

**Class J Shares.** You may purchase shares of the Funds directly from the Funds. Class J shares of the Funds 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 a Fund receives your request in good order.

**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 Funds directly from the Funds. Class I shares of the Funds 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 a Fund receives your request in good order.

**Class Y Shares.** 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, and to employee benefit plans sponsored by the Adviser. Your share price will be the next NAV calculated after a Fund receives your request in good order.

**Distribution and Shareholder Servicing Plan – Class J Shares**

Each Fund has implemented a Distribution and Shareholder Servicing Plan (the "12b-1 Plan") in accordance with Rule 12b-1 of the 1940 Act. The 12b-1 Plan allows the Funds to pay Rule 12b-1 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 0.25% per year of a 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 a Fund's assets on an on-going 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 substantial payments from its own resources, which include the investment advisory fees received from the Funds and other clients, 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 a 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 a Fund's Class J shares. The fee rates charged by these financial intermediaries vary. The 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 a 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 intermediary for its services to the Funds, or other payments it receives for providing Fund marketing support, are higher than those paid by other mutual funds, it may create an incentive for the financial intermediary and its financial professionals to sell the Funds rather than other mutual funds or to sell Class J shares over other share classes of the Funds for which the intermediary does not receive payment or receives a lower amount.

**Shareholder Servicing Plan – Class I Shares**

Each Fund has implemented a Shareholder Servicing Plan (the "Shareholder Servicing Plan") on behalf of its Class I shares that allows the Funds to make payments to financial intermediaries and other service providers for Class I shareholders in return for shareholder servicing and maintenance of a Fund's Class I shareholder accounts. These shareholder servicing and maintenance fees may not exceed 0.10% per year of a Fund's average daily net assets for Class I shares and may not be used to pay for any services

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| **22** | **Jensen Funds** | **Prospectus** |

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in connection with the distribution and sale of Class I shares. Currently, the shareholder servicing fee being charged for each Fund is 0.02% of the Fund's average daily net assets for Class I shares; however, the fee may be increased to 0.10% of the Fund's average daily net assets for Class I shares at any time.

In addition, the Adviser may make payments from its own resources, which include the investment advisory fees received from the Funds and other clients, to compensate any financial intermediaries and other service providers that provide shareholder servicing and account maintenance to a Fund's Class I shares and charge a higher fee than the 0.10% paid by the Class I shares under the Shareholder Servicing Plan. Any portion of these fees in excess of 0.10% is paid by the Adviser and not by a Fund's Class I shares. The fee rates charged by these financial intermediaries vary. The 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 a Fund's Class I shares and other mutual funds. These payments made by the Funds 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 may have an incentive to sell the Funds 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 Funds or which the intermediary does not receive payment or receives a lower amount.

**Pricing of Fund Shares**

The price of each class of Fund shares is its 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. Your purchase and redemption requests are priced at the next NAV calculated after receipt of a properly completed purchase or redemption order. If the NYSE closes early, each Fund will calculate its NAV at the closing time on that day. If an emergency exists as permitted by the SEC, the NAV may be calculated at a different time. The NAV for each class is calculated by dividing the total value of each 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 a Fund's share classes, the NAVs of the different classes of a Fund may vary.

Each equity security owned by a Fund that is listed on a national securities exchange, except for portfolio securities listed on NASDAQ, is valued at its last sale price on that exchange on the date as of which assets are valued.

If a security is listed on more than one exchange, the Funds will use the price on the exchange that the Funds generally consider to be the principal exchange on which the security is traded. Portfolio securities listed on NASDAQ will be valued at the NASDAQ Official Closing Price, which may not necessarily represent the last sale price. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the mean between the most recent

quoted bid and asked prices at the close of the exchange on such day or the security shall be valued at the latest sales price on the "composite market" for the day such security is being valued. The composite market is defined as a consolidation of the trade information provided by national securities and foreign exchanges and over-the-counter markets as published by an approved independent pricing service (a "Pricing Service").

Foreign securities will be priced in their local currencies as of the close of their primary exchange or market or as of the close of the NYSE, generally 4:00 p.m. Eastern Time, whichever is earlier. Foreign securities, currencies and other assets denominated in foreign currencies are then translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar using the applicable currency exchange rates as of the close of the NYSE, generally 4:00 p.m. Eastern Time. The Global Quality Growth Fund invests in securities that trade on exchanges that are open on days when the Fund is not priced, which may cause the Fund's NAV to change during times when the Fund is not available for purchase or sale.

Debt securities, including short-term debt instruments having a maturity of 60 days or less, are valued at the mean in accordance with prices supplied by a Pricing Service. Pricing Services may use various valuation methodologies such as the mean between the bid and ask prices, matrix pricing or other analytical pricing models as well as market transactions and dealer quotations. When the price of a debt security is not available from a Pricing Service, the most recent quotation obtained from one or more broker-dealers known to follow the issue will be obtained. Quotations will be valued at the mean between the bid and the offer. Any discount or premium is accreted or amortized using the "constant yield" method until maturity.

Money market funds, demand notes and repurchase agreements are valued at cost. If cost does not represent current market value, the securities will be priced at fair value.

The market value of the securities in a Fund's portfolio changes daily and the NAV of each class of Fund shares changes accordingly. The NAV will not be calculated on days that the NYSE is closed for trading.

**Fair Value Pricing**

If market quotations are not readily available, a security or other asset will be valued at its fair value in accordance with Rule 2a-5 under the 1940 Act as determined under the Adviser's fair value pricing procedures subject to oversight by the Board of Trustees. 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 Funds are accurately priced. The Adviser will regularly evaluate whether the Funds' fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Funds and the quality of prices obtained.

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| **Prospectus** | **Jensen Funds** | **23** |

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The Quality Mid Cap Fund normally invests in common stock of domestic issuers listed on U.S. stock exchanges, including the NYSE or the NASDAQ, the majority of which are small- and mid-capitalization, liquid securities. The Global Quality Growth Fund invests in common stock of domestic issuers listed on U.S. stock exchanges, including the NYSE or the NASDAQ, the 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 which utilize fair value pricing when reliable market quotations are not readily available or the Funds' 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.

The Global Quality Growth Fund also invests in common stock of foreign issuers listed on U.S. and foreign exchanges, the majority of which are large-capitalization, highly liquid securities. The occurrence of certain events after the close of foreign markets, but prior to the time the Global Quality Growth Fund's NAV is calculated (such as a significant surge or decline in the U.S. or foreign markets) often will result in an adjustment to the trading prices of foreign securities when foreign markets open on the following business day. In the absence of a price or the occurrence of events that occur after a foreign exchange closes that affect the value of a foreign security held by the Global Quality Growth Fund, the security will be valued at fair value. In such cases, use of fair valuation can reduce an investor's ability to seek profit by estimating the Global Quality Growth Fund's NAV in advance of the time the NAV is calculated.

Valuing securities at fair value involves reliance on judgment. 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 a 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 Funds' shares.

**How to Purchase Shares**

Shares of the Funds 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 a Fund receives your request in good order. Forms are available by request and at www.jenseninvestment.com.

In compliance with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the "USA PATRIOT Act"), U.S. Bancorp Fund Services, LLC, the Funds' transfer agent (the "Transfer Agent"), will verify certain information on your account application as part of the Funds' anti-money laundering program. As requested on the application, you must supply your full name, date of birth, social security number and permanent street address. If you are opening the account in the name of a legal entity (*e.g.*, partnership, limited liability company, business trust, corporation, etc.), you must also supply the identity of the beneficial owners. Mailing addresses containing only a P.O. Box will not be accepted. Please contact the Transfer Agent at 800-992-4144 if you need additional assistance when completing your account application.

If we cannot confirm your identity through reasonable means, your account will be rejected or you will not be allowed to perform a transaction on the account until such information is received. In the rare event that we are unable to verify your identity, the Funds reserve the right to redeem your account at the current day's net asset value.

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

+&nbsp;&nbsp;&nbsp;&nbsp;The *name* of the Fund and class of shares you are investing in;

+&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 "Jensen Quality Mid Cap Fund" or "Jensen Global Quality Growth Fund."

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

**Share Classes and Minimum Investments**

Class J shares are available to retail investors and assessed a combined distribution and shareholder servicing fee of 0.25% per year of a Fund's average daily net assets for Class J shares. Class I shares are available to institutions and individuals willing to make a significant initial investment. Class I shares are assessed a shareholder servicing fee not to exceed 0.10% per year of a Fund's average daily net assets for Class I shares. Currently, the shareholder servicing fee being charged is 0.02% of a Fund's average daily net assets for Class I shares; however, the fee may be increased to 0.10% of a Fund's average net assets attributable to the Class I shares at any time. Class I shares are not subject to any distribution fees. 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, and to employee benefit plans sponsored by the Adviser. Class Y shares are not subject to any distribution or shareholder servicing fees.

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

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| **24** | **Jensen Funds** | **Prospectus** |

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| | Initial Investment | Additional Investment |
| Class J | $2500 | $100 |
| Class I | $250000 | $100 |
| Class Y | $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 a 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(s).

Current and former employees of the Adviser and their spouses (including domestic partners) and children, as well as employee benefit plans sponsored by the Adviser, 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 Funds reserve 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 also purchase shares of the Funds through a third-party financial intermediary, such as a broker-dealer, financial institution or other financial service firm. When you purchase shares of the Funds 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 Funds directly. The Funds 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 Funds. The Funds 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 Funds prior to the Funds' 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 Funds, contact your financial intermediary directly.

The price per share you will receive will be the NAV next computed after your request is received in good order by an Authorized Intermediary (or its authorized designee).

If you intend to invest in the Funds 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 Funds or the Adviser.

**Buying Shares by Mail**

Complete an application and send it, with a check for at least the minimum amount made payable to the applicable Fund, to one of the addresses below. 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 the Transfer Agent. If you do not have the Invest by Mail form, include the applicable Fund name and your name, address, and account number on a separate piece of paper and mail it with your check made payable to the Fund to:

**By Mail:**

[Name of Fund]

c/o U.S. Bank Global Fund Services

PO Box 219252

Kansas City, MO 64121-9252

**By Overnight or Express Mail:**

[Name of Fund]

c/o U.S. Bank Global Fund Services

801 Pennsylvania Ave, Suite 219252

Kansas City, MO 64105-1307

The Funds do 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 the Transfer Agent's post office box, of purchase orders or redemption requests does not constitute receipt by the Transfer Agent. Receipt of purchase orders or redemption requests is based on when the order is received at the Transfer Agent's offices.

The Funds will not accept payment in cash or money orders. To prevent check fraud, the Funds will not accept third-party checks, Treasury checks, credit card checks, traveler's checks or starter checks for the purchase of shares. The Funds are 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: The Transfer Agent will charge your account a $25 fee for any payment returned. In addition, you will be responsible for any losses suffered by the Funds as a result.**

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| **Prospectus** | **Jensen Funds** | **25** |

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**Buying Shares by Wire**

If you are making an initial investment in the Funds by wire transfer, please contact the Funds 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 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 may call the Transfer Agent 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 Funds 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 the Transfer Agent at 800-992-4144 prior to sending your wire. This will alert the Funds 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. Bancorp Fund Services, LLC

Account Number: 112-952-137

Further credit to: [Name of Fund]

&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 Funds, in amounts of $100 or more, by calling the Transfer Agent toll free at 800-992-4144. You must also have submitted a voided check or a savings deposit slip to have banking information established on your account. If your account has been open for at least 7 business days, this option allows you to move money from your bank account to a Fund account upon request. Only bank accounts held at domestic financial institutions 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 by the Transfer Agent or an Authorized Intermediary prior to the close of the NYSE (generally 4:00 p.m., Eastern Time). If your payment is rejected by your bank, the Transfer Agent will charge your account a $25 fee. In addition to the fee, you will also be responsible for any resulting loss incurred by the Funds.

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

You may purchase Class J 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 Class J shares.

+&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 the Transfer Agent five days prior to the effective date of the request. The Transfer Agent will charge your account a $25 fee for any ACH payment that is not honored.

**Anti-Money Laundering Program**

The Trust has established an Anti-Money Laundering Compliance 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).

If you are opening an account in the name of a legal entity (*e.g.*, a partnership, limited liability company, business trust, corporation, etc.), you must also supply the identity of the beneficial owners of the legal entity. Accounts opened by entities, such as corporations, limited liability companies, partnerships or trusts, will require additional documentation. 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, the Transfer Agent will verify the information on your application. The Funds reserve the right to request additional clarifying information and may close your account if such clarifying information is not received by the Funds within a reasonable time of the request or if the Funds cannot 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 Funds reserve the right to redeem your account at the current day's net asset value. If you require additional assistance when completing your application, please contact the Transfer Agent at 800-992-4144.

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| **26** | **Jensen Funds** | **Prospectus** |

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**Choosing a Distribution Option**

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

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

2. You may elect to receive net investment income distributions and net capital gains distributions in cash.

3. You may elect to receive net investment income distributions in cash and to reinvest net capital gains distributions in additional shares of the Funds.

4. You may elect to invest net investment income distributions in additional shares of the Funds and receive net capital gains distributions in cash.

If you elect to receive distributions by check and the post office cannot deliver such check, or if such check remains uncashed for six months, the Funds reserve the right to reinvest the distribution check in your account at the Funds then current NAV per share and to reinvest all subsequent distributions in shares of the Funds until an updated address is received. You may change your election at any time. Your request for a change must be received by the Transfer Agent in writing or by telephone at least five (5) days prior to the record date for the distribution for which a change is requested.

**Retirement Plans**

Tax-deferred retirement plans including IRAs, Keogh plan accounts, SEP accounts and other ERISA-qualified plans may invest in the Funds, subject to the other requirements of the Funds. If a plan has already been established with a custodian or trustee, the plan may purchase shares of the Funds 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 IRA naming the Transfer Agent as custodian, please call our shareholder services at 800-992-4144 for information and forms.

**Additional Purchase Information**

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

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

**Stock Certificates**

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

**Exchanging Shares**

You may exchange all or a portion of your investment from a 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 fund is considered to be a sale of shares for federal income tax purposes which may result in the recognition of a taxable gain or loss. Call the Funds (toll-free) at 800-992-4144 to learn more about exchanges.

**The Funds and the Transfer Agent are available to assist you in opening accounts and when purchasing, exchanging or redeeming shares.**

**Share Class Conversions**

Shareholders of Class J shares may be or become eligible to invest in Class I shares or Class Y shares of the Funds. Holders of Class I shares may be or become eligible to invest in Class Y shares of the Funds. 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 NAVs of the share classes.

Investors who hold Class I shares of a 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 same 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.

A share conversion from one class of shares of a Fund to a different class of the same Fund will generally not result in the recognition of a capital gain or loss for federal income tax purposes.

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| **Prospectus** | **Jensen Funds** | **27** |

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**Closure of a Fund**

The Board of Trustees retains the right to close a Fund (or partially close a Fund) to new purchases if it is determined to be in the best interest of Fund shareholders. Based on market and Fund conditions, the Adviser may recommend to the Board of Trustees that a Fund be closed to new investors, all investors or certain classes of investors (such as fund supermarkets) at any time. If a Fund is closed to new purchases it will continue to honor redemption requests, unless the right to redeem Fund shares has been temporarily suspended as permitted by federal law.

**Householding**

In an effort to decrease costs, the Funds have reduced the number of duplicate prospectuses, supplements and certain other shareholder documents you receive and sends only one copy of each of these documents 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 Funds 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 Funds maintain a correct address for each shareholder. An incorrect address may cause a shareholder's account statements and other mailings to be returned to the Funds. Based upon statutory requirements for returned mail, the Funds will attempt to locate the shareholder or rightful owner of the account. If the Funds are unable to locate the shareholder, then they 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 Funds are 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 the Transfer Agent 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 the Transfer Agent if you wish to complete a Texas Designation of Representative form.

**How to Redeem Shares**

You may redeem Fund shares on any business day the NYSE is open. Shares of the Funds are redeemed at the next NAV calculated after a 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:**

[Name of Fund]

c/o U.S. Bank Global Fund Services

PO Box 219252

Kansas City, MO 64121-9252

**By Overnight or Express Mail:**

[Name of Fund]

c/o U.S. Bank Global Fund Services

801 Pennsylvania Ave, Suite 219252

Kansas City, MO 64105-1307

The Funds and the Transfer Agent do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services, or receipt at the Transfer Agent's post office box, of purchase orders or redemption requests does not constitute receipt by the Transfer Agent. Receipt of purchase orders or redemption requests is based on when the order is received at the Transfer Agent's 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 Funds at their corporate address, it will be forwarded to the Transfer Agent, 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 the Transfer Agent is considered to be in "good order" if the following information is included:

+&nbsp;&nbsp;&nbsp;&nbsp;The *name* of the shareholder;

+&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 "Signature Guarantee" below).

The Funds reserve the right to change the requirements of "good order." Shareholders will be given advance notice if the requirements of "good order" change. For information about your financial intermediary's requirements for 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 the Transfer Agent if your account is registered in one of these categories.

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| **28** | **Jensen Funds** | **Prospectus** |

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You may receive proceeds of your sale by a check sent to the address of record, electronically via the ACH network using the previously established bank instructions or via federal wire transfer to your pre-established bank account. The Funds typically expect that it will 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 wires are subject to a $15 fee. There is no charge to have proceeds sent via ACH; however, funds are typically credited to your bank within two to three business days after redemption. Proceeds will be processed within seven calendar days after a 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 Funds typically expect they will hold cash or cash equivalents to meet redemption requests. A 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 during periods of stressed market conditions.

**Redemptions In-Kind**

The Funds generally pay redemption proceeds in cash. However, the Trust has filed a notice of election under Rule 18f-1 under the 1940 Act with the SEC, under which the Trust has reserved the right to satisfy redemption requests in-kind under certain circumstances, meaning that redemption proceeds are paid in liquid securities with a market value equal to the redemption price. If a Fund pays your redemption proceeds by a distribution of securities, you could incur brokerage or other charges when converting the securities to cash. These 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 made in cash. In addition, sales of such in-kind securities may generate taxable gains. Any redemptions in-kind are generally paid using a pro-rata portion of all liquid securities held by a Fund.

Redemptions in-kind are typically used to meet redemption requests that represent a large percentage of a Fund's net assets in order to minimize the effect of large redemptions on the Fund and its remaining shareholders. Redemptions in-kind may also be used during periods of stressed market conditions. The Funds have in place a line of credit that may be used to meet redemption requests during periods of stressed market conditions.

The Jensen Quality Mid Cap Fund expects to redeem shares in-kind when it participates in the Liquidity Program described in this Prospectus.

**IRA Redemption**

If you hold your Fund shares through an IRA, 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 redemption.

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 the Transfer Agent 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.

Neither the Funds nor any of their service providers will be liable for any loss or expense in acting upon instructions that are reasonably believed to be genuine, subject to applicable law. To confirm that all telephone instructions are genuine, the Funds 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 redemptions must be received by or prior to the close of the NYSE (generally 4:00 p.m., Eastern time). During periods of high market activity, shareholders may encounter higher than usual call waits. Please allow sufficient time to place your telephone redemption. Once a telephone redemption 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 Funds will accept telephone instructions from any one owner or authorized person. Telephone redemptions will not be made if you have notified the Transfer Agent of a change of address within 15 calendar days before the redemption request.

**Systematic Withdrawal Program**

The Funds offer 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 the SWP, 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 Funds at any time. Any request to change or terminate your SWP should be communicated in writing or by telephone to the Transfer Agent no later than five days before the next scheduled withdrawal. A

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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 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**

The Transfer Agent 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;When a redemption request is received by the Transfer Agent and the account address has changed within the last 15 calendar days;

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

The Funds reserve 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 STAMP but not from a notary public.

**Redemption Price and Payment for Fund Shares**

Redemption requests are processed at the NAV next computed after the Transfer Agent or other authorized agent receives a redemption request in good order (as defined above). If your redemption request is received by the Transfer Agent or other authorized agent in good order before the close of regular trading hours on the NYSE (generally 4:00 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 to three business days, but no later than the seventh day after your redemption request is received in good order by the Transfer Agent. However, if any portion of the shares to be redeemed represents an investment made by check or electronic funds transfer through the ACH network, a Fund may delay the payment of the redemption proceeds until the Transfer Agent 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 a Fund by wire transfer. The Funds 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 Funds may be required to withhold federal income tax (backup withholding) from distribution payments and redemption proceeds if you do not provide a Fund with a correct social security or other taxpayer identification number and certain certifications or the Internal Revenue Service ("IRS") notifies the Funds that you are subject to backup withholding. See "Distributions and Taxes" in this Prospectus for more information. Securities received 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 made in cash. In addition, sales of such securities received in-kind may generate taxable gains.

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 two business days. Redemption payments sent by wire transfer must be at least $1,000, and the Funds' Transfer Agent currently charges $15 for each wire transfer which, for financial intermediaries, may be paid for by the Funds. 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 Funds**

In addition, the Funds may institute a policy whereby they automatically redeem 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 Funds 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 Funds have not instituted such a policy. However, the Trust's Declaration of Trust authorizes the Board of Trustees to institute such a policy if the board determines that such a policy is in the best interests of a Fund and its shareholders. A redemption by a Fund may result in the recognition of a taxable capital gain or loss for federal income tax purposes.

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| **30** | **Jensen Funds** | **Prospectus** |

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**Financial Intermediaries**

You may also redeem your shares of the Funds 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 Funds. If you purchased your shares of the Funds through a financial intermediary, your redemption order must be placed through the same financial intermediary. The Funds 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 Funds.

**Market Timing**

The Funds are designed for long-term investors. Investors who engage in frequent purchases and redemptions of Fund shares, referred to as "market timing," may dilute the value of Fund shares, interfere with the efficient management of a Fund's portfolio and increase a Fund's brokerage and administrative costs. The Board of Trustees has adopted a policy regarding such market timing. The Quality Mid Cap 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. The Global Quality Growth Fund believes that its investment strategy is not attractive to market timing investors because the Fund's investments are primarily large capitalization "blue chip" companies that have historically exhibited a relatively low level of the short-term volatility usually sought by market-timing investors. As a result, the Funds do not currently impose any trading restrictions or redemption fees on Fund shareholders.

Short-term trading by the Liquidity Program in shares of the Quality Mid Cap Fund, as discussed in this Prospectus, is permitted.

However, in most cases, neither Fund will make any exceptions to their short-term trading policy, nor grant permission to any third-party to engage in short-term trading within the Funds.

**Additional Redemption Information**

Neither the Funds, the Adviser nor the Transfer Agent will be liable for any loss, cost or expense of acting on written instructions believed by the party receiving the instructions to be genuine and in accordance with the procedures described in this Prospectus.

**General Transaction Policies**

The Funds reserve 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 a Fund's minimum for the applicable class of shares. If, within 60 days of a Fund's written request, you have not increased your account balance, you may be required to redeem your shares. The Funds 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 Funds.

+&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 Funds. 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.

**Distribution and Servicing of Shares**

**Distributor**

The Trust has entered into a Distribution Agreement (the "Distribution Agreement") with Quasar Distributors, LLC (the "Distributor"), a wholly-owned subsidiary of Foreside Financial Group, LLC d/b/a ACA Foreside, located at 190 Middle Street, Suite 301, Portland, Maine 04101, pursuant to which the Distributor acts as the Funds' principal underwriter, provides certain administration services and promotes and arranges for the sale of the Funds' shares. The offering of the Funds' shares is continuous, and the Distributor distributes the Funds' shares on a best efforts basis. The Distributor is not obligated to sell any certain number of shares of the Funds. The Distributor is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc.

**Sub-Transfer Agency Fees – Class J Shares**

The Funds' Class J shares may make payments to certain financial intermediaries who have chosen to maintain an "omnibus account" with a Fund, which is a single account in a 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 a Fund via these omnibus accounts. If made, these payments by a Fund, commonly known as "sub-transfer agency fees," to such financial intermediaries for the shareholder recordkeeping and servicing they provide to their individual customers who are indirect Fund shareholders will approximate the fees that would be paid by a Fund to its Transfer Agent for maintaining and servicing these accounts if the financial intermediaries' customers were instead direct shareholders of the Fund.

