Letter from the Investment Adviser

Dear Fellow Shareholders,

The Jensen Quality Value Fund (the “Fund”) — Class Y Shares — posted a return of -6.73% for the fiscal year ended May 31, 2022, compared to a return of -6.77% for the Russell Midcap Total Return Index and a return of -11.62% for the Russell 2500 Total Return Index. Please see pages 11 through 13 of this report for complete standardized performance information for the Fund.

Market Perspective

“It was the best of times; it was the worst of times” is the opening line of Charles Dickens’s A Tale of Two Cities. The line has inspired occasional confusion as to its meaning. One interpretation that seems on point currently is the idea of strong opposites taking place nearly simultaneously.

For the last seven months of 2021, markets were buoyant as investors responded enthusiastically to a robust rebound in corporate earnings growth and healthy consumer spending due to substantial U.S. monetary and fiscal support and post-pandemic global economic normalization. Notably, investors were willing to overlook warnings signs of future challenges with inflation and cost pressures.

The realities of the first five months of 2022 substantiated those alarm bells, with fear replacing greed as the prevailing investor sentiment. Market participants grappled with a generational inflation surge driven by rising wage costs and labor shortages as well as supply chain disruptions, all of which led to sharply higher interest rate expectations that signaled the end to monetary accommodation. Further, there were renewed economic disruptions due to variants of the COVID-19 virus, hawkish geopolitical actions from China and Russia, and related second- and third-order impacts globally. These virtually simultaneous uncertainties resulted in substantial market drawdowns that eroded the gains produced in the first part of the Fund’s fiscal year ended May 31, 2022.

The Effect at Jensen

For the fiscal year ended May 31, 2022, the Fund’s performance relative to the Russell Midcap Total Return Index was supported by underweight positions in the Communications and Health Care sectors, overweights in Consumer Staples and Materials, and specific companies in most sectors, excluding Materials and Industrials. Performance was negatively impacted by the Fund’s relative underweights to the Energy, Utilities, and Real Estate sectors, overweights in the Consumer Discretionary and Industrials sectors, and specific companies in the Materials and Industrials sectors.

Relative to the Russell 2500 Total Return Index, the Fund’s performance during the period was aided by underweight positions in the Health Care and Communications sectors, an overweight in the Materials sector, and specific companies in most sectors, excluding Materials and Industrials. Performance was hindered by the Fund’s underweights to the Energy, Real Estate, Utilities, and Financials sectors, the Fund’s overweight to the Consumer Discretionary sector, and specific companies in the Materials and Industrials sectors.

During the period, the strategy continued its high allocation to quality companies, as defined by the S&P Earnings and Dividend Quality Rankings. The Fund’s allocation to the highest-quality companies, those rated A+, A, and A-, averaged 50% of portfolio assets compared to 20% of the Russell Midcap Total Return Index and 11% of the Russell 2500 Total Return Index. This significant overweight to quality added to the Fund’s relative returns during the period, which we believe were driven by the market volatility caused by the Russian invasion of Ukraine, the ongoing coronavirus pandemic and related lockdowns, rising inflation, and interest rate increases in most countries. While low-quality businesses can outperform in some periods, we believe that over the full market cycle, investors in higher-quality businesses have the potential to be rewarded with better returns and lower volatility.

The top contributor to Fund performance for the fiscal year ended May 31, 2022, was The Kroger Co (KR), an operator of grocery stores and gas stations in the United States. During the period, Kroger reported solid revenue and earnings growth and announced several strategic growth initiatives at its investor day in March 2022. Kroger was selected for the Jensen Quality Value Fund because of its compelling valuation at the time of purchase and its positive fundamental attributes, including high market share, a vertically integrated supply chain, a strong private label brand portfolio, and a large store network.

Other notable companies that contributed positively to portfolio performance were Hill-Rom Holdings (HRC), a medical equipment company specializing in hospital beds, surgical tables, and patient monitoring devices; FactSet (FDS), a financial software company; Paychex (PAYX), a provider of payroll services; and ON Semiconductor (ON), a designer and manufacturer of semiconductors and sensors.

