| | | | |
| | Jensen Quality Growth Fund | | |
| | Schedule of Investments | | |
| | August 31, 2022 (Unaudited) (showing as a percentage of total net assets) | | |
| | | | |
Shares | | | | Value |
| | COMMON STOCKS - 97.63% | | |
| | Air Freight & Logistics - 1.97% | | |
986,000 | | United Parcel Service, Inc. - Class B | | $ 191,786,860 |
| | | | |
| | Beverages - 6.65% | | |
3,756,000 | | PepsiCo, Inc. | | 647,046,120 |
| | | | |
| | Commercial Services & Supplies - 2.31% | | |
1,332,000 | | Waste Management, Inc. | | 225,147,960 |
| | | | |
| | Containers & Packaging - 1.18% | | |
2,060,000 | | Ball Corporation | | 114,968,600 |
| | | | |
| | Diversified Financial Services - 1.48% | | |
507,000 | | Moody's Corporation | | 144,251,640 |
| | | | |
| | Electronic Equipment, Instruments & Components - 1.30% | | |
1,728,000 | | Amphenol Corporation - Class A | | 127,059,840 |
| | | | |
| | Health Care Equipment & Supplies - 8.46% | | |
1,673,000 | | Becton Dickinson and Company | | 422,298,660 |
1,955,000 | | Stryker Corporation | | 401,166,000 |
| | | | 823,464,660 |
| | Health Care Providers & Services - 4.75% | | |
891,000 | | UnitedHealth Group, Inc. | | 462,723,030 |
| | | | |
| | Hotels, Restaurants & Leisure - 2.99% | | |
3,462,000 | | Starbucks Corporation | | 291,050,340 |
| | | | |
| | Household Products - 2.64% | | |
1,863,000 | | The Procter & Gamble Company | | 256,982,220 |
| | | | |
| | Industrial Conglomerates - 2.50% | | |
1,954,600 | | 3M Company | | 243,054,510 |
| | | | |
| | Insurance - 2.71% | | |
1,633,000 | | Marsh & McLennan Companies, Inc. | | 263,517,210 |
| | | | |
| | Interactive Media & Services - 5.91% | | |
5,320,000 | | Alphabet, Inc. - Class A (a) | | 575,730,400 |
| | | | |
| | IT Services - 16.08% | | |
1,561,000 | | Accenture PLC - Class A (b) | | 450,286,060 |
1,732,000 | | Automatic Data Processing, Inc. | | 423,318,120 |
1,354,000 | | Broadridge Financial Solutions, Inc. | | 231,764,180 |
3,137,000 | | Cognizant Technology Solutions Corporation - Class A | | 198,164,290 |
807,000 | | Mastercard, Inc. - Class A | | 261,766,590 |
| | | | 1,565,299,240 |
| | Pharmaceuticals - 8.57% | | |
2,906,000 | | Johnson & Johnson | | 468,854,040 |
8,074,000 | | Pfizer, Inc. | | 365,187,020 |
| | | | 834,041,060 |
| | Professional Services - 3.27% | | |
967,000 | | Equifax, Inc. | | 182,521,250 |
728,000 | | Verisk Analytics, Inc. | | 136,252,480 |
| | | | 318,773,730 |
| | Semiconductors & Semiconductor Equipment - 2.44% | | |
1,436,000 | | Texas Instruments, Inc. | | 237,241,560 |
| | | | |
| | Software - 9.09% | | |
657,000 | | Intuit, Inc. | | 283,679,460 |
2,301,000 | | Microsoft Corporation | | 601,642,470 |
| | | | 885,321,930 |
| | Specialty Retail - 4.32% | | |
722,000 | | Home Depot, Inc. | | 208,239,240 |
3,412,600 | | The TJX Companies, Inc. | | 212,775,610 |
| | | | 421,014,850 |
| | Technology Hardware, Storage & Peripherals - 5.29% | | |
3,277,000 | | Apple, Inc. | | 515,209,940 |
| | | | |
| | Textiles, Apparel & Luxury Goods - 3.72% | | |
3,407,000 | | NIKE, Inc. - Class B | | 362,675,150 |
| | | | |
| | Total Common Stocks (Cost $5,399,435,922) | | 9,506,360,850 |
| | | | |
| | Short-Term Investment - 2.21% | | |
| | Money Market Fund - 2.21% | | |
215,559,868 | | First American Treasury Obligations Fund - Class X, 2.140% (c) | | 215,559,868 |
| | Total Short-Term Investment (Cost $215,559,868) | | 215,559,868 |
| | | | |
| | Total Investments (Cost $5,614,995,790) - 99.84% | | 9,721,920,718 |
| | Other Assets in Excess of Liabilities - 0.16% | | 15,376,969 |
| | TOTAL NET ASSETS - 100.00% | | $ 9,737,297,687 |
| | | | |
| | Percentages are stated as a percent of net assets. | | |
| | | | |
| PLC | - Public Limited Company | | |
| | | | |
| (a) | Non-income producing security. | | |
| (b) | Foreign issued security. Foreign concentration (including ADRs) was as follows: Ireland 4.62% as a percentage of net assets. | | |
| (c) | Variable rate security. Rate listed is the 7-day effective yield as of August 31, 2022. | | |