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| | | |
|:---|:---|:---|
| **Prospectus** | **Jensen Funds** | **31** |

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**Distributions and Taxes**

**Distributions**

The Funds declare and make distributions from their investment company taxable income (which includes, but is not limited to, dividends, interest, net short-term capital gain and net foreign currency gain) on a quarterly basis and declare and distribute any net capital gain (the excess of net long-term capital gain over net short-term capital loss) realized by the Funds at least on an annual basis. These distributions are paid in additional Fund shares unless the shareholder elects in writing or by telephone to receive distributions in cash as described above in "How to Purchase Shares – Choosing a Distribution Option."

If you elect to receive distributions of investment company taxable income and/or net capital gain paid in cash and the U.S. Postal Service is unable to deliver the check or the check remains outstanding for six months, the Funds reserve the right to reinvest the check in your account at a Fund's then-current NAV per share and reinvest all subsequent distributions in Fund shares.

The Funds will notify you following the end of each calendar year of the amounts of investment company taxable income and net capital gain distributions paid (or deemed paid) for the year.

**Federal Income Tax Consequences**

Changes in income tax laws, potentially with retroactive effect, could impact the Funds' investments or the tax consequences to you of investing in the Funds. Some of the changes could affect the timing, amount and tax treatment of each Fund's distributions made to shareholders. Please consult your tax adviser before investing.

Each Fund intends to qualify at all times and elect to be taxed as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"). By qualifying and electing to be taxed as a RIC and satisfying certain other requirements, a Fund will not be subject to federal income or excise taxes to the extent a Fund distributes sufficient amounts of its investment company taxable income and net capital gain to its shareholders.

The taxation of distributions from the Funds is the same whether such distributions are paid in cash or in additional Fund shares. Distributions are generally taxable when received. However, distributions declared in October, November, or December to shareholders of record and paid in January of the following year are taxable as if received on December 31.

For federal income tax purposes, distributions of investment company taxable income (which includes, but is not limited to, interest, dividends, net short-term capital gain and net gain from foreign currency transactions) are generally taxable to a Fund's shareholders as ordinary income. For non-corporate shareholders, to the extent that distributions of investment company taxable income are

attributable to and reported as "qualified dividend" income, such income is currently taxable at long-term capital gain rates, if the shareholder meets certain holding period requirements with respect to its shares. For corporate shareholders, a portion of a Fund's distributions of investment company taxable income may qualify for the dividends-received deduction to the extent a Fund receives dividends directly or indirectly from U.S. corporations, reports the amount distributed as eligible for the deduction and the corporate shareholder meets certain holding period requirements with respect to its shares. To the extent that the Funds' distributions of investment company taxable income are attributable to net short-term capital gain, such distributions will be treated as ordinary income and generally cannot be offset by a shareholder's capital losses from other investments.

Distributions of a Fund's net capital gain (net long-term capital gain less net short-term capital loss) are generally taxable to such Fund's shareholders 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.

Shareholders who sell, exchange, or redeem shares generally will have a capital gain or loss from the sale, exchange, or redemption. The amount of the gain or loss and the applicable rate of tax will depend upon the amount paid for the shares, the amount received from the sale, exchange, or redemption (including redemptions in kind), and how long the shares were held by a shareholder. Gain or loss realized upon a sale, exchange, or redemption of Fund shares will generally be treated as a long-term capital gain or loss if the shares have been held for more than one year and as a short-term capital gain or loss if the shares have been held for one year or less. Any loss arising from the sale, exchange, or redemption of shares held for six months or less, however, is treated as a long-term capital loss to the extent of any distributions of net capital gain received or deemed to be received with respect to such shares. In determining the holding period of such shares for this purpose, any period during which your risk of loss is offset by means of options, short sales, or similar transactions is not counted. If you purchase a Fund's shares (through reinvestment of distributions or otherwise) within 30 days before or after selling, exchanging, or redeeming shares of the same Fund at a loss, all or part of that loss will not be deductible and will instead increase the basis of the new shares to preserve the loss until a future sale, exchange, or redemption.

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| | | |
|:---|:---|:---|
| **32** | **Jensen Funds** | **Prospectus** |

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Federal law requires the Funds to withhold a percentage of all distributions and redemption proceeds paid to shareholders that have not provided the Funds with their correct Social Security number or other taxpayer identification number or certified to the Funds that backup 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 taxpayer identification number provided is correct and that the prospective shareholder is not subject to backup withholding for previous under-reporting of income to the IRS. The Funds generally do not accept an application to open an account that does not comply with these requirements.

In general, qualified REIT dividends that an investor receives directly from a REIT are automatically eligible for the 20% qualified business income deduction. The IRS has issued final Treasury Regulations that permit a dividend or part of a dividend paid by a RIC and reported as a "section 199A dividend" to be treated by the recipient as a qualified REIT dividend for purposes of the 20% qualified business income deduction, if certain holding period and other requirements have been satisfied by the recipient with respect to its Fund shares. The final Treasury Regulations do not extend such conduit treatment to qualified publicly traded partnership income, as defined under Section 199A of the Code, earned by a RIC. Therefore, non-corporate shareholders may not include any qualified publicly traded partnership income earned through a Fund in their qualified business income deduction. The IRS and Treasury Department may be continuing to evaluate whether it is appropriate to provide such conduit treatment.

In addition to the federal income tax, certain individuals, trusts and estates may be subject to a net investment income ("NII") tax of 3.8%. The NII tax is imposed on the lesser of: (i) a taxpayer's investment income, net of deductions properly allocable to such income; or (ii) the amount by which such 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). A Fund's distributions are includable in a shareholder's investment income for purposes of this NII tax. In addition, any capital gain realized by a shareholder upon a sale, exchange or redemption of Fund shares is includable in such shareholder's investment income for purposes of this NII tax.

The Funds are required to report to certain shareholders and the IRS the cost basis of Fund shares acquired on or after January 1, 2012 when those shareholders subsequently sell, exchange or redeem those shares. The Funds will determine the cost basis of such shares 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 Funds for the preceding year will be annually reported to shareholders. 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 Funds 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 Funds.

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

**Confirmation and Statements**

The Transfer Agent 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 the Transfer Agent to confirm your order. The Transfer Agent 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 Funds' audited annual report and unaudited semi-annual report are available by contacting 1-800-992-4144, by sending an e-mail request to funds@jenseninvestment.com and on the Funds' website at www.jenseninvestment.com. Each of these reports includes a statement listing the Fund's portfolio securities.

**Disclosure of Portfolio Holdings Information**

The Funds' 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 holdings report on Part F of Form N-PORT. The Funds also disclose their portfolio holdings as of each calendar quarter end on their 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. Portfolio holdings information posted on the Funds' website may be separately provided to any person commencing the day after it is first published on the website. A further description of the Funds' policies and procedures with respect to the disclosure of each Fund's portfolio securities is available in the SAI.

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| | | |
|:---|:---|:---|
| **Prospectus** | **Jensen Funds** | **33** |

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**Shareholder Inquiries**

Shareholder inquiries are answered promptly. Any inquiries you have should be addressed to c/o U.S. Bank Global Fund Services, PO 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) or via telephone 800-992-4144.

In addition, you may review your account information 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/jen

sen/index directly.

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|:---|:---|:---|
| **34** | **Jensen Funds** | **Prospectus** |

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**Financial Highlights**

The following financial highlights tables show the financial performance of the Quality Mid Cap Fund's Class J, Class I and Class Y shares for fiscal years ended May 31, 2021, 2022, 2023, 2024 and 2025. The following financial highlights tables show the financial performance of the Global Quality Growth Fund's Class J, Class I and Class Y shares for the fiscal years ended May 31, 2021, 2022, 2023, 2024, and 2025. Certain information reflects financial results for a single Fund share. The total returns in the tables represent the rate that you would have earned or lost on an investment in a Fund (assuming you reinvested all distributions). This information has been audited by Cohen & Company, Ltd., the independent registered public accounting firm of the Funds, whose report, along with the Funds' financial statements, are included in the Funds' 2025 <u>[Annual Report to Shareholders](https://www.sec.gov/ix?doc=/Archives/edgar/data/1141819/000113322825008161/jt-efp16519_ncsr.htm)</u>, which is available free of charge upon request.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Jensen Quality Mid Cap Fund - Class J** | **Jensen Quality Mid Cap Fund - Class J** | **Jensen Quality Mid Cap Fund - Class J** | **Jensen Quality Mid Cap Fund - Class J** | **Jensen Quality Mid Cap Fund - Class J** | **Jensen Quality Mid Cap Fund - Class J** |
| | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $19.01 | $15.89 | $15.85 | $17.47 | $12.17 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> | 0.07 | 0.06 | 0.08 | 0.05 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.60 | 3.13 | 0.40 | (1.21) | 5.43 |
| &nbsp;&nbsp;&nbsp;**Total from investment operations** | 0.67 | 3.19 | 0.48 | (1.16) | 5.49 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.06) | (0.07) | (0.06) | (0.04) | (0.06) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gain on investments | (1.10) | – | (0.38) | (0.42) | (0.13) |
| &nbsp;&nbsp;&nbsp;**Total distributions** | (1.16) | (0.07) | (0.44) | (0.46) | (0.19) |
| **Net asset value, end of year** | $18.52 | $19.01 | $15.89 | $15.85 | $17.47 |
| Total return | 3.16% | 20.14% | 3.12% | (6.98)% | 45.37% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000's) | $27898 | $30191 | $28366 | $38942 | $37105 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before waivers and reimbursements of expenses | 1.11% | 1.08% | 1.10% | 1.11% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After waivers and reimbursements of expenses | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before waivers and reimbursements of expenses | 0.30% | 0.32% | 0.47% | 0.25% | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After waivers and reimbursements of expenses | 0.36% | 0.35% | 0.52% | 0.31% | 0.38% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 24.87% | 24.92% | 15.57% | 17.78% | 18.15% |

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&nbsp;&nbsp;&nbsp;&nbsp;(1)Per share amounts are calculated using the average shares outstanding method.

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| | | |
|:---|:---|:---|
| **Prospectus** | **Jensen Funds** | **35** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
| **Jensen Quality Mid Cap Fund - Class I**<br> | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $18.98 | $15.86 | $15.81 | $17.43 | $12.13 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> | 0.11 | 0.10 | 0.12 | 0.09 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.60 | 3.13 | 0.40 | (1.21) | 5.42 |
| &nbsp;&nbsp;&nbsp;**Total from investment operations** | 0.71 | 3.23 | 0.52 | (1.12) | 5.51 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.11) | (0.11) | (0.09) | (0.08) | (0.08) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gain on investments | (1.10) | – | (0.38) | (0.42) | (0.13) |
| &nbsp;&nbsp;&nbsp;**Total distributions** | (1.21) | (0.11) | (0.47) | (0.50) | (0.21) |
| **Net asset value, end of year** | $18.48 | $18.98 | $15.86 | $15.81 | $17.43 |
| Total return | 3.35% | 20.45% | 3.38% | -6.79% | 45.80% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000's) | $54679 | $94339 | $93813 | $104867 | $44113 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before waivers and reimbursements of expenses | 0.88% | 0.85% | 0.87% | 0.88% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After waivers and reimbursements of expenses | 0.82% | 0.82% | 0.82% | 0.82% | 0.82% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before waivers and reimbursements of expenses | 0.53% | 0.54% | 0.70% | 0.50% | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After waivers and reimbursements of expenses | 0.59% | 0.57% | 0.75% | 0.56% | 0.60% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 24.87% | 24.92% | 15.57% | 0.18% | 18.15% |

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&nbsp;&nbsp;&nbsp;&nbsp;(1)Per share amounts are calculated using the average shares outstanding method.

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| | | |
|:---|:---|:---|
| **36** | **Jensen Funds** | **Prospectus** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Jensen Quality Mid Cap Fund - Class Y** | **Jensen Quality Mid Cap Fund - Class Y** | **Jensen Quality Mid Cap Fund - Class Y** | **Jensen Quality Mid Cap Fund - Class Y** | **Jensen Quality Mid Cap Fund - Class Y** | **Jensen Quality Mid Cap Fund - Class Y** |
| | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $18.93 | $15.82 | $15.78 | $17.39 | $12.11 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> | 0.12 | 0.11 | 0.12 | 0.09 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.60 | 3.12 | 0.39 | (1.20) | 5.40 |
| &nbsp;&nbsp;&nbsp;**Total from investment operations** | 0.72 | 3.23 | 0.51 | (1.11) | 5.50 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.11) | (0.12) | (0.09) | (0.08) | (0.09) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gain on investments | (1.10) | – | (0.38) | (0.42) | (0.13) |
| &nbsp;&nbsp;&nbsp;**Total distributions** | (1.21) | (0.12) | (0.47) | (0.50) | (0.22) |
| **Net asset value, end of year** | $18.44 | $18.93 | $15.82 | $15.78 | $17.39 |
| Total return | 3.43% | 20.46% | 3.34% | -6.73% | 45.72% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000's) | $71335 | $72033 | $55126 | $57196 | $50693 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before waivers and reimbursements of expenses | 0.86% | 0.83% | 0.85% | 0.86% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After waivers and reimbursements of expenses | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before waivers and reimbursements of expenses | 0.55% | 0.56% | 0.73% | 0.50% | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After waivers and reimbursements of expenses | 0.61% | 0.59% | 0.78% | 0.56% | 0.65% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 24.87% | 24.92% | 15.57% | 17.78% | 18.15% |

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&nbsp;&nbsp;&nbsp;&nbsp;(1)Per share amounts are calculated using the average shares outstanding method.

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| | | |
|:---|:---|:---|
| **Prospectus** | **Jensen Funds** | **37** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Jensen Global Quality Growth Fund - Class J** | **Jensen Global Quality Growth Fund - Class J** | **Jensen Global Quality Growth Fund - Class J** | **Jensen Global Quality Growth Fund - Class J** | **Jensen Global Quality Growth Fund - Class J** | **Jensen Global Quality Growth Fund - Class J** |
| | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $15.95 | $14.40 | $13.73 | $14.20 | $10.81 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> | 0.00<sup>(2)</sup> | 0.04 | 0.05 | 0.05 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.72 | 1.55 | 0.66 | (0.48) | 3.38 |
| &nbsp;&nbsp;&nbsp;**Total from investment operations** | 1.72 | 1.59 | 0.71 | (0.43) | 3.44 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.02) | (0.04) | (0.04) | (0.04) | (0.05) |
| &nbsp;&nbsp;&nbsp;**Total distributions** | (0.02) | (0.04) | (0.04) | (0.04) | (0.05) |
| **Net asset value, end of year** | $17.65 | $15.95 | $14.40 | $13.73 | $14.20 |
| Total return | 10.77% | 11.09% | 5.23% | -3.02% | 31.94% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000's) | $2476 | $2482 | $2526 | $2145 | $1700 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before waivers and reimbursements of expenses | 1.47% | 1.52% | 1.61% | 1.64% | 2.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After waivers and reimbursements of expenses | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before waivers and reimbursements of expenses | (0.20)% | 0.04% | 0.02% | (0.06)% | (0.92)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After waivers and reimbursements of expenses | 0.02% | 0.31% | 0.38% | 0.33% | 0.51% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 22.56% | 11.76% | 16.82% | 3.04% | 4.05% |

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&nbsp;&nbsp;&nbsp;&nbsp;(1)Per share amounts are calculated using the average shares outstanding method.

&nbsp;&nbsp;&nbsp;&nbsp;(2)Amount is less than 0.005.

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| | | |
|:---|:---|:---|
| **38** | **Jensen Funds** | **Prospectus** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Jensen Global Quality Growth Fund - Class I** | **Jensen Global Quality Growth Fund - Class I** | **Jensen Global Quality Growth Fund - Class I** | **Jensen Global Quality Growth Fund - Class I** | **Jensen Global Quality Growth Fund - Class I** | **Jensen Global Quality Growth Fund - Class I** |
| | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $15.95 | $14.40 | $13.75 | $14.21 | $10.81 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> | 0.04 | 0.08 | 0.08 | 0.09 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.73 | 1.55 | 0.65 | (0.48) | 3.37 |
| &nbsp;&nbsp;&nbsp;**Total from investment operations** | 1.77 | 1.63 | 0.73 | (0.39) | 3.48 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.05) | (0.08) | (0.08) | (0.07) | (0.08) |
| &nbsp;&nbsp;&nbsp;**Total distributions** | (0.05) | (0.08) | (0.08) | (0.07) | (0.08) |
| **Net asset value, end of year** | $17.67 | $15.95 | $14.40 | $13.75 | $14.21 |
| Total return | 11.09% | 11.33% | 5.39% | -2.74% | 32.27% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000's) | $3069 | $2813 | $2249 | $2350 | $1842 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before waivers and reimbursements of expenses | 1.24% | 1.29% | 1.36% | 1.42% | 2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After waivers and reimbursements of expenses | 1.02% | 1.02% | 1.02% | 1.02% | 1.02% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before waivers and reimbursements of expenses | 0.03% | 0.27% | 0.28% | 0.17% | (0.28)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After waivers and reimbursements of expenses | 0.25% | 0.54% | 0.62% | 0.57% | 0.81% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 22.56% | 11.76% | 16.82% | 3.04% | 4.05% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Per share amounts are calculated using the average shares outstanding method.

---

| | | |
|:---|:---|:---|
| **Prospectus** | **Jensen Funds** | **39** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Jensen Global Quality Growth Fund - Class Y** | **Jensen Global Quality Growth Fund - Class Y** | **Jensen Global Quality Growth Fund - Class Y** | **Jensen Global Quality Growth Fund - Class Y** | **Jensen Global Quality Growth Fund - Class Y** | **Jensen Global Quality Growth Fund - Class Y** |
| | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $15.96 | $14.41 | $13.75 | $14.21 | $10.81 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> | 0.05 | 0.08 | 0.08 | 0.09 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.71 | 1.55 | 0.66 | (0.48) | 3.37 |
| &nbsp;&nbsp;&nbsp;**Total from investment operations** | 1.76 | 1.63 | 0.74 | (0.39) | 3.48 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.05) | (0.08) | (0.08) | (0.07) | (0.08) |
| &nbsp;&nbsp;&nbsp;**Total distributions** | (0.05) | (0.08) | (0.08) | (0.07) | (0.08) |
| **Net asset value, end of year** | $17.67 | $15.96 | $14.41 | $13.75 | $14.21 |
| Total return | 11.04% | 11.35% | 5.48% | -2.72% | 32.29% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000's) | $59756 | $50316 | $39536 | $33361 | $23555 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before waivers and reimbursements of expenses | 1.22% | 1.27% | 1.36% | 1.40% | 2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After waivers and reimbursements of expenses | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before waivers and reimbursements of expenses | 0.05% | 0.30% | 0.27% | 0.18% | (0.32)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After waivers and reimbursements of expenses | 0.27% | 0.57% | 0.63% | 0.58% | 0.82% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 22.56% | 11.76% | 16.82% | 3.04% | 4.05% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Per share amounts are calculated using the average shares outstanding method.

---

| | | |
|:---|:---|:---|
| **40** | **Jensen Funds** | **Prospectus** |

---

------

**Jensen Quality Mid Cap Fund**

**Jensen Global Quality Growth Fund**

**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

**Independent Registered Public Accounting Firm**

Cohen & Company, Ltd.

342 North Water Street, Suite 830

Milwaukee, WI 53202

**Legal Counsel**

Godfrey & Kahn, S.C.

833 East Michigan Street, Suite 1800

Milwaukee, WI 53202-3590

**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

---

| | | |
|:---|:---|:---|
| **Prospectus** | **Jensen Funds** | **41** |

---

------

**Notice of Privacy Policy**

The Funds collect non-public personal information about you from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;• information we receive about you on applications or other forms;

&nbsp;&nbsp;&nbsp;&nbsp;• information you give us orally; and/or

&nbsp;&nbsp;&nbsp;&nbsp;• information about your transactions with us or others.

The types of non-public personal information we collect and share can include:

&nbsp;&nbsp;&nbsp;&nbsp;• social security numbers;

&nbsp;&nbsp;&nbsp;&nbsp;• account balances;

&nbsp;&nbsp;&nbsp;&nbsp;• account transactions;

&nbsp;&nbsp;&nbsp;&nbsp;• transaction history;

&nbsp;&nbsp;&nbsp;&nbsp;• wire transfer instructions; and

&nbsp;&nbsp;&nbsp;&nbsp;• checking account information.

***What Information We Disclose***

**We do not disclose any non-public personal information about our shareholders or former shareholders without the shareholder's authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated parties and unaffiliated third parties with whom we have contracts for servicing the Funds.**

***How We Protect Your Information***

**We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibility. All shareholder records will be disposed of in accordance with applicable law. We maintain physical, electronic and procedural safeguards to protect your non-public personal information and require third parties to treat your non-public personal information with the same high degree of confidentiality.**

**In the event that you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared with unaffiliated third parties.**

---

| | | |
|:---|:---|:---|
| **42** | **Jensen Funds** | **Prospectus** |

---

------

![2025 - Jensen - Mid Cap & Global - Combined Prospectus Covers.jpg](ck0001141819-20250926_g4.jpg)

------

![2025 - Jensen - Mid Cap & Global - Combined SAI Covers.pdf.jpg](ck0001141819-20250926_g5.jpg)

