Jensen Quality Growth Fund

Schedule of Investments

February 28, 2021 (Unaudited)

(showing percentage of total net assets)

Shares			Value
		COMMON STOCKS - 98.42%
		Air Freight & Logistics - 1.91%
	1,154,000	United Parcel Service, Inc. - Class B	$	182,135,820
		Beverages - 5.89%
	4,339,000	PepsiCo, Inc.		560,555,410
		Commercial Services & Supplies - 1.26%
	1,078,000	Waste Management, Inc.		119,539,420
		Food Products - 3.18%
	5,504,000	General Mills, Inc.		302,775,040
		Health Care Equipment & Supplies - 10.63%
	2,215,000	Becton Dickinson and Company		534,147,250
	1,972,000	Stryker Corporation		478,584,680
				1,012,731,930
		Health Care Providers & Services - 4.16%
	1,193,000	UnitedHealth Group, Inc.		396,338,460
		Hotels, Restaurants & Leisure - 2.88%
	2,535,000	Starbucks Corporation		273,856,050
		Household Products - 1.76%
	1,360,000	The Procter & Gamble Company		168,000,800
		Industrial Conglomerates - 5.17%
	2,814,600	3M Company		492,723,876
		Interactive Media & Services - 7.30%
	344,000	Alphabet, Inc. - Class A (a)		695,537,040
		IT Services - 15.36%
	1,721,000	Accenture PLC - Class A (b)		431,798,900
	1,423,000	Automatic Data Processing, Inc.		247,630,460
	1,575,000	Broadridge Financial Solutions, Inc.		224,421,750
	4,284,000	Cognizant Technology Solutions Corporation - Class A		314,788,320
	689,000	Mastercard, Inc. - Class A		243,802,650
				1,462,442,080
		Pharmaceuticals - 9.45%
	3,668,000	Johnson & Johnson		581,231,280
	9,509,000	Pfizer, Inc.		318,456,410
				899,687,690

	Professional Services - 2.03%
1,196,000	Equifax, Inc.		193,608,480
	Semiconductors & Semiconductor Equipment - 2.37%
1,308,000	Texas Instruments, Inc.		225,329,160
	Software - 10.99%
902,000	Intuit, Inc.		351,906,280
2,991,000	Microsoft Corporation		695,048,580
			1,046,954,860
	Specialty Retail - 4.20%
826,000	Home Depot, Inc.		213,388,840
2,828,600	The TJX Companies, Inc.		186,659,314
			400,048,154
	Technology Hardware, Storage & Peripherals - 4.46%
3,505,000	Apple, Inc.		425,016,300
	Textiles, Apparel & Luxury Goods - 5.42%
2,986,000	NIKE, Inc. - Class B		402,453,080
1,441,000	VF Corporation		114,026,330
			516,479,410
	Total Common Stocks (Cost $5,461,847,070)		9,373,759,980
	Short-Term Investment - 1.32%
	Money Market Fund - 1.32%
125,265,740	First American Treasury Obligations Fund - Class X, 0.030% (c)		125,265,740
	Total Short-Term Investment (Cost $125,265,740)		125,265,740
	Total Investments (Cost $5,587,112,810) - 99.74%		9,499,025,720
	Other Assets in Excess of Liabilities - 0.26%		24,875,210
	TOTAL NET ASSETS - 100.00%	$	9,523,900,930

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Foreign issued security. Foreign concentration (including ADRs) was as follows: Ireland 4.53% as a percentage of net assets.

(c) Variable rate security. Rate listed is the 7-day effective yield as of February 28, 2021.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor 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.

The accompanying footnotes are an integral part of the Financial Statements.

Notes to Schedule of Investments

February 28, 2021 (Unaudited)

Jensen Quality Growth Fund

Fair Value Measurement

The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. The three levels of the fair value hierarchy are as follows:

Level 1 -	Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date.
Level 2 -	Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active and prices for similar securities, interest rates, credit risk, etc.
Level 3 -	Inputs that are unobservable (including the Fund’s own assumptions in determining the fair value of investments).

Inputs refer broadly to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by the Fund. The Fund considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Fund’s perceived risk of that instrument.

Investments whose values are based on quoted market prices in active markets, include common stocks and certain money market securities, and are classified within Level 1. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all.

The following is a summary of the inputs used, as of February 28, 2021, to value the Fund’s investments carried at fair value. The inputs and methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.

Investments at Value	Total		Level 1		Level 2		Level 3
Total Common Stocks*	$	9,373,759,980	$	9,373,759,980	$	—	$	—
Total Money Market Fund		125,265,740		125,265,740		—		—
Total Investments	$	9,499,025,720	$	9,499,025,720	$	—	$	—

* For further information regarding security characteristics and industry classifications, please see the Schedule of Investments.

The Fund did not hold any investments during the period ended February 28, 2021 with significant unobservable inputs which would be classified as Level 3. The Fund did not hold any derivative instruments during the reporting period.