485BPOS
2012-05-31
0000887215
2012-09-30
JENSEN PORTFOLIO INC
false
2012-09-28
2012-09-30
The Fund is a non-diversified mutual fund and is permitted to invest a
greater portion of its assets in the securities of a smaller number of
issuers than would be permissible if it were a "diversified" fund and
therefore, it may be more sensitive to market changes than a diversified
fund. Accordingly, the appreciation or depreciation of a single portfolio
security may have a greater impact on the net asset value ("NAV") of the
Fund.
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These transaction costs and potentially<br />higher taxes, which are not reflected in the total annual fund operating<br />expenses or in the Example, affect the Fund's performance. During the most<br />recent fiscal year, the Fund's portfolio turnover rate was 15.80% of the average<br />value of its portfolio.</tt>
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<tt>The objective of the Jensen Portfolio doing business as ("d/b/a") the Jensen<br />Quality Growth Fund (the "Fund") is long-term capital appreciation.</tt>
<tt>This example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same.</tt>
reflects no deduction for fees, expenses or taxes
<tt>To achieve its objective, the Fund invests in equity securities of approximately<br />25 to 30 companies that satisfy the investment criteria described below. Equity<br />securities in which the Fund invests as a principal strategy consist primarily<br />of common stocks of U.S. companies. Generally, each company in which the Fund<br />invests must, as determined by the Fund's investment adviser, Jensen Investment<br />Management, Inc. (the "Adviser"):<br />  <br />o Have consistently achieved a high return on equity and have a trend of       <br />  growing free cash flow over the prior ten years;                             <br /><br />o Be in excellent financial condition; and<br /><br />o Be capable of sustaining outstanding business performance.<br /><br />These companies are selected from a universe of companies that have produced<br />long-term records of persistently high returns on shareholder equity. In order<br />to qualify for this universe, each company must have a market capitalization of<br />$1 billion or more, and a return on equity of 15% or greater in each of the last<br />10 years as determined by the Adviser. The Adviser determines on an annual basis<br />the companies that qualify for inclusion in the Fund's investable universe.<br /> <br />The Fund may purchase securities when they are priced below their intrinsic<br />values as determined by the Adviser. The Fund may sell all or part of its<br />position in a company when the Adviser has determined that another qualifying<br />security has a greater opportunity to achieve the Fund's objective. In addition,<br />the Fund generally sells its entire position in a company when the company no<br />longer meets each of the Fund's investment criteria. In the event that the<br />company no longer satisfies the investment criteria and the failure is due to an<br />extraordinary situation that the Adviser believes will not have a material<br />adverse impact on the company's operating performance, the Fund may continue to<br />hold and invest in the company.<br /> <br />The Adviser expects to include in the Fund's investment portfolio at any time<br />securities of approximately 25 to 30 primarily domestic companies. The Fund must<br />always own the securities of a minimum of 15 different companies in its portfolio. <br />The Fund strives to be fully invested at all times in publicly traded common stocks <br />and other eligible equity securities issued by companies that meet the investment <br />criteria described in this Prospectus.<br /> <br />The Fund is non-diversified, which means that a relatively high percentage of its <br />assets may be invested in a limited number of issuers of securities.</tt>
SUMMARY OF THE FUND
Example
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.
investment objective
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.
Remember, in addition to possibly not achieving your investment goals, that you could lose money by investing in the Fund.
principal risks of investing in the fund
Shareholder Fees (fees paid directly from your investment) None
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
0.1580
Actual after-tax returns depend on each investor's individual tax situation
and may differ from those shown. Furthermore, the after-tax returns shown
are not relevant to those who hold their shares through tax-deferred
arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs").
Jensen Quality Growth Fund - Class R Shares Annual Total Return as of December 31 of Each Year
performance
<tt>After tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on each investor's individual tax<br />situation and may differ from those shown. Furthermore, the after-tax returns<br />shown are not relevant to those who hold their shares through tax-deferred<br />arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs").</tt>
The performance information demonstrates the risks of investing in the Fund
by showing changes in the Fund's performance from year to year and by showing
how the Fund's average annual total returns for one and five years and since
inception compare with those of a broad measure of market performance.