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | <u>Page</u> |
| **[THE TRUST](#ie2d047339e84405693368a314326e1a9_7)** | **[1](#ie2d047339e84405693368a314326e1a9_7)** |
| **[INVESTMENT POLICIES, STRATEGIES AND ASSOCIATED RISKS](#ie2d047339e84405693368a314326e1a9_10)** | **[1](#ie2d047339e84405693368a314326e1a9_10)** |
| **[DISCLOSURE OF PORTFOLIO HOLDINGS INFORMATION](#ie2d047339e84405693368a314326e1a9_13)** | **[5](#ie2d047339e84405693368a314326e1a9_13)** |
| **[MANAGEMENT OF THE FUND](#ie2d047339e84405693368a314326e1a9_16)S** | **[6](#ie2d047339e84405693368a314326e1a9_16)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees](#ie2d047339e84405693368a314326e1a9_19) | [6](#ie2d047339e84405693368a314326e1a9_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Trustees and Officers](#ie2d047339e84405693368a314326e1a9_22) | [6](#ie2d047339e84405693368a314326e1a9_22) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Role of the Board](#ie2d047339e84405693368a314326e1a9_25) | [9](#ie2d047339e84405693368a314326e1a9_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Board Leadership Structure](#ie2d047339e84405693368a314326e1a9_28) | [9](#ie2d047339e84405693368a314326e1a9_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Board Oversight of Risk Management](#ie2d047339e84405693368a314326e1a9_31) | [9](#ie2d047339e84405693368a314326e1a9_31) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Trustee Qualifications](#ie2d047339e84405693368a314326e1a9_34) | [10](#ie2d047339e84405693368a314326e1a9_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Trustee Ownership of Fund Shares](#ie2d047339e84405693368a314326e1a9_37) | [11](#ie2d047339e84405693368a314326e1a9_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Board Committees](#ie2d047339e84405693368a314326e1a9_40) | [11](#ie2d047339e84405693368a314326e1a9_40) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Trustee Compensation](#ie2d047339e84405693368a314326e1a9_43) | [12](#ie2d047339e84405693368a314326e1a9_43) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Control Persons](#ie2d047339e84405693368a314326e1a9_46)[,](#ie2d047339e84405693368a314326e1a9_46)[Principal Shareholders](#ie2d047339e84405693368a314326e1a9_46)[and Management Ownership](#ie2d047339e84405693368a314326e1a9_46) | [13](#ie2d047339e84405693368a314326e1a9_46) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Adviser](#ie2d047339e84405693368a314326e1a9_49) | [15](#ie2d047339e84405693368a314326e1a9_49) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Management of the Investment Advise](#ie2d047339e84405693368a314326e1a9_52)r | [16](#ie2d047339e84405693368a314326e1a9_52) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Managers](#ie2d047339e84405693368a314326e1a9_55) | [17](#ie2d047339e84405693368a314326e1a9_55) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Service Providers](#ie2d047339e84405693368a314326e1a9_58) | [19](#ie2d047339e84405693368a314326e1a9_58) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Custodian](#ie2d047339e84405693368a314326e1a9_61) | [20](#ie2d047339e84405693368a314326e1a9_61) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Legal Counsel](#ie2d047339e84405693368a314326e1a9_64) | [20](#ie2d047339e84405693368a314326e1a9_64) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Independent Registered Public Accounting Firm](#ie2d047339e84405693368a314326e1a9_67) | [20](#ie2d047339e84405693368a314326e1a9_67) |
| **[DISTRIBUTION AND SERVICING OF FUND SHARES](#ie2d047339e84405693368a314326e1a9_70)** | **[20](#ie2d047339e84405693368a314326e1a9_70)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Distributor](#ie2d047339e84405693368a314326e1a9_73) | [20](#ie2d047339e84405693368a314326e1a9_73) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Distribution and Shareholder Servicing Plan – Class J Shares](#ie2d047339e84405693368a314326e1a9_76) | [20](#ie2d047339e84405693368a314326e1a9_76) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Plan – Class I Shares | [22](#ie2d047339e84405693368a314326e1a9_1140) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Fund Supermarkets](#ie2d047339e84405693368a314326e1a9_79) | [22](#ie2d047339e84405693368a314326e1a9_79) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub-Transfer Agency Fees | [22](#ie2d047339e84405693368a314326e1a9_1244) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Code of Ethics](#ie2d047339e84405693368a314326e1a9_82) | [22](#ie2d047339e84405693368a314326e1a9_82) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Proxy Voting Guidelines](#ie2d047339e84405693368a314326e1a9_85) | [22](#ie2d047339e84405693368a314326e1a9_85) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Anti-Money Laundering](#ie2d047339e84405693368a314326e1a9_88)[Compliance](#ie2d047339e84405693368a314326e1a9_88)[Program](#ie2d047339e84405693368a314326e1a9_88) | [23](#ie2d047339e84405693368a314326e1a9_88) |
| **[BROKERAGE ALLOCATION AND OTHER PORTFOLIO TRANSACTIONS](#ie2d047339e84405693368a314326e1a9_91)** | **[23](#ie2d047339e84405693368a314326e1a9_91)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[General Considerations](#ie2d047339e84405693368a314326e1a9_94) | [23](#ie2d047339e84405693368a314326e1a9_94) |
| **[ADDITIONAL PURCHASE AND REDEMPTION INFORMATION](#ie2d047339e84405693368a314326e1a9_97)** | **[24](#ie2d047339e84405693368a314326e1a9_97)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Purchases and Redemptions](#ie2d047339e84405693368a314326e1a9_100) | [24](#ie2d047339e84405693368a314326e1a9_100) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share Class Conversions | [25](#ie2d047339e84405693368a314326e1a9_103) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Pricing of Fund Shares](#ie2d047339e84405693368a314326e1a9_106) | [25](#ie2d047339e84405693368a314326e1a9_106) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Redemption In-Kind](#ie2d047339e84405693368a314326e1a9_109) | [26](#ie2d047339e84405693368a314326e1a9_109) |
| **[TAXATION OF THE FUND](#ie2d047339e84405693368a314326e1a9_112)S** | **[27](#ie2d047339e84405693368a314326e1a9_112)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Tax Status of the Fund](#ie2d047339e84405693368a314326e1a9_115) | [27](#ie2d047339e84405693368a314326e1a9_115) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Taxation of Fund Distributions](#ie2d047339e84405693368a314326e1a9_118) | [28](#ie2d047339e84405693368a314326e1a9_118) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Other Tax Considerations](#ie2d047339e84405693368a314326e1a9_121) | [28](#ie2d047339e84405693368a314326e1a9_121) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Additional Information](#ie2d047339e84405693368a314326e1a9_124) | [29](#ie2d047339e84405693368a314326e1a9_124) |
| **[COST BASIS REPORTING](#ie2d047339e84405693368a314326e1a9_127)** | **[29](#ie2d047339e84405693368a314326e1a9_127)** |
| **[GENERAL INFORMATION](#ie2d047339e84405693368a314326e1a9_130)** | **[30](#ie2d047339e84405693368a314326e1a9_130)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Financial Statements](#ie2d047339e84405693368a314326e1a9_133) | [30](#ie2d047339e84405693368a314326e1a9_133) |

---

i

------

**THE TRUST**

The Trust is a Delaware statutory trust organized on May 29, 2001, and is registered with the Securities and Exchange Commission ("SEC") as an open-end management investment company. Each Fund is one series of the Trust. The Jensen Quality Mid Cap Fund (the "Quality Mid Cap Fund") (f/k/a the Jensen Quality Value Fund) is a diversified series and has its own investment objective and policies. The Jensen Global Quality Growth Fund (the "Global Quality Growth Fund") is a non-diversified series and has its own investment objective and policies. The Quality Mid Cap Fund changed its name from the Jensen Quality Value Fund) effective September 30, 2024. Other series of the Trust are offered in separate prospectuses and SAIs. The Trust may register additional series and offer shares of a new fund or share class under the Trust at any time.

The Trust is authorized to issue an unlimited number of interests (or shares). Interests in the Funds are represented by shares of beneficial interest each with a par value of $0.001. Each share of the Trust has equal voting rights and liquidation rights, and is voted in the aggregate and not by the series or class of shares, except in matters where a separate vote is required by the Investment Company Act of 1940, as amended (the "1940 Act"), or when the matters affect only the interests of a particular series or class of shares. When matters are submitted to shareholders for a vote, each shareholder is entitled to one vote for each full share owned and fractional votes for fractional shares owned. Shares of each series or class generally vote together, except when required under federal securities laws to vote separately on matters that only affect a particular class. The Trust does not normally hold annual meetings of shareholders. The Trust's Board of Trustees (the "Board" or the "Board of Trustees") shall promptly call and give notice of a meeting of shareholders for the purpose of voting upon removal of any trustee when requested to do so in writing by shareholders holding 10% or more of the Trust's outstanding shares.

Each share of a Fund represents an equal proportionate interest in the assets and liabilities belonging to the Fund and is entitled to such distributions out of the income belonging to the Fund as are declared by the Board of Trustees. The Board of Trustees has the authority from time to time to divide or combine the shares of any series into a greater or lesser number of shares of that series so long as the proportionate beneficial interests in the assets belonging to that series and the rights of shares of any other series are in no way affected. Additionally, in event of any dissolution or liquidation of a Fund, the shareholders of the Fund being liquidated are entitled to receive a pro rata distribution out of the net assets, net of the liabilities, belonging to that Fund. Expenses attributable to any series or class are borne by that series or class. Any general expenses of the Trust not readily identifiable as belonging to a particular series or class are allocated by, or under the direction of, the Board of Trustees on the basis of relative net assets, the number of shareholders or another equitable method. No shareholder is

liable to further calls or to assessment by the Trust without his or her express consent.

The assets of a Fund received for the issue or sale of its shares, and all income, earnings, profits and proceeds thereof, subject only to the rights of creditors, shall constitute the underlying assets of the Fund.

In accordance with a Multiple Class Plan adopted pursuant to Rule 18f-3 under the 1940 Act, the Funds each offer three classes of shares for investors—Class J, Class I and Class Y shares. Class J shares are available to retail investors and assessed a combined distribution and shareholder servicing fee of 0.25% per year of a Fund's average daily net assets for Class J shares. Class I and Class Y shares are available to institutions and individuals willing to make a significant initial investment in the Funds. Class Y shares are also available to clients and employees of the Adviser and to employee benefit plans sponsored by the Adviser. Class I shares are assessed a shareholder servicing fee not to exceed 0.10% per year of a Fund's average daily net assets for Class I shares, and are not subject to any distribution fees. Currently, the shareholder servicing plan fee being charged is 0.02% of a Fund's average daily net assets for Class I shares; however, the fee may be increased to 0.10% of the Funds' average daily net assets attributable to the Class I shares at any time. More information regarding the Rule 12b-1 Plan applicable to Class J shares and the Shareholder Servicing Plan applicable to Class I shares can be found under the section entitled "Distribution and Servicing of Fund Shares."

Jensen Investment Management, Inc. (the "Adviser") serves as the investment adviser to the Funds. See the sections entitled "Management of the Funds" and "Investment Advisory and Other Services" in this SAI for more information about the Adviser.

**INVESTMENT POLICIES, STRATEGIES AND ASSOCIATED RISKS**

**Investment Objective**

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

The Prospectus discusses the types of securities in which the Funds will invest, and describes the Funds' investment objective and strategies. See the section entitled "Investment Objective, Principal Investment Strategies and Principal Risks" in the Prospectus. This SAI contains information supplemental to the Prospectus concerning the techniques and operations of the Funds, the securities the Funds will invest in, and the policies the Funds will follow.

------

**Diversification Status**

*Quality Mid Cap Fund.* The Quality Mid Cap Fund is diversified. Under applicable federal laws, to qualify as a diversified fund, the Fund, with respect to at least 75% of its total assets, may not invest greater than 5% of its total assets in any one issuer and may not hold greater than 10% of the securities of one issuer. The remaining 25% of the Fund's total assets does not need to be "diversified" and may be invested in securities of a single issuer, subject to other applicable laws. The diversification of the Fund's holdings is measured at the time the Fund purchases a security. However, if the Fund purchases a security and holds it for a period of time, the security may become a larger percentage of the Fund's total assets due to movements in the financial markets. If the market affects several securities held by the Fund, the Fund may have a greater percentage of its assets invested in securities of fewer issuers.

*Global Quality Growth Fund.* The Global Quality Growth Fund is non-diversified. A fund is considered "non-diversified" when a relatively high percentage of its assets may be invested in the securities of a limited number of issuers. Under applicable federal laws, the diversification of a fund's holdings is measured at the time the fund purchases a security. However, if the Fund purchases a security and holds it for a period of time, the security may become a larger percentage of the Fund's total assets due to movements in the financial markets. If the market affects several securities held by the Fund, the Fund may have a greater percentage of its assets invested in securities of fewer issuers. Because the Fund is non-diversified, the Fund is subject to the risk that its performance may be hurt disproportionately by the poor performance of relatively few securities.

Although the Global Quality Growth Fund is non-diversified for purposes of the 1940 Act, the Fund intends to maintain the required level of diversification and otherwise conduct its operations so as to qualify as a regulated investment company ("RIC") for purposes of the Internal Revenue Code of 1986, as amended (the "Code"), and to relieve the Fund of any liability for federal income tax to the extent that its earnings are distributed to shareholders. Compliance with the diversification requirements of the Code may limit the investment flexibility of the Fund and may make it less likely that the Fund will meet its investment objective. See "Taxation of the Funds" in this SAI for further discussion.

<u>Commercial Paper</u>

Moody's Investors Services ("Moody's") and Standard & Poor's Corporation ("S&P") are private services that provide ratings of the credit quality of commercial paper. The Funds 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 Funds may invest in certain foreign securities, directly and by purchasing American Depositary Receipts ("ADRs"). In addition, the Funds invest in domestic companies that engage in substantial foreign business. Some of the risk factors associated with such investments are described in the Prospectus. This information supplements the information about ADRs contained in the Prospectus.

Generally, ADRs are denominated in U.S. dollars and are publicly traded on exchanges or over-the-counter in the U.S. 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. The Funds will acquire only ADRs issued in sponsored 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.

**Illiquid Investments**

In accordance with Rule 22e-4 (the "Liquidity Rule") under the 1940 Act, a Fund may invest up to 15% of its net assets in "illiquid investments" that are assets. For these purposes, "illiquid investments" are investments that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

Each portfolio investment must be classified at least monthly into one of four liquidity categories (highly liquid, moderately liquid, less liquid and illiquid), which are defined pursuant to the Liquidity Rule. Such classification is to be made using information obtained after reasonable inquiry and taking into account relevant market, trading and investment-specific considerations. Moreover, in making such classification determinations, the Funds determine whether trading varying portions of a position in a particular portfolio investment or asset class, in sizes that the Funds would reasonably anticipate trading, is reasonably expected to significantly affect its liquidity, and if so, the Funds take this determination into account when classifying the liquidity of that investment. The Funds may be assisted in classification determinations by one or more third-party service providers. Assets classified according to this process as "illiquid investments" are those subject to the 15% limit on illiquid investments.

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**Cybersecurity Risk**

With the Internet and other technologies being essential to conducting business, the Funds are 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 (*e.g.*, 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 (*i.e.*, efforts to make network services unavailable to intended users). Cyber incidents affecting the Funds or their service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Funds' ability to calculate its net asset value ("NAV"), impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. Similar adverse consequences could result from cyber incidents affecting issuers of securities in which the Funds invest, counterparties with which the Funds engage 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 shareholders) and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Funds' 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 Funds 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 Funds or their shareholders. As a result, the Funds and their shareholders could be negatively impacted.

**Temporary and Cash Investments**

Under normal market conditions, each Fund will stay fully invested according to its principal investment strategies as noted above. A 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 or political conditions. This may result in a Fund not achieving its investment objective during that period.

For longer periods of time, the Funds may hold a substantial cash position. If the market advances during periods when a 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 a 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.

**Fundamental Investment Restrictions**

The Funds have 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 a Fund's shares present at a shareholder meeting if the holders of more than 50% of a 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 a Fund's outstanding shares.

In accordance with these restrictions, the Quality Mid Cap Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.With respect to 75% of its total assets, purchase the securities of any one issuer if, immediately after and as a result of such purchase, (a) the value of the Fund's holdings in the securities of such issuer exceeds 5% of the value of the Fund's total assets, or (b) the Fund owns more than 10% of the outstanding voting securities of the issuer (with the exception these restrictions do not apply to the Fund's investments in the securities of the U.S. Government, or its agencies or instrumentalities, or other investment companies).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Make short sales of securities or maintain a short position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Lend portfolio securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.Issue any senior securities.

In accordance with these restrictions, the Global Quality Growth Fund may not:

1. With respect to 50% of its total assets, purchase the securities of any one issuer if, immediately after and as a result of such purchase, (a) the value of the Fund's holdings in the securities of such issuer exceeds 5% of the value of the Fund's total assets, or (b) the Fund owns more than 10% of the outstanding voting securities of the issuer (with the exception these restrictions do not apply to the Fund's investments in the securities of the U.S. Government, or its agencies, instrumentalities, or other investment companies).

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.

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. Issue any senior securities.

With respect to Fundamental Investment Restriction No. 2 for each Fund, consistent with Section 8(b)(1) of the 1940 Act, a Fund will not concentrate its investments in any one industry or group of industries if, as a result, 25% or more of the Fund's assets will be invested in such industry or group of industries.

With respect to Fundamental Investment Restriction No.3 for each Fund, the 1940 Act permits the Fund to borrow money in amounts of up to one-third of the Fund's total assets (including the amount borrowed) from banks for any purpose, and to borrow up to 5% of the Fund's total assets from banks or other lenders for temporary purposes.

With respect to Fundamental Investment Restriction No. 10 for each Fund, the Fund will not invest in securities that are, at the time of purchase, restricted or illiquid.

**Non-Fundamental Investment Restriction**

The following non-fundamental investment restriction is applicable to the Funds. This restriction can be changed by the Board of Trustees, but the change will only be effective after prior written notice is given to shareholders of a Fund.

1.&nbsp;&nbsp;&nbsp;&nbsp;Each Fund may not make any change to its investment policy of investing at least 80% of net assets (plus borrowing for investment purposes) in accordance with the investment focus suggested by the Fund's name without first changing the Fund's name and providing shareholders with at least 60 days' prior written notice.

**Portfolio Turnover**

A 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, a Fund generally sells its position in a company when the company no longer meets one or more of the Fund's investment criteria (as further described in the Prospectus). Each Fund does not expect its annual portfolio turnover rate to exceed 50%. The turnover rate could, however, be significantly higher or lower depending on the performance of the portfolio companies, the number of shares of a Fund that are redeemed, or other external factors outside the control of the Fund and the Adviser.

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High portfolio turnover rates (100% or more) 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 a Fund during the fiscal year.

For the fiscal years indicated below, the portfolio turnover rates for the Funds were as follows:

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| | | |
|:---|:---|:---|
| **Portfolio Turnover Rate<br>For the Fiscal Years Ended May 31,** | **Portfolio Turnover Rate<br>For the Fiscal Years Ended May 31,** | **Portfolio Turnover Rate<br>For the Fiscal Years Ended May 31,** |
|  | **<u>2025</u>** | **<u>2024</u>** |
| **Quality Mid Cap Fund** | 24.87% | 24.92% |
| **Global Quality Growth Fund** | 22.56% | 11.76% |

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 **DISCLOSURE OF PORTFOLIO HOLDINGS INFORMATION**

The Trust, on behalf of the Funds, has adopted portfolio holdings disclosure policies (the "Disclosure Policies") that govern the timing and circumstances of disclosure of portfolio holdings of the Funds. Information about the Funds' portfolio holdings will not be distributed to any third party except in accordance with these Disclosure Policies. The Board of Trustees considered the circumstances under which the Funds' portfolio holdings may be disclosed under the Disclosure Policies, considering actual and potential material conflicts that could arise in such circumstances between the interests of the Funds' shareholders and the interests of the Adviser, Distributor or any other affiliated person of the Funds. After due consideration, the Board determined that the Funds have a legitimate business purpose for disclosing portfolio holdings to persons described in these Disclosure Policies.

Information about the Funds' portfolio holdings will not be distributed to any third party except as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the disclosure is required to respond to a regulatory request, court order or other legal proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the disclosure is to a mutual fund rating or evaluation services organization (such as Factset, Morningstar and Lipper), or statistical agency or person performing similar functions, or due diligence department of a broker-dealer or wirehouse, who has, if necessary, signed a confidentiality

agreement, or is bound by applicable duties of confidentiality imposed by law, with the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the disclosure is made to the Funds' service providers who generally need access to such information in the performance of their contractual duties and responsibilities, and who are subject to duties of confidentiality imposed by law and/or contract, such as the Adviser, the Board of Trustees, the Funds' independent registered public accountants, regulatory authorities, counsel to the Funds or the Board of Trustees, proxy voting service providers, Liquidity program providers, and financial printers involved in the Funds' reporting process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the disclosure is made by the Adviser's trading desks to broker-dealers in connection with the purchase or sale of securities or requests for price quotations or bids on one or more securities and, in addition, the Adviser may periodically distribute a holdings list (consisting of names only) to broker-dealers so that such brokers can provide the Adviser with natural order flow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the disclosure is made to institutional consultants evaluating the Funds on behalf of potential investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the disclosure is (a) in connection with a quarterly, semi-annual or annual report that is available to the public or (b) relates to information that is otherwise available to the public (*e.g.* portfolio information that is available on the Funds' website at least one day prior to the disclosure); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the disclosure is made pursuant to prior written approval of the Trust's CCO, or other person so authorized, is for a legitimate business purpose and is in the best interests of the Funds' shareholders.

For purposes of the Disclosure Policies, portfolio holdings information does not include descriptive information if that information does not present material risks of dilution, arbitrage, market timing, insider trading or other inappropriate trading for the Funds. Information excluded from the definition of portfolio holdings information generally includes, without limitation: (i) descriptions of allocations among asset classes, regions, countries or industries/sectors; (ii) aggregated data such as average or median ratios, or market capitalization, performance attributions by industry, sector or country; or (iii) aggregated risk statistics. It is the policy of the Trust to prohibit any person or entity from receiving any direct or indirect compensation or consideration of any kind in connection with the disclosure of information about the Funds' portfolio holdings.

The Trust's CCO must document any decisions regarding non-public disclosure of portfolio holdings and the rationale therefore. In connection with the oversight responsibilities of the Board of Trustees, any documentation regarding decisions involving the non-public disclosure of portfolio holdings of the Funds to third parties must be provided to the full Board of Trustees or its authorized committee. In addition, on a quarterly basis, the Board will review any disclosures of portfolio holdings outside of the permitted disclosures described above to address any conflicts between the

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interests of Fund shareholders and those of the Adviser or any other Fund affiliate.

Currently, between the 5th and 10th business day of the month following a calendar quarter end, the Funds provide their quarter end portfolio holdings to rating and ranking organizations, including Factset, Lipper, a Thomson Reuters company, Morningstar, Inc., Standard & Poor's Financial Services, LLC, Bloomberg L.P., Thomson Reuters Corporation, Vickers Stock Research Corporation and Capital-Bridge, Inc. In no event shall the Adviser, its affiliates or employees, or the Funds receive any direct or indirect compensation in connection with the disclosure of information about the Funds' portfolio holdings. In addition, the Funds disclose their 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. The Funds may choose to update their portfolio holdings information mid-quarter, upon approval from the Adviser's Chief Compliance Officer. Any mid-quarter disclosures must also be posted to the Funds' website. Disclosure of the Funds' complete holdings is required to be made quarterly within 60 days of the end of each fiscal quarter, in the annual and semi-annual reports to Fund shareholders on Form N-CSR, and in the holdings report on Part F of Form N-PORT. These reports are made available, free of charge, on the EDGAR database on the SEC's website at www.sec.gov.

Any suspected breach of this policy must be reported immediately to the Trust's CCO, or to the chief compliance officer of the Adviser who is to report it to the Trust's CCO. The Board of Trustees reserves the right to amend the Disclosure Policies at any time without prior notice in its sole discretion.

There can be no assurance that the Disclosure Policies and these procedures will protect the Funds from potential misuse of that information by individuals or entities to which it is disclosed.

**MANAGEMENT OF THE FUNDS**

**Board of Trustees**

The management and affairs of the Funds are supervised by the Board of Trustees. The Board of Trustees consists of six individual Trustees (each, a "Trustee," and collectively, the "Trustees"). The Trustees are fiduciaries for the Funds' shareholders and are governed by the laws of the State of Delaware in this regard. The Board of Trustees establishes policies for the operation of the Funds and appoints the officers who conduct the daily business of the Funds.

**Trustees and Officers**

The Trustees and the officers of the Trust are listed below with their addresses, present positions with the Trust and principal occupations over at least the last five years.