The largest negative contributor to Fund performance during the fiscal year was Scotts Miracle-Gro Co (SMG), a manufacturer and marketer of gardening supplies and fertilizers. While the company reported stable sales of core consumer products, profit margins came under pressure due to high input costs. Revenue growth was held back by poor spring weather and weak sales in the company’s indoor growing equipment business. Scotts Miracle-Gro was originally selected for the Jensen Quality Value Fund due to its attractive valuation at the time of purchase and its compelling fundamental attributes, which include large scale, strong brands, high customer loyalty, and high barriers to entry.

Other notable holdings that weighed on relative performance included Levi Strauss & Co (LEVI), a casual apparel company; Best Buy (BBY), an electronics and appliance retailer; Lennox International (LII), a manufacturer and marketer of heating, ventilating, and air conditioning equipment; and Encompass Health (EHC), an operator of outpatient recovery and hospice centers.

Fund Additions and Eliminations

During the fiscal year ended May 31, 2022, the investment team continued to purchase the shares of companies we considered undervalued and sell the shares of companies we believed to be overvalued. New companies to the portfolio included Cadence Design Systems (CDNS), a software company specializing in semiconductor design tools; Genpact (G), a provider of business processes outsourcing and information technology services; Manhattan Associates (MANH), a supply chain management software company; Pool Corp (POOL), the United States’ only nationwide

distributor of pool and spa supplies and parts; ResMed (RMD), a medical device company focused on treating, diagnosing, and managing respiratory disorders; The Toro Company (TTC), a leading manufacturer of lawn and garden equipment; United Rentals (URI), the largest tool and equipment rental company in the United States; and Williams-Sonoma, Inc. (WSM), a vertically integrated furniture and décor company.

During the period, the investment team sold Hill-Rom Holdings (HRC) due to the valuation of its shares following the announcement that the company would be acquired by Baxter International, a competing healthcare company. The team also sold the following positions due to valuation: ON Semiconductor (ON), Paychex (PAYX), and W.W. Grainger (GWW), a distributor of industrial parts and tools. As of May 31, 2022, the Jensen Quality Value Fund held 39 companies.

The Jensen Outlook

As investors, we are keenly aware of the global economic challenges facing companies as we look toward the rest of the calendar year and beyond. Such challenges began impacting markets early in 2022 and are unlikely to abate in the coming months. Inflation in the United States is currently running more than 8% on an annualized basis, the highest rate in forty years. The U.S. Federal Reserve pivoted from dovish to hawkish, twice raising the fed funds rate, ending open market purchases under its quantitative easing program, and signaling future near-term rate increases in an effort to tamp down inflationary pressure. The same trends are also evident in other major global economies. At the same time, corporate profit margins are under pressure. The U.S. job market remains tight, driving wage costs higher, and commodity prices are elevated due to higher demand from the economic recovery and lower supply associated with the Russian invasion of Ukraine.

Looking forward, U.S. midterm elections in the fall are likely to bring hot-button political topics to the fore, including healthcare and tax reform, which may lead to further uncertainty. As a result of the aforementioned challenges, we are maintaining a more cautious outlook for market returns in the shorter term.

As long-term, high-conviction equity investors, we do not strive to time changes in inflation, interest rates, energy or commodity prices, or elections and geopolitical events. Rather, we continue to apply our disciplined approach developed and applied over the past three decades. That time-tested approach is to focus on investing in a collection of unique, high-quality businesses that have historically provided durable competitive advantages, balance sheet strength, and free cash flow that our experience indicates could provide a framework for resilience and long-term growth regardless of the economic environment.

Quality businesses are not immune to pressures facing the global economy. However, in our view, they benefited from a strong foundation that provided pricing power to offset rising costs, strong growth in cash flow that muted the impact of higher interest rates, and competitive profiles that have kept their products and services in high demand with their customers.

Clearly, investors have much to consider, and it appears very unlikely that 2022 will see a repeat of the strong market returns of the last few years. At Jensen, we believe uncertainty and the volatility

this can cause in the stock markets can provide opportunities for higher-quality, more resilient businesses to garner favor from investors who are seeking lower volatility in the face of the many issues noted above.

We believe that the fiscal stimulus and artificially low interest rates over the last decade contributed to investor complacency. Now that these accommodations are in the rearview mirror, investors are facing a less certain environment and searching for new ways to generate returns comparable with those of the recent past. However, timing market swings due to uncertainties is difficult and can be detrimental to capital appreciation and preservation, creating additional stress and risk for investors. We continue to believe that paying attention to company fundamentals can help investors manage risk, offer a measure of capital preservation in more volatile or generally lower market return environments, and provide the opportunity for long-term capital appreciation.