<tt>During the ten year period shown on the bar chart, the Fund's best and worst <br />quarters are shown below:<br /> <br /> Best Quarter:   15.79% (2nd quarter 2009)        Worst Quarter:   -21.75% (4th quarter 2008)</tt>
1-800-992-4144
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns For the Periods Ended December 31, 2011
Portfolio Turnover
<tt>Before investing in the Fund, you should carefully consider your own investment<br />goals, the amount of time you are willing to leave your money invested, and the<br />amount of risk you are willing to take. Remember, in addition to possibly not<br />achieving your investment goals, that you could lose money by investing in the<br />Fund. The principal risks of investing in this Fund are:<br /> <br />o Stock Market Risk<br /><br />The market value of stocks held by the Fund may decline over a short, or even an<br />extended period of time, resulting in a decrease in the value of a shareholder's<br />investment.<br /> <br />o Management Risk<br /><br />The Adviser may be incorrect in its judgment of the value of particular stocks. <br />The investments chosen by the Adviser may not perform as anticipated. Certain <br />risks are inherent in the ownership of any security, and there is no assurance <br />that the Fund's investment objective will be achieved.<br /> <br />o Non-diversification<br /><br />The Fund is a non-diversified mutual fund and is permitted to invest a greater<br />portion of its assets in the securities of a smaller number of issuers than<br />would be permissible if it were a "diversified" fund and therefore, it may be<br />more sensitive to market changes than a diversified fund. Accordingly, the<br />appreciation or depreciation of a single portfolio security may have a greater<br />impact on the net asset value ("NAV") of the Fund.<br /> <br />o Company and Sector Risk<br /><br />The Fund's investment strategy requires that a company selected for investment<br />by the Fund must have attained, among other criteria, a return on equity of at<br />least 15 percent per year for each of the prior 10 years as determined by the<br />Adviser. Because of the relatively limited number of companies that have<br />achieved this strong level of consistent, long-term business performance, the<br />Fund at times is prohibited from investing in certain companies and sectors that<br />may be experiencing a shorter-term period of robust earnings growth. As a<br />result, the Fund's performance may trail the overall market over a short or<br />extended period of time compared to what its performance may have been if the<br />Fund was able to invest in such rapidly growing, non-qualifying companies.<br /><br />o Large-Cap Company Risk<br /><br />Larger, more established companies may be unable to respond quickly to new<br />competitive challenges such as changes in consumer tastes or innovative smaller<br />competitors. Also, large-cap companies are sometimes unable to attain the high<br />growth rates of successful, smaller companies, especially during extended<br />periods of economic expansion. The Adviser considers companies with market<br />capitalizations in excess of $10 billion to be large-cap companies.<br /> <br />Investment Suitability<br />The Fund is designed for long-term investors who are willing to accept short-term <br />market price fluctuations.</tt>
fees and expenses of the fund
principal investment strategies
www.jenseninvestment.com
<tt>The performance information demonstrates the risks of investing in the Fund by<br />showing changes in the Fund's performance from year to year and by showing how<br />the Fund's average annual total returns for one and five years and since<br />inception compare with those of a broad measure of market performance. The<br />Fund's past performance information, both before and after taxes, is not<br />necessarily an indication of how the Fund will perform in the future. Updated<br />performance information is available on the Fund's website at<br />www.jenseninvestment.com, or by calling the Fund toll-free at 1-800-992-4144.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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S&P 500® Index (reflects no deduction for fees, expenses or taxes)
0.0211
-0.0025
0.0501
2003-07-30
Class R Shares Return After Taxes on Distributions and Sale of Fund Shares
-0.0057
0.0120
0.0358
2003-07-30
Class R Shares Return After Taxes on Distributions
-0.0132
0.0119
0.0396
2003-07-30
JENRX
Worst Quarter:
Best Quarter:
2012-06-30
Class R Shares Return Before Taxes
0.0008
118
2009-06-30
368
-0.2175
0.0580
0.1154
1409
638
0.0701
0.1579
-0.0117
0.0008
-0.2915
0.0050
2008-12-31
0.2865
0.0146
-0.0164
The Fund's year-to-date total return
-0.0117
0.0050
0.0116
0.1373
0.0416
2003-07-30
0.0717
The Fund is a non-diversified mutual fund and is permitted to invest a
greater portion of its assets in the securities of a smaller number of
issuers than would be permissible if it were a "diversified" fund and
therefore, it may be more sensitive to market changes than a diversified
fund. Accordingly, the appreciation or depreciation of a single portfolio
security may have a greater impact on the net asset value ("NAV") of the
Fund.
