1
Jensen
Global
Quality
Growth
Fund
Schedule
of
Investments
February
28,
2023
(Unaudited)
Shares
Value
Common
Stocks
—
99
.53
%
Canada
—
5
.76
%
Alimentation
Couche-Tard,
Inc.
............................
18,750
$
879,580
Canadian
National
Railway
Co.
............................
14,020
1,596,811
2,476,391
Finland
—
1
.38
%
Kone
Oyj
-
Class
B
.....................................
11,410
592,539
France
—
3
.76
%
Dassault
Systemes
SE
..................................
23,598
910,650
Hermes
International
....................................
390
705,951
1,616,601
Germany
—
3
.48
%
SAP
SE
.............................................
13,220
1,501,934
Ireland
—
5
.27
%
Accenture
PLC
-
Class
A
.................................
8,530
2,265,142
Spain
—
3
.40
%
Amadeus
IT
Group
SA
(a)
................................
23,240
1,461,395
Switzerland
—
3
.01
%
Nestle
SA
............................................
11,470
1,292,332
Taiwan,
Province
Of
China
—
3
.79
%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
-
ADR
.............
18,720
1,629,950
United
Kingdom
—
14
.52
%
AstraZeneca
PLC
......................................
17,030
2,218,633
Compass
Group
PLC
...................................
76,310
1,762,896
Diageo
PLC
..........................................
53,290
2,261,436
6,242,965
2
Jensen
Global
Quality
Growth
Fund
Schedule
of
Investments
(Continued)
February
28,
2023
(Unaudited)
Shares
Value
Common
Stocks
—
99.53%
(Continued)
United
States
—
55
.16
%
Alphabet,
Inc.
(a)
......................................
16,100
$
1,449,966
Aon
PLC
.............................................
3,640
1,106,742
Apple,
Inc.
-
Class
A
....................................
10,150
1,496,212
Automatic
Data
Processing,
Inc.
...........................
6,390
1,404,650
Broadridge
Financial
Solutions,
Inc.
.........................
4,080
574,382
Equifax,
Inc.
..........................................
5,310
1,075,434
Home
Depot,
Inc.
......................................
3,060
907,412
Intuit,
Inc.
............................................
2,720
1,107,530
Johnson
&
Johnson
....................................
6,160
944,082
Mastercard,
Inc.
-
Class
A
................................
2,510
891,778
Microsoft
Corp.
........................................
9,100
2,269,722
NIKE,
Inc.
-
Class
B
....................................
10,160
1,206,906
PepsiCo,
Inc.
.........................................
13,070
2,268,037
Pfizer,
Inc.
............................................
31,620
1,282,823
Starbucks
Corp.
.......................................
14,010
1,430,281
Stryker
Corp.
.........................................
5,900
1,550,992
Texas
Instruments,
Inc.
..................................
5,360
918,972
UnitedHealth
Group,
Inc.
.................................
2,390
1,137,497
Verisk
Analytics,
Inc.
....................................
4,050
692,996
23,716,414
T
otal
Common
Stocks
(Cost
$
40,786,100
)
................
42,795,663
Money
Market
Funds
—
0
.29
%
First
American
Treasury
Obligations
Fund
-
X
Class
,
4
.482
%
(b)
...
124,464
124,464
Total
Money
Market
Funds
(Cost
$
124,464
)
...............
124,464
Total
Investments
(Cost
$40,910,564)
—
99.82%
42,920,127
Other
Assets
in
E
xcess
of
Liabilities
—
0
.18
%
..............
79,256
Total
Net
Assets
—
100.00%
.............................
$
42,999,383
Percentages
are
stated
as
a
percent
of
net
assets.
ADR
American
Depositary
Receipt
PLC
Public
Limited
Company
SA
An
abbreviation
used
by
many
countries
to
signify
a
stock
company
whereby
shareholders
have
limited
liability.
SE
Societas
Europaea
is
a
term
for
a
European
Public
Liability
Company.
(a)
Non-income
producing
security.
(b)
The
rate
shown
represents
the
seven-day
yield
as
of
February
28,
2023.
3
Notes
to
Schedule
of
Investments
February
28,
2023
(Unaudited)
Investment
Valuation
Each
equity
security
owned
by the
Fund
that
is
listed
on
a
securities
exchange,
except
for
securities
listed
on
the
NASDAQ
Stock
Market
LLC
(“NASDAQ”),
is
valued
at
its
last
sale
price
at
the
close
of
that
exchange
on
the
date
as
of
which
assets
are
valued.