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|:---|:---|:---|:---|:---|:---|
| **Name, Address and Year of Birth** | **Position(s) Held with the Trust** | **Term of Office and Year Service Began** | **Number of Portfolios in the Trust Overseen by Trustee** | **Principal Occupation(s) During the Past Five Years** | **Other Directorships Held by Trustee During the Past Five Years** |
| ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** |
| Michael D. Akers, Ph.D.<br>615 E. Michigan St.<br>Milwaukee, WI 53202<br>Year of Birth: 1955 | Trustee | Indefinite Term; Since August 22, 2001 | 31 | Professor Emeritus, Department of Accounting (June 2019-present), Marquette University. | Independent Trustee, USA MUTUALS (an open-end investment company) (2001-2021). |
| Gary A. Drska<br>615 E. Michigan St.<br>Milwaukee, WI 53202<br>Year of Birth: 1956 | Trustee | Indefinite Term; Since August 22, 2001 | 31 | Retired; Former Pilot, Frontier/Midwest Airlines, Inc. (airline company) (1986-2021). | Independent Trustee, USA MUTUALS (an open-end investment company) (2001-2021). |
| Vincent P. Lyles<br>615 E. Michigan St.<br>Milwaukee, WI 53202<br>Year of Birth: 1961 | Trustee | Indefinite Term; Since April 6, 2022 | 31 | Executive Director, Milwaukee Succeeds (education advocacy organization) (2023-present); System Vice President of Community Relations, Advocate Aurora Health Care (health care provider) (2019-2022). | Independent Director, BMO Funds, Inc. (an open-end investment company) (2017-2022). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and Year of Birth** | **Position(s) Held with the Trust** | **Term of Office and Year Service Began** | **Number of Portfolios in the Trust Overseen by Trustee** | **Principal Occupation(s) During the Past Five Years** | **Other Directorships Held by Trustee During the Past Five Years** |
| Erik K. Olstein<br>615 E. Michigan St.<br>Milwaukee, WI 53202<br>Year of Birth: 1967 | Trustee<br>Chairperson | Indefinite Term; Since April 6, 2022<br>Three Year Term; Since April 18, 2025 | 31 | Retired; President and Chief Operating Officer, Olstein Capital Management, L.P. (asset management firm) (2000-2020). | N/A |
| Lisa Zúñiga Ramírez<br>615 E. Michigan St.<br>Milwaukee, WI 53202<br>Year of Birth: 1969 | Trustee | Indefinite Term; Since April 6, 2022 | 31 | Retired; Principal and Senior Portfolio Manager, Segall, Bryant & Hamill, LLC (asset management firm) (2018-2020). | Director, Peoples Financial Services Corp. (a publicly-traded bank holding company) (2022-present); Director, Century Communities, Inc. (a publicly-traded homebuilding company) (2023-present). |
| Gregory M. Wesley<br>615 E. Michigan St.<br>Milwaukee, WI 53202<br>Year of Birth: 1969 | Trustee | Indefinite Term; Since April 6, 2022 | 31 | President and Chief Executive Officer, Greater Milwaukee Foundation (2024-present); Senior Vice President of Strategic Alliances and Business Development, Medical College of Wisconsin (2016-2024). | N/A |
| ***Officers*** | ***Officers*** | ***Officers*** | ***Officers*** | ***Officers*** | ***Officers*** |
| Jennifer A. Lima<br>615 E. Michigan St.<br>Milwaukee, WI 53202<br>Year of Birth: 1974 | President and Principal Executive Officer | Indefinite Term; Since April 18, 2025 | N/A | Vice President, U.S. Bancorp Fund Services, LLC (2002-present). | N/A |
| Kelly A. Strauss<br>615 E. Michigan St.<br>Milwaukee, WI 53202<br>Year of Birth: 1987 | Vice President, Treasurer, Principal Financial Officer and Principal Accounting Officer | Indefinite Term; Since April 18, 2025 | N/A | Assistant Vice President, U.S. Bancorp Fund Services, LLC (2011-present). | N/A |
| Deanna B. Marotz<br>615 E. Michigan St.<br>Milwaukee, WI 53202<br>Year of Birth: 1965 | Chief Compliance Officer, Vice President and Anti-Money Laundering Officer | Indefinite Term; Since October 21, 2021 | N/A | Senior Vice President, U.S. Bancorp Fund Services, LLC (2021-present); Chief Compliance Officer, Keeley-Teton Advisors, LLC and Teton Advisors, Inc (2017-2021). | N/A |
| Jay S. Fitton<br>615 E. Michigan St.<br>Milwaukee, WI 53202<br>Year of Birth: 1970 | Secretary | Indefinite Term; Since July 22, 2019 | N/A | Vice President, U.S. Bancorp Fund Services, LLC (2019-present). | N/A |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and Year of Birth** | **Position(s) Held with the Trust** | **Term of Office and Year Service Began** | **Number of Portfolios in the Trust Overseen by Trustee** | **Principal Occupation(s) During the Past Five Years** | **Other Directorships Held by Trustee During the Past Five Years** |
| Laura A. Carroll<br>615 E. Michigan St.<br>Milwaukee, WI 53202<br>Year of Birth: 1985 | Assistant Treasurer | Indefinite Term; Since August 20, 2018 | N/A | Assistant Vice President, U.S. Bancorp Fund Services, LLC (2007-present). | N/A |
| Julie A. Keller<br>615 E. Michigan St.<br>Milwaukee, WI 53202<br>Year of Birth: 1966 | Assistant Treasurer | Indefinite Term; Since February 28, 2025 | N/A | Assistant Vice President, U.S. Bancorp Fund Services, LLC (2004-present). | N/A |
| Marissa J. Pawlinski<br>615 E. Michigan St.<br>Milwaukee, WI 53202<br>Year of Birth: 1996 | Assistant Secretary | Indefinite Term; Since January 18, 2024 | N/A | Assistant Vice President, U.S. Bancorp Fund Services, LLC (since 2023); Regulatory Administration Attorney, U.S. Bancorp Fund Services, LLC (since 2022); Judicial Law Clerk, Milwaukee County Circuit Court (2021-2022); Legal Intern, City of Brookfield (2020-2021); Student, Marquette University Law School (2019-2021). | N/A |

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**Role of the Board**

The Board of Trustees provides oversight of the management and operations of the Trust. Like all funds, the day-to-day responsibility for the management and operation of the Trust is the responsibility of various service providers to the Trust and its individual series, such as the Adviser, Distributor (defined below), Custodian (defined below), and the Funds' administrator and transfer agent, each of which are discussed in greater detail in this SAI. The Board approves all significant agreements with the Adviser, Distributor, Custodian, and the Funds' administrator and transfer agent. The Board has appointed various individuals of certain of these service providers as officers of the Trust, with responsibility to monitor and report to the Board on the Trust's day-to-day operations. In conducting this oversight, the Board receives regular reports from these officers and service providers regarding the Trust's operations. The Board has appointed a Chief Compliance Officer ("CCO") who reports directly to the Board and who administers the Trust's compliance program and regularly reports to the Board as to compliance matters, including an annual compliance review. Some of these reports are provided as part of formal Board meetings, which are generally held five times per year, and at such other times as the Board determines is necessary, and involve the Board's review of recent Trust operations. From time to time, one or more members of the Board may also meet with Trust officers in less formal settings, between formal Board meetings, to discuss various topics. In all cases, however, the role of the Board and of any individual Trustee is one of oversight and not of management of the day-to-day affairs of the Trust and its oversight role does not make the Board a guarantor of the Trust's investments, operations or activities.

**Board Leadership Structure**

The Board has structured itself in a manner that it believes allows it to perform its oversight function effectively. The Board is composed of six Independent Trustees – Dr. Michael D. Akers, Gary A. Drska, Vincent P. Lyles, Erik K. Olstein, Lisa Zúñiga Ramírez and Gregory M. Wesley. The Trust does not have a Trustee that is an "interested person" (as defined by the 1940 Act) of the Trust (the "Interested Trustee"). Accordingly, all of the members of the Board are Independent Trustees, Trustees who are not affiliated with the Adviser or its affiliates, or any other investment adviser or service provider to the Trust or any underlying fund. The Board of Trustees has established two standing committees, an Audit Committee and a Nominating Committee, which are discussed in greater detail under "Board Committees" below. Each of the Audit Committee and the Nominating Committee is composed entirely of Independent Trustees. The Independent Trustees have engaged their own independent counsel to advise them on matters relating to their responsibilities in connection with the Trust.

The Trust's Chairperson, Erik K. Olstein, is an Independent Trustee.

In accordance with the fund governance standards prescribed under the 1940 Act, the Independent Trustees on the Nominating Committee select and nominate all candidates for Independent Trustee positions. Each Trustee was appointed to serve on the Board of Trustees because of his or her experience, qualifications, attributes and skills as set forth in the subsection "Trustee Qualifications" below.

The Board reviews its structure regularly in light of the characteristics and circumstances of the Trust, including the unaffiliated nature of each investment adviser and the funds managed by such adviser; the number of funds that comprise the Trust; the variety of asset classes that those funds reflect; the net assets of the Trust; the committee structure of the Trust; and the independent distribution arrangements of each of the Trust's underlying funds.

The Board has determined that the function and composition of the Audit Committee and the Nominating Committee are appropriate to address any potential conflicts of interest that may arise. In addition, the inclusion of all Independent Trustees as members of the Audit Committee and the Nominating Committee allows these Trustees to participate in the full range of the Board's oversight duties, including oversight of risk management processes discussed below. Given the specific characteristics and circumstances of the Trust as described above, the Trust has determined that the Board's leadership structure is appropriate.

**Board Oversight of Risk Management**

As part of its oversight function, the Board receives and reviews various risk management reports and assessments and discusses these matters with appropriate management and other personnel, including personnel of the Trust's service providers. Because risk management is a broad concept composed of many elements (such as, for example, investment risk, issuer and counterparty risk, compliance risk, operational risk, business continuity risk, etc.) the oversight of different types of risks is handled in different ways. For example, the CCO regularly reports to the Board during Board meetings and meets in executive session with the Independent Trustees and their legal counsel to discuss compliance and operational risks. In addition, the Independent Trustees designated as the Audit Committee's "audit committee financial experts" meet with the Treasurer and the Funds' independent registered public accounting firm to discuss, among other things, the internal control structure of the Trust's financial reporting function. The full Board receives reports from the investment advisers to the underlying funds and the portfolio managers as to investment risks as well as other risks that may be discussed during Audit Committee meetings.

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**Trustee Qualifications**

The Board believes that each of the Trustees has the qualifications, experience, attributes and skills appropriate to his or her continued service as a Trustee of the Trust in light of the Trust's business and structure. The Trustees have substantial business and professional backgrounds that indicate they have the ability to critically review, evaluate and assess information provided to them. Certain of these business and professional experiences are set forth in detail in the table above. In addition, the Trustees have substantial board experience and, in their service to the Trust, have gained substantial insight as to the operation of the Trust. The Board annually conducts a "self-assessment" wherein the effectiveness of the Board and the individual Trustees is reviewed.

In addition to the information provided in the table above, below is certain additional information concerning each individual Trustee. The information provided below, and in the table above, is not all-inclusive. Many of the Trustees' qualifications to serve on the Board involve intangible elements, such as intelligence, integrity, work ethic, the ability to work together, the ability to communicate effectively, the ability to exercise judgment, the ability to ask incisive questions, and commitment to shareholder interests. In conducting its annual self-assessment, the Board has determined that the Trustees have the appropriate attributes and experience to continue to serve effectively as Trustees of the Trust.

*Michael D. Akers, Ph.D., CPA.* Dr. Akers has served as an Independent Trustee of the Trust since 2001. Dr. Akers previously served as an independent trustee of USA Mutuals, an open-end investment company, from 2001 to June 2021. Dr. Akers has been a Professor Emeritus, Department of Accounting at Marquette University since June 2019, was Professor, Department of Accounting at Marquette University from 2004 to May 2019, was Chair of the Department of Accounting at Marquette University from 2004 to 2017, and was Associate Professor, Department of Accounting at Marquette University from 1996 to 2004. Dr. Akers is a certified public accountant, a certified fraud examiner, a certified internal auditor and a certified management accountant. Through his experience as an investment company trustee and his employment experience, Dr. Akers is experienced with financial, accounting, regulatory and investment matters.

*Gary A. Drska.* Mr. Drska has served as an Independent Trustee of the Trust since 2001. Mr. Drska previously served as an independent trustee of USA Mutuals from 2001 to June 2021. Mr. Drska previously served as a Pilot of Frontier/Midwest Airlines, Inc., an airline company, from 1986 to September 2021. Through his experience as an investment company trustee, Mr. Drska is experienced with financial, accounting, regulatory and investment matters.

*Vincent P. Lyles.* Mr. Lyles has served as an Independent Trustee of the Trust since 2022. Mr. Lyles has served as Executive Director of Milwaukee Succeeds since January 2023. He previously served as

System Vice President of Community Relations at Advocate Aurora Health Care from 2019 to 2022. He served as an Independent Director of BMO Funds, Inc., an open-end investment company, from 2017 to 2022. Mr. Lyles is a board member and finance committee member of Badger Mutual Insurance Company and a Trustee and member of the Committee of Student Experience & Mission on the Board of Trustees at Marquette University. Mr. Lyles previously served as President and Chief Executive Officer of the Boys & Girls Club of Greater Milwaukee from 2012 to 2018, President of M&I Community Development Corporation from 2006 to 2011, and as a Director of Public Finance of Robert W. Baird & Co. from 1995 to 2006. He received his Juris Doctor degree from the University of Wisconsin-Madison Law School in 1987. Through his experience as an investment company trustee and his employment experience, Mr. Lyles is experienced with legal, financial, accounting, regulatory and investment matters.

*Erik K. Olstein.* Mr. Olstein has served as an Independent Trustee of the Trust since 2022 and Chairperson since 2025. Mr. Olstein served as President and Chief Operating Officer from 2000 to 2020 and Vice President of Sales and Chief Operating Officer from 1995 to 2000 at Olstein Capital Management, L.P., an asset management firm he co-founded. During his time at Olstein Capital Management, L.P., Mr. Olstein was responsible for fiduciary oversight and management of The Olstein Funds, an open-end investment company, where he served as Trustee, Secretary and Assistant Treasurer from 1995 to 2018. Mr. Olstein currently serves as President and Trustee of the Board of Trustees of the Trinity-Pawling School and has previously held Board positions with the American Friends of the National Museum of the Royal Navy, National Maritime Historical Society and U.S. Naval Service Personal Education Assistance Fund. Through his experience as an investment company trustee and his employment experience, Mr. Olstein is experienced with financial, accounting, regulatory and investment matters.

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*Lisa Zúñiga Ramírez, CFA*<sup>®</sup>*, FSA.* Ms. Ramírez has served as an Independent Trustee of the Trust since 2022. Ms. Ramírez has served on the Board of Directors of Peoples Financial Services Corp., a publicly-traded bank holding company, since 2022, and on the Board of Directors of Century Communities, Inc., a publicly-traded homebuilding company, since 2023. Ms. Ramírez served as Senior Portfolio Manager at Segall Bryant & Hamill, LLC, an asset management firm, from 2018 to 2020. She served as Partner and Senior Portfolio Manager from 2009 to 2018, Partner and Senior Equity Analyst from 2002 to 2009 and Equity Analyst from 1997 to 2002 at Denver Investments, LLC, an asset management firm that was acquired by Segall Bryant & Hamill, LLC in 2018. Ms. Ramírez currently serves as an Independent Director on the Bow River Capital Advisory Board, an asset management firm, and is a Director of the Denver Employees Retirement Plan. In addition, she serves on the boards of The Denver Foundation, NACD (National Association of Corporate Directors) Colorado Chapter, the Boettcher Foundation and Vuela for Health. Ms. Ramírez is a CFA<sup>®</sup> charterholder (CFA<sup>®</sup> is a registered trademark owned by the CFA Institute) and holds the Fundamentals of Sustainability Accounting (FSA) credential from the Sustainability Accounting Standards Board. Through her employment experience, Ms. Ramírez is experienced with financial, accounting, ESG (environmental, social and governance), regulatory and investment matters.

*Gregory M. Wesley.* Mr. Wesley has served as an Independent Trustee of the Trust since 2022. Mr. Wesley has served as President and Chief Executive Officer of the Greater Milwaukee Foundation since 2024. Prior to his current role at the Greater Milwaukee Foundation, he was Senior Vice President of Strategic Alliances and Business Development at the Medical College of Wisconsin from 2016 to 2024. Prior to his role at the Medical College of Wisconsin, he was a Partner at MWH Law Group LLP, a law firm during 2016, and a Partner at Gonzalez, Saggio & Harlan LLP, a law firm from 2002 to 2016. Mr. Wesley serves on the Board of Directors of the Metropolitan Milwaukee Association of Commerce, MHS Health Wisconsin, Versiti, Inc., and the Greater Milwaukee Committee. He also serves on the Board of Trustees of the Johnson Foundation at Wingspread. He previously sat on the Board of Trustees of the Medical College of Wisconsin from 2009 to 2016, the Board of Directors of Park Bank Milwaukee from 2015 to 2020, and the Board of Trustees of the Greater Milwaukee Foundation from 2016 to 2024. Mr. Wesley received his Juris Doctor degree from the University of Wisconsin-Madison Law School in 1997. Through his sustained employment and board experience, Mr. Wesley is experienced with legal, financial, accounting, regulatory and investment matters.

**Trustee Ownership of Fund Shares**

As of December 31, 2024, the following Trustees beneficially owned shares of certain series of the Trust as follows. No other Trustee or officer of the Trust beneficially owned shares of the Funds or any other series of the Trust.

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| | | |
|:---|:---|:---|
| **Trustee** | **Dollar Range of Shares <br>Owned in the Funds** | **Aggregate Dollar Range of Shares Owned of Series in the Trust** |
| Lisa Zúñiga Ramírez |  | Over $100,000 |
| Gregory M. Wesley |  | $10001–$50000 |

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Furthermore, as of December 31, 2024, neither the Independent Trustees nor members of their immediate families, owned securities beneficially or of record in the Adviser, the Distributor, or an affiliate of the Adviser or Distributor. Accordingly, neither the Independent Trustees nor members of their immediate families, have a direct or indirect interest, the value of which exceeds $120,000, in the Adviser, the Distributor or any of their affiliates. In addition, during the two most recently completed calendar years, neither the Independent Trustees nor members of their immediate families had a direct or indirect interest, the value of which exceeds $120,000 in (i) the Adviser, the Distributor or any of their affiliates; (ii) any transaction or relationship in which such entity, the Funds, the Trust, any officer of the Trust, the Adviser, the Distributor, or any of their affiliates was a party; or (iii) any other relationship related to payments for property or services to the Funds, the Trust, any officer of the Trust, the Adviser, the Distributor, or any of their affiliates.

**Board Committees**

<u>Audit Committee</u>. The Trust has an Audit Committee, which is composed of the Independent Trustees, Dr. Michael D. Akers, Mr. Gary A. Drska, Mr. Vincent P. Lyles, Mr. Erik K. Olstein, Ms. Lisa Zúñiga Ramírez and Mr. Gregory M. Wesley. The Audit Committee reviews financial statements and other audit-related matters for the Funds. The Audit Committee also holds discussions with management and with the Funds' independent auditor concerning the scope of the audit and the auditor's independence. Dr. Akers, the designated Audit Committee chair, and Ms. Ramírez, serve as the Audit Committee's "audit committee financial experts," as stated in the annual reports relating to the series of the Trust. During the Funds' past fiscal year, the Audit Committee met three times with respect to the Funds.

<u>Nominating Committee</u>. The Trust has a Nominating Committee, which is composed of the Independent Trustees, Dr. Michael D. Akers, Mr. Gary A. Drska, Mr. Vincent P. Lyles, Mr. Erik K. Olstein, Ms. Lisa Zúñiga Ramírez and Mr. Gregory M. Wesley. The Nominating Committee is responsible for seeking and reviewing candidates for consideration as nominees for the position of trustee and meets only as necessary. As part of this process, the Nominating Committee considers criteria for selecting candidates sufficient to identify a diverse group of qualified individuals to serve as trustees.

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The Nominating Committee will consider nominees recommended by shareholders for vacancies on the Board of Trustees. Recommendations for consideration by the Nominating Committee should be sent to the President of the Trust in writing together with the appropriate biographical information concerning each such proposed nominee, and such recommendation must comply with the notice provisions set forth in the Trust's Nominating Committee Charter. In general, to comply with such procedures, such nominations, together with all required information, must be delivered to and received by the President of the Trust at the principal executive office of the Trust not later than 60 days prior to the shareholder meeting at which any such nominee would be voted on. Shareholder recommendations for nominations to the Board of Trustees 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 of Trustees. During the Funds' past fiscal year, the Nominating Committee met once.

**Trustee Compensation**

Effective January 1, 2025, the Independent Trustees receive from the Trust an annual retainer of $115,000<sup>(1)</sup>, $6,500<sup>(1)</sup> for each regular Board meeting attended and $1,000 for each special Board meeting attended, as well as reimbursement for expenses incurred in connection with attendance at Board meetings. Members of the Audit Committee receive $2,000 for each meeting of the Audit Committee attended. Effective January 1, 2025, the chair of the Audit Committee receives an annual retainer of $10,000<sup>(1)</sup>. Effective April 18, 2025, the chair of the Trust receives an annual retainer of $10,000. For the fiscal year ended May 31, 2025, the Trustees received the following compensation from the Funds:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Aggregate Compensation**<sup>(2)</sup> **From the**  | **Aggregate Compensation**<sup>(2)</sup> **From the**  | **Pension or Retirement Benefits Accrued as Part of Fund Expenses** | **Estimated Annual Benefits Upon Retirement** | **Total Compensation from the Funds and the Trust**<sup>(3)</sup> **Paid to Trustees** |
|<br>**Name of Person/Position** | **Quality Mid Cap Fund** | **Global Quality Growth Fund** | **Pension or Retirement Benefits Accrued as Part of Fund Expenses** | **Estimated Annual Benefits Upon Retirement** | **Total Compensation from the Funds and the Trust**<sup>(3)</sup> **Paid to Trustees** |
| Dr. Michael D. Akers,<br>Independent Trustee<sup>(4)(5)</sup> | $5708 | $5708 |  |  | $153500 |
| Gary A. Drska,<br>Independent Trustee<sup>(4)</sup> | $5462 | $5462 |  |  | $146000 |
| Vincent P. Lyles<br>Independent Trustee<sup>(4)</sup> | $5462 | $5462 |  |  | $146000 |
| Erik K. Olstein<br>Independent Trustee<sup>(4)(6)</sup> | $5462 | $5462 |  |  | $146000 |
| Lisa Zúñiga Ramírez<br>Independent Trustee<sup>(4)</sup> | $5462 | $5462 |  |  | $146000 |
| Gregory M. Wesley<br>Independent Trustee<sup>(4)</sup> | $5462 | $5462 |  |  | $146000 |
| John P. Buckel<br>Interested Trustee<sup>(7)</sup> |  |  |  |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;Prior to January 1, 2025, the Independent Trustees received an annual retainer of $100,000, $4,500 for each regular Board meeting attended, and the chair of the Audit Committee received an annual retainer of $5,000.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Trustees' fees and expenses are allocated between the Funds and any other series comprising the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;</sup>There are currently twenty-nine other series comprising the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Audit Committee member.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(5)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Audit Committee chair.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(6)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Appointed as Chairperson of the Trust effective April 18, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(7)</sup>&nbsp;&nbsp;&nbsp;&nbsp;Mr. Buckel served as an Interested Trustee and Chairperson of the Trust until April 17, 2025.

