Jensen Quality Growth Fund
  
Schedule of Investments
  
February 28, 2025 (Unaudited)
  
   
COMMON STOCKS - 99.5%
  
Shares
    
Value
 
Beverages - 3.6%
        
PepsiCo, Inc.
    
1,875,000
    
$
287,756,250
  
                 
Chemicals - 1.9%
          
Sherwin-Williams Co.
    
413,000
      
149,617,510
  
                 
Commercial Services & Supplies - 5.1%
          
Copart, Inc. (a)
    
2,584,000
      
141,603,200
  
Waste Management, Inc.
    
1,135,000
      
264,205,300
  
             
405,808,500
  
                 
Electronic Equipment, Instruments & Components - 1.4%
          
Amphenol Corp. - Class A
    
1,724,000
      
114,818,400
  
                 
Financial Services - 4.9%
          
Mastercard, Inc. - Class A
    
684,000
      
394,196,040
  
                 
Health Care Equipment & Supplies - 6.3%
          
Stryker Corp.
    
1,305,000
      
503,977,950
  
                 
Health Care Providers & Services - 3.2%
          
UnitedHealth Group, Inc.
    
543,000
      
257,903,280
  
                 
Hotels, Restaurants & Leisure - 1.8%
          
McDonald's Corp.
    
474,000
      
146,148,420
  
                 
Household Products - 2.8%
          
Procter & Gamble Co.
    
1,282,000
      
222,862,880
  
                 
Insurance - 6.9%
          
Marsh & McLennan Cos., Inc.
    
2,327,000
      
553,453,680
  
                 
Interactive Media & Services - 5.2%
          
Alphabet, Inc. - Class A
    
2,424,000
      
412,758,720
  
                 
IT Services - 6.9%
          
Accenture PLC - Class A
    
1,593,000
      
555,160,500
  
                 
Pharmaceuticals - 5.9%
          
Johnson & Johnson
    
1,180,000
      
194,723,600
  
Zoetis, Inc.
    
1,640,000
      
274,273,600
  
             
468,997,200
  
                 
Professional Services - 12.1%
          
Automatic Data Processing, Inc.
    
1,191,000
      
375,379,380
  
Broadridge Financial Solutions, Inc.
    
1,223,000
      
295,012,060
  
Equifax, Inc.
    
847,000
      
207,684,400
  
Verisk Analytics, Inc.
    
308,000
      
91,448,280
  
             
969,524,120
  
                 
Semiconductors & Semiconductor Equipment - 6.2%
          
KLA Corp.
    
410,000
      
290,624,400
  
Texas Instruments, Inc.
    
1,042,000
      
204,221,580
  
             
494,845,980
  
                 
Software - 14.0%
          
Cadence Design Systems, Inc. (a)
    
333,000
      
83,416,500
  
Intuit, Inc.
    
745,000
      
457,310,800
  
Microsoft Corp.
    
1,472,000
      
584,369,280
  
             
1,125,096,580
  
                 
Specialty Retail - 1.8%
          
Home Depot, Inc.
    
371,000
      
147,138,600
  
                 
Technology Hardware, Storage & Peripherals - 7.5%
          
Apple, Inc.
    
2,496,000
      
603,632,640
  
                 
Textiles, Apparel & Luxury Goods - 2.0%
          
NIKE, Inc. - Class B
    
2,013,000
      
159,892,590
  
TOTAL COMMON STOCKS (Cost $3,536,557,385)
      
7,973,589,840
  
                 
SHORT-TERM INVESTMENTS - 0.9%
          
Value
 
Money Market Funds - 0.9%
  
Shares
          
First American Treasury Obligations Fund - Class X, 4.28% (b)
    
68,862,164
      
68,862,164
  
TOTAL SHORT-TERM INVESTMENTS (Cost $68,862,164)
      
68,862,164
  
                 
TOTAL INVESTMENTS - 100.4% (Cost $3,605,419,549)
      
8,042,452,004
  
Liabilities in Excess of Other Assets - (0.4)%
      
(28,227,922
)
TOTAL NET ASSETS - 100.0%
          
$
8,014,224,082
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%
   
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
  

PLC - Public Limited Company

(a)
Non-income producing security.
(b)
The rate shown represents the 7-day annualized effective yield as of February 28, 2025.
Summary of Fair Value Disclosure as of February 28, 2025 (Unaudited)
 
Jensen Quality Growth Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of February 28, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
7,973,589,840
    
$
–
    
$
–
    
$
7,973,589,840
  
  Money Market Funds
    
68,862,164
      
–
      
–
      
68,862,164
  
Total Investments
  
$
8,042,452,004
    
$
–
    
$
–
    
$
8,042,452,004
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.