At present, greater economic uncertainty has resulted in a sharp contraction in equity market prices. Therefore, the temptation to move on from equities is perhaps heightened. We believe that equities can potentially continue to provide attractive risk-adjusted performance and that a focus on quality can help manage risk. We recognize that investing involves risk, and while history is no guarantee, we believe our constant focus on the construction of an active, high-conviction collection of companies with sound business fundamentals and attractive valuations can provide our clients with the investing outcomes they seek and help them achieve their financial goals. The ride may be bumpy, yet the destination remains attractive, in our minds.

We are tremendously grateful for the ongoing support of our firm and investment strategies from our shareholders, partners, and clients, and we trust that we will continue to deliver the results you expect of us.

We invite you to seek additional information about the Jensen Quality Value Fund at www.jenseninvestment.com where additional content, including updated holdings and performance information, is available. We take our investment responsibilities seriously and appreciate the trust you have placed in us. As always, we welcome your feedback.

Sincerely,

The Jensen Quality Value Investment Team

Letter from the Investment Adviser

Dear Fellow Shareholders,

The Jensen Global Quality Growth Fund -- Class I Shares -- returned -2.74% for the fiscal year ended May 31, 2022, compared to a negative return of -6.78% for the MSCI All Country World Index over this period. Please see pages 15 through 17 of this report for complete standardized performance information for the Fund.

Market Perspective

“It was the best of times; it was the worst of times” is the opening line of Charles Dickens's A Tale of Two Cities. The line has inspired occasional confusion as to its meaning. One interpretation that seems on point currently is the idea of strong opposites taking place nearly simultaneously.

For the last seven months of 2021, markets were buoyant as investors responded enthusiastically to a robust rebound in corporate earnings growth and healthy consumer spending due to substantial U.S. monetary and fiscal support and post-pandemic global economic normalization. Notably, investors were willing to overlook warnings signs of future challenges with inflation and cost pressures.

The realities of the first five months of 2022 substantiated those alarm bells as fear replaced greed as the prevailing investor sentiment. Market participants grappled with a generational inflation surge, driven by rising wage costs and labor shortages as well as supply chain disruptions, all of which led to sharply higher interest rate expectations that signaled the end to monetary accommodation. Further, there were renewed economic disruptions due to variants of the COVID-19 virus, hawkish geopolitical actions from China and Russia, and related second- and third-order impacts globally. These virtually simultaneous uncertainties resulted in substantial market drawdowns that eroded the gains produced in the first part of the Fund’s fiscal year ended May 31, 2022.

The Effect at Jensen

Amidst this market volatility, the Fund’s focus on high-quality stocks mitigated a portion of the headwind to investment performance during the period. One indication of this resilience from consistent, quality businesses can be found by reviewing market returns as measured by the S&P Earnings and Dividend Quality Rankings. Companies with more consistent earnings and dividend payments are ranked higher by S&P than those companies that are typically more volatile. Given the nature of the rankings, companies rated A- and above are considered higher-quality businesses. Attribution analysis indicates that over the last twelve months ended May 31, 2022, the Fund’s selection of stocks in the A- and above categories boosted the Fund’s benchmark relative returns by more than 400 basis points.

From a sector perspective, stock selection added value in the Healthcare, Consumer Discretionary, and Information Technology sectors, while underweight allocations detracted from relative returns in the Energy, Utilities, and Financials sectors. Typically, very few companies in the Energy and Utilities sectors qualify for our strict requirement for high and prolonged profitability as measured by return on equity, and consequently, our lack of exposure to sectors that do not deliver consistently high business returns will add or detract value periodically.

Leading contributors to performance during the period were Pfizer (PFE) and AstraZeneca (AZN). Pfizer is a global biopharmaceutical company with a diversified portfolio of pharmaceutical and vaccine products. During the fiscal year ended May 31, 2022, the company’s stock price reacted favorably to the success of its COVID-19 vaccine, Comirnaty, and the regulatory authorization of its COVID-19 therapeutic, Paxlovid. Additionally, the company made progress bolstering its drug pipeline via multiple positive internal updates and the announcement of several transactions focused on future candidates.

