Dearborn Partners Rising Dividend Fund

Schedule of Investments

November 30, 2023 (Unaudited)

ovember 30, 2023 (Unted)Sc

	Shares		Value
COMMON STOCKS — 94.88%
Air Freight & Logistics — 1.41%
United Parcel Service, Inc. - Class B		46,240	$	7,010,446
Banks — 0.85%
Glacier Bancorp, Inc.		126,577		4,256,784
Biotechnology — 3.27%
AbbVie, Inc.		65,100		9,269,589
Gilead Sciences, Inc.		92,000		7,047,200
				16,316,789
Building Products — 2.24%
Carrier Global Corp.		215,200		11,181,792
Capital Markets — 5.68%
BlackRock, Inc.		13,800		10,366,974
Nasdaq, Inc.		137,490		7,677,442
S&P Global, Inc.		24,688		10,266,011
				28,310,427
Chemicals — 3.71%
Air Products and Chemicals, Inc.		29,786		8,058,602
Sherwin-Williams Co.		37,500		10,455,000
				18,513,602
Commercial Services & Supplies — 3.99%
Cintas Corp.		17,965		9,939,136
Republic Services, Inc.		61,730		9,990,383
				19,929,519
Consumer Staples Distribution & Retail — 4.71%
Casey's General Stores, Inc.		45,500		12,530,700
Costco Wholesale Corp.		18,450		10,936,053
				23,466,753
Distributors — 1.59%
Pool Corp.		22,800		7,918,896
Diversified Telecommunication Services — 0.90%
Verizon Communications, Inc.		117,100		4,488,443
Financial Services — 3.80%
Jack Henry & Associates, Inc.		50,195		7,965,445
Mastercard, Inc. - Class A		26,510		10,970,633
				18,936,078
Food Products — 3.11%
McCormick & Co., Inc./MD		84,419		5,472,884
Mondelez International, Inc. - Class A		141,000		10,019,460
				15,492,344
Gas Utilities — 2.34%
Atmos Energy Corp.		102,300		11,642,763
Health Care Equipment & Supplies — 5.99%
Abbott Laboratories		72,500		7,561,025
Becton Dickinson & Co.		26,708		6,307,896
STERIS PLC		48,327		9,710,827
Stryker Corp.		21,200		6,282,196
				29,861,944
Health Care Providers & Services — 2.09%
Elevance Health, Inc.		21,785		10,445,690
Hotels, Restaurants & Leisure — 2.24%
McDonald's Corp.		39,643		11,172,983
Insurance — 3.72%
Arthur J Gallagher & Co.		74,470		18,543,030
IT Services — 2.03%
Accenture PLC - Class A		30,454		10,145,446
Machinery — 4.22%
Illinois Tool Works, Inc.		37,598		9,106,611
Snap-on, Inc.		43,510		11,951,762
				21,058,373
Multi-Utilities — 2.02%
WEC Energy Group, Inc.		120,457		10,072,614
Oil, Gas & Consumable Fuels — 4.45%
EOG Resources, Inc.		77,230		9,504,696
Exxon Mobil Corp.		123,356		12,673,596
				22,178,292
Pharmaceuticals — 1.60%
Merck & Co., Inc.		77,920		7,985,242
Professional Services — 2.24%
Automatic Data Processing, Inc.		48,500		11,151,120
Semiconductors & Semiconductor Equipment — 5.47%
Analog Devices, Inc.		46,249		8,481,142
QUALCOMM, Inc.		79,909		10,312,256
Texas Instruments, Inc.		55,380		8,457,080
				27,250,478
Software — 5.10%
Intuit, Inc.		21,500		12,286,390
Microsoft Corp.		34,700		13,148,177
				25,434,567
Specialty Retail — 4.04%
Home Depot, Inc.		30,000		9,404,700
Tractor Supply Co.		53,000		10,759,530
				20,164,230
Technology Hardware, Storage & Peripherals — 5.98%
Apple, Inc.		156,888		29,800,876
Trading Companies & Distributors — 4.20%
Fastenal Co.		188,270		11,290,552
Watsco, Inc.		25,200		9,632,196
				20,922,748
Water Utilities — 1.89%
American Water Works Co., Inc.		71,460		9,421,286
TOTAL COMMON STOCKS (Cost $297,268,962)				473,073,555
REAL ESTATE INVESTMENT TRUSTS — 3.39%
Specialized REITs — 3.39%
American Tower Corp.		36,300		7,578,714
Equinix, Inc.		11,460		9,340,015
				16,918,729
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $14,476,466)				16,918,729
MONEY MARKET FUNDS — 1.53%
Fidelity Government Portfolio - Institutional Class, 5.230% (a)		7,609,953		7,609,953
TOTAL MONEY MARKET FUNDS (Cost $7,609,953)				7,609,953
Total Investments (Cost $319,355,381) — 99.80%			$	497,602,237
Other Assets in Excess of Liabilities — 0.20%				992,902
TOTAL NET ASSETS — 100.00%			$	498,595,139
Percentages are stated as a percent of net assets.

PLC Public Limited Company

(a) The rate shown represents the seven-day yield as of November 30, 2023.

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.

Notes to Schedule of Investments

November 30, 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 listed on NASDAQ will be valued at the NASDAQ Official Closing Price (“NOCP”), which may not necessarily represent the last sale price. If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at (i) the mean between the most recent quoted bid and asked prices at the close of the exchange on such day or (ii) 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 over-the counter markets as published by a pricing service.

If market quotations are not readily available, any security or other asset will be valued at its fair value in accordance with Rule 2a-5 of the 1940 Act as determined under the Adviser's fair value procedures, subject to oversight by the 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 their application of such procedures. 

In the case of foreign securities, the occurrence of certain events after the close of foreign markets, but prior to the time the Fund’s net asset value (“NAV”) is calculated (such as a significant surge or decline in the U.S. or other markets) often will result in an adjustment to the trading prices of foreign securities when foreign markets open on the following business day. If such events occur, the Fund will value foreign securities at fair value, taking into account such events, in calculating the NAV. In such cases, use of fair valuation can reduce an investor’s ability to seek to profit by estimating the Fund's NAV in advance of the time the NAV is calculated. 

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. Money market mutual funds are valued at cost. If cost does not represent current market value the securities will be priced at fair value. 

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 November 30, 2023: 

Dearborn Partners Rising Dividend Fund
	Level 1		Level 2		Level 3		Total
Assets(1):
Equities:
Common Stocks	$	473,073,555	$	–	$	–	$	473,073,555
Real Estate Investment Trusts		16,918,729		–		–		16,918,729
Total Equity Securities		489,992,284		–		–		489,992,284
Money Market Funds		7,609,953		–		–		7,609,953
Total Investments in Securities	$	497,602,237	$	–	$	–	$	497,602,237

(1) See the Schedule of Investments for industry classifications.

 e of Investmen