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.