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**Control Persons, Principal Shareholders and Management Ownership**

A principal shareholder is any person who owns of record or beneficially 5% or more of the outstanding shares of a Fund. A control person is one who owns beneficially or through controlled companies more than 25% of the voting securities of a Fund or acknowledges the existence of control. A controlling person possesses the ability to control the outcome of matters submitted for shareholder vote by a Fund. As of September 2, 2025, to the best of the Trust's knowledge, no person was a control person of the Funds, and all Trustees and officers as a group owned beneficially (as the term is defined in Section 13(d) under the Securities and Exchange Act of 1934) less than 1% of the outstanding shares of each class of the Funds. As of September 2, 2025 the following shareholders were considered to be a principal shareholder of the Funds:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Jensen Quality Mid Cap Fund - Class J Shares** | | | | |
| **Name and Address** | **Parent Company** | **Jurisdiction** | **% Ownership** | **Type of Ownership** |
| Charles Schwab & Co., Inc.For the Sole Benefit of Its Customers<br>211 Main Street<br>San Francisco, CA 94105-1905 | The Charles Schwab Corporation | DE | 43.39% | Record |
| National Financial Services Corp.For the Exclusive Benefit of Our Customers<br>Attn: Mutual Fund Dept. 4th Floor<br>499 Washington Boulevard<br>Jersey City, NJ 07310-1995 | Fidelity Global Brokerage Group, Inc. | DE | 30.90% | Record |
| Wells Fargo Clearing Services LLC<br>1 North Jefferson Avenue<br>MSC MO3970<br>St. Louis, MO 63103-2287 | N/A | N/A | 7.49% | Record |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Jensen Quality Mid Cap Fund- Class I Shares** | | | | |
| **Name and Address** | **Parent Company** | **Jurisdiction** | **% Ownership** | **Type of Ownership** |
| Charles Schwab & Co., Inc.For the Sole Benefit of Its Customers<br>211 Main Street<br>San Francisco, CA 94105-1905 | The Charles Schwab Corporation | DE | 29.08% | Record |
| Raymond James<br>Omnibus for Mutual Funds<br>880 Carillion Parkway<br>St. Petersburg, FL 33716-1100 | Raymond James & Associates, Inc. | FL | 25.29% | Record |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Jensen Quality Mid Cap Fund- Class I Shares** | | | | |
| **Name and Address** | **Parent Company** | **Jurisdiction** | **% Ownership** | **Type of Ownership** |
| National Financial Services Corp.For the Exclusive Benefit of Our Customers<br>Attn: Mutual Fund Dept. 4th Floor<br>499 Washington Boulevard<br>Jersey City, NJ 07310-1995 | N/A | N/A | 20.94% | Record |
| Charles Schwab & Co., Inc.For the Sole Benefit of Its Customers<br>211 Main Street<br>San Francisco, CA 94105-1905 | N/A | N/A | 18.10% | Record |
| Pershing LLC<br>1 Pershing Plaza<br>Jersey City, NJ 07399-0001 | N/A | N/A | 5.24% | Record |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Jensen Quality Mid Cap Fund - Class Y Shares** | | | | |
| **Name and Address** | **Parent Company** | **Jurisdiction** | **% Ownership** | **Type of Ownership** |
| Pershing LLC<br>1 Pershing Plaza<br>Jersey City, NJ 07399-0001 | Pershing Group LLC | DE | 81.45% | Record |
| Hubbard Qualified Trust<br>Tamara Groat & Edward Burger &<br>Joan Hubbard Trustees<br>U/A 12/10/2021<br>c/o Jensen Investment Management, Inc.<br>5500 Meadows Road, Suite 200<br>Lake Oswego, OR 97035-3623 | N/A | N/A | 13.61% | Beneficial |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Jensen Global Quality Growth Fund - Class J Shares** | | | | |
| **Name and Address** | **Parent Company** | **Jurisdiction** | **% Ownership** | **Type of Ownership** |
| Wells Fargo Clearing Services LLC<br>1 North Jefferson Avenue<br>MSC MO3970<br>St. Louis, MO 63103-2287 | Wells Fargo Advisors, LLC | DE | 64.28% | Record |
| Charles Schwab & Co., Inc.For the Sole Benefit of Its Customers<br>211 Main Street<br>San Francisco, CA 94105-1905 | N/A | N/A | 17.01% | Record |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Jensen Global Quality Growth Fund - Class J Shares** | | | | |
| **Name and Address** | **Parent Company** | **Jurisdiction** | **% Ownership** | **Type of Ownership** |
| Eric H. Schoenstein &<br>Kelly K. Douglas JTWROS<br>c/o Jensen Investment Management, Inc.<br>5500 Meadows Road, Suite 200<br>Lake Oswego, OR 97035-3623 | N/A | N/A | 14.45% | Beneficial |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Jensen Global Quality Growth Fund - Class I Shares** | | | | |
| **Name and Address** | **Parent Company** | **Jurisdiction** | **% Ownership** | **Type of Ownership** |
| Charles Schwab & Co., Inc.For the Sole Benefit of Its Customers<br>211 Main Street<br>San Francisco, CA 94105-1905 | The Charles Schwab Corporation | DE | 87.23% | Record |
| Eric H. Schoenstein &<br>Kelly K. Douglas JTWROS<br>c/o Jensen Investment Management, Inc.<br>5500 Meadows Road, Suite 200<br>Lake Oswego, OR 97035-3623 | N/A | N/A | 11.75% | Beneficial |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Jensen Global Quality Growth Fund - Class Y Shares** | | | | |
| **Name and Address** | **Parent Company** | **Jurisdiction** | **% Ownership** | **Type of Ownership** |
| Pershing LLC<br>1 Pershing Plaza<br>Jersey City, NJ 07399-0001 | Pershing Group LLC | DE | 90.67% | Record |

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**Investment Adviser**

Jensen Investment Management, Inc., the investment adviser to each Fund, is currently operating under an investment advisory agreement with the Trust, on behalf of each Fund (the "Advisory Agreement"). Under the Advisory Agreement, the Adviser is responsible for the overall management of each Fund. The Adviser reviews the portfolio of securities and investments in the Funds, and advises and assists the Funds in the selection, acquisition, holding or disposal of securities and makes recommendations with respect to other aspects and affairs of the Funds. The Adviser is also responsible for placing orders for the purchase and sale of each 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 Funds is described under the section entitled "Management of the Funds" in the Funds' Prospectus.

As compensation for its services under the Advisory Agreement, the Adviser receives a monthly fee at the annual rate of 0.65% of the average daily net assets of the Quality Mid Cap Fund and 0.75% of the average daily net assets of the Global Quality Growth Fund. However, as discussed below, the Adviser may voluntarily agree to waive a portion of the management fees payable to it on a month-to-month basis, including additional fees above and beyond any contractual agreement the Adviser may have to waive management fees and/or reimburse Fund expenses.

The table below sets forth the management fees accrued by the Funds under the Advisory Agreement, the amount of the management fees and Fund operating expenses waived or reimbursed by the Adviser and the total management fees paid by each Fund to the Adviser under the Advisory Agreement:

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The Quality Mid Cap Fund paid the following fees to the Adviser for the fiscal years shown:

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| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Management Fee** | **Management Fees<br>Waived/Fund Expenses Reimbursed** | **Management Fee<br>After Waiver/Expense Reimbursement** |
| May 31, 2025 | $1225622 | ($100321) | $1125301 |
| May 31, 2024 | $1216282 | ($59040) | $1157242 |
| May 31, 2023 | $1212026 | ($85638) | $1126388 |

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The Global Quality Growth Fund paid the following fees to the Adviser for the fiscal years shown:

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| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Management Fee** | **Management Fees<br>Waived/Fund Expenses Reimbursed** | **Management Fee<br>After Waiver/Expense Reimbursement** |
| May 31, 2025 | $457399 | ($132390) | $325009 |
| May 31, 2024 | $365456 | ($131328) | $234128 |
| May 31, 2023 | $308237 | ($147282) | $160955 |

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**Management of the Investment Adviser**

Robert D. McIver, Allen T. Bond, Shannon M. Contreras, Richard W. Clark, and Gabriel L. Goddard are officers and directors of the Adviser. Mr. McIver, a Managing Director of the Adviser and a portfolio manager of the Global Quality Growth 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.

<u>Fund Expenses</u>. The Funds are responsible for their own operating expenses. The Adviser has agreed to waive management fees payable to it by a Fund and/or to reimburse Fund operating expenses to the extent necessary to limit a Fund's total annual fund operating expenses (exclusive of front-end or contingent deferred loads, Rule 12b-1 plan fees, shareholder servicing plan fees, interest (including interest incurred in connection with bank and custody overdrafts), acquired fund fees and expenses, leverage (*i.e.*, any expenses incurred in connection with borrowings made by the Funds), tax expenses, dividends and interest expenses on short positions, brokerage commissions, merger or reorganization expenses and extraordinary expenses such as litigation) to the limit set forth in the "Fees and Expenses" table of the Prospectus. The Adviser may request recoupment of previously waived fees and paid expenses from a Fund for up to three years from the date such fees and expenses were waived or paid, subject to the operating expense limitation agreement, if such reimbursements will not cause the Fund's expense ratio, after recoupment has been taken into account, to exceed the lesser of: (1) the expense limitation in place at the time of the waiver and/or expense payment; or (2) the expense limitation in place at the time of the recoupment. Any such reimbursement is also contingent upon the Board of Trustees' subsequent review and ratification of the reimbursed amounts.

The Advisory Agreement provides that the Adviser under such agreement shall not be liable for any error of judgment or mistake of law or for any loss arising out of any investment or for any act or omission in the execution of portfolio transactions for the Funds, except for willful misfeasance, bad faith or negligence in the performance of its duties, or by reason of reckless disregard of its obligations and duties thereunder.

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

The Advisory Agreement is terminable without penalty: on not less than 60 days' written notice by the Board of Trustees; by vote of the majority of the outstanding voting shares of a Fund; or upon not less than 60 days' written notice to a Fund by the Adviser. The Advisory Agreement terminates automatically upon assignment as defined under the 1940 Act.

As used in this SAI and in the Prospectus, when referring to approval of the Advisory Agreement to be obtained from shareholders of a 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.

The Adviser also serves as the investment adviser to The Jensen Quality Growth Fund Inc., an open-end mutual fund, and the Jensen Quality Growth ETF, an exchange-traded fund.

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**Portfolio Managers**

The Quality Mid Cap Fund is managed by an investment team consisting of Kurt M. Havnaer, Adam D. Calamar and Tyra S. Pratt. The Global Quality Growth Fund is managed by an investment team consisting of Robert D. McIver, Allen T. Bond, Jeffrey D. Wilson and Jannis Fingberg. The following provides information regarding other accounts managed by the Funds' portfolio managers as of May 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category of Account** | **Total Number of Accounts Managed** | **Total Assets in Accounts Managed (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>Kurt M. Havnaer</u>** | | | | |
| Other Registered Investment Companies | 2 | $6162 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 0 | $0 | 0 | $0 |
| **<u>Adam D. Calamar</u>** |  |  |  |  |
| Other Registered Investment Companies | 2 | $6162 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 0 | $0 | 0 | $0 |
| **<u>Robert D. McIver</u>** |  |  |  |  |
| Other Registered Investment Companies | 2 | $6162 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 40 | $68 | 0 | $0 |
| **<u>Allen T. Bond</u>** |  |  |  |  |
| Other Registered Investment Companies | 1 | $6162 | 0 | $0 |
| Other Pooled Investment Vehicles | 6 | $1281 | 0 | $0 |
| Other Accounts | 131 | $750 | 0 | $0 |
| **<u>Tyra S. Pratt</u>** |  |  |  |  |
| Other Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 0 | $0 | 0 | $0 |
| **<u>Jeffrey D. Wilson</u>** |  |  |  |  |
| Other Registered Investment Companies | 2 | $6162 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 0 | $0 | 0 | $0 |
| **<u>Jannis Fingberg\*</u>** |  |  |  |  |
| Other Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category of Account** | **Total Number of Accounts Managed** | **Total Assets in Accounts Managed (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)** |
| Other Accounts | 0 | $0 | 0 | $0 |

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\*&nbsp;&nbsp;&nbsp;&nbsp;Information for Mr. Fingberg is as of August 1, 2025.

<u>Material Conflicts of Interest</u>

As members of other investment teams, the Funds' portfolio managers manage other accounts that generally have certain of the same principal investment strategies as the Funds. Because the Adviser employs a similar investment approach in managing the Funds 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 Funds 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 majority of the equity securities purchased by the Adviser for its clients have significant liquidity and above 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 Funds, 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 Funds and other accounts. These trades are subject to the Adviser's 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 Adviser employees, 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 managers' personal securities transactions and holdings.

The Adviser has not identified any other material conflicts between the Funds 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 Funds 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 Funds and other accounts. In addition, the various management fees charged to the other accounts differ and, depending upon the size of the account, may be higher than the management fee charged to the Funds. This could create an apparent conflict of interest where a portfolio manager may appear to have favored an account with a higher management fee solely because the account has outperformed the Funds. However, this apparent conflict is mitigated by the fact that portfolio managers do not directly receive any separate compensation based on management fees generated or performance-based fees.

<u>Portfolio Manager Compensation</u>

Each investment team's compensation is paid by the Funds' Adviser. Each investment team 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, and 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 member's compensation is related to the performance of the Funds or the amount of the Funds' assets.

Several members of the investment teams are shareholders of the Adviser. As a result, each investment team member who is also a shareholder also receives their proportionate share of any net profits earned by the Adviser.

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<u>Ownership of Securities in the Funds by the Portfolio Managers</u>

As of May 31, 2025, the Portfolio Managers beneficially owned securities in the Funds as follows:

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| | | |
|:---|:---|:---|
| | **Dollar Range of Equity Securities in the** | **Dollar Range of Equity Securities in the** |
|<br>**Name of Portfolio Manager** | **Quality Mid Cap Fund**<sup>(1)</sup> | **Global Quality Growth Fund**<sup>(1)</sup> |
| Adam D. Calamar | $100001-$500000 | $100001-$500000 |
| Kurt M. Havnaer | $100001-$500000 |  |
| Robert McIver | $500001 - $1000000 | $500001 - $1000000 |
| Allen T. Bond | $100001-$500000 | $100001-$500000 |
| Jannis Fingberg<sup>(2)</sup> |  |  |
| Tyra S. Pratt | $50001 - $100000 | $10001 - $50000 |
| Jeffrey D. Wilson | $50001 - $100000 | $500001 - $1000000 |

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&nbsp;&nbsp;&nbsp;&nbsp;<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.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>Information for Mr. Fingberg is as of August 1, 2025.

**Service Providers**

Pursuant to a fund administration and servicing agreement (the "Administration Agreement") between the Trust and Fund Services, 615 East Michigan Street, Milwaukee, Wisconsin 53202, Fund Services acts as the Funds' administrator. Fund Services provides certain administrative services to the Funds, including, among other responsibilities, coordinating the negotiation of contracts and fees with, and the monitoring of performance and billing of, the Funds' independent contractors and agents; preparation for signature by an officer of the Trust of all documents required to be filed for compliance by the Trust and the Funds with applicable laws and regulations excluding those of the securities laws of various states; arranging for the computation of performance data, including NAV and yield; responding to shareholder inquiries; arranging for the maintenance of books and records of the Funds; and providing, at its own expense, office facilities, equipment and personnel necessary to carry out its duties. In this capacity, Fund Services does not have any responsibility or authority for the management of the Funds, the determination of investment policy, or for any matter pertaining to the distribution of Fund shares.

Pursuant to the Administration Agreement, as compensation for its services, Fund Services receives from the Funds a combined fee for fund administration and fund accounting services based on the Funds' current average daily net assets. Fund Services is also entitled to certain out-of-pocket expenses. In addition to its role as Administrator, Fund Services also acts as fund accountant ("Fund Accountant"), transfer agent ("Transfer Agent") and dividend disbursing agent under separate agreements with the Trust.

For the fiscal years indicated below, the Funds paid the following in fund administration fees to Fund Services:

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| | | | |
|:---|:---|:---|:---|
| **Administration Fees<br>Paid During Fiscal Years Ended May 31,** | **Administration Fees<br>Paid During Fiscal Years Ended May 31,** | **Administration Fees<br>Paid During Fiscal Years Ended May 31,** | **Administration Fees<br>Paid During Fiscal Years Ended May 31,** |
|  | **<u>2025</u>** | **<u>2024</u>** | **<u>2023</u>** |
| **Quality Mid Cap Fund** | $59292 | $48765 | $48400 |
| **Global Quality Growth Fund** | $35848 | $24176 | $22432 |

---

------

**Custodian**

U.S. Bank National Association, an affiliate of Fund Services (the "Custodian"), serves as the custodian of the Funds' assets pursuant to a custody agreement between the Custodian and the Trust, on behalf of the Funds, whereby the Custodian charges fees on a transactional basis plus out-of-pocket expenses. The Custodian has custody of all assets and securities of the Funds, delivers and receives payments for securities sold, receives and pays for securities purchased, collects income from investments and performs other duties, all as directed by the officers of the Trust. The Custodian's address is 1555 North River Center Drive, Suite 302, Milwaukee, Wisconsin 53212. The Custodian does not participate in decisions relating to the purchase and sale of securities by the Funds. The Custodian and its affiliates may participate in revenue sharing arrangements with service providers of funds in which the Funds may invest.

**Legal Counsel**

Godfrey & Kahn, S.C., 833 East Michigan Street, Suite 1800, Milwaukee, Wisconsin 53202, serves as legal counsel to the Funds and the Independent Trustees.

**Independent Registered Public Accounting Firm**

Cohen & Company, Ltd. ("Cohen & Co."), 342 North Water Street, Suite 830, Milwaukee, Wisconsin 53202, serves as the independent registered public accounting firm to the Funds. Its services include auditing and reporting on the Funds' annual financial statements, reviewing certain regulatory reports, and performing other auditing services for the Funds when engaged to do so. Cohen & Co Advisory, LLC, an affiliate of Cohen & Company, Ltd., provides tax services as requested.

**DISTRIBUTION AND SERVICING OF FUND SHARES**

**Distributor**

The Trust has entered into a distribution agreement (the "Distribution Agreement") with Quasar Distributors, LLC, a wholly-owned subsidiary of Foreside Financial Group, LLC d/b/a ACA Group (the "Distributor"), 190 Middle Street, Suite 301, Portland, Maine 04101, pursuant to which the Distributor acts as the Funds' principal underwriter, provides certain administration services and promotes and arranges for the sale of each Fund's shares. The offering of each Fund's shares is continuous, and the Distributor distributes each Fund's shares on a best efforts basis. The Distributor is not obligated to sell any certain number of shares of the Funds. The Distributor is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. ("FINRA").

The Distribution Agreement will continue in effect only if its continuance is specifically approved at least annually by the Board of Trustees or by vote of a majority of a Fund's outstanding voting securities and, in either case, by a majority of the trustees who are not parties to the Distribution Agreement or "interested persons" (as defined in the 1940 Act) of any party to the Distribution Agreement.

The Distribution Agreement is terminable without penalty by the Trust on behalf of a Fund on 60 days' written notice when authorized either by a majority vote of the outstanding voting securities of a Fund or by vote of a majority of the Board of Trustees, including a majority of the trustees who are not "interested persons" (as defined in the 1940 Act). The Distribution Agreement is terminable without penalty by the Distributor upon 60 days' written notice to the Trust. The Distribution Agreement will automatically terminate in the event of its "assignment" (as defined in the 1940 Act).

During the last three fiscal years, the Distributor did not receive any net underwriting discounts or commissions on the sale of Fund shares, any compensation on the redemptions or repurchases of Fund shares, or any brokerage commissions from the Funds. The Distributor retained a portion of the 12b-1 fees, as described below.

**Distribution and Shareholder Servicing Plan – Class J Shares**

As noted in the Funds' Prospectus, the Funds have adopted a Distribution and Shareholder Servicing Plan pursuant to Rule 12b-1 promulgated by the SEC pursuant to the 1940 Act (the "12b-1 Plan") for each Fund's Class J shares. Under the 12b-1 Plan, Class J shares pay the Distributor or other qualified recipients an amount from Fund assets at a maximum annual rate of 0.25% of a Funds' average daily net assets attributable to Class J shares.

If the Distributor or other qualified recipient is due more monies for its services rendered than are payable annually under the 12b-1 Plan, any unpaid amount is carried forward from period to period (not to exceed three years) while the 12b-1 Plan is in effect until such time as it is paid. There were no unreimbursed expenses incurred under the 12b-1 plan during the Funds' last fiscal year ended May 31, 2025.

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 Class J shares of a Fund) that provides for payment by the 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 Class J shares or to provide certain shareholder services, including services provided by broker-dealers that maintain individual shareholder account records for, and provide shareholder servicing to, their customers who invest in a 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 Class J 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.

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The 12b-1 Plan must be renewed annually by the Board of Trustees, including a majority of the Independent Trustees 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 12b-1 Plan may be continued from year-to-year only if the Board of Trustees, including a majority of the Independent Trustees, concludes at least annually that continuation of the Plan is likely to benefit shareholders. The Board of Trustees has determined that the 12b-1 Plan is likely to benefit Class J shares by providing an incentive for brokers, dealers and other financial intermediaries to engage in sales and marketing efforts on behalf of the Funds and to provide enhanced services to Class J shareholders. The Board of Trustees also determined that the 12b-1 Plan enhances the Funds' ability to sell Class J shares and access important distribution channels.

The 12b-1 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 a Fund's outstanding shares. All material amendments to the 12b-1 Plan or any related agreements must be approved by a vote of the Independent Trustees, 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 of Trustees, at least quarterly, on the amounts and purpose of any payment made under the 12b-1 Plan. The Distributor is also required to provide the Board of Trustees with other information as requested so as to enable the Board of Trustees to make an informed decision on whether to continue the 12b-1 Plan from year to year.

With the exception of the Adviser and the Distributor, no "interested person" of the Funds, as defined in the 1940 Act, and no Independent Trustee of the Funds has or had a direct or indirect financial interest in the 12b-1 Plan or any related agreement.

Payments made by the Funds to financial intermediaries (including those that sponsor mutual fund supermarket programs) are based primarily on the dollar amount of assets invested in Class J shares through the financial intermediaries. Financial intermediaries may

pay a portion of the payments received from the Funds to their investment professionals and to other financial intermediaries for which they provide clearing services. In addition, Class J shares 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 Funds, such as conducting training and educational meetings regarding various aspects of the Funds for their investment professionals, hosting client seminars where the Funds are discussed, and providing exhibition space to Adviser sales and marketing personnel at industry trade shows and conferences sponsored by the financial intermediaries. Any payments made by the Funds to the Adviser are to reimburse the Adviser for the costs it incurs in providing distribution and shareholder servicing and related activities to the Funds, including compensation and travel expense for sales and marketing personnel of the Adviser, preparation of marketing materials and payments made to media relations and marketing consulting firms.

To the extent payments made under the 12b-1 Plan to financial intermediaries exceed the 12b-1 fees available from Class J shares and any sub-transfer agency fees paid by Class J shares, the excess is paid by the Adviser from its own resources. These payments may be substantial to the Adviser and include a portion of its profits from the advisory fee it receives from the Funds. For the fiscal year ended May 31, 2025, the Adviser's payments to financial intermediaries in excess of the 12b-1 and sub-transfer agency fees paid by the Funds were made primarily to the following broker-dealers that sponsor mutual fund supermarket programs (see discussion below) and other financial intermediaries that provide retirement plan services, and whose customers have invested in the Funds: Ameriprise Financial, Charles Schwab & Co., Edward Jones, Empower, Fidelity Brokerage Services, Inc., LPL Financial, J.P. Morgan Securities LLC, Morgan Stanley, MSCS Financial Services, Pershing LLC, Raymond James, Vanguard Brokerage Services, and Wells Fargo. Investors should consult their financial intermediary regarding the details of the payments such intermediary receives in connection with the sale or servicing of Fund shares.

For the fiscal year ended May 31, 2025, the Funds paid the following 12b-1 Plan fees:

---

| | | |
|:---|:---|:---|
| **Actual Rule 12b-1 Expenditures Incurred by the Funds**<br>**During the Fiscal Year Ended May 31, 2025** | **Actual Rule 12b-1 Expenditures Incurred by the Funds**<br>**During the Fiscal Year Ended May 31, 2025** | **Actual Rule 12b-1 Expenditures Incurred by the Funds**<br>**During the Fiscal Year Ended May 31, 2025** |
| | **<u>Quality Mid Cap Fund</u>** | **<u>Global Quality Growth Fund</u>** |
| Advertising/Marketing | $0 | $0 |
| Printing/Mailing | $0 | $0 |
| Compensation to Underwriter | $199 | $162 |
| Compensation to Broker-Dealer | $74349 | $6255 |
| Compensation to sales personnel | $0 | $0 |
| Interest, carrying, or other financing charges | $0 | $0 |
| Other | $0 | $0 |
| **Total Dollars Allocated** | **$74548** | **$6417** |

---

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**Shareholder Servicing Plan – Class I Shares**

The Trust, on behalf of the Funds' Class I shares, has adopted a Shareholder Servicing Plan to pay for shareholder support services from a 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 Funds, 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.

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| | | | |
|:---|:---|:---|:---|
| **Shareholder Servicing Fees-Class I Shares<br>Paid During Fiscal Years Ended May 31,** | **Shareholder Servicing Fees-Class I Shares<br>Paid During Fiscal Years Ended May 31,** | **Shareholder Servicing Fees-Class I Shares<br>Paid During Fiscal Years Ended May 31,** | **Shareholder Servicing Fees-Class I Shares<br>Paid During Fiscal Years Ended May 31,** |
|  | **<u>2025</u>** | **<u>2024</u>** | **<u>2023</u>** |
| **Quality Mid Cap Fund** | $16857 | $18840 | $19958 |
| **Global Quality Growth Fund** | $602 | $474 | $685 |

---

**Fund Supermarkets**

Each 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. The Funds pay the fund supermarket sponsor a negotiated fee for distributing 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 available from Class J shares and any 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 Funds.

**Sub-Transfer Agency Fees**

Each Fund's Class J shares make payments to certain financial intermediaries who have chosen to maintain an "omnibus account" with the Funds, which is a single account in a 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 Funds through these omnibus accounts. These payments, commonly known as sub-transfer agency fees, made by the Funds 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 Funds to Fund Services for maintaining and servicing these accounts if the financial intermediaries' customers were instead direct shareholders of the Funds. The sub-transfer agency fees paid to these financial intermediaries is reviewed and approved annually by the Board of Trustees and is determined based on the fees and expenses paid by the Funds to Fund Services during the previous year for the services Fund Services provided to the Funds' direct shareholders.

