Dearborn Partners Rising Dividend Fund | ||||||||
Schedule of Investments | ||||||||
November 30, 2022 (Unaudited) | ||||||||
Shares | Value | |||||||
COMMON STOCKS - 93.32% | ||||||||
Air Freight & Logistics - 1.80% | ||||||||
United Parcel Service, Inc. - Class B | 46,240 | 8,773,115 | ||||||
Banks - 2.02% | ||||||||
Glacier Bancorp, Inc. | 170,555 | 9,875,135 | ||||||
Biotechnology - 3.81% | ||||||||
AbbVie, Inc. | 65,100 | 10,492,818 | ||||||
Gilead Sciences, Inc. | 92,000 | 8,080,360 | ||||||
18,573,178 | ||||||||
Building Products - 1.95% | ||||||||
Carrier Global Corp. | 215,200 | 9,537,664 | ||||||
Capital Markets - 5.74% | ||||||||
BlackRock, Inc. | 13,800 | 9,880,800 | ||||||
Nasdaq, Inc. | 137,490 | 9,412,566 | ||||||
S&P Global, Inc. | 24,688 | 8,709,926 | ||||||
28,003,292 | ||||||||
Chemicals - 3.81% | ||||||||
Air Products and Chemicals, Inc. | 29,786 | 9,238,426 | ||||||
The Sherwin-Williams Co. | 37,500 | 9,344,250 | ||||||
18,582,676 | ||||||||
Commercial Services & Supplies - 2.38% | ||||||||
Republic Services, Inc. | 83,500 | 11,630,715 | ||||||
Diversified Telecommunication Services - 0.94% | ||||||||
Verizon Communications, Inc. | 117,100 | 4,564,558 | ||||||
Electric Utilities - 2.69% | ||||||||
NextEra Energy, Inc. | 155,116 | 13,138,325 | ||||||
Food & Staples Retailing - 4.30% | ||||||||
Casey's General Stores, Inc. | 45,500 | 11,057,410 | ||||||
Costco Wholesale Corp. | 18,450 | 9,949,163 | ||||||
21,006,573 | ||||||||
Food Products - 1.47% | ||||||||
McCormick & Co., Inc. | 84,419 | 7,190,810 | ||||||
Gas Utilities - 2.52% | ||||||||
Atmos Energy Corp. | 102,300 | 12,296,460 | ||||||
Health Care Equipment & Supplies - 4.80% | ||||||||
Abbott Laboratories | 72,500 | 7,799,550 | ||||||
Becton Dickinson and Co. | 26,708 | 6,659,373 | ||||||
STERIS plc (a) | 48,327 | 8,976,257 | ||||||
23,435,180 | ||||||||
Hotels, Restaurants & Leisure - 1.83% | ||||||||
McDonald's Corp. | 32,793 | 8,945,602 | ||||||
Household Products - 1.32% | ||||||||
Kimberly-Clark Corp. | 47,500 | 6,442,425 | ||||||
Insurance - 3.99% | ||||||||
Arthur J. Gallagher & Co. | 97,870 | 19,486,896 | ||||||
IT Services - 8.77% | ||||||||
Accenture plc (a) | 30,454 | 9,164,522 | ||||||
Automatic Data Processing, Inc. | 48,500 | 12,810,790 | ||||||
Fidelity National Information Services, Inc. | 49,000 | 3,556,420 | ||||||
Jack Henry & Associates, Inc. | 41,235 | 7,807,847 | ||||||
MasterCard, Inc. - Class A | 26,510 | 9,448,164 | ||||||
42,787,743 | ||||||||
Machinery - 3.90% | ||||||||
Illinois Tool Works, Inc. | 37,598 | 8,552,417 | ||||||
Snap-on, Inc. | 43,510 | 10,468,506 | ||||||
19,020,923 | ||||||||
Multiline Retail - 1.89% | ||||||||
Dollar General Corp. | 36,000 | 9,204,480 | ||||||
Multi-Utilities - 1.82% | ||||||||
WEC Energy Group, Inc. | 89,357 | 8,858,853 | ||||||
Oil, Gas & Consumable Fuels - 6.40% | ||||||||
EOG Resources, Inc. | 101,700 | 14,434,281 | ||||||
Exxon Mobil Corp. | 150,786 | 16,788,513 | ||||||
31,222,794 | ||||||||
Pharmaceuticals - 1.76% | ||||||||
Merck & Co., Inc. | 77,920 | 8,580,550 | ||||||
Road & Rail - 1.78% | ||||||||
Union Pacific Corp. | 39,990 | 8,695,026 | ||||||
Semiconductors & Semiconductor Equipment - 4.62% | ||||||||
Analog Devices, Inc. | 72,499 | 12,463,303 | ||||||
QUALCOMM, Inc. | 79,909 | 10,107,689 | ||||||
22,570,992 | ||||||||
Software - 3.61% | ||||||||
Intuit, Inc. | 21,500 | 8,763,185 | ||||||
Microsoft Corp. | 34,700 | 8,853,358 | ||||||
17,616,543 | ||||||||
Specialty Retail - 4.45% | ||||||||
Home Depot, Inc. | 30,000 | 9,719,700 | ||||||
Tractor Supply Co. | 53,000 | 11,994,430 | ||||||
21,714,130 | ||||||||
Technology Hardware, Storage & Peripherals - 4.76% | ||||||||
Apple, Inc. | 156,888 | 23,224,131 | ||||||
Trading Companies & Distributors - 4.19% | ||||||||
Fastenal Co. | 188,270 | 9,697,788 | ||||||
Watsco, Inc. | 40,000 | 10,759,200 | ||||||
20,456,988 | ||||||||
