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

COMMON STOCKS - 99.2%

Shares  

Value  
Broadline Retail - 7.5%

Amazon.com, Inc. (a)

            804,000

    $        208,855,080






Chemicals - 4.1%

Sherwin-Williams Co.

            335,000

             113,501,350






Commercial Services & Supplies - 7.1%

Cintas Corp.

            303,000

             61,142,370
Copart, Inc. (a)

            939,000

             30,977,610
Waste Management, Inc.

            481,500

             105,409,980




             197,529,960






Communications Equipment - 3.8%

Motorola Solutions, Inc.

            217,000

             105,310,100






Electronic Equipment, Instruments & Components - 1.8%

Amphenol Corp. - Class A

            317,000

             50,260,350






Financial Services - 4.9%

Mastercard, Inc. - Class A

            230,400

             135,777,024






Health Care Equipment & Supplies - 8.4%

Abbott Laboratories

            620,000

             68,423,200
IDEXX Laboratories, Inc. (a)

            99,500

             55,390,655
Stryker Corp.

            337,000

             109,120,600




             232,934,455






Health Care Technology - 3.5%

Veeva Systems, Inc. - Class A (a)

            343,800

             98,220,222






Hotels, Restaurants & Leisure - 1.0%

McDonald's Corp.

            105,500

             27,803,470






Household Products - 3.3%

Procter & Gamble Co.

            627,500

             91,062,800






Insurance - 4.6%

Marsh & McLennan Cos., Inc.

            677,400

             128,570,520






Interactive Media & Services - 7.0%

Alphabet, Inc. - Class A

            576,000

             195,465,600






Pharmaceuticals - 4.2%

Eli Lilly & Co.

            102,300

             118,333,479






Professional Services - 5.2%

Broadridge Financial Solutions, Inc.

            271,300

             49,479,694
Equifax, Inc.

            204,000

             38,588,640
Verisk Analytics, Inc.

            288,400

             55,886,152




             143,954,486


Semiconductors & Semiconductor Equipment - 13.9%

Broadcom, Inc.

            347,000

             128,507,980
KLA Corp.

            423,000

             74,215,350
NVIDIA Corp.

            833,000

             183,909,740




             386,633,070






Software - 10.7%

Cadence Design Systems, Inc. (a)

            233,000

             78,935,740
Microsoft Corp.

            433,400

             219,859,486




             298,795,226






Specialty Retail - 1.8%

The TJX Companies, Inc.

            385,000

             51,555,350






Technology Hardware, Storage & Peripherals - 6.4%

Apple, Inc.

            567,700

             179,875,745
TOTAL COMMON STOCKS (Cost $1,626,528,014)

             2,764,438,287






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.9%
Shares  

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

            25,174,764

             25,174,764
TOTAL MONEY MARKET FUNDS (Cost $25,174,764)

             25,174,764






TOTAL INVESTMENTS - 100.1% (Cost $1,651,702,778)

             2,789,613,051
Liabilities in Excess of Other Assets - (0.1)%
(0.00139)
            (3,863,319)
TOTAL NET ASSETS - 100.0%




    $        2,785,749,732


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.

















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

Jensen 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
    $        2,764,438,287

    $        –

    $        –

    $        2,764,438,287
  Money Market Funds
            25,174,764

            –

            –

            25,174,764
Total Investments
    $        2,789,613,051

    $        –

    $        –

    $        2,789,613,051



 

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