**Code of Ethics**

The Trust and the Adviser have each adopted the Code of Ethics, a written code of ethics under Rule 17j-1 of the 1940 Act. Subject to the provisions of the Code of Ethics, directors, officers and employees of the Adviser ("Covered Persons") are permitted to purchase and sell for their own accounts the same securities the Adviser recommends to the Funds.

The Distributor relies on the principal underwriter's exception under Rule 17j-1(c)(3) of the 1940 Act from the requirements to adopt a code of ethics pursuant to Rule 17j-1 because the Distributor is not affiliated with the Trust or the Adviser, and no officer, director, or general partner of the Distributor serves as an officer, director or general partner of the Trust or the Adviser.

The Code of Ethics for the Trust and the Code of Ethics for the Adviser are available by accessing the SEC's website at *www.sec.gov*.

**Proxy Voting Guidelines**

The Adviser views the proxy voting process as an integral part of the relationship with the Funds. 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 Funds delegate their authority to vote proxies to the Adviser, subject to the supervision of the Board of Trustees. The Funds' proxy voting policies are summarized below.

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<u>Policies of the Adviser</u>

It is the Adviser's policy to vote all proxies received by the Funds 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 Funds' shareholders. Therefore, in the event a potential material conflict of interest arises between the Adviser and the Funds, the Adviser will take one of the following steps to resolve the conflict:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Disclose the conflict to the Independent Trustees of the Trust and obtain their direction on how to vote the proxy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

Each 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. In addition, a copy of the Funds' proxy voting policies and procedures, and the voting records as described herein, are also available without charge, upon request, on the Funds' website at www.jenseninvestment.com, via email at cco@jenseninvestment.com, or by calling the Funds at 1-800-992-4144. These materials will be sent within three business days of receipt of a request.

**Anti-Money Laundering Compliance Program**

The Trust 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 (the "USA PATRIOT Act") and related anti-money laundering laws and regulations. To

ensure compliance with these laws, the Trust'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. Ms. Deanna B. Marotz has been designated as the Trust's Anti-Money Laundering Compliance Officer.

Procedures to implement the Program include, but are not limited to: determining that the Distributor and the Transfer Agent have established proper anti-money laundering procedures; and reporting suspicious and/or fraudulent activity.

**BROKERAGE ALLOCATION AND OTHER PORTFOLIO TRANSACTIONS**

**General Considerations**

The Adviser is responsible for the execution of the Funds' 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 combination of price and execution with respect to the Funds' 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 price net to client.

The Adviser has no pre-existing obligations to deal with any broker or group of brokers regarding the execution of the Funds' portfolio transactions. The Adviser currently uses several brokers to execute the Funds' equity securities transactions, all of which have agreed to execute Fund equity securities trades at discounted commission rates the Adviser believes are favorable to the Funds and their shareholders. To the knowledge of the Funds' management, no director or officer of the Funds has a direct or indirect material interest in any broker that executes the Funds' portfolio transactions. The Funds paid the following amount in total brokerage commissions during the fiscal years indicated below:

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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,** | **Brokerage Commissions Paid<br>During Fiscal Years Ended May 31,** |
|  | **<u>2025</u>** | **<u>2024</u>** | **<u>2023</u>** |
| **Quality Mid Cap Fund** | $6765 | $4747 | $4758 |
| **Global Quality Growth Fund** | $5336 | $3747 | $3330 |

---

The Funds are required to identify any securities of their "regular brokers or dealers" that the Funds have acquired during its most recent fiscal year. The Funds did not acquire securities of their "regular brokers or dealers" or their parents during the fiscal year ended May 31, 2025. The Funds are also required to identify any brokerage transactions during its most recent fiscal year that were directed to a broker because of research services provided, along with the amount of any such transactions and any related commissions paid by the Funds. No such transactions were made during the fiscal year ended May 31, 2025.

The Adviser does not enter into "soft-dollar" arrangements to obtain research, meaning that it does not use the Funds' commissions to pay for and receive investment research from any of its brokers. In some cases, brokers will provide the Adviser with services intended to help it manage and further develop its business enterprise, including publications on information technology, regulatory compliance and marketing.

Investment decisions for the Funds 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 Funds 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 Funds, 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.

When the same investment decision is made for more than one client account, which may include the Funds, 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 above average daily trading volume, market impact is often not a significant concern. 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 of its clients' accounts; (ii) the investment team makes the decision to purchase a new security in all or substantially all of its clients' 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 initial 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 Funds, in some cases this procedure may adversely affect the price paid or received or the size of the position purchased or sold by the Funds.

**ADDITIONAL PURCHASE AND REDEMPTION INFORMATION**

Information concerning the purchase and redemption of the Funds' shares is set forth in the sections "Shareholder Service Information - How to Purchase Shares" and "Shareholder Service Information - How to Redeem Shares" in the Funds' Prospectus.

**Purchases and Redemptions**

Shares are directly sold by the Funds 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 Funds' Prospectus. The Funds do not charge any sales load or commission in connection with the purchase of shares.

Although the Funds and Adviser have established a minimum initial investment amount of $2,500 for Class J shares, $250,000 for Class I shares and $1,000,000 for Class Y shares, the Funds, in their sole discretion, may approve smaller amounts for certain investors.

The Funds reserve the right to suspend or postpone redemptions during any period when:

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&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 a 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 a Fund's portfolio securities or a determination of the NAV of a Fund's shares not reasonably practicable.

The Funds 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, a 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 Funds have 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 of Trustees. The Board of Trustees will enact an automatic redemption policy if it determines that it is in the best interests of a Fund and its shareholders.

None of the Funds, the Adviser or the Transfer Agent 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 Funds' Prospectus.

**Share Class Conversions**

Shareholders of Class J shares may elect to convert their shares to Class I or Class Y shares of the Funds. Holders of Class I shares may elect to convert their shares to Class Y shares. Such shareholders may convert their shares, provided that immediately after the conversion, the shareholder meets the then-applicable eligibility requirements for the share class.

Investors who hold Class I or Class Y shares of the Funds 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 Funds 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 a Fund to a different class of the same Fund generally will not result in the recognition of a capital gain or loss for federal income tax purposes.

**Pricing of Fund Shares**

The NAV of the Funds' shares will fluctuate and is determined as of the close of trading on the NYSE (generally 4:00 p.m., Eastern time) each business day. The NYSE annually announces the days on which it will not be open for trading. The most recent announcement indicates that it will not be open on the following days: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. However, the NYSE may close on days not included in that announcement. If the NYSE closes early, the Funds will calculate the NAV at the closing time on that day. If an emergency exists as permitted by the SEC, the NAV may be calculated at a different time.

The NAV per share is computed by dividing the value of the securities held by a Fund plus any cash or other assets (including interest and dividends accrued but not yet received) minus all liabilities (including accrued expenses) by the total number of shares in the Fund outstanding at such time.

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

Net Assets = Net Asset Value Per Share <br> Shares Outstanding

**Quality Mid Cap Fund - Class J Shares**

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| | | |
|:---|:---|:---|
| $27898079 | = | $18.52 |
| 1506234 | = | $18.52 |

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**Quality Mid Cap Fund - Class I Shares**

---

| | | |
|:---|:---|:---|
| $54678854 | = | $18.48 |
| 2958403 | = | $18.48 |

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**Quality Mid Cap Fund - Class Y Shares**

---

| | | |
|:---|:---|:---|
| $71335061 | = | $18.44 |
| 3868754 | = | $18.44 |

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**Global Quality Growth Fund - Class J Shares**

---

| | | |
|:---|:---|:---|
| $2475806 | = | $17.65 |
| 140257 | = | $17.65 |

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**Global Quality Growth Fund - Class I Shares**

---

| | | |
|:---|:---|:---|
| $3069281 | = | $17.67 |
| 173747 | = | $17.67 |

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**Global Quality Growth Fund - Class Y Shares**

---

| | | |
|:---|:---|:---|
| $59756157 | = | $17.67 |
| 3381066 | = | $17.67 |

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Generally, the Funds' investments are valued at market value or, in the absence of a market value, at fair value as determined in good faith by the Adviser pursuant to the Adviser's procedures subject to oversight by the Board of Trustees.

All U.S. equity securities traded on a national U.S. securities exchange, except those listed on the NASDAQ Stock Market LLC ("NASDAQ"), are valued at the last sale price at the close of that exchange. All equity securities that are not traded on a listed exchange are valued at the last sales price at the close of the over-the-counter ("OTC") market. If a non-exchange listed security does not trade on a particular day, then the mean between the last quoted bid and asked price will be used as long as it continues to reflect the value of the security.

The Global Quality Growth Fund also invests in common stock of foreign issuers listed on U.S. and foreign stock exchanges, the majority of which are large-capitalization, highly liquid securities. The occurrence of certain events after the close of foreign markets, but prior to the time the Global Quality Growth Fund's NAV is calculated (such as a significant surge or decline in the U.S. or other markets) often will result in an adjustment to the trading prices of foreign securities when foreign markets open on the following business day. In the absence of a price or the occurrence of events that occur after a foreign exchange closes that affect the value of a foreign security held by the Global Quality Growth Fund, the security will be valued at fair value. In such cases, use of fair valuation can reduce an investor's ability to seek profit by estimating the Global Quality Growth Fund's NAV in advance of the time the NAV is calculated.

If a security is listed on more than one exchange, the Funds will use the price of the exchange that the Funds generally consider to be the principal exchange on which the security is traded. Portfolio securities listed on the NASDAQ will be valued at the NASDAQ Official Closing Price, which may not necessarily represent the last sale price. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the mean between the most recent quoted bid and the asked prices at the close of the exchange on such day or the security shall be valued at the latest sales price on the "composite market" for the day such security is being valued. The composite market is defined as a consolidation of the trade information provided by national securities and foreign exchanges and over-the-counter markets as published by an approved independent pricing service (a "Pricing Service"). In the event that market quotations on composite market pricing are not readily available, fair value will be determined in accordance with the Adviser's fair value guidelines.

Debt securities, including short-term debt instruments having a maturity of 60 days or less, are valued at the mean in accordance with prices supplied by a Pricing Service. Pricing Services may use various valuation methodologies such as the mean between the bid and the asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. If a

price is not available from a Pricing Service, the most recent quotation obtained from one or more broker-dealers known to follow the issue will be obtained. Pricing Service quotations will be valued at the mean between the bid and the offer. Fixed income securities purchased on a delayed-delivery basis are typically marked to market daily until settlement at the forward settlement date. Any discount or premium is accreted or amortized using the constant yield method until maturity. In the absence of available quotations, the securities will be priced at fair value.

Money market funds, demand notes and repurchase agreements are valued at cost. If cost does not represent current market value the securities will be priced at fair value.

Redeemable securities issued by open-end, registered investment companies are valued at the NAVs of such companies for purchase and/or redemption orders placed on that day. All exchange-traded funds are valued at the last reported sale price on the exchange on which the security is principally traded.

Pursuant to Rule 2a-5 of the 1940 Act, all other assets of the Funds are valued in such manner as the Adviser in good faith deems appropriate to reflect their fair value.

**Redemption In-Kind**

The Funds do not intend to redeem shares in any form except cash. The Trust, however, has filed a notice of election under Rule 18f-1 of the 1940 Act that allows the Funds to redeem in-kind redemption requests of a certain amount. Specifically, if the amount you are redeeming during any 90-day period is in excess of the lesser of $250,000 or 1% of the net assets of the applicable share class of a Fund, 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 net assets of the share class of the Fund in securities instead of cash. If a Fund pays your redemption proceeds by a distribution of securities, you could incur brokerage or other charges in converting the securities to cash, and will bear any market risks associated with such securities until they are converted into cash. For federal income tax purposes, redemptions in-kind are taxed in the same manner to a redeeming shareholder as redemptions made in cash. In addition, sales of in-kind securities may generate taxable gains.

The Jensen Quality Mid Cap Fund expects to redeem shares in-kind when it participates in the Liquidity program described in the Prospectus.

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**TAXATION OF THE FUNDS**

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 Internal Revenue Code of 1986, as amended (the "Code"), Treasury Regulations, judicial decisions, and Internal Revenue Service ("IRS") guidance as of the date hereof, all of which are subject to change, and possibly with retroactive effect. These changes could impact the Funds' investments or the tax consequences to you of investing in the Funds. 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 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 adviser before investing.

Each series of the Trust is treated as a separate entity for federal income tax purposes. Each Fund, each a series of the Trust, intends to qualify and elect to be treated as a regulated investment company ("RIC") under the Code, provided it complies with all applicable requirements regarding the source of its income, diversification of its assets and timing and amount of its distributions. Each 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 Funds can give no assurances that their anticipated distributions will be sufficient to eliminate all Fund level taxes. If a Fund does not qualify as a RIC, and is unable to obtain relief from such failure, it would generally be taxed as a regular corporation and, in such case, it would generally 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 Funds**

To qualify as a RIC for any taxable year, a 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 the sale or other disposition of stock or securities, net income from qualified publicly traded partnerships, and certain other types of income; and (b) diversify its holdings so that, at the end of each fiscal quarter, (i) at least 50% of the value of the Fund's assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs, and other acceptable securities with such other securities limited, with respect to any one issuer, to an amount not greater in value than 5% of the value of the Fund's total assets and to not more than 10% of the outstanding voting securities of such issuer; and (ii) no more than 25% of the value of the Fund's assets may be invested in the securities of any one issuer (other than U.S. government securities or securities of other RICs), or of any two or more issuers

that are controlled, as determined under applicable Code rules, by the Fund and that are engaged in the same, similar or related trades or businesses, or of certain qualified publicly traded partnerships.

Generally, to be taxed as a RIC, a 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, net short-term capital gain and net foreign currency gain, less expenses. To the extent that a Fund does not distribute all of its investment company taxable income, such undistributed income is generally taxable to the Fund at corporate income tax rates, currently as high as 21% federally.

A Fund may be liable for an 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 Fund's actual distributions are less than the required distributions, a federal excise tax of 4% applies to the difference.

If a Fund retains any net capital gain (net long-term capital gain in excess of net short-term capital loss) and pays federal income tax on such excess, it may elect to treat all or a portion of such net capital gain as having been distributed to shareholders. If a Fund elects this treatment, shareholders that own shares on the last day of the Fund's taxable year:

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

• May claim their proportionate share of the federal income tax paid by a 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 a Fund by the difference between their pro rata shares of such gains and their allocable share of federal income taxes paid by the Fund.

If a Fund were unable to continue to qualify as a RIC for any reason, it would be taxable as a regular Subchapter C corporation and 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. In such event, any distributions made by a Fund to the extent of its then-current and accumulated earnings and profits would be treated as qualified dividend income to noncorporate shareholders for federal income tax purposes (provided such shareholders meet certain holding period requirements), which for non-corporate shareholders is currently taxed at the reduced rates applicable to long-term capital gains. Shareholders would generally earn lower after-tax returns if a Fund is taxed as a regular Subchapter C corporation rather than as a RIC.

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There can be no assurance that a Fund will meet all requirements for treatment as a RIC in all possible circumstances. The remainder of this discussion assumes a 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 taxable to shareholders as ordinary income. For a non-corporate shareholder, the portion of any distributions of investment company taxable income that are attributable to and reported as qualified dividend income may be taxable at long-term capital gain rates if the shareholder meets certain holding period requirements. All of a Fund's distributions of investment company taxable income may be reported as qualified dividend income if the qualified dividend income received by the Fund is equal to 95% or a greater percentage of the Fund's gross income (exclusive of net capital gain) in any taxable year. If applicable, the Funds will report to shareholders the portion of their distributions of investment company taxable income attributable to qualified dividend income. In the case of a corporate shareholder, a portion of a Fund's distributions of investment company taxable income may be eligible for the dividends-received deduction to the extent the Fund receives dividends directly or indirectly from U.S. corporations, reports the amount as eligible for deduction, and the shareholder meets certain holding period requirements. Distributions of net capital gain are taxable to shareholders as long-term capital gain, regardless of the length of time shareholders have held shares of a Fund. To the extent that the Funds may realize future net capital gains, those gains will be offset by any unused capital loss carryforwards. At May 31, 2025, the Global Quality Growth Fund had short-term capital loss carryovers of $359,025 and long-term capital loss carryovers of $395,414, with no expiration.

Distributions will be taxable as described above, whether paid in additional Fund 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 basis (and is, in an economic sense, a return of the shareholder's capital). This is more likely when shares are purchased shortly before a distribution of net capital gain or investment company taxable income.

In addition to the federal income tax, individuals, trusts, and estates may be subject to a Net Investment Income ("NII") tax of 3.8%. The NII tax is imposed on the lesser of (i) a taxpayer's investment income, net of deductions properly allocable to such income, or (ii) the amount by which such 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 Funds' distributions are includable in a shareholder's investment income for purposes of this NII tax. In addition, any capital gain realized by a shareholder on the sale, exchange, or redemption of Fund shares is includable in such shareholder's investment income for purposes of this NII tax.

**Other Tax Considerations**

The Funds must obtain from each shareholder a certification of the shareholder's Social Security number or other applicable taxpayer identification number and certain other information. The Funds 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 IRS, the Funds may be required to withhold a percentage of any reportable distributions or redemption proceeds payable to the shareholder and to remit such sum to the IRS for credit toward the shareholder's federal income taxes. A shareholder's failure to provide a correct Social Security number or other taxpayer identification number may subject the shareholder to a penalty of $50 imposed by the IRS. In addition, that failure may subject a Fund to a separate penalty, which 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 Funds declare a distribution in October, November or December payable to shareholders of record and pay the distribution during January of the following year, the shareholders will be taxed as if they had received the distribution on December 31 of the year in which the distribution was declared. Thus, a shareholder may be taxed on the distribution in a taxable year prior to the year of actual receipt.

Shareholders who sell, exchange, or redeem shares generally will have a capital gain or loss from the sale, exchange, or redemption. The amount of the gain or loss and the applicable rate of tax will depend upon the amount paid for the shares, the amount received from the sale, exchange, or redemption (including in kind redemptions), and how long the shares were held by a shareholder. Gain or loss realized upon a sale, exchange, or redemption of Fund shares will generally be treated as a long-term capital gain or loss if the shares have been held for more than one year and as a short-term capital gain or loss if the shares have been held for one year or less. Any loss arising from the sale, exchange, or redemption of shares held for six months or less, however, is treated as a long-term capital loss to the extent of any distributions of net capital gain received or deemed to be received with respect to such shares. In determining the holding period of such shares for this purpose, any period during which your risk of loss is offset by means of options, short sales, or similar transactions is not counted. If you purchase a Fund's shares within 30 days before or after selling, exchanging, or redeeming shares of the same Fund at a loss, all or part of that loss will not be deductible and will instead increase the basis of the newly-acquired shares to preserve the loss until a future sale, exchange, or redemption.

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Under the Foreign Account Tax Compliance Act ("FATCA"), the Funds may be required to withhold a generally nonrefundable 30% tax on (i) distributions of investment company taxable income, and (ii) distributions of net capital gain and the gross proceeds of a sale, exchange, or redemption of Fund shares paid to (A) certain "foreign financial institutions" (each an "FFI") unless such FFI agrees to verify, monitor, and report to the IRS the identity of certain of its accountholders, among other items (unless the FFI is otherwise deemed compliant under the terms of an intergovernmental agreement with the United States and the FFI's country of residence), and (B) certain "non-financial foreign entities" unless such entity certifies to the Funds that it does not have any substantial U.S. owners or provides the name, address, and taxpayer identification number of each substantial U.S. owner, among other items. In December 2018, the IRS and Treasury Department released proposed Treasury Regulations that would eliminate FATCA withholding on Fund distributions of net capital gain and the gross proceeds from a sale, exchange, 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. This FATCA withholding tax could also affect the Funds' return on their investments in foreign securities or affect a shareholder's return if the shareholder holds its Fund shares through a foreign intermediary. You are urged to consult your tax adviser regarding the application of this FATCA withholding tax to your investment in the Funds and the potential certification, compliance, due diligence, reporting, and withholding obligations to which you may become subject in order to avoid this withholding tax.

**Additional Information**

The foregoing summary and the summary of the federal income tax consequences of an investment in the Funds 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 all 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, nor does it address any pending legislation that could affect the Funds in the future. Furthermore, the provisions of the statutes and regulations on which these summaries are based are subject to prospective or retroactive change by legislative, administrative or judicial action. State and local taxes are beyond the scope of this discussion. Prospective investors in the Funds should consult their own tax advisers regarding foreign, federal, state or local tax matters.

**COST BASIS REPORTING**

The Funds are required to report to certain shareholders and the IRS the cost basis of Fund shares acquired on or after January 1, 2012 ("covered shares") when the shareholder sells, exchanges or redeems such shares. This reporting requirement does 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 ("non-covered shares"). The Funds are not required to determine or report a shareholder's cost basis in non-covered shares and are not responsible for the accuracy or 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 Funds will report the gain or loss, cost basis, and holding period of such covered shares to the IRS and you on Form 1099.

A cost basis method is the method by which the Funds determine which specific covered 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 NAVs. If a shareholder does not affirmatively elect a cost basis method, the Funds 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 Funds 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.

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**GENERAL INFORMATION**

**Financial Statements**

The audited financial statements, accompanying notes and report of the independent registered public accounting firm appearing in the Funds' 2025 <u>[Annual Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/1141819/000113322825008161/jt-efp16519_ncsr.htm)[to Shareholders](https://www.sec.gov/ix?doc=/Archives/edgar/data/1141819/000113322825008161/jt-efp16519_ncsr.htm)</u>, are incorporated herein by reference. Financial statements audited by the independent registered public accounting firm will be submitted to shareholders at least annually.