AstraZeneca is a diversified global pharmaceutical company. Financial results were buoyed by resilient performance across many of the company’s major drug franchises, including oncology, cardiovascular, and rare disease. Importantly, the company continues to reinvest free cash flow into new treatments and drug development to bolster its already promising drug pipeline.

Two holdings detracted from the Fund’s performance for the period – Tencent (TCEHY) and SAP SE (SAP). Tencent is a Chinese multinational conglomerate with leading products in gaming, financial services, and communications. Financial results were positive in the first half of the one-year period, but in the latter half, the company’s fundamentals were overwhelmed by a series of capricious regulatory actions by Chinese regulators that weighed on both investor sentiment and financial results. China’s zero-COVID policy exacerbated weakness in recent months as major cities entered lockdown, with a chilling effect on China’s broader economy.

SAP SE is a German multinational enterprise software and cloud services company. During the fiscal year ended May 31, 2022, SAP SE shares declined due to short-term financial pressure from the company’s strategic pivot to a cloud delivery model. In this type of transition, we expect a degree of growth slowdown as revenue shifts from upfront payments to a subscription-based payment model. We have observed similar instances of volatility in other companies undergoing similar changes, and we believe that SAP SE is on the right path and that our long-term investment thesis remains intact.

We are constantly evaluating all the businesses owned by the Fund, as well as other investment candidates, to determine whether better opportunities exist in our investable universe. Such determinations ultimately reflect a combination of fundamental considerations, valuation opportunities, and overall risk profiles for our companies.

Fund Additions and Eliminations

During the fiscal period, the Jensen Investment Team did not execute any wholesale portfolio changes. However, we did make some significant additions and subtractions to existing holdings.

The largest position increases were in Amadeus IT Group (AMS) and AstraZeneca (AZN). Amadeus IT Group is a leading provider of technology solutions and services for the global travel industry. Headquartered in Spain, Amadeus maintains a leading position in indirect travel bookings. Amadeus facilitates complex transactions between travel providers, including airlines and hotels, and travel sellers, such as online and offline travel agencies and metasearch providers like KAYAK. The company is also the global leader in the fast-growing industry of direct distribution, where it hosts mission-critical selling platforms and inventory management systems for airlines and hotels, including Southwest Airlines and Marriott International. We expect strength in the direct distribution

business and an eventual rebound in global travel volumes to help drive revenue and earnings growth potential for Amadeus for many years to come.

We added to the position in AstraZeneca due to the combination of fundamental business strength and attractive share price valuation. The company has benefited from a diverse portfolio of leading pharmaceutical products with long intellectual property lives. As a result, we believe the company can continue to generate robust free cash flow that can be used for further drug pipeline reinvestment. The company’s shares were pressured for a portion of the previous year due to negative, short-term investor sentiment related to the company’s missteps with the development and commercial launch of Vaxzervria, its COVID-19 vaccine. We believe this created a buying opportunity for long-term investors due to the enduring strength of AstraZeneca’s oncology, rare disease, and cardiovascular drug franchises.

The largest position decreases were in Tencent (TCEHY) and GlaxoSmithKline (GSK). Despite maintaining a below-average portfolio weighting in Tencent to manage geopolitical, macro, and regulatory risks, we further reduced the position due to heightened geopolitical uncertainty in China. We continue to hold a small position in Tencent shares due to the company’s dominant position in the Chinese economy and its high-quality businesses that are levered to attractive areas, including global gaming, social media, e-commerce, Fintech, and cloud services.

GlaxoSmithKline is a diversified global pharmaceutical company, benefiting from a diverse drug portfolio and global leadership in shingles vaccines with its product Shingrix. The company’s shares advanced during the year due to a recovery in Shingrix sales, the progress made in the spin-off of their consumer business, and the normalization of certain pharmaceutical usage patterns associated with the ebbing of pandemic lockdowns. The Fund’s position was opportunistically reduced during the period in favor of opportunities within other portfolio holdings.

The Jensen Outlook

As investors, we are keenly aware of the global economic challenges facing companies as we look toward the rest of the calendar year and beyond. Such challenges began impacting markets early in 2022 and are unlikely to abate in the coming months. Inflation in the United States is currently running more than 8% on an annualized basis, the highest rate in forty years. The U.S. Federal Reserve pivoted from dovish to hawkish, twice raising the fed funds rate, ending open market purchases under its quantitative easing program, and signaling future near-term rate increases in an effort to tamp down inflationary pressure. The same trends are also evident in other major global economies. At the same time, corporate profit margins are under pressure. The U.S. job market remains tight, driving wage costs higher, and commodity prices are elevated due to higher demand associated with the economic recovery and lower supply associated with the Russian invasion of Ukraine.