If
a
security
is
listed
on
more
than
one
exchange,
the
Fund
will
use
the
price
on
the
exchange
that
the
Fund
generally
considers
to
be
the
principal
exchange
on
which
the
security
is
traded.
Fund
securities,
including
common
stocks,
preferred
stocks
and
exchange
traded
funds,
listed
on
NASDAQ
will
be
valued
at
the
NASDAQ
Official
Closing
Price,
which
may
not
necessarily
represent
the
last
sale
price.
If,
on
a
particular
day,
an
exchange-listed
or
NASDAQ
security
does
not
trade,
then:
(i)
the
security
is
valued
at
the
mean
between
the
most
recent
quoted
bid
and
asked
prices
at
the
close
of
the
exchange
on
such
day;
or
(ii)
the
security
is
valued
at
the
latest
sales
price
on
the
Composite
Market
for
the
day
such
security
is
being
valued.
“Composite
Market”
means
a
consolidation
of
the
trade
information
provided
by
national
securities
and
foreign
exchanges
and
the
over-the-counter
markets
as
published
by
an
approved
independent
pricing
service
(“Pricing
Service”).
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
using
the
applicable
currency
exchange
rates
as
of
the
close
of
the
New
York
Stock
Exchange
(“NYSE”),
generally
4:00
p.m.
Eastern
Time.
Foreign
securities
are
traded
on
foreign
exchanges
which
typically
close
before
the
close
of
business
on
each
day
on
which
the
NYSE
is
open.
Each
security
trading
on
these
exchanges
may
be
valued
utilizing
a
systematic
fair
valuation
model
provided
by
a
pricing
service.
The
valuation
of
each
security
that
meets
certain
criteria
in
relation
to
the
valuation
model
is
systematically
adjusted
to
reflect
the
impact
of
movement
in
the
U.S.
market
after
the
foreign
markets
close
and
are
classified
as
Level
2
securities.
Securities
that
do
not
meet
the
criteria,
or
that
are
principally
traded
in
other
foreign
markets,
are
valued
as
of
the
last
reported
sale
price
at
the
time
the
Fund
determines
its
NAV,
or
when
reliable
market
prices
or
quotations
are
not
readily
available,
at
the
mean
between
the
most
recent
bid
and
asked
quotations
as
of
the
close
of
the
appropriate
exchange
or
other
designated
time.
Redeemable
securities
issued
by
open-end,
registered
investment
companies,
including
money
market
mutual
funds,
are
valued
at
the
NAVs
of
such
companies
for
purchase
and/
or
redemption
orders
placed
on
that
day.
If,
on
a
particular
day,
a
share
of
an
investment
company
is
not
listed
on
NASDAQ,
such
security’s
fair
value
will
be
determined.
When
market
quotations
are
not
readily
available,
any
security
or
other
financial
instrument
is
valued
at
its
fair
value
in
accordance
with
Rule
2a-5
of
the
1940
Act
as
determined
under
the
Adviser’s
procedures,
subject
to
oversight
by
the
Trust’s
Board
of
Trustees.
These
fair
value
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
market
value.
The
intended
effect
of
using
fair
value
pricing
procedures
is
to
ensure
that
the
Fund
is accurately
priced.
The
Adviser
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.
4
Notes
to
Schedule
of
Investments
(Continued)
February
28,
2023
(Unaudited)
The
Trust has
adopted
Statement
of
Financial
Accounting
Standards,
“Fair
Value
Measurements
and
Disclosures,”
which
requires the
Fund
to
classify
its
securities
based
on
a
valuation
method.
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
a
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
February
28,
2023:
Jensen
Global
Quality
Growth
Fund
Level
1
Level
2
Level
3
Total
Assets
(1)
:
Equities:
Common
Stock
$
30,087,897
$
12,707,766
$
–
$
42,795,663
Total
Equity
Securities
30,087,897
12,707,766
–
42,795,663
Money
Market
Funds
124,464
–
–
124,464
Total
Investments
in
Securities
$
30,212,361
$
12,707,766
$
–
$
42,920,127
(1)
See
the
Schedule
of
Investments
for
country
classifications.