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![2025 - Jensen - Mid Cap & Global - Combined SAI Back Cover.jpg](ck0001141819-20250926_g6.jpg)

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**TRUST FOR PROFESSIONAL MANAGERS**

**PART C**

**JENSEN FUNDS**

**OTHER INFORMATION**

**Item 28.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;(a) |  |  | Declaration of Trust. |
|  | (1) | (i) | <u>[Amended and Restated Certificate of Trust was previously filed with Registrant's Post-Effective Amendment No. 84 to its Registration Statement on Form N-1A with the SEC on April 18, 2008, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418908001251/certoftrst.htm)</u> |
|  |  | (ii) | <u>[Amended and Restated Declaration of Trust was previously filed with Registrant's Post-Effective Amendment No. 744 to its Registration Statement on Form N-1A with the SEC on September 25, 2020, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418920007946/tpmamendedandrestatedd.htm)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;(b) |  |  | <u>[Amended and Restated By-Laws were previously filed with Registrant's Post-Effective Amendment No. 820 to its Registration Statement on Form N-1A with the SEC on January 26, 2023, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418923000586/amendedrestatedbylaws.htm)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;(c) |  |  | Instruments Defining Rights of Security Holders are incorporated by reference to the Amended and Restated Declaration of Trust and Bylaws. |
| &nbsp;&nbsp;&nbsp;&nbsp;(d) | (1) | (i) | Investment Advisory Agreement dated March 1, 2025 — ***<u>[Filed Herewith](jensentpmadvisoryagreement.htm)</u>*** |
| &nbsp;&nbsp;&nbsp;&nbsp;(e) | (1) | (i) | <u>[Distribution Agreement was previously filed with Registrant's Post-Effective Amendment No. 183 to its Registration Statement on Form N-1A with the SEC on March 30, 2010, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418910001303/dist_agmt.htm)</u> |
|  |  | (ii) | <u>[First Amendment to Distribution Agreement was previously filed with Registrant's Post-Effective Amendment No. 733 to its Registration Statement on Form N-1A with the SEC on June 5, 2020, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418920004390/exe1iiifirstamendtodistrib.htm)</u> |
|  |  | (iii) | <u>[Novation Agreement was previously filed with Registrant's Post-Effective Amendment No. 812 to its Registration Statement on Form N-1A with the SEC on September 27, 2022, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418922007149/jensenfundsnovationagreeme.htm)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;(f) |  |  | Bonus or Profit Sharing Contracts – Not Applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;(g) | (1) | (i) | <u>[Custody Agreement was previously filed with Registrant's Post-Effective Amendment No. 183 to its Registration Statement on Form N-1A with the SEC on March 30, 2010, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418910001303/cust_agmt.htm)</u> |
|  |  | (ii) | <u>[First Amendment to Custody Agreement](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exg1ii-firstamendtocustody.htm)[was previously filed with Registrant's Post-Effective Amendment No. 728 to its Registration Statement on Form N-1A with the SEC on April 14, 2020, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exg1ii-firstamendtocustody.htm)</u> |
|  |  | (iii) | <u>[Second Amendment to Custody Agreement was previously filed with Registrant's Post-Effective Amendment No. 728 to its Registration Statement on Form N-1A with the SEC on April 14, 2020, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exg1iii-secondamendtocusto.htm)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;(h) |  |  | Other Material Contracts. |
|  | (1) | (i) | <u>[Fund Administration Servicing Agreement was previously filed with Registrant's Post-Effective Amendment No. 183 to its Registration Statement on Form N-1A with the SEC on March 30, 2010, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418910001303/fndadmin_agmt.htm)</u> |
|  |  | (ii) | <u>[Addendum to Fund Administration Servicing Agreement was previously filed with Registrant's Post-Effective Amendment No. 666 to its Registration Statement on Form N-1A with the SEC on September 26, 2018, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418918005374/addendum-fa_agree.htm)</u> |
|  |  | (iii) | <u>[First Amendment to Fund Administration Servicing Agreement was previously filed with Registrant's Post-Effective Amendment No. 728 to its Registration Statement on Form N-1A with the SEC on April 14, 2020, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exh1iii-firstamendfundadmin.htm)</u> |
|  |  | (iv) | <u>[Second Amendment to Fund Administration Servicing Agreement was previously filed with Registrant's Post-Effective Amendment No. 733 to its Registration Statement on Form N-1A with the SEC on June 5, 2020, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418920004390/exh1ivsecondamendtofundadm.htm)</u> |

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| | | | |
|:---|:---|:---|:---|
| | | (v) | <u>[Third](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exh1v-thirdamendfundadmin.htm)[Amendment to Fund Administration Servicing Agreement was previously filed with Registrant's Post-Effective Amendment No. 728 to its Registration Statement on Form N-1A with the SEC on April 14, 2020, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exh1v-thirdamendfundadmin.htm)</u> |
| | (2) | (i) | <u>[Transfer Agent Servicing Agreement was previously filed with Registrant's Post-Effective Amendment No. 183 to its Registration Statement on Form N-1A with the SEC on March 30, 2010, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418910001303/ta.htm)</u> |
| | | (ii) | <u>[Adden](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exh2ii-addendumtota.htm)[dum](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exh2ii-addendumtota.htm)[to Transfer Agen](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exh2ii-addendumtota.htm)[t](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exh2ii-addendumtota.htm)[Servicing Agreement](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exh2ii-addendumtota.htm)[was previously filed with Registrant's Post-Effective Amendment No. 728 to its Registration Statement on Form N-1A with the SEC on April 14, 2020, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exh2ii-addendumtota.htm)</u> |
| | | (iii) | <u>[First Amendment to Transfer Agen](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exh2iiifirstamendtotransfe.htm)[t](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exh2iiifirstamendtotransfe.htm)[Servicing Agreement was previously filed with Registrant's Post-Effective Amendment No. 728 to its Registration Statement on Form N-1A with the SEC on April 14, 2020, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exh2iiifirstamendtotransfe.htm)</u> |
| | | (iv) | <u>[Second](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exh2iv-secondamendtota.htm)[Amendment to Transfer Agen](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exh2iv-secondamendtota.htm)[t](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exh2iv-secondamendtota.htm)[Servicing Agreement was previously filed with Registrant's Post-Effective Amendment No. 728 to its Registration Statement on Form N-1A with the SEC on April 14, 2020, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exh2iv-secondamendtota.htm)</u> |
| | (3) | (i) | <u>[Fund Accounting Servicing Agreement was previously filed with Registrant's Post-Effective Amendment No. 183 to its Registration Statement on Form N-1A with the SEC on March 30, 2010, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418910001303/fund_accounting.htm)</u> |
| | | (ii) | <u>[First Amendment to Fund Accounting Servicing Agreement](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exh3ii-firstamendtofundacc.htm)[was previously filed with Registrant's Post-Effective Amendment No. 728 to its Registration Statement on Form N-1A with the SEC on April 14, 2020, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exh3ii-firstamendtofundacc.htm)</u> |
| | | (iii) | <u>[Second Amendment to Fund Accounting Servicing Agreement was previously filed with Registrant's Post-Effective Amendment No. 728 to its Registration Statement on Form N-1A with the SEC on April 14, 2020, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exh3iii-secondamendfundacc.htm)</u> |
| | (4) | | <u>[Power of Attorney was previously filed with Registrant's Post-Effective Amendment No. 881 to its Registration Statement on Form N-1A with the SEC on April 25, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418925002763/tpmpowerofattorney41825.htm)</u> |
|  | (5) | (i) | Operating Expense Limitation Agreement dated March 1, 2025 — ***<u>[Filed Herewith.](jensennewoperatingexpensel.htm)</u>*** |
| &nbsp;&nbsp;&nbsp;&nbsp;(i) |  |  | Legal Opinions. |
|  | (1) |  | <u>[Opinion and Consent of Counsel (Jensen Quality Mid](https://www.sec.gov/Archives/edgar/data/1141819/000089418910001303/lglltr.htm)[Cap Fund (f/k/a Jensen Quality Value Fund](https://www.sec.gov/Archives/edgar/data/1141819/000089418910001303/lglltr.htm)[and p](https://www.sec.gov/Archives/edgar/data/1141819/000089418910001303/lglltr.htm)[rior there](https://www.sec.gov/Archives/edgar/data/1141819/000089418910001303/lglltr.htm)[to Jensen Valu](https://www.sec.gov/Archives/edgar/data/1141819/000089418910001303/lglltr.htm)[e](https://www.sec.gov/Archives/edgar/data/1141819/000089418910001303/lglltr.htm)[Fund](https://www.sec.gov/Archives/edgar/data/1141819/000089418910001303/lglltr.htm)[) – Class J and Class I shares) was previously filed with Registrant's Post-Effective Amendment No. 183 to its Registration Statement on Form N-1A with the SEC on March 30, 2010, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418910001303/lglltr.htm)</u> |
|  | (2) |  | <u>[Opinion and Consent of Counsel (Jensen Quality Mid](https://www.sec.gov/Archives/edgar/data/1141819/000089418920000243/tpmjensenqv-classyxgkshare.htm)[Cap Fund (f/k/a Jensen Quality Value Fund) – Class Y shares) was previously filed with Registrant's Post-Effective Amendment No. 716 to its Registration Statement on Form N-1A with the SEC on January 15, 2020, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418920000243/tpmjensenqv-classyxgkshare.htm)</u> |
|  | (3) |  | <u>[Opinion and Consent of Counsel (Jensen Global Quality Growth Fund)](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exi3-jensengqualitygrowthf.htm)[was previously filed with Registrant's Post-Effective Amendment No. 728 to its Registration Statement on Form N-1A with the SEC on April 14, 2020, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exi3-jensengqualitygrowthf.htm)</u> |
|  | (4) |  | Consent of Counsel — ***<u>[Filed Herewith.](jensenfundslegalconsent.htm)</u>*** |
| &nbsp;&nbsp;&nbsp;&nbsp;(j) |  |  | Other Opinions. |
|  | (1) |  | Consent of Independent Registered Public Accounting Firm — ***<u>[Filed Herewith.](auditorconsent-jensentpm.htm)</u>*** |
| &nbsp;&nbsp;&nbsp;&nbsp;(k) |  |  | Omitted Financial Statements — Not Applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;(l) |  |  | <u>[Agreement Relating to Initial Capital was previously filed with Registrant's Post-Effective Amendment No. 2 to its Registration Statement on Form N-1A with the SEC on December 19, 2003, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418903001867/subscription.txt)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;(m) | (1) |  | <u>[Amended and Restated Distribution and Shareholder Servicing Plan for Class J shares](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exm112b-1plan.htm)[was previously filed with Registrant's Post-Effective Amendment No. 728 to its Registration Statement on Form N-1A with the SEC on April 14, 2020, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exm112b-1plan.htm)</u> |
|  | (2) |  | <u>[Amended and Restated Shareholder Servicing Plan for Class I shares](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exm112b-1plan.htm)[was previously filed with Registrant's Post-Effective Amendment No. 728 to its Registration Statement on Form N-1A with the SEC on April 14, 2020, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exm112b-1plan.htm)</u> |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;(n) |  | <u>[Amended and Restated Rule 18f-3 Plan](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exn-18fx3plan.htm)[was previously filed with Registrant's Post-Effective Amendment No. 728 to its Registration Statement on Form N-1A with the SEC on April 14, 2020, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418920002708/exn-18fx3plan.htm)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;(o) |  | Reserved. |
| &nbsp;&nbsp;&nbsp;&nbsp;(p) |  | Code of Ethics. |
|  | (1) | <u>[Code of Ethics for Registrant was previously filed with Registrant's Post-Effective Amendment No. 801 to its Registration Statement on Form N-1A with the SEC on April 20, 2022, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1141819/000089418922002767/tpmcodeofethics_42021xinte.htm)</u> |
|  | (2) | Code of Ethics for the Adviser — ***<u>[Filed Herewith](a41625codeofethics1.htm)</u>.*** |
|  | (3) | Code of Ethics for Principal Underwriter — not applicable per Rule 17j-1(c)(3). |

---

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

No person is directly or indirectly controlled by or under common control with the Registrant.

**Item 30.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification**

Reference is made to Article X of the Registrant's Declaration of Trust.

Pursuant to Rule 484 under the Securities Act of 1933, as amended, the Registrant furnishes the following undertaking: "Insofar as indemnification for liability arising under the Securities Act of 1933 (the "Act") may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue."

**Item 31.&nbsp;&nbsp;&nbsp;&nbsp;Business and Other Connections of Investment Adviser** 

Jensen Investment Management, Inc. (the "Adviser") serves as the investment adviser for the Jensen Quality Mid Cap Fund and the Jensen Global Quality Growth Fund (the "Funds"). The principal business address of the Adviser is 5500 Meadows Road, Suite 200, Lake Oswego, OR 97035-3623. With respect to the Adviser, the response to this Item is incorporated by reference to the Adviser's Uniform Application for Investment Adviser Registration (Form ADV) currently 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 www.adviserinfo.sec.gov.

**Item 32.&nbsp;&nbsp;&nbsp;&nbsp;Principal Underwriter.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;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.

&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

&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.

&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

&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.

(b)&nbsp;&nbsp;&nbsp;&nbsp;The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's principal business address is 190 Middle Street, Suite 301, Portland, Maine 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 |  |

---

(c)&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

**Item 33.&nbsp;&nbsp;&nbsp;&nbsp;Location of Accounts and Records.**

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:

---

| | |
|:---|:---|
| Records Relating to: | Are located at: |
| <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>190 Middle Street, Suite 301<br>Portland, ME 04101 |

---

**Item 34.&nbsp;&nbsp;&nbsp;&nbsp;Management Services**

All management-related service contracts entered into by Registrant are discussed in Parts A and B of this Registration Statement.

**Item 35.&nbsp;&nbsp;&nbsp;&nbsp;Undertakings**

The Registrant hereby undertakes to furnish each person to whom a Prospectus for one or more of the series of the Registrant is delivered with a copy of the relevant latest annual report to shareholders, upon request and without charge.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that this Post-Effective Amendment No. 885 to its Registration Statement meets all of the requirements for effectiveness pursuant to Rule 485(b) of the Securities Act of 1933, as amended, and the Registrant has duly caused this Post-Effective Amendment No. 885 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Milwaukee and State of Wisconsin, on 26th day of September, 2025.

TRUST FOR PROFESSIONAL MANAGERS

By: /*<u>s/ Jennifer A. Lima</u>*

Jennifer A. Lima

President and Principal Executive Officer

Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 885 to the Registrant's Registration Statement has been signed below on September 26, 2025 by the following persons in the capacities indicated.

---

| | |
|:---|:---|
| Signature | <u>Title</u> |
| *<u>/s/ Jennifer A. Lima</u>* <br>Jennifer A. Lima | President and Principal Executive Officer |
| *<u>Michael D. Akers\*</u>* <br>Michael D. Akers | Independent Trustee |
| *<u>Gary A. Drska\*</u>* <br>Gary A. Drska | Independent Trustee |
| *<u>Vincent P. Lyles\*</u>* <br>Vincent P. Lyles | Independent Trustee |
| *<u>Erik K. Olstein\*</u>* <br>Erik K. Olstein | Chairperson and Independent Trustee |
| *<u>Lisa Zúñiga Ramírez\*</u>* <br>Lisa Zúñiga Ramírez | Independent Trustee |
| *<u>Gregory M. Wesley\*</u>* <br>Gregory M. Wesley | Independent Trustee |
| *<u>Kelly A. Strauss\*</u>* <br>Kelly Strauss | Vice President, Treasurer and Principal Financial and Accounting Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* By: *<u>/s/ Jennifer A. Lima</u>* <br>Jennifer A. Lima<br>\* Attorney-in-Fact pursuant to <u>[Power of Attorney](https://www.sec.gov/Archives/edgar/data/1141819/000089418925002763/tpmpowerofattorney41825.htm)</u> previously filed with Registrant's Post-Effective Amendment No. 881 to its Registration Statement on Form N-1A with the SEC on April 25, 2025 and is incorporated by reference. |  |

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**INDEX TO EXHIBITS**

---

| | |
|:---|:---|
| <u>Exhibit No</u>. | <u>Description of Exhibit</u> |
| (d)(1)(i) | <u>[Investment Advisory Agreement dated March 1, 2025](jensentpmadvisoryagreement.htm)</u> |
| (h)(5)(i) | <u>[Operating Expense Limitation Agreement dated March 1, 2025](jensennewoperatingexpensel.htm)</u> |
| (i)(4) | <u>[Consent of Counsel](jensenfundslegalconsent.htm)</u> |
| (j)(1) | <u>[Consent of Independent Registered Public Accounting Firm](auditorconsent-jensentpm.htm)</u> |
| (p)(2) | <u>[Code of Ethics for the Adviser](a41625codeofethics1.htm)</u> |

---

## Ex-99.(D)(1)(I)

**TRUST FOR PROFESSIONAL MANAGERS**

**INVESTMENT ADVISORY AGREEMENT**

**with**

**JENSEN INVESTMENT MANAGEMENT, INC.**

**THIS INVESTMENT ADVISORY AGREEMENT** (the "Agreement") is made as of the 1st day of March, 2025, by and between Trust for Professional Managers (hereinafter called the "Trust"), on behalf of the series of the Trust as listed in Schedule A attached hereto (the "Funds"), and Jensen Investment Management, Inc. (hereinafter called the "Adviser").

WITNESSETH:

**WHEREAS**, the Trust is an open-end management investment company, registered as such under the Investment Company Act of 1940, as amended (the "Investment Company Act"); and

**WHEREAS**, each Fund is a series of the Trust having separate assets and liabilities; and

**WHEREAS**, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and is engaged in the business of supplying investment advice as an independent contractor; and

**WHEREAS**, the Trust desires to retain the Adviser to render advice and services to the Funds pursuant to the terms and provisions of this Agreement, and the Adviser desires to furnish said advice and services;

**NOW, THEREFORE**, in consideration of the covenants and the mutual promises hereinafter set forth, the parties to this Agreement, intending to be legally bound hereby, mutually agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. APPOINTMENT OF ADVISER.** The Trust hereby employs the Adviser, and the Adviser hereby accepts such employment, to render investment advice and related services with respect to the assets of the Funds for the period and on the terms set forth in this Agreement, subject to the supervision and direction of the Trust's Board of Trustees (the "Board of Trustees").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. DUTIES OF ADVISER.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **GENERAL DUTIES.** The Adviser shall act as investment adviser to the Funds and shall supervise investments of each Fund on behalf of the respective Fund in accordance with the investment objectives, policies and restrictions of each Fund as set forth in each Fund's and the Trust's governing documents, including, without limitation: the Trust's Declaration of Trust and By-Laws, as amended from

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time to time; each Fund's prospectus, statement of additional information and undertakings; and such other limitations, policies and procedures as the Trustees may impose from time to time in writing to the Adviser. In providing such services, the Adviser shall at all times adhere to the provisions and restrictions contained in the federal securities laws, applicable state securities laws, the Internal Revenue Code, the Uniform Commercial Code and other applicable law.

Without limiting the generality of the foregoing, the Adviser shall: (i) furnish each Fund with advice and recommendations with respect to the investment of the Fund's assets and the purchase and sale of portfolio securities for each Fund, including the taking of such steps as may be necessary to implement such advice and recommendations (i.e., placing the orders); (ii) manage and oversee the investments of each Fund, subject to the ultimate supervision and direction of the Board of Trustees; (iii) vote proxies for each Fund, file ownership reports under Section 13 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), for each Fund, and take other actions on behalf of each Fund; (iv) maintain the books and records required to be maintained by each Fund except to the extent arrangements have been made for such books and records to be maintained by the administrator or another agent of the Fund; (v) furnish reports, statements and other data on securities, economic conditions and other matters related to the investment of each Fund's assets that each Fund's administrator or distributor or the officers of the Trust may reasonably request; and (vi) render to the Board of Trustees such periodic and special reports with respect to each Fund's investment activities as the Board of Trustees may reasonably request, including at least one in-person presentation annually before the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **BROKERAGE.** The Adviser shall be responsible for decisions to buy and sell securities for each Fund, for broker-dealer selection, and for negotiation of brokerage commission rates, provided that the Adviser shall not direct orders to an affiliated person of the Adviser without general prior authorization to use such affiliated broker or dealer by the Board of Trustees. The Adviser's primary consideration in effecting a securities transaction will be execution at the most favorable price. In selecting a broker-dealer to execute each particular transaction, the Adviser may take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of each Fund on a continuing basis. The price to each Fund in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the portfolio execution services offered.

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provisions, the Adviser is further authorized to allocate the orders placed by it on behalf of each Fund to such brokers or dealers who also provide research or statistical material, or other services, to the Trust, the Adviser, or any affiliate of either. Such allocation shall be in such amounts and proportions as the Adviser shall determine, and the Adviser shall report on such allocations regularly to the Trust, indicating the broker-dealers to whom such allocations have been made and the basis therefor.

On occasions when the Adviser deems the purchase or sale of a security to be in the best interest of each Fund as well as of other clients, the Adviser, to the extent permitted by applicable laws and regulations, may aggregate the securities to be so purchased or sold in order to obtain the most favorable price or lower brokerage commissions and the most efficient execution. In such event, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Adviser in the manner it considers to be the most equitable and consistent with its fiduciary obligations to each Fund and to such other clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. REPRESENTATIONS OF THE ADVISER.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall use its best judgment and efforts in rendering the advice and services to the Fund as contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser shall maintain all licenses and registrations necessary to perform its duties hereunder in good order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser shall conduct its operations at all times in conformance with the Advisers Act, the Investment Company Act, and any other applicable state and/or self-regulatory organization regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. INDEPENDENT CONTRACTOR.** The Adviser shall, for all purposes herein, be deemed to be an independent contractor, and shall, unless otherwise expressly provided and authorized to do so, have no authority to act for or represent the Trust in any way, or in any way be deemed an agent for the Trust. It is expressly understood and agreed that the services to be rendered by the Adviser to the Funds under the provisions of this Agreement are not to be deemed exclusive, and the Adviser shall be free to render similar or different services to others so long as its ability to render the services provided for in this Agreement shall not be impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. ADVISER'S PERSONNEL.** The Adviser shall, at its own expense, maintain such staff and employ or retain such personnel and consult with such other persons as it shall from time to time determine to be necessary to the performance of its obligations under this Agreement. Without limiting the generality of the foregoing, the staff and personnel of the Adviser shall be deemed to include persons employed or retained by the Adviser to furnish statistical information, research, and other factual information, advice regarding economic factors and trends, information with respect to technical and scientific developments, and such other information, advice and assistance as the Adviser or the Board of

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Trustees may desire and reasonably request and any compliance staff and personnel required by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. EXPENSES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to the operation of the Fund, the Adviser shall be responsible for (i) each Fund's organizational expenses, (ii) providing the personnel, office space and equipment reasonably necessary for the Adviser's services to each Fund, (iii) the expenses of printing and distributing extra copies of each Fund's prospectus, statement of additional information, and sales and advertising materials (but not the legal, auditing or accounting fees attendant thereto) to prospective investors (but not to existing shareholders) to the extent such expenses are not covered by, or exceed the fees payable under, any applicable plan adopted pursuant to Rule 12b-1 under the Investment Company Act, (iv) the costs of any special Board of Trustees meetings or shareholder meetings convened for the primary benefit of the Adviser, and (v) any costs of liquidating or reorganizing any Fund (unless such cost is otherwise allocated by the Board of Trustees). Pursuant to Subparagraph 6(e), below, the Adviser may be responsible for paying certain fees to financial intermediaries. If the Adviser has agreed, whether voluntarily or pursuant to an agreement, to limit the operating expenses of a specific Fund, the Adviser shall also be responsible on a monthly basis for any operating expenses that exceed the agreed upon expense limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Funds are each responsible for and have assumed the obligation for payment of all of their respective expenses, other than as stated in Subparagraph 6(a) above, including but not limited to: fees and expenses incurred in connection with the issuance, registration and transfer of its shares; brokerage and commission expenses; all expenses of transfer, receipt, safekeeping, servicing and accounting for the cash, securities and other property of the Trust for the benefit of the Funds, including all fees and expenses of its custodian, shareholder services agent and accounting services agent; interest charges on any borrowings; costs and expenses of pricing and calculating its daily net asset value and of maintaining its books of account required under the Investment Company Act; taxes, if any; a pro rata portion of expenditures in connection with meetings of the Fund's shareholders and the Board of Trustees that are properly payable by a Fund; a pro rata portion of the salaries and expenses of officers of the Trust, including without limitation the Trust's Chief Compliance Officer, and fees and expenses of members of the Board of Trustees or members of any advisory board or committee who are not members of, affiliated with or interested persons of the Adviser or the Trust; insurance premiums on property or personnel of the Funds which inure to their benefit, including liability and fidelity bond insurance; the cost of preparing and printing reports, proxy statements, prospectuses and statements of additional information of the Funds or other communications for distribution to existing shareholders; legal, auditing and accounting fees; all or any portion of trade association dues or educational program expenses determined appropriate by the Board of Trustees; fees and expenses (including legal fees) of registering and maintaining registration of its shares for sale under federal and applicable state and foreign securities laws; all expenses of maintaining and servicing shareholder accounts, including all charges for transfer, shareholder recordkeeping, dividend disbursing, redemption, and other agents for the benefit of the Funds, if any; and all other charges and costs of its operation plus any extraordinary and non-recurring expenses, except as herein otherwise prescribed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser may voluntarily absorb certain of each Fund's expenses or waive the Adviser's own advisory fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent the Adviser incurs any costs by assuming expenses which are an obligation of the Funds as set forth herein, the Funds shall promptly reimburse the Adviser for such costs and expenses, except to the extent the Adviser has otherwise agreed to bear such expenses. To the extent the services for which the Funds are obligated to pay are performed by the Adviser, the Adviser shall be entitled to recover from the Fund(s) an amount not to exceed the Adviser's actual costs for providing such services. In determining the Adviser's actual costs, the Adviser may take into account an allocated portion of the salaries and overhead of personnel performing the services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Other than any Rule 12b-1 distribution or shareholder servicing fees payable under a plan or plans approved by the Board of Trustees, the Adviser may not cause a Fund to pay fees to financial intermediaries, including, without limitation, banks, broker-dealers, financial advisors, or pension administrators, for sub-administration, sub-transfer agency or any other shareholder servicing (collectively, "sub-TA" services) or distribution services associated with shareholders whose shares are held in omnibus or other group accounts, except with the prior authorization of the Board of Trustees. Where such arrangements are authorized by the Board of Trustees, the Adviser shall report regularly to the Trust on the amounts paid and the relevant financial institutions. Any fees for sub-TA services or distribution services provided to the Fund payable to financial intermediaries that are above any limits set by the Board of Trustees shall be the responsibility of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. MANAGEMENT FEE.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Funds shall pay to the Adviser, and the Adviser agrees to accept, as full compensation for all investment management and advisory services furnished or provided to the Funds pursuant to this Agreement, an annual management fee at the rate set forth in Schedule A to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The management fee shall be accrued daily by the Funds and paid to the Adviser on the first business day of the succeeding month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The initial fee under this Agreement shall be payable on the first business day of the first month following the effective date of this Agreement and shall be prorated as set forth below. If this Agreement is terminated prior to the end of any month, the fee to the Adviser shall be prorated for the portion of any month in which this Agreement is in effect which is not a complete month according to the proportion which the number of calendar days in the month during which the Agreement is in effect bears to the number of calendar days in the month, and shall be payable within ten (10) days after the date of termination.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The management fee payable to the Adviser under this Agreement will be reduced to the extent of any receivable owed by the Adviser to the Fund and as required under any expense limitation applicable to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Adviser voluntarily may reduce any portion of the compensation or reimbursement of expenses due to it pursuant to this Agreement and may agree to make payments to limit the expenses which are the responsibility of the Funds under this Agreement. Any such reduction or payment shall be applicable only to such specific reduction or payment and shall not constitute an agreement to reduce any future compensation or reimbursement due to the Adviser hereunder or to continue future payments. Any such reduction will be agreed to prior to accrual of the related expense or fee and will be estimated daily and reconciled and paid on a monthly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any such reductions made by the Adviser in its management fees or payment of expenses which are each Fund's obligation are subject to reimbursement by the respective Fund to the Adviser, if so requested by the Adviser, in any subsequent month in the three year period from the date of the management fee reduction and/or expense payment if the aggregate amount actually paid by the respective Fund toward the operating expenses for such month (taking into account the reimbursement) will not cause the respective Fund to exceed the lesser of: (1) the expense limitation in place at the time of the management fee reduction and/or expense payment; or (2) the expense limitation in place at the time of the reimbursement. Any such reimbursement is also contingent upon the Board of Trustees' review and approval. Such reimbursement may not be paid prior to each Fund's payment of current ordinary operating expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Adviser may agree not to require payment of any portion of the compensation or reimbursement of expenses otherwise due to it pursuant to this Agreement. Any such agreement shall be applicable only with respect to the specific items covered thereby and shall not constitute an agreement not to require payment of any future compensation or reimbursement due to the Adviser hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. NO SHORTING; NO BORROWING.** The Adviser agrees that neither it nor any of its officers or employees shall take any short position in the shares of the Funds. This prohibition shall not prevent the purchase of such shares by any of the officers or employees of the Adviser or any trust, pension, profit-sharing or other benefit plan for such persons or affiliates thereof, at a price not less than the net asset value thereof at the time of purchase, as allowed pursuant to rules promulgated under the Investment Company Act. The Adviser agrees that neither it nor any of its officers or employees shall borrow from the Funds or pledge or use the Funds' assets in connection with any borrowing not directly for the Funds' benefit. For this purpose, failure to pay any amount due and payable to a Fund for a period of more than thirty (30) days shall constitute a borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. CONFLICTS WITH TRUST'S GOVERNING DOCUMENTS AND APPLICABLE LAWS.** Nothing herein contained shall be deemed to require the Trust or the Funds to take any action contrary to the Trust's Declaration of Trust, By-Laws, or any applicable statute or regulation, or to relieve or deprive the Board of Trustees of its responsibility for and control of the conduct of the affairs of the