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These transaction costs and potentially<br />higher taxes, which are not reflected in the total annual fund operating<br />expenses or in the Example, affect the Fund's performance. During the most<br />recent fiscal year, the Fund's portfolio turnover rate was 15.80% of the average<br />value of its portfolio.</tt>
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<tt>The objective of the Jensen Portfolio doing business as ("d/b/a") the Jensen<br />Quality Growth Fund (the "Fund") is long-term capital appreciation.</tt>
<tt>This example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same.</tt>
reflects no deduction for fees, expenses or taxes
<tt>To achieve its objective, the Fund invests in equity securities of approximately<br />25 to 30 companies that satisfy the investment criteria described below. Equity<br />securities in which the Fund invests as a principal strategy consist primarily<br />of common stocks of U.S. companies. Generally, each company in which the Fund<br />invests must, as determined by the Fund's investment adviser, Jensen Investment<br />Management, Inc. (the "Adviser"):<br /> <br />o Have consistently achieved a high return on equity and have a trend of       <br />  growing free cash flow over the prior ten years;                             <br />  <br />o Be in excellent financial condition; and<br /> <br />o Be capable of sustaining outstanding business performance.<br /> <br />These companies are selected from a universe of companies that have produced<br />long-term records of persistently high returns on shareholder equity. In order<br />to qualify for this universe, each company must have a market capitalization of<br />$1 billion or more, and a return on equity of 15% or greater in each of the last<br />10 years as determined by the Adviser. The Adviser determines on an annual basis<br />the companies that qualify for inclusion in the Fund's investable universe.<br /> <br />The Fund may purchase securities when they are priced below their intrinsic values <br />as determined by the Adviser. The Fund may sell all or part of its position in a <br />company when the Adviser has determined that another qualifying security has a <br />greater opportunity to achieve the Fund's objective. In addition, the Fund <br />generally sells its entire position in a company when the company no longer meets <br />each of the Fund's investment criteria. In the event that the company no longer <br />satisfies the investment criteria and the failure is due to an extraordinary <br />situation that the Adviser believes will not have a material adverse impact on the <br />company's operating performance, the Fund may continue to hold and  invest in the <br />company.<br /> <br />The Adviser expects to include in the Fund's investment portfolio at any time<br />securities of approximately 25 to 30 primarily domestic companies. The Fund must<br />always own the securities of a minimum of 15 different companies in its portfolio. <br />The Fund strives to be fully invested at all times in publicly traded common stocks <br />and other eligible equity securities issued by companies that meet the investment <br />criteria described in this Prospectus.<br /> <br />The Fund is non-diversified, which means that a relatively high percentage of its <br />assets may be invested in a limited number of issuers of securities.</tt>
SUMMARY OF THE FUND
Example
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.
investment objective
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.
Remember, in addition to possibly not achieving your investment goals, that you could lose money by investing in the Fund.
principal risks of investing in the fund
Shareholder Fees (fees paid directly from your investment) None
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
0.1580
Actual after-tax returns depend on each investor's individual tax situation and
may differ from those shown. Furthermore, the after-tax returns shown are not
relevant to those who hold their shares through tax-deferred arrangements such
as 401(k) plans or Individual Retirement Accounts ("IRAs").
Jensen Quality Growth Fund - Class J Shares Annual Total Return as of December 31 of Each Year
performance
<tt>After tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on each investor's individual tax<br />situation and may differ from those shown. Furthermore, the after-tax returns<br />shown are not relevant to those who hold their shares through tax-deferred<br />arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs").</tt>
The performance information demonstrates the risks of investing in the Fund
by showing changes in the Fund's performance from year to year and by showing
how the Fund's average annual total returns for one, five, ten years and since
inception compare with those of a broad measure of market performance.
<tt>During the ten year period shown on the bar chart, the Fund's best and worst <br />quarters are shown below:<br /><br /> Best Quarter:  15.93% (2nd quarter 2009)        Worst Quarter:   -21.70% (4th quarter 2008)</tt>
1-800-992-4144
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns For the Periods Ended December 31, 2011
Portfolio Turnover
<tt>Before investing in the Fund, you should carefully consider your own investment<br />goals, the amount of time you are willing to leave your money invested, and the<br />amount of risk you are willing to take. Remember, in addition to possibly not<br />achieving your investment goals, that you could lose money by investing in the<br />Fund. The principal risks of investing in this Fund are:<br /> <br />o Stock Market Risk<br /><br />The market value of stocks held by the Fund may decline over a short, or even an<br />extended period of time, resulting in a decrease in the value of a shareholder's<br />investment.<br /> <br />o Management Risk<br /><br />The Adviser may be incorrect in its judgment of the value of particular stocks. <br />The investments chosen by the Adviser may not perform as anticipated. Certain <br />risks are inherent in the ownership of any security, and there is no assurance <br />that the Fund's investment objective will be achieved.