Jensen Quality Growth ETF
Schedule of Investments
August 31, 2026 (Unaudited)

COMMON STOCKS - 99.0%

Shares  

Value  
Broadline Retail - 7.3%

Amazon.com, Inc. (a)

            24,590

    $        6,387,744






Chemicals - 4.4%

Sherwin-Williams Co.

            11,451

             3,879,713






Commercial Services & Supplies - 6.7%

Cintas Corp.

            8,816

             1,778,981
Copart, Inc. (a)

            27,059

             892,676
Waste Management, Inc.

            14,583

             3,192,510




             5,864,167






Communications Equipment - 3.7%

Motorola Solutions, Inc.

            6,616

             3,210,745






Electronic Equipment, Instruments & Components - 1.6%

Amphenol Corp. - Class A

            8,946

             1,418,388






Financial Services - 5.3%

Mastercard, Inc. - Class A

            7,902

             4,656,728






Health Care Equipment & Supplies - 7.9%

Abbott Laboratories

            17,450

             1,925,782
IDEXX Laboratories, Inc. (a)

            2,764

             1,538,691
Stryker Corp.

            10,769

             3,487,002




             6,951,475






Health Care Technology - 3.5%

Veeva Systems, Inc. - Class A (a)

            10,732

             3,066,025






Hotels, Restaurants & Leisure - 1.4%

McDonald's Corp.

            4,657

             1,227,306






Household Products - 2.9%

Procter & Gamble Co.

            17,686

             2,566,592






Insurance - 4.7%

Marsh & McLennan Cos., Inc.

            21,631

             4,105,564






Interactive Media & Services - 6.3%

Alphabet, Inc. - Class A

            16,402

             5,566,019






Pharmaceuticals - 4.6%

Eli Lilly & Co.

            3,477

             4,021,950






Professional Services - 5.3%

Broadridge Financial Solutions, Inc.

            8,796

             1,604,215
Equifax, Inc.

            6,546

             1,238,241
Verisk Analytics, Inc.

            9,188

             1,780,451




             4,622,907








Semiconductors & Semiconductor Equipment - 14.6%

Broadcom, Inc.

            10,294

             3,812,280
KLA Corp.

            19,416

             3,406,537
NVIDIA Corp.

            25,212

             5,566,306




             12,785,123






Software - 10.8%

Cadence Design Systems, Inc. (a)

            7,335

             2,484,951
Microsoft Corp.

            13,823

             7,012,270




             9,497,221






Specialty Retail - 1.6%

TJX Cos., Inc.

            10,740

             1,438,193






Technology Hardware, Storage & Peripherals - 6.4%

Apple, Inc. - Class A

            17,737

             5,619,968
TOTAL COMMON STOCKS (Cost $83,166,737)

             86,885,828






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 1.0%
Shares  

Value  
First American Treasury Obligations Fund - Class X, 3.60% (b)

            850,128

             850,128
TOTAL MONEY MARKET FUNDS (Cost $850,128)

             850,128






TOTAL INVESTMENTS - 100.0% (Cost $84,016,865)

             87,735,956
Other Assets in Excess of Liabilities - 0.0% (c)
0. 0012
            10,319
TOTAL NET ASSETS - 100.0%




    $        87,746,275


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.


(a)

Non-income producing security.
(b)

The rate shown represents the 7-day annualized yield as of August 31, 2026.
(c)

Represents less than 0.05% of net assets.
























Summary of Fair Value Disclosure as of August 31, 2026 (Unaudited)

Jensen Quality Growth ETF has adopted fair value accounting standards which establish a 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 valuation 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 based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of August 31, 2026:



Level 1

Level 2

Level 3

Total
Investments:







  Common Stocks
    $        86,885,828

    $        –

    $        –

    $        86,885,828
  Money Market Funds
            850,128

            –

            –

            850,128
Total Investments
    $        87,735,956

    $        –

    $        –

    $        87,735,956




 

Refer to the Schedule of Investments for further disaggregation of investment categories.