TOTAL COMMON STOCKS (Cost $278,199,947) | 455,435,757 | |||||||
REAL ESTATE INVESTMENT TRUSTS - 4.37% | ||||||||
American Tower Corp. | 36,300 | 8,031,375 | ||||||
Digital Realty Trust, Inc. | 48,000 | 5,398,080 | ||||||
Equinix, Inc. | 11,460 | 7,914,849 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $18,321,940) | 21,344,304 | |||||||
SHORT-TERM INVESTMENTS - 2.13% | ||||||||
Fidelity Investments Money Market Funds - Government Portfolio - Class I (b) | 10,375,876 | 10,375,876 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $10,375,876) | 10,375,876 | |||||||
Total Investments (Cost $306,897,763) - 99.82% | 487,155,937 | |||||||
Other Assets in Excess of Liabilities - 0.18% | 871,100 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 488,027,037 | ||||||
Percentages are stated as a percent of net assets. |
(a) Foreign issued security. | ||||
(b) Seven day yield as of November 30, 2022. | ||||
Abbreviations: | ||||
plc – public limited company is a publicly traded company which signifies that shareholders have limited liability. | ||||
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. 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. Bancorp Fund Services, LLC. |
Significant Accounting Policies | |||||||
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. These policies are in | |||||||
conformity with generally accepted accounting principles in the United States of America (“GAAP”). | |||||||
Investment Valuation | |||||||
Each security owned by the Fund that is listed on a securities exchange is valued at its last sale price on that exchange on the date as of which | |||||||
assets are valued. When the security is listed on more than one exchange, the Fund will use the price of the exchange that the Fund generally | |||||||
considers to be the principal exchange on which the stock is traded. | |||||||
Portfolio securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”) will be valued at the NASDAQ Official Closing Price (“NOCP”), which may | |||||||
not necessarily represent the last sale price. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the | |||||||
mean between the most recent bid and asked prices on such day or the security shall be valued at the latest sales price on the “composite market” | |||||||
for the day such security is being valued. The composite market is defined as a consolidation of the trade information provided by national | |||||||
securities and foreign exchanges and over-the-counter markets as published by an approved pricing service (“Pricing Service”). | |||||||
Debt securities, including short-term debt instruments having a maturity of 60 days or less, are valued at the mean in accordance with prices supplied by an approved | |||||||
Pricing Service. Pricing Services may use various valuation methodologies such as the mean between the bid and the asked prices, matrix pricing and other analytical | |||||||
pricing models as well as market transactions and dealer quotations. If a price is not available from a Pricing Service, the most recent quotation obtained from one or more | |||||||
broker-dealers known to follow the issue will be obtained. Quotations will be valued at the mean between the bid and the offer. Any discount or premium is accreted or | |||||||
amortized using the constant yield to maturity method. Constant yield amortization takes into account the income that is produced on a debt security. | |||||||
This accretion/amortization type utilizes the discount rate used in computing the present value of all future principal and interest payments made by a debt instrument | |||||||
and produces an amount equal to the cost of the debt instrument. | |||||||
Money market funds, demand notes and repurchase agreements are valued at cost. If cost does not represent current market value the securities will be priced at fair value. | |||||||