<br /> <br />o Non-diversification<br /><br />The Fund is a non-diversified mutual fund and is permitted to invest a greater<br />portion of its assets in the securities of a smaller number of issuers than<br />would be permissible if it were a "diversified" fund and therefore, it may be<br />more sensitive to market changes than a diversified fund. Accordingly, the<br />appreciation or depreciation of a single portfolio security may have a greater<br />impact on the net asset value ("NAV") of the Fund.<br /> <br />o Company and Sector Risk<br /><br />The Fund's investment strategy requires that a company selected for investment<br />by the Fund must have attained, among other criteria, a return on equity of at<br />least 15 percent per year for each of the prior 10 years as determined by the<br />Adviser. Because of the relatively limited number of companies that have<br />achieved this strong level of consistent, long-term business performance, the<br />Fund at times is prohibited from investing in certain companies and sectors that<br />may be experiencing a shorter-term period of robust earnings growth. As a<br />result, the Fund's performance may trail the overall market over a short or<br />extended period of time compared to what its performance may have been if the<br />Fund was able to invest in such rapidly growing, non-qualifying companies.<br /> <br />o Large-Cap Company Risk<br /><br />Larger, more established companies may be unable to respond quickly to new<br />competitive challenges such as changes in consumer tastes or innovative smaller<br />competitors. Also, large-cap companies are sometimes unable to attain the high<br />growth rates of successful, smaller companies, especially during extended<br />periods of economic expansion. The Adviser considers companies with market<br />capitalizations in excess of $10 billion to be large-cap companies.<br /><br />Investment Suitability<br />The Fund is designed for long-term investors who are willing to accept short-term <br />market price fluctuations.</tt>
fees and expenses of the fund
principal investment strategies
www.jenseninvestment,com
<tt>The performance information demonstrates the risks of investing in the Fund <br />by showing changes in the Fund's performance from year to year and by showing <br />how the Fund's average annual total returns for one, five, ten years and since<br />inception compare with those of a broad measure of market performance. The<br />Fund's past performance information, both before and after taxes, is not<br />necessarily an indication of how the Fund will perform in the future. Updated<br />performance information is available on the Fund's website at<br />www.jenseninvestment,com, or by calling the Fund toll-free at 1-800-992-4144.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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S&P 500® Index (reflects no deduction for fees, expenses or taxes)
0.0211
-0.0025
0.0292
0.0501
2003-07-30
Class J Shares Return After Taxes on Distributions and Sale of Fund Shares
-0.0046
0.0139
0.0252
2003-07-30
Class J Shares Return After Taxes on Distributions
-0.0122
0.0139
0.0275
2003-07-30
JENIX
Class I Shares Return Before Taxes
0.0003
61
192
750
335
-0.0070
0.0007
0.0050
0.0197
0.0000
0.0060
0.0465
2003-07-30
JENSX
-0.1097
Worst Quarter:
Best Quarter:
2012-06-30
Class J Shares Return Before Taxes
0.0000
93
2009-06-30
290
-0.2170
0.0601
0.1177
1120
504
0.0729
0.1593
-0.0105
0.0016
-0.2897
0.0050
2008-12-31
0.2898
0.0169
-0.0140
The Fund's year-to-date total return
-0.0105
0.1607
0.0025
0.0296
0.0091
0.1401
2003-07-30
0.0733
0000887215
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2012-09-30
2012-09-30
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2012-09-30
2012-09-30
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2012-09-30
2012-09-30
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2012-09-30
2012-09-30
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2012-09-30
2012-09-30
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2012-09-30
2012-09-30
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2012-09-30
2012-09-30
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2012-09-30
2012-09-30
0000887215
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2012-09-30
2012-09-30
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2012-09-30
2012-09-30
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2012-09-30
2012-09-30
0000887215
2012-09-30
2012-09-30
pure
iso4217:USD
The returns shown in the bar chart are for Class J shares. The performance of Class I shares will differ due to differences in expenses.
The Fund's year-to-date total return as of June 30, 2012 was 7.33%.
Class I shares are subject to an annual shareholder servicing fee not to exceed 0.10% of average daily net assets of the Class I shares.
Other Expenses include custodian, transfer agency, and other customary Fund expenses not listed above and are based on the previous fiscal year's expenses. In addition, Other Expenses for the Class J shares include sub-transfer agency fees paid to certain financial intermediaries who maintain omnibus accounts in the Fund and provide shareholder recordkeeping and servicing to their customers who own shares of the Fund.
Class R shares are subject to an annual shareholder servicing fee not to exceed 0.25% of average daily net assets of the Class R shares.
Other Expenses include custodian, transfer agency, and other customary Fund expenses not listed above and are based on the previous fiscal year's expenses.
Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the Ratio of Expenses to Average Net Assets included in the "Financial Highlights" section of the statutory Prospectus, which reflects the actual historical operating expenses of the Fund and does not include a full year of the Shareholder Servicing Fee which went into effect July 1, 2011 and is used to pay for shareholder support services, including the recordkeeping and administrative services provided by retirement plan administrators to retirement plans (and their participants) that are shareholders of the Class R shares.
The Fund's year-to-date total return as of June 30, 2012 was 7.17%.