1
Dearborn
Partners
Rising
Dividend
Fund
Schedule
of
Investments
May
31,
2023
(Unaudited)
Shares
Value
COMMON
STOCKS
—
92.97%
Air
Freight
&
Logistics
—
1.64%
United
Parcel
Service,
Inc.
-
Class
B
........................
46,240
$
7,722,080
Banks
—
1.04%
Glacier
Bancorp,
Inc.
....................................
170,555
4,915,395
Biotechnology
—
3.41%
AbbVie,
Inc.
..........................................
65,100
8,981,196
Gilead
Sciences,
Inc.
...................................
92,000
7,078,480
16,059,676
Building
Products
—
1.87%
Carrier
Global
Corp.
....................................
215,200
8,801,680
Capital
Markets
—
5.48%
BlackRock,
Inc.
........................................
13,800
9,074,190
Nasdaq,
Inc.
..........................................
137,490
7,610,071
S&P
Global,
Inc.
.......................................
24,688
9,071,112
25,755,373
Chemicals
—
3.52%
Air
Products
and
Chemicals,
Inc.
...........................
29,786
8,016,604
Sherwin-Williams
Co.
...................................
37,500
8,541,750
16,558,354
Commercial
Services
&
Supplies
—
2.51%
Republic
Services,
Inc.
..................................
83,500
11,826,105
Consumer
Staples
Distribution
&
Retail
—
5.73%
Casey's
General
Stores,
Inc.
..............................
45,500
10,267,075
Costco
Wholesale
Corp.
.................................
18,450
9,438,282
Dollar
General
Corp.
....................................
36,000
7,239,240
26,944,597
Distributors
—
1.53%
Pool
Corp.
............................................
22,800
7,210,044
Diversified
Telecommunication
Services
—
0.89%
Verizon
Communications,
Inc.
.............................
117,100
4,172,273
Electric
Utilities
—
2.42%
NextEra
Energy,
Inc.
....................................
155,116
11,394,822
Financial
Services
—
3.40%
Jack
Henry
&
Associates,
Inc.
.............................
41,235
6,304,419
Mastercard,
Inc.
.......................................
26,510
9,676,680
15,981,099
2
Dearborn
Partners
Rising
Dividend
Fund
Schedule
of
Investments
(Continued)
May
31,
2023
(Unaudited)
Shares
Value
COMMON
STOCKS
—
92.97%
(Continued)
Food
Products
—
3.74%
McCormick
&
Co.,
Inc./MD
...............................
84,419
$
7,237,241
Mondelez
International,
Inc.
..............................
141,000
10,350,810
17,588,051
Gas
Utilities
—
2.51%
Atmos
Energy
Corp.
....................................
102,300
11,793,144
Ground
Transportation
—
1.64%
Union
Pacific
Corp.
.....................................
39,990
7,698,875
Health
Care
Equipment
&
Supplies
—
5.01%
Abbott
Laboratories
.....................................
72,500
7,395,000
Becton
Dickinson
&
Co.
..................................
26,708
6,456,926
STERIS
PLC
..........................................
48,327
9,663,950
23,515,876
Hotels,
Restaurants
&
Leisure
—
1.99%
McDonald's
Corp.
......................................
32,793
9,349,612
Household
Products
—
1.36%
Kimberly-Clark
Corp.
....................................
47,500
6,378,300
Insurance
—
3.17%
Arthur
J
Gallagher
&
Co.
.................................
74,470
14,918,575
IT
Services
—
1.98%
Accenture
PLC
........................................
30,454
9,316,488
Machinery
—
4.05%
Illinois
Tool
Works,
Inc.
..................................
37,598
8,223,810
Snap-on,
Inc.
.........................................
43,510
10,827,899
19,051,709
Multi-Utilities
—
1.66%
WEC
Energy
Group,
Inc.
.................................
89,357
7,805,334
Oil,
Gas
&
Consumable
Fuels
—
4.44%
EOG
Resources,
Inc.
...................................
77,230
8,286,007
Exxon
Mobil
Corp.
......................................
123,356
12,604,516
20,890,523
Pharmaceuticals
—
1.83%
Merck
&
Co.,
Inc.
......................................
77,920
8,603,147
Professional
Services
—
2.15%
Automatic
Data
Processing,
Inc.
...........................
48,500
10,136,015
3
Dearborn
Partners
Rising
Dividend
Fund
Schedule
of
Investments
(Continued)
May
31,
2023
(Unaudited)
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.
Bancorp
Fund
Services,
LLC.
Shares
Value
COMMON
STOCKS
—
92.97%
(Continued)
Semiconductors
&
Semiconductor
Equipment
—
4.67%
Analog
Devices,
Inc.
....................................
72,499
$
12,882,347
QUALCOMM,
Inc.
......................................
79,909
9,062,480
21,944,827
Software
—
4.34%
Intuit,
Inc.
............................................
21,500
9,011,080
Microsoft
Corp.
........................................
34,700
11,395,133
20,406,213
Specialty
Retail
—
4.17%
Home
Depot,
Inc.
......................................
30,000
8,503,500
Tractor
Supply
Co.
......................................
53,000
11,108,270
19,611,770
Technology
Hardware,
Storage
&
Peripherals
—
5.91%
Apple,
Inc.
...........................................
156,888
27,808,398
Trading
Companies
&
Distributors
—
4.91%
Fastenal
Co.
..........................................
188,270
10,138,340
Watsco,
Inc.
..........................................
40,000
12,974,800
23,113,140
TOTAL
COMMON
STOCKS
(Cost
$283,547,871)
..............
437,271,495
REAL
ESTATE
INVESTMENT
TRUSTS
—
3.24%
Specialized
REITs
—
3.24%
American
Tower
Corp.
...................................
36,300
6,695,172
Equinix,
Inc.
..........................................
11,460
8,544,003
15,239,175
TOTAL
REAL
ESTATE
INVESTMENT
TRUSTS
(Cost
$14,476,466)
15,239,175
MONEY
MARKET
FUNDS
—
3.68%
Fidelity
Government
Portfolio
-
Institutional
Class,
4.980%
(a)
.....
17,326,263
17,326,263
TOTAL
MONEY
MARKET
FUNDS
(Cost
$17,326,263)
..........
17,326,263
Total
Investments
(Cost
$315,350,600)
—
99.89%
469,836,933
Other
Assets
in
Excess
of
Liabilities
—
0.11%
................
506,488
TOTAL
NET
ASSETS
—
100.00%
.........................
$
470,343,421
Percentages
are
stated
as
a
percent
of
net
assets.
PLC
Public
Limited
Company
(a)
The
rate
shown
represents
the
seven-day
yield
as
of
May
31,
2023.
4
Notes
to
Schedule
of
Investments
May
31,
2023
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
accordancewith
Rule
2a-5
of
the
1940
Act as
determined
under
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.
5
Notes
to
Schedule
of
Investments
(Continued)
May
31,
2023
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
May
31,
2023:
Dearborn
Partners
Rising
Dividend
Fund
Level
1
Level
2
Level
3
Total
Assets
(1)
:
Equities:
Common
Stock
$
437,271,495
$
–
$
–
$
437,271,495
Real
Estate
Investment
Trusts
15,239,175
–
–
15,239,175
Total
Equity
Securities
452,510,670
–
–
452,510,670
Money
Market
Funds
17,326,263
–
–
17,326,263
Total
Investments
in
Securities
$
469,836,933
$
–
$
–
$
469,836,933
(1)
See
the
Schedule
of
Investments
for
industry
classifications.