Looking forward, U.S. midterm elections in the fall are likely to bring hot-button political topics to the fore, including healthcare and tax reform, which may lead to further uncertainty. As a result of the aforementioned challenges, we are maintaining a more cautious outlook for market returns in the shorter term.

As long-term, high-conviction equity investors, we do not strive to time changes in inflation, interest rates, energy/commodity prices, or elections and geopolitical events. Rather, we continue to apply

our disciplined approach developed and applied over the past three decades. That time-tested approach is to focus on investing in a collection of unique, high-quality businesses that have historically provided durable competitive advantages, balance sheet strength, and free cash flow that our experience indicates could provide a framework for resilience and long-term growth regardless of the economic environment.

Quality businesses are not immune to pressures facing the global economy. However, in our view, they benefited from a strong foundation that provided pricing power to offset rising costs, strong growth in cash flow that muted the impact of higher interest rates, and competitive profiles that have kept their products and services in high demand with their customers.

Clearly, investors have much to consider, and it appears very unlikely that 2022 will see a repeat of the strong market returns of the last few years. At Jensen, we believe uncertainty and the volatility this can cause in the stock markets can provide opportunities for higher-quality, more resilient businesses to garner favor from investors who are seeking lower volatility in the face of the many issues noted above.

We believe that the fiscal stimulus and artificially low interest rates over the last decade contributed to investor complacency. Now that these accommodations are in the rearview mirror, investors are facing a less certain environment and searching for new ways to generate returns comparable with those of the recent past. However, timing market swings due to uncertainties is difficult and can be detrimental to capital appreciation and preservation, creating additional stress and risk for investors. We continue to believe that paying attention to company fundamentals can help investors manage risk, offer a measure of capital preservation in more volatile or generally lower market return environments, and provide the opportunity for long-term capital appreciation.

At present, greater economic uncertainty has resulted in a sharp contraction in equity market prices. Therefore, the temptation to move on from equities is perhaps heightened. We believe that equities can potentially continue to provide attractive risk-adjusted performance and that a focus on quality can help manage risk. We recognize that investing involves risk, and while history is no guarantee, we believe our constant focus on the construction of an active, high-conviction collection of companies with sound business fundamentals and attractive valuations can provide our clients with the investing outcomes they seek and help them achieve their financial goals. The ride may be bumpy, yet the destination remains attractive, in our minds.

We are tremendously grateful for the ongoing support of our firm and investment strategies from our shareholders, partners, and clients, and we trust that we will continue to deliver the results you expect of us.

We invite you to seek additional information about the Jensen Global Quality Growth Fund at www.jenseninvestment.com where additional content, including updated holdings and performance information, is available. We take our investment responsibilities seriously and appreciate the trust you have placed in us. As always, we welcome your feedback.

Sincerely,

The Jensen Global Quality Growth Investment Team

Jensen Quality Value Fund - Class J (Unaudited)

The Russell Midcap® Total Return Index is an unmanaged index, which measures the performance of the 800 smallest companies in the Russell 1000® Index.

The Russell 2500® Total Return Index is a market capitalization weighted index that includes the smallest 2,500 companies covered in the Russell 3000® universe of United States-based listed equities.

The chart at the top of the page assumes an initial gross investment of $10,000 made on May 31, 2012. Returns shown include the reinvestment of all Fund distributions. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Investment performance reflects fee waivers in effect. In the absence of such waivers, total returns would be reduced.

Performance data shown represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance shown. Performance data current to the most recent month-end may be obtained by calling 800-992-4144 or by visiting www.jenseninvestment.com.

Jensen Quality Value Fund - Class I (Unaudited)

The Russell Midcap® Total Return Index is an unmanaged index, which measures the performance of the 800 smallest companies in the Russell 1000® Index.

The Russell 2500® Total Return Index is a market capitalization weighted index that includes the smallest 2,500 companies covered in the Russell 3000® universe of United States-based listed equities.

