Dearborn Partners Rising Dividend Fund
Schