Automatic Data Processing Inc

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 29, 2024, 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.

Jensen Quality Growth Fund
Schedule of Investments
as of February 29, 2024 (Unaudited)

COMMON STOCKS - 98.9%	Shares		Value
Beverages - 5.8%
PepsiCo, Inc.		3,716,000	$	614,403,440

Capital Markets - 1.0%
Moody's Corp.		264,000		100,166,880

Commercial Services & Supplies - 2.7%
Waste Management, Inc.		1,400,000		287,910,000

Containers & Packaging - 1.5%
Ball Corp.		2,482,000		158,897,640

Electronic Equipment, Instruments & Components - 2.5%
Amphenol Corp. - Class A		2,405,000		262,722,200

Financial Services - 3.8%
Mastercard, Inc. - Class A		849,000		403,071,240

Health Care Equipment & Supplies - 5.7%
Stryker Corp.		1,723,000		601,447,610

Health Care Providers & Services - 5.2%
UnitedHealth Group, Inc.		1,115,000		550,364,000

Hotels, Restaurants & Leisure - 3.5%
Starbucks Corp.		3,933,000		373,241,700

Household Products - 2.8%
Procter & Gamble Co.		1,855,000		294,833,700

Insurance - 4.6%
Marsh & McLennan Cos., Inc.		2,402,000		485,852,540

Interactive Media & Services - 6.7%
Alphabet, Inc. - Class A^(a)		5,063,000		701,022,980

IT Services - 6.9%
Accenture PLC - Class A		1,923,000		720,701,940

Pharmaceuticals - 4.6%
Johnson & Johnson		1,651,000		266,438,380
Pfizer, Inc.		8,012,000		212,798,720
				479,237,100

Professional Services - 11.1%
Automatic Data Processing, Inc.		1,529,000		383,977,770
Broadridge Financial Solutions, Inc.		1,422,000		289,490,760
Equifax, Inc.		1,151,000		314,902,090
Verisk Analytics, Inc.		725,000		175,377,500
				1,163,748,120

Semiconductors & Semiconductor Equipment - 5.8%
KLA Corp.		445,000		303,623,500
Texas Instruments, Inc.		1,806,000		302,197,980
				605,821,480

Software - 13.1%
Intuit, Inc.		889,000		589,309,210
Microsoft Corp.		1,908,000		789,225,120
				1,378,534,330

Specialty Retail - 2.7%
Home Depot, Inc.		748,000		284,696,280

Technology Hardware, Storage & Peripherals - 5.3%
Apple, Inc.		3,109,000		561,951,750

Textiles, Apparel & Luxury Goods - 3.6%
NIKE, Inc. - Class B		3,655,000		379,864,150
TOTAL COMMON STOCKS (Cost $5,328,274,169)				10,408,489,080

SHORT-TERM INVESTMENTS - 1.1%
Money Market Funds - 1.1%	Shares
First American Treasury Obligations Fund - Class X, 5.23%^(b)		120,187,540		120,187,540
TOTAL SHORT-TERM INVESTMENTS (Cost $120,187,540)				120,187,540

TOTAL INVESTMENTS - 100.0% (Cost $5,448,461,709)			$	10,528,676,620
Other Assets in Excess of Liabilities - 0.0%^(c)				3,753,228
TOTAL NET ASSETS - 100.0%			$	10,532,429,848

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.

PLC - Public Limited Company

(a)	Non-income producing security.
(b)	The rate shown represents the 7-day effective yield as of February 29, 2024.
(c)	Represents less than 0.05% of net assets.

Notes to Schedule of Investments
February 29, 2024 (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).

Investments at Value	Total		Level 1		Level 2		Level 3
Total Common Stocks*	$	10,408,489,080	$	10,408,489,080	$	-	$	-
Total Money Market Fund		120,187,540		120,187,540		-		-
Total Investments	$	10,528,676,620	$	10,528,676,620	$	-	$	-

* 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 29, 2024 with significant unobservable inputs which would be classified as Level 3. The Fund did not hold any derivative instruments during the reporting period.