NPORT-EX 2 qualityvaluefund-nport.htm NPORT-EX

Jensen Quality Value Fund
  
Schedule of Investments
  
as of February 29, 2024 (Unaudited)
  
   
COMMON STOCKS - 98.3%
  
Shares
    
Value
  
Automobile Components - 3.0%
        
Gentex Corp.
    
154,820
    
$
5,655,575
  
                 
Building Products - 3.5%
          
Lennox International, Inc.
    
14,080
      
6,634,637
  
                 
Capital Markets - 2.6%
          
FactSet Research Systems, Inc.
    
10,750
      
4,972,735
  
                 
Commercial Services & Supplies - 3.8%
          
Copart, Inc.(a)
    
137,810
      
7,324,602
  
                 
Communications Equipment - 2.2%
          
F5, Inc.(a)
    
22,750
      
4,259,255
  
                 
Consumer Staples Distribution & Retail - 3.6%
          
Kroger Co.
    
137,980
      
6,845,188
  
                 
Containers & Packaging - 3.2%
          
Crown Holdings, Inc.
    
80,820
      
6,192,428
  
                 
Distributors - 5.2%
          
Genuine Parts Co.
    
44,370
      
6,622,666
  
Pool Corp.
    
8,240
      
3,280,509
  
             
9,903,175
  
                 
Electronic Equipment, Instruments & Components - 5.3%
          
Amphenol Corp. - Class A
    
48,530
      
5,301,417
  
Keysight Technologies, Inc.(a)
    
31,850
      
4,914,455
  
             
10,215,872
  
                 
Food Products - 7.3%
          
Campbell Soup Co.
    
101,670
      
4,335,209
  
General Mills, Inc.
    
75,940
      
4,873,829
  
Kellanova
    
86,320
      
4,760,548
  
             
13,969,586
  
                 
Health Care Providers & Services - 7.4%
          
Encompass Health Corp.
    
100,540
      
7,480,176
  
Laboratory Corp. of America Holdings
    
30,960
      
6,682,097
  
             
14,162,273
  
                 
Household Products - 2.9%
          
Church & Dwight Co., Inc.
    
56,010
      
5,607,721
  
                 
Life Sciences Tools & Services - 7.5%
          
Bio-Techne Corp.
    
52,060
      
3,830,054
  
Charles River Laboratories International, Inc.(a)
    
25,530
      
6,489,471
  
Waters Corp.(a)
    
12,170
      
4,106,401
  
             
14,425,926
  
                 
Machinery - 4.0%
          
Donaldson Co., Inc.
    
56,760
      
4,065,152
  
Toro Co.
    
38,740
      
3,576,089
  
             
7,641,241
  
                 
Professional Services - 14.6%
          
Booz Allen Hamilton Holding Corp.
    
16,310
      
2,409,150
  
Broadridge Financial Solutions, Inc.
    
35,129
      
7,151,561
  
Equifax, Inc.
    
28,940
      
7,917,694
  
Genpact Ltd.
    
150,910
      
5,130,940
  
Maximus, Inc.
    
38,560
      
3,225,930
  
Verisk Analytics, Inc.
    
8,850
      
2,140,815
  
             
27,976,090
  
                 
Real Estate Management & Development - 1.7%
          
CBRE Group, Inc. - Class A(a)
    
35,770
      
3,286,905
  
                 
Semiconductors & Semiconductor Equipment - 2.9%
          
Microchip Technology, Inc.
    
65,170
      
5,483,404
  
                 
Software - 2.6%
          
Manhattan Associates, Inc.(a)
    
19,530
      
4,947,535
  
                 
Specialty Retail - 11.0%
          
Best Buy Co., Inc.
    
67,290
      
5,442,415
  
Tractor Supply Co.
    
26,200
      
6,663,184
  
Ulta Beauty, Inc.(a)
    
8,270
      
4,536,591
  
Williams-Sonoma, Inc.
    
18,360
      
4,324,331
  
             
20,966,521
  
                 
Textiles, Apparel & Luxury Goods - 2.3%
          
Levi Strauss & Co. - Class A
    
238,140
      
4,327,004
  
                 
Trading Companies & Distributors - 1.7%
          
United Rentals, Inc.
    
4,650
      
3,223,706
  
TOTAL COMMON STOCKS (Cost $148,293,811)
      
188,021,379
  
                 
SHORT-TERM INVESTMENTS - 1.6%
                
Money Market Funds - 1.6%
  
Shares
          
First American Treasury Obligations Fund - Class X, 5.23%(b)
    
3,044,928
      
3,044,928
  
TOTAL SHORT-TERM INVESTMENTS (Cost $3,044,928)
      
3,044,928
  
                 
TOTAL INVESTMENTS - 99.9% (Cost $151,338,739)
    
$
191,066,307
  
Other Assets in Excess of Liabilities - 0.1%
      
167,096
  
TOTAL NET ASSETS - 100.0%
          
$
191,233,403
  
                 
Percentages are stated as a percent of net assets.
          

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

(a)
Non-income producing security.
(b)
The rate shown represents the 7-day effective yield as of February 29, 2024.
Notes to Schedule of Investments
February 29, 2024 (Unaudited)

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 accordance with 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.

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 February 29, 2024:

Notes to Schedule of Investments (Continued)
February 29, 2024 (Unaudited)

Jensen Quality Value Fund
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
  Common Stocks
  
$
188,021,379
    
$
–
    
$
–
    
$
188,021,379
  
  Money Market Funds
    
3,044,928
      
–
      
–
      
3,044,928
  
Total Assets
  
$
191,066,307
    
$
–
    
$
–
    
$
191,066,307
  
                                 
   
Refer to the Schedule of Investments for industry classifications.