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Trust and Funds. In this connection, the Adviser acknowledges that the Trustees retain ultimate plenary authority over the Funds and may take any and all actions necessary and reasonable to protect the interests of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. REPORTS AND ACCESS.** The Adviser agrees to supply such information to the Fund's administrator and to permit such compliance inspections by the Fund's administrator as shall be reasonably necessary to permit the administrator to satisfy its obligations and respond to the reasonable requests of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. ADVISER'S LIABILITIES AND INDEMNIFICATION.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall have responsibility for the accuracy and completeness (and liability for the lack thereof) of the statements in each Fund's offering materials (including the prospectus, the statement of additional information, and advertising and sales materials), except for information supplied by the administrator or the Trust or another third party for inclusion therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser shall be liable to the Fund for any loss (including brokerage charges) incurred by the Funds as a result of any improper investment made by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the absence of willful misfeasance, bad faith, negligence, or reckless disregard of the obligations or duties hereunder on the part of the Adviser, the Adviser shall not be subject to liability to the Trust or the Fund or to any shareholder of the Funds for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security by the Funds. Notwithstanding the foregoing, federal securities laws and certain state laws impose liabilities under certain circumstances on persons who have acted in good faith, and therefore nothing herein shall in any way constitute a waiver or limitation of any rights which the Trust, the Fund or any shareholder of the Funds may have under any federal securities law or state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each party to this Agreement shall indemnify and hold harmless the other party and the shareholders, directors, officers and employees of the other party (any such person, an "Indemnified Party") against any loss, liability, claim, damage or expense (including the reasonable cost of investigating and defending any alleged loss, liability, claim, damage or expenses and reasonable counsel fees incurred in connection therewith) arising out of the Indemnified Party's performance or non-performance of any duties under this Agreement; provided, however, that nothing herein shall be deemed to protect any Indemnified Party against any liability to which such Indemnified Party would otherwise be subject by reason of willful misfeasance, bad faith or negligence in the performance of duties hereunder or by reason of reckless disregard of obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No provision of this Agreement shall be construed to protect any Trustee or officer of the Trust, or officer of the Adviser, from liability in violation of Sections 17(h) and (i) of the Investment Company Act.

7

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. NON-EXCLUSIVITY; TRADING FOR ADVISER'S OWN ACCOUNT.** The Trust's employment of the Adviser is not an exclusive arrangement. The Trust may from time to time employ other individuals or entities to furnish it with the services provided for herein. Likewise, the Adviser may act as investment adviser for any other person, and shall not in any way be limited or restricted from buying, selling or trading any securities for its or their own accounts or the accounts of others for whom it or they may be acting; provided, however, that the Adviser expressly represents that it will undertake no activities which will adversely affect the performance of its obligations to the Funds under this Agreement, and provided further that the Adviser will adhere to a code of ethics governing employee trading and trading for proprietary accounts that conforms to the requirements of the Investment Company Act and the Advisers Act and has been approved by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. TERM.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective with respect to the Funds on the date set forth above, provided that it shall have been approved by the Trust's Board and by the shareholders of each Fund in accordance with the requirements of the Investment Company Act, and shall remain in effect for a period of two years, unless sooner terminated as hereinafter provided. This Agreement shall continue in effect thereafter for additional periods not exceeding one year so long as such continuation is approved for the Funds at least annually by (i) the Board of Trustees or by the vote of a majority of the outstanding voting securities of the Funds and (ii) the vote of a majority of the Trustees of the Trust who are not parties to this Agreement nor interested persons thereof, cast in person at a meeting called for the purpose of voting on such approval. The terms "majority of the outstanding voting securities" and "interested persons" shall have the meanings as set forth in the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Funds may use the name "Jensen Quality Mid Cap Fund", OR "Jensen Global Quality Growth Fund", respectively, or any name derived from or using the name "Jensen Investment Management" or "Jensen" only for so long as this Agreement or any extension, renewal or amendment hereof remains in effect. Within sixty (60) days from such time as this Agreement shall no longer be in effect, the Fund(s) shall cease to use such a name or any other name connected with the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is understood and hereby agreed that the name "Trust for Professional Managers" or "TPM" is the property of the Trust for trademark and all other purposes. The Adviser undertakes and agrees that, in the event that the Adviser shall cease to act as investment adviser to the Funds, the Adviser shall promptly take all necessary and appropriate action to discontinue use of the Trust's name and will further refrain from using the Trust's name; provided, however, that the Adviser may continue to use the Trust's name for the sole purpose of identifying the Trust as an account formerly managed by the Adviser or as otherwise consented to by the Trust in writing prior to such use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. TERMINATION; NO ASSIGNMENT.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may be terminated by the Trust on behalf of a Fund at any time without payment of any penalty, by the Board of Trustees or by vote of a majority of the outstanding voting

8

------

securities of a Fund, upon sixty (60) days' written notice to the Adviser, and by the Adviser upon sixty (60) days' written notice to a Fund. In the event of a termination, the Adviser shall cooperate in the orderly transfer of a Fund's affairs and, at the request of the Board of Trustees, transfer any and all books and records of a Fund maintained by the Adviser on behalf of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall terminate automatically in the event of any transfer or assignment thereof, as defined in the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. NONPUBLIC PERSONAL INFORMATION.** Notwithstanding any provision herein to the contrary, the Adviser agrees on behalf of itself and its directors, trustees, shareholders, officers, and employees (1) to treat confidentially and as proprietary information of the Trust (a) all records and other information relative to the Funds' prior, present, or potential shareholders (and clients of said shareholders) and (b) any Nonpublic Personal Information, as defined under Section 248.3(t) of Regulation S-P ("Regulation S-P"), promulgated under the Gramm-Leach-Bliley Act (the "G-L-B Act"), and (2) except after prior notification to and approval in writing by the Trust, not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, or as otherwise permitted by Regulation S-P or the G-L-B Act, and if in compliance therewith, the privacy policies adopted by the Trust and communicated in writing to the Adviser. Such written approval shall not be unreasonably withheld by the Trust and may not be withheld where the Adviser may be exposed to civil or criminal contempt or other proceedings for failure to comply after being requested to divulge such information by duly constituted authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. ANTI-MONEY LAUNDERING COMPLIANCE.** The Adviser acknowledges that, in compliance with the Bank Secrecy Act, as amended, the USA PATRIOT Act, and any implementing regulations thereunder (together, "AML Laws"), the Trust has adopted an Anti-Money Laundering Policy. The Adviser agrees to comply with the Trust's Anti-Money Laundering Policy and the AML Laws, as the same may apply to the Adviser, now and in the future. The Adviser further agrees to provide to the Trust and/or the Funds' administrator such reports, certifications and contractual assurances as may be reasonably requested by the Trust. The Trust may disclose information regarding the Adviser to governmental and/or regulatory or self-regulatory authorities to the extent required by applicable law or regulation and may file reports with such authorities as may be required by applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. CERTIFICATIONS; DISCLOSURE CONTROLS AND PROCEDURES.** The Adviser acknowledges that, in compliance with the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), and the implementing regulations promulgated thereunder, the Trust and the Funds are required to make certain certifications and have adopted disclosure controls and procedures. To the extent reasonably requested by the Trust, the Adviser agrees to use its best efforts to assist the Trust and the Funds in complying with the Sarbanes-Oxley Act and implementing the Trust's disclosure controls and procedures. The Adviser agrees to inform the Trust of any material development related to the Funds that the Adviser reasonably believes is relevant to the Funds' certification obligations under the Sarbanes-Oxley Act.

9

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. SEVERABILITY.** If any provision of this Agreement shall be held or made invalid by a court decision, statute or rule, or shall be otherwise rendered invalid, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. CAPTIONS.** The captions in this Agreement are included for convenience of reference only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. GOVERNING LAW.** This Agreement shall be governed by, and construed in accordance with, the laws of the State of Wisconsin without giving effect to the conflict of laws principles thereof; provided that nothing herein shall be construed to preempt, or to be inconsistent with, any federal law, regulation or rule, including the Investment Company Act and the Advisers Act and any rules and regulations promulgated thereunder.

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be duly executed by their duly authorized officers, all on the day and year first above written.

---

| | |
|:---|:---|
| **TRUST FOR PROFESSIONAL MANAGERS** <br>on behalf its series listed on Schedule A | **JENSEN INVESTMENT MANAGEMENT, INC.** |
| By: *<u>/s/ Jennifer Lima</u>* | By: *<u>/s/ Gabriel L. Goddard</u>* |
| Name: Jennifer Lima | Name: Gabriel L. Goddard |
| Title: Treasurer | Title: Managing Director |

---

10

------

**SCHEDULE A**

---

| | |
|:---|:---|
| **Series or Fund of Trust for Professional Managers** | **Annual Fee Rate as a Percentage of Average Daily Net Assets** |
| Jensen Quality Mid Cap Fund | 0.65% |
| Jensen Global Quality Growth Fund | 0.75% |

---

11

## Ex-99.(H)(5)(I)

**TRUST FOR PROFESSIONAL MANAGERS**

**OPERATING EXPENSE LIMITATION AGREEMENT**

**JENSEN QUALITY MIDCAP FUND**

**JENSEN GLOBAL QUALITY GROWTH FUND**

**THIS OPERATING EXPENSE LIMITATION AGREEMENT** (the "Agreement") is effective as of the 1st day of March, 2025, by and between Trust for Professional Managers (the "Trust"), on behalf of the series of the Trust as listed in Schedule A attached hereto (the "Funds"), and Jensen Investment Management, Inc., the investment adviser to the Funds (the "Adviser").

**WITNESSETH:**

**WHEREAS**, the Adviser renders advice and services to the Funds pursuant to the terms and provisions of the Investment Advisory Agreement between the Trust and the Adviser dates as of the 1st day of March, 2025 (the "Investment Advisory Agreement"); and

**WHEREAS**, the Funds, and each Funds' respective classes, if any, is responsible for, and has assumed the obligation for, payment of certain expenses pursuant to the Investment Advisory Agreement that have not been assumed by the Adviser; and

**WHEREAS**, the Adviser desires to limit each Funds' Operating Expenses (as that terms is defined in Paragraph 2 of this Agreement) pursuant to the terms and provisions of this Agreement, and the Trust (on behalf of the Funds) desires to allow the Adviser to implement those limits;

**NOW THEREFORE**, in consideration of the covenants and the mutual promises hereinafter set forth, the parties, intending to be legally bound hereby, mutually agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **LIMIT ON OPERATING EXPENSES**. The Adviser hereby agrees to limit each Funds' current Operating Expenses to an annual rate, expressed as a percentage of each Funds' average annual net assets to the amount listed in Schedule A (the "Annual Limit"). In the event that the current Operating Expenses of each Fund, as accrued each month, exceed its Annual Limit, the Adviser will pay to each Fund, on a monthly basis, the excess expense within 30 days of being notified that an excess expense payment is due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **DEFINITION**. For purposes of this Agreement, the term "Operating Expenses" with respect to the Funds is defined to include all expenses necessary or appropriate for the operation of the Funds and each of their classes, if any, including the Adviser's investment management fee detailed in the Investment Advisory Agreement and other expenses described in the Investment Advisory Agreement, but does not include any front-end or contingent deferred loads, Rule 12b-1 plan fees, shareholder servicing plan fees, taxes, leverage (i.e., any expenses incurred in connection with borrowings made by a Fund), interest (including interest incurred in connection with bank and custody overdrafts), brokerage commissions and other transactional expenses, expenses incurred in connection with any merger or reorganization, dividends or interest on short positions, acquired fund fees and expenses or extraordinary expenses such as litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **REIMBURSEMENT OF FEES AND EXPENSES**. The Adviser retains the right to receive reimbursement of any excess expense payments paid by it pursuant to this Agreement under the same

------

terms and conditions as it is permitted to receive reimbursement of reductions of its investment management fee under the Investment Advisory Agreement, provided that any such reimbursements will not cause the Fund to exceed the lesser of: (1) the Annual Limit in place at the time of the waiver; or (2) the Annual Limit in place at the time of the recoupment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **TERM**. This Agreement shall become effective with respect to the Jensen Quality MidCap Fund and the Jensen Global Quality Growth Fund as of the date first written above and, with respect to any other Fund, at the time the Fund commences operations pursuant to an effective amendment to the Trust's Registration Statement under the Securities Act of 1933, as amended, and shall continue for an initial term of two years, unless sooner terminated by either of the parties hereto in accordance with Paragraph 5 of this Agreement. This Agreement shall continue in effect thereafter for additional periods of one year, or such other period as may be agreed upon by the Trust and the Adviser, so long as such continuation is approved for each Fund at least annually by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **TERMINATION**. This Agreement may be terminated at any time, and without payment of any penalty, by the Board of Trustees of the Trust, on behalf of each Fund, upon sixty (60) days' written notice to the Adviser. This Agreement may not be terminated by the Adviser without the consent of the Board of Trustees of the Trust, which consent will not be unreasonably withheld. This Agreement will automatically terminate if the Investment Advisory Agreement is terminated, with such termination effective upon the effective date of the Investment Advisory Agreement's termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **ASSIGNMENT**. This Agreement and all rights and obligations hereunder may not be assigned without the written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **SEVERABILITY**. If any provision of this Agreement shall be held or made invalid by a court decision, statute or rule, or shall be otherwise rendered invalid, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **GOVERNING LAW**. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Wisconsin without giving effect to the conflict of laws principles thereof, provided that nothing herein shall be construed to preempt, or to be inconsistent with, any federal law, regulation or rule, including the Investment Company Act of 1940, as amended, and the Investment Advisers Act of 1940, as amended, and any rules and regulations promulgated thereunder.

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be duly executed and attested by their duly authorized officers, all on the day and year first above written.

---

| | |
|:---|:---|
| **TRUST FOR PROFESSIONAL MANAGERS,**<br>on behalf its series listed on Schedule A<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/Jennifer A. Lima&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:&nbsp;&nbsp;&nbsp;&nbsp;Jennifer A. Lima<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;President | **JENSEN INVESTMENT MANAGEMENT, INC.**<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/Gabriel L. Goddard&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:&nbsp;&nbsp;&nbsp;&nbsp;Gabriel L. Goddard<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Managing Director |

---

------

**SCHEDULE A**

---

| | |
|:---|:---|
| **Series or Fund of Trust for Professional Managers** | **Operating Expense Limitation as a Percentage of Average Daily Net Assets** |
| Jensen Quality Mid Cap Fund | 0.80% |
| Jensen Global Quality Growth Fund | 1.00% |

---

## Ex-99.(I)(4)

![image_0a.jpg](image_0a.jpg)![image_1a.jpg](image_1a.jpg)

September 26, 2025

Trust for Professional Managers

615 East Michigan Street

Milwaukee, Wisconsin 53202

Ladies and Gentlemen:

We consent to the incorporation by reference in this Registration Statement of our opinion dated March 29, 2010 regarding the sale of an indefinite number of Class J and Class I shares of the Jensen Quality Mid Cap Fund (formerly, the Jensen Quality Value Fund, and prior thereto the Jensen Value Fund), our opinion dated January 14, 2020 regarding the sale of an indefinite number of Class Y shares of the Jensen Quality Mid Cap Fund (formerly, the Jensen Quality Value Fund) , and our opinion dated April 14, 2020 regarding the sale of an indefinite number of Class J, Class I and Class Y shares of the Jensen Global Quality Growth Fund, each a series of Trust for Professional Managers. In giving this consent, however, we do not admit that we are experts or within the category of persons whose consent is required by Section 7 of the Securities Act of 1933, as amended.

Very truly yours,

*/s/ Godfrey & Kahn, S.C.*

GODFREY & KAHN, S.C.

![gkfootera.jpg](gkfootera.jpg)

## Ex-99.(J)(1)

![cohenlogoa.jpg](cohenlogoa.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated July 25, 2025, relating to the financial statements and financial highlights of Jensen Quality Mid Cap Fund, Jensen Global Quality Growth Fund, and Jensen Quality Growth ETF, each a series of Trust for Professional Managers**,** which are included in Form N-CSR for the year or period ended May 31, 2025, and to the references to our firm under the headings "Financial Highlights" in the Prospectus and "Independent Registered Public Accounting Firm" in the Statements of Additional Information.

![consentforfsincorporatedtp.jpg](consentforfsincorporatedtp.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

September 25, 2025

![cohencoconsent-etfsa.jpg](cohencoconsent-etfsa.jpg)

## Ex-99.(P)(2)

![picture1a.jpg](picture1a.jpg)

**CODE OF ETHICS AND STATEMENT OF POLICIES**

**JENSEN INVESTMENT MANAGEMENT, INC. AND**

**THE JENSEN QUALITY GROWTH FUND INC.**

**APRIL 16, 2025**

------

![picture1a.jpg](picture1a.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](#i547210a874bf439d857331822ff6ea9f_7) [of](#i547210a874bf439d857331822ff6ea9f_7) [General](#i547210a874bf439d857331822ff6ea9f_7) [Principles](#i547210a874bf439d857331822ff6ea9f_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i547210a874bf439d857331822ff6ea9f_7)[1](#i547210a874bf439d857331822ff6ea9f_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](#i547210a874bf439d857331822ff6ea9f_28) [of](#i547210a874bf439d857331822ff6ea9f_28) [Fund](#i547210a874bf439d857331822ff6ea9f_28) [and](#i547210a874bf439d857331822ff6ea9f_28) [Client](#i547210a874bf439d857331822ff6ea9f_28) [Transactions](#i547210a874bf439d857331822ff6ea9f_28) [and](#i547210a874bf439d857331822ff6ea9f_28) [Information](#i547210a874bf439d857331822ff6ea9f_28)[&nbsp;&nbsp;&nbsp;&nbsp;](#i547210a874bf439d857331822ff6ea9f_28)[8](#i547210a874bf439d857331822ff6ea9f_28)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.[Policy](#i547210a874bf439d857331822ff6ea9f_28)[Prohibiting](#i547210a874bf439d857331822ff6ea9f_28)[Insider](#i547210a874bf439d857331822ff6ea9f_28)[Trading](#i547210a874bf439d857331822ff6ea9f_28)[&nbsp;&nbsp;&nbsp;&nbsp;](#i547210a874bf439d857331822ff6ea9f_28)[8](#i547210a874bf439d857331822ff6ea9f_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](#i547210a874bf439d857331822ff6ea9f_34)[and](#i547210a874bf439d857331822ff6ea9f_34)[Entertainment](#i547210a874bf439d857331822ff6ea9f_34)[Policies](#i547210a874bf439d857331822ff6ea9f_34)[&nbsp;&nbsp;&nbsp;&nbsp;](#i547210a874bf439d857331822ff6ea9f_34)[10-](#i547210a874bf439d857331822ff6ea9f_34)[11](#i547210a874bf439d857331822ff6ea9f_34)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.[Outside](#i547210a874bf439d857331822ff6ea9f_37) [Business](#i547210a874bf439d857331822ff6ea9f_37) [Activities,](#i547210a874bf439d857331822ff6ea9f_37) [Employment](#i547210a874bf439d857331822ff6ea9f_37) [and/or](#i547210a874bf439d857331822ff6ea9f_37) [Directorship](#i547210a874bf439d857331822ff6ea9f_37)[&nbsp;&nbsp;&nbsp;&nbsp;](#i547210a874bf439d857331822ff6ea9f_37)[11](#i547210a874bf439d857331822ff6ea9f_37)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.[Personal](#i547210a874bf439d857331822ff6ea9f_40)[Trading](#i547210a874bf439d857331822ff6ea9f_40)[Rules and](#i547210a874bf439d857331822ff6ea9f_40)[Reporting](#i547210a874bf439d857331822ff6ea9f_40)[&nbsp;&nbsp;&nbsp;&nbsp;](#i547210a874bf439d857331822ff6ea9f_40)[12](#i547210a874bf439d857331822ff6ea9f_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](#i547210a874bf439d857331822ff6ea9f_70)[Requirements](#i547210a874bf439d857331822ff6ea9f_70)[&nbsp;&nbsp;&nbsp;&nbsp;](#i547210a874bf439d857331822ff6ea9f_70)[12](#i547210a874bf439d857331822ff6ea9f_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](#i547210a874bf439d857331822ff6ea9f_73)[&nbsp;&nbsp;&nbsp;&nbsp;](#i547210a874bf439d857331822ff6ea9f_73)[16](#i547210a874bf439d857331822ff6ea9f_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>

![picture1a.jpg](picture1a.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>

![picture1a.jpg](picture1a.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.

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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>

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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>

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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.

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