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

COMMON STOCKS - 99.7%

Shares  

Value  
Canada - 1.9%

Alimentation Couche-Tard, Inc.

            25,100

    $        1,511,669






France - 3.2%

Hermes International SCA

            1,420

             2,597,752






Germany - 2.6%

SAP SE

            9,450

             2,079,849






India - 2.0%

Bajaj Finance Ltd.

            147,700

             1,637,615






Italy - 2.0%

Ferrari NV

            3,740

             1,580,524






Netherlands - 12.3%

Adyen NV (a)(b)

            1,590

             1,925,907
Airbus SE

            15,050

             3,434,775
ASML Holding NV

            2,665

             4,519,922




             9,880,604






Spain - 2.9%

Amadeus IT Group SA

            34,240

             2,320,257






Taiwan - 6.8%

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

            13,090

             5,436,539






United Kingdom - 11.3%

Aon PLC - Class A

            11,410

             3,668,543
AstraZeneca PLC

            16,960

             2,734,246
Compass Group PLC

            89,360

             2,719,399




             9,122,188






United States - 54.7% (c)

Abbott Laboratories

            5,810

             641,192
Alphabet, Inc. - Class A

            14,170

             4,808,589
Amazon.com, Inc. (a)

            17,500

             4,545,975
Amphenol Corp. - Class A

            8,010

             1,269,986
Apple, Inc. - Class A

            11,040

             3,498,024
Broadcom, Inc.

            5,730

             2,122,048
Eli Lilly & Co.

            2,745

             3,175,224
KLA Corp.

            21,230

             3,724,803
Mastercard, Inc. - Class A

            5,400

             3,182,274
Microsoft Corp.

            9,060

             4,596,047
MSCI, Inc.

            1,140

             650,530
NVIDIA Corp.

            18,960

             4,185,989
Sherwin-Williams Co.

            5,990

             2,029,472
Stryker Corp.

            6,480

             2,098,224
TJX Cos., Inc.

            5,230

             700,349
Veeva Systems, Inc. - Class A (a)

            6,400

             1,828,416
Waste Management, Inc.

            4,480

             980,762




             44,037,904
TOTAL COMMON STOCKS (Cost $57,083,936)

             80,204,901


SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.3%
Shares  

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

            262,491

             262,491
TOTAL MONEY MARKET FUNDS (Cost $262,491)

             262,491






TOTAL INVESTMENTS - 100.0% (Cost $57,346,427)

             80,467,392
Liabilities in Excess of Other Assets - (0.0)% (e)
)
            (19,589)
TOTAL NET ASSETS - 100.0%




    $        80,447,803


Percentages are stated as a percent of net assets.




ADR – American Depositary Receipt
NV – Naamloze Vennootschap
PLC – Public Limited Company
SA – Sociedad Anónima
SCA – Société en commandite par actions
SE – Societas Europaea



(a)

Non-income producing security.
(b)

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2026, the value of these securities total $1,925,907 or 2.4% of the Fund’s net assets.
(c)

To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.
(d)

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

Represents less than 0.05% of net assets.




























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

Jensen Global Quality Growth Fund 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
    $        56,235,179

    $        23,969,722

    $        –

    $        80,204,901
  Money Market Funds
            262,491

            –

            –

            262,491
Total Investments
    $        56,497,670

    $        23,969,722

    $        –

    $        80,467,392




 

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