The chart at the top of the page assumes an initial gross investment of $250,000 made on May 31, 2012. Returns shown include the reinvestment of all Fund distributions. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Investment performance reflects fee waivers in effect. In the absence of such waivers, total returns would be reduced.

Performance data shown represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance shown. Performance data current to the most recent month-end may be obtained by calling 800-992-4144 or by visiting www.jenseninvestment.com.

Jensen Quality Value Fund - Class Y (Unaudited)

The Russell Midcap® Total Return Index is an unmanaged index, which measures the performance of the 800 smallest companies in the Russell 1000® Index.

The Russell 2500® Total Return Index is a market capitalization weighted index that includes the smallest 2,500 companies covered in the Russell 3000® universe of United States-based listed equities.

The chart at the top of the page assumes an initial gross investment of $1,000,000 made on January 15, 2020, the inception date for Class Y shares. Returns shown include the reinvestment of all Fund distributions. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Investment performance reflects fee waivers in effect. In the absence of such waivers, total returns would be reduced.

Performance data shown represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance shown. Performance data current to the most recent month-end may be obtained by calling 800-992-4144 or by visiting www.jenseninvestment.com.

Jensen Quality Value Fund

Investments by Sector as of May 31, 2022

(As a Percentage of Total Investments) (Unaudited)

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 and S&P and has been
licensed for use by U.S. Bancorp Fund Services, LLC doing business as U.S.
Bank Global Fund Services.

Jensen Global Quality Growth Fund - Class J (Unaudited)

The MSCI All Country World Index Net (USD) (“MSCI ACWI”) is a free float-adjusted market capitalization weighted index that measures the equity performance of global developed and emerging markets. The MSCI ACWI total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

The chart at the top of the page assumes an initial gross investment of $10,000 made on April 15, 2020, the inception date for Class J shares. Returns shown include the reinvestment of all Fund distributions. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Investment performance reflects fee waivers in effect. In the absence of such waivers, total returns would be reduced.

Performance data shown represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance shown. Performance data current to the most recent month-end may be obtained by calling 800-992-4144 or by visiting www.jenseninvestment.com.

Jensen Global Quality Growth Fund - Class I (Unaudited)

The MSCI All Country World Index Net (USD) (“MSCI ACWI”) is a free float-adjusted market capitalization weighted index that measures the equity performance of global developed and emerging markets. The MSCI ACWI total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

The chart at the top of the page assumes an initial gross investment of $250,000 made on April 15, 2020, the inception date for Class I shares. Returns shown include the reinvestment of all Fund distributions. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Investment performance reflects fee waivers in effect. In the absence of such waivers, total returns would be reduced.

Performance data shown represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance shown. Performance data current to the most recent month-end may be obtained by calling 800-992-4144 or by visiting www.jenseninvestment.com.

Jensen Global Quality Growth Fund - Class Y (Unaudited)

The MSCI All Country World Index Net (USD) (“MSCI ACWI”) is a free float-adjusted market capitalization weighted index that measures the equity performance of global developed and emerging markets. The MSCI ACWI total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

The chart at the top of the page assumes an initial gross investment of $1,000,000 made on April 15, 2020, the inception date for Class Y shares. Returns shown include the reinvestment of all Fund distributions. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Investment performance reflects fee waivers in effect. In the absence of such waivers, total returns would be reduced.

Performance data shown represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance shown. Performance data current to the most recent month-end may be obtained by calling 800-992-4144 or by visiting www.jenseninvestment.com.

Jensen Global Quality Growth Fund

Allocation of Portfolio Holdings as of May 31, 2022

(As a Percentage of Total Investments) (Unaudited)

Statements of Assets & Liabilities

May 31, 2022

The accompanying notes are an integral part of these financial statements.

Common Stocks - 98.56%

The accompanying notes are an integral part of these financial statements.

The accompanying notes are an integral part of these financial statements.

The accompanying notes are an integral part of these financial statements.

Short-Term Investments - 1.43%

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

Common Stocks - 97.48%

The accompanying notes are an integral part of these financial statements.

The accompanying notes are an integral part of these financial statements.

Short-Term Investments - 2.37%

Percentages are stated as a percent of net assets.

Abbreviations:

The accompanying notes are an integral part of these financial statements.

Statements of Operations

For the Year Ended May 31, 2022

The accompanying notes are an integral part of these financial statements.