Redeemable securities issued by open-end, registered investment companies are valued at the NAVs of such companies for purchase and/or redemption orders placed | |||||||
on that day. All exchange-traded funds are valued at the last reported sale price on the exchange on which the security is principally traded. | |||||||
Foreign securities will be priced in their local currencies as of the close of their primary exchange or market or as of the time the Fund calculates its NAV, whichever | |||||||
is earlier. Foreign securities, currencies and other assets denominated in foreign currencies are then translated into U.S. dollars at the exchange rate of such | |||||||
currencies against the U.S. dollar, as provided by an approved pricing service or reporting agency. All assets denominated in foreign currencies will be converted into | |||||||
U.S. dollars using the applicable currency exchange rates as of the close of the NYSE, generally 4:00 p.m. Eastern Time. | |||||||
If market quotations are not readily available, a security or other asset will be valued at its fair value as determined under fair value pricing procedures approved by the | |||||||
Board of Trustees. These fair value pricing procedures will also be used to price a security when corporate events, events in the securities market and/or world events | |||||||
cause the Adviser to believe that a security’s last sale price may not reflect its actual fair value. The intended effect of using fair value pricing procedures is to ensure that | |||||||
the Fund is accurately priced. The Board of Trustees will regularly evaluate whether the Fund’s fair value pricing procedures continue to be appropriate in light of the | |||||||
specific circumstances of the Fund and the quality of prices obtained through the application of such procedures by the Trust’s valuation committee. | |||||||
FASB Accounting Standards Codification, “Fair Value Measurements and Disclosures” Topic 820 (“ASC 820”), establishes an authoritative definition of fair | |||||||
value and sets out a hierarchy for measuring fair value. ASC 820 requires an entity to evaluate certain factors to determine whether there has been a significant decrease in | |||||||
volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may | |||||||
be necessary to estimate fair value. ASC 820 also requires enhanced disclosures regarding the inputs and valuation techniques used to measure fair value in those | |||||||
instances as well as expanded disclosure of valuation levels for each class of investments. These inputs are summarized in the three broad levels listed below: | |||||||
Level 1 - Quoted prices in active markets for identical securities. | |||||||
Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | |||||||
Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments.) | |||||||
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a | |||||||
summary of the inputs used to value the Fund’s investments carried at fair value as of November 30, 2022. | |||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks (1) | $ | 455,435,757 | $ | - | $ | - | $ | 455,435,757 | ||||||||
Real Estate Investment Trusts | 21,344,304 | - | - | 21,344,304 | ||||||||||||
Short-Term Investments | 10,375,876 | - | - | 10,375,876 | ||||||||||||
Total Investments in Securities | $ | 487,155,937 | $ | - | $ | - | $ | 487,155,937 |
(1) See the Schedule of Investments for industry classifications. | |||||||
The Fund measures Level 3 activity as of the end of the period. For the period ended November 30, 2022, the Fund did not have any | |||||||
significant unobservable inputs (Level 3 securities) used in determining fair value. Therefore, a reconciliation of assets in which significant | |||||||
unobservable inputs (Level 3) were used in determining fair value is not applicable. | |||||||
The Fund did not hold financial derivative instruments during the reporting period. |