Jensen Quality Growth Fund Class I (JENIX) NPORT-P The Jensen Quality Growth Fund Inc (Feb 2023 report)

Jensen Quality Growth Fund
Schedule of Investments
February 28, 2023 (Unaudited) (showing percentage of total net assets)
	Shares		Value
COMMON STOCKS - 97.26%
Air Freight & Logistics - 2.21%
United Parcel Service, Inc. - Class B		1,205,000	$	219,900,450
Beverages - 6.79%
PepsiCo, Inc.		3,886,000		674,337,580
Commercial Services & Supplies - 2.14%
Waste Management, Inc.		1,418,000		212,359,680
Containers & Packaging - 1.42%
Ball Corporation		2,515,000		141,368,150
Diversified Financial Services - 1.75%
Moody's Corporation		598,000		173,509,700
Electronic Equipment, Instruments & Components - 2.15%
Amphenol Corporation - Class A		2,750,000		213,180,000
Health Care Equipment & Supplies - 8.49%
Becton Dickinson and Company		1,265,000		296,705,750
Stryker Corporation		2,081,000		547,053,280
				843,759,030
Health Care Providers & Services - 5.41%
UnitedHealth Group, Inc.		1,129,000		537,336,260
Hotels, Restaurants & Leisure - 3.79%
Starbucks Corporation		3,685,000		376,201,650
Household Products - 2.75%
The Procter & Gamble Company		1,983,000		272,781,480
Insurance - 3.46%
Marsh & McLennan Companies, Inc.		2,120,000		343,736,800
Interactive Media & Services - 5.13%
Alphabet, Inc. - Class A (a)		5,662,000		509,919,720
IT Services - 13.68%
Accenture PLC - Class A (b)		1,851,000		491,533,050
Automatic Data Processing, Inc.		1,636,000		359,625,520
Broadridge Financial Solutions, Inc.		1,441,000		202,863,980
Mastercard, Inc. - Class A		859,000		305,194,110
				1,359,216,660
Pharmaceuticals - 7.64%
Johnson & Johnson		2,676,000		410,123,760
Pfizer, Inc.		8,594,000		348,658,580
				758,782,340
Professional Services - 3.76%
Equifax, Inc.		1,191,000		241,213,230
Verisk Analytics, Inc.		775,000		132,610,250
				373,823,480
Semiconductors & Semiconductor Equipment - 2.91%
Texas Instruments, Inc.		1,686,000		289,064,700
Software - 9.47%
Intuit, Inc.		809,000		329,408,620
Microsoft Corporation		2,449,000		610,829,580
				940,238,200
Specialty Retail - 4.70%
Home Depot, Inc.		857,000		254,134,780
The TJX Companies, Inc.		2,773,600		212,457,760
				466,592,540
Technology Hardware, Storage & Peripherals - 4.93%
Apple, Inc.		3,324,000		489,990,840
Textiles, Apparel & Luxury Goods - 4.68%
NIKE, Inc. - Class B		3,914,000		464,944,060
Total Common Stocks (Cost $5,925,623,537)				9,661,043,320
Short-Term Investment - 2.62%
Money Market Fund - 2.62%
First American Treasury Obligations Fund - Class X 4.480% (c)		260,436,536		260,436,536
Total Short-Term Investment (Cost $260,436,536)				260,436,536
Total Investments (Cost $6,186,060,073) - 99.88%				9,921,479,856
Other Assets in Excess of Liabilities - 0.12%				12,197,054
TOTAL NET ASSETS - 100.00%			$	9,933,676,910

	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 4.95% as a percentage of net assets.
(c)	Variable rate security. Rate listed is the 7-day effective yield as of February 28 2023.
	The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor 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.

Notes to Schedule of Investments

February 28, 2023 (Unaudited)

Jensen Quality Growth Fund

Fair Value Measurement

The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative 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 and a discussion of changes in valuation techniques and related inputs during the period.  The three levels of the fair value hierarchy are as follows:

Level 1 -	Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date.
Level 2 -	Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active and prices for similar securities, interest rates, credit risk, etc.
Level 3 -	Inputs that are unobservable (including the Fund's own assumptions in determining the fair value of investments).

Inputs refer broadly to the assumptions that market participants use to make valuation decisions, including assumptions about risk.  Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors.  A financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.  However, the determination of what constitutes "observable" requires significant judgment by the Fund.  The Fund considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.  The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Fund's perceived risk of that instrument.

Investments whose values are based on quoted market prices in active markets, include common stocks and certain money market securities, and are classified within Level 1.  Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2.  Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all.

The following is a summary of the inputs used, as of February 28, 2023, to value the Fund's investments carried at fair value.  The inputs and methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.

Investments at Value	Total		Level 1		Level 2		Level 3
Total Common Stocks*	$	9,661,043,320	$	9,661,043,320	$	-	$	-
Total Money Market Fund		260,436,536		260,436,536		-		-
Total Investments	$	9,921,479,856	$	9,921,479,856	$	-	$	-

* For further information regarding security characteristics and industry classifications, please see the Schedule of Investments.

The Fund did not hold any investments during the period ended February 28, 2023 with significant unobservable inputs which would be classified as Level 3. The Fund did not hold any derivative instruments during the reporting period.