Dearborn Partners Rising Dividend Fund
Schedule of Investments
as of May 31, 2024 (Unaudited)
COMMON STOCKS - 95.8%	Shares		Value
Air Freight & Logistics - 1.2%
United Parcel Service, Inc. - Class B		46,240	$	6,424,123
Biotechnology - 3.0%
AbbVie, Inc.		65,100		10,496,724
Gilead Sciences, Inc.		92,000		5,912,840
				16,409,564
Capital Markets - 5.3%
BlackRock, Inc.		13,800		10,654,014
Nasdaq, Inc.		137,490		8,116,035
S&P Global, Inc.		24,688		10,554,367
				29,324,416
Chemicals - 3.5%
Air Products and Chemicals, Inc.		29,786		7,943,926
The Sherwin-Williams Co.		37,500		11,392,500
				19,336,426
Commercial Services & Supplies - 4.3%
Cintas Corp.		17,965		12,179,731
Republic Services, Inc.		61,730		11,431,779
				23,611,510
Communications Equipment - 2.0%
Motorola Solutions, Inc.		30,600		11,166,246
Consumer Staples Distribution & Retail - 5.4%
Casey's General Stores, Inc.		45,500		15,095,990
Costco Wholesale Corp.		18,450		14,942,470
				30,038,460
Distributors - 1.5%
Pool Corp.		22,800		8,288,940
Diversified Telecommunication Services - 1.6%
Verizon Communications, Inc.		217,100		8,933,665
Financial Services - 3.6%
Jack Henry & Associates, Inc.		50,195		8,266,112
Mastercard, Inc. - Class A		26,510		11,851,826
				20,117,938
Food Products - 2.8%
McCormick & Co., Inc./MD		84,419		6,096,740
Mondelez International, Inc. - Class A		141,000		9,662,730
				15,759,470
Gas Utilities - 2.1%
Atmos Energy Corp.		102,300		11,858,616
Health Care Equipment & Supplies - 6.6%
Abbott Laboratories		72,500		7,408,775
Becton Dickinson & Co.		26,708		6,195,455
STERIS PLC		48,327		10,771,122
Stryker Corp.		36,200		12,347,458
				36,722,810
Health Care Providers & Services - 2.1%
Elevance Health, Inc.		21,785		11,730,787
Hotels, Restaurants & Leisure - 1.9%
McDonald's Corp.		39,643		10,263,176
Insurance - 2.5%
Arthur J Gallagher & Co.		54,470		13,798,885
IT Services - 1.5%
Accenture PLC - Class A		30,454		8,596,860
Machinery - 3.8%
Illinois Tool Works, Inc.		37,598		9,126,914
Snap-on, Inc.		43,510		11,872,139
				20,999,053
Multi-Utilities - 1.8%
WEC Energy Group, Inc.		120,457		9,760,631
Oil, Gas & Consumable Fuels - 4.3%
EOG Resources, Inc.		77,230		9,618,996
Exxon Mobil Corp.		123,356		14,464,725
				24,083,721
Pharmaceuticals - 3.4%
Merck & Co., Inc.		77,920		9,782,077
Zoetis, Inc.		55,019		9,329,021
				19,111,098
Professional Services - 3.9%
Automatic Data Processing, Inc.		48,500		11,878,620
Broadridge Financial Solutions, Inc.		48,000		9,636,960
				21,515,580
Semiconductors & Semiconductor Equipment - 4.9%
QUALCOMM, Inc.		79,909		16,305,431
Texas Instruments, Inc.		55,380		10,799,654
				27,105,085
Software - 4.8%
Intuit, Inc.		21,500		12,393,460
Microsoft Corp.		34,700		14,405,011
				26,798,471
Specialty Retail - 4.5%
The Home Depot, Inc.		30,000		10,046,100
Tractor Supply Co.		53,000		15,120,370
				25,166,470
Technology Hardware, Storage & Peripherals - 5.4%
Apple, Inc.		156,888		30,161,718
Trading Companies & Distributors - 4.4%
Fastenal Co.		188,270		12,422,055
Watsco, Inc.		25,200		11,967,480
				24,389,535
Water Utilities - 1.7%
American Water Works Co., Inc.		71,460		9,344,824
Wireless Telecommunication Services - 2.0%
T-Mobile US, Inc.		63,000		11,022,480
TOTAL COMMON STOCKS (Cost $329,209,872)				531,840,558
REAL ESTATE INVESTMENT TRUSTS - 1.6%	Shares		Value
Specialized REITs – 1.6%
Equinix, Inc.		11,460		8,743,751
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $9,230,375)				8,743,751
SHORT-TERM INVESTMENTS - 2.5%
Money Market Funds - 2.5%	Shares
Fidelity Government Portfolio - Class Institutional, 5.20%(a)		13,967,931		13,967,931
TOTAL SHORT-TERM INVESTMENTS (Cost $13,967,931)				13,967,931
TOTAL INVESTMENTS - 99.9% (Cost $352,408,178)			$	554,552,240
Other Assets in Excess of Liabilities - 0.1%				683,712
TOTAL NET ASSETS - 100.0%			$	555,235,952
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. ("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. Bank Global Fund Services.

PLC - Public Limited Company

(a) The rate shown represents the 7-day effective yield as of May 31, 2024.

Notes to Schedule of Investments

May 31, 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 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 May 31, 2024: 

Dearborn Partners Rising Dividend Fund
	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks		531,840,558		–		–		531,840,558
Real Estate Investment Trusts		8,743,751		–		–		8,743,751
Money Market Funds		13,967,931		–		–		13,967,931
Total Assets		554,552,240		–		–		554,552,240
Refer to the Schedule of Investments for industry classifications.