Statements of Changes in Net Assets

The accompanying notes are an integral part of these financial statements.

Statements of Changes in Net Assets

The accompanying notes are an integral part of these financial statements.

Financial Highlights

Jensen Quality Value Fund - Class J

The accompanying notes are an integral part of these financial statements.

Financial Highlights

Jensen Quality Value Fund - Class I

The accompanying notes are an integral part of these financial statements.

Financial Highlights

Jensen Quality Value Fund - Class Y

The accompanying notes are an integral part of these financial statements.

Financial Highlights

Jensen Global Quality Growth Fund - Class J

The accompanying notes are an integral part of these financial statements.

Financial Highlights

Jensen Global Quality Growth Fund - Class I

The accompanying notes are an integral part of these financial statements.

Financial Highlights

Jensen Global Quality Growth Fund - Class Y

The accompanying notes are an integral part of these financial statements.

Notes to Financial Statements

May 31, 2022

1. Organization

Trust for Professional Managers (the “Trust”) was organized as a Delaware statutory trust under a Declaration of Trust dated May 29, 2001. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Jensen Quality Value Fund, formerly known as the Jensen Value Fund, and the Jensen Global Quality Growth Fund (each, a “Fund,” and together, the “Funds”), each represent a distinct series with its own investment objective and policies within the Trust. The investment objective of each of the Jensen Quality Value Fund and the Jensen Global Quality Growth Fund is long-term capital appreciation. The Trust may issue an unlimited number of shares of beneficial interest at $0.001 par value. The assets of the Funds are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The Class J and Class I shares of the Jensen Quality Value Fund became effective and commenced operations on March 31, 2010. The Class Y shares of the Jensen Quality Value Fund became effective and commenced operations on January 15, 2020. The Jensen Global Quality Growth Fund commenced investment operations on April 15, 2020 for Class J, Class I, and Class Y shares. For both Funds, Class J shares are subject to a 0.25% distribution (Rule 12b-1) and shareholder servicing fee and Class I shares are subject to a shareholder servicing fee of up to 0.10%. Each class of shares has identical rights and privileges except with respect to the distribution (Rule 12b-1) and shareholder servicing fees, and voting rights on matters affecting a single share class. Costs incurred by the Funds in connection with the organization, registration and the initial public offering of shares were paid by Jensen Investment Management, Inc. (the “Adviser”), the Funds’ investment adviser.

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services–Investment Companies.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”).

(a) Investment Valuation – Each equity security owned by the Funds that is listed on a securities exchange, except those listed on the NASDAQ Stock Market LLC (“NASDAQ”), is valued at its last sale price on that exchange on the date as of which assets are valued. If a security is listed on more than one exchange, the Funds will use the price of the exchange that the Funds generally consider to be the principal exchange on which the stock is traded.

Fund securities listed on NASDAQ will be valued at the NASDAQ Official Closing Price, which may not necessarily represent the last sale price. 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 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 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 a Fund calculates its net asset value (“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, as provided by a Pricing Service or reporting agency. All assets denominated in foreign currencies will be converted into U.S. dollars 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 respective 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.

Debt securities, including short-term debt instruments having a maturity of 60 days or less, are valued at the mean in accordance with prices supplied by a Pricing Service. Pricing Services may use various valuation methodologies such as the mean between the bid and the asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. If a price is not available from a Pricing Service, the most recent quotation obtained from one or more broker-dealers known to follow the issue will be obtained. Quotations will be valued at the mean between the bid and the offer. In the absence of available quotations, the securities will be priced at fair value, as described below. Any discount or premium is accreted or amortized using the constant yield method until maturity.

Redeemable securities issued by open-end, registered investment companies, including money market mutual funds, are valued at the NAV 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 as determined under procedures approved 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 or world events cause the Adviser to believe that a security’s last sale price may not reflect its actual fair value. The intended effect of using fair value pricing procedures is to ensure that the Funds are accurately priced.

FASB Accounting Standards Codification, Fair Value Measurements and Disclosures (“ASC 820”) Topic 820, establishes an authoritative definition of fair value and sets out a hierarchy for measuring fair value. ASC 820 requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. ASC 820 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for each class of investments. These inputs are summarized in the three broad levels listed below:

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 each Fund’s investments carried at fair value as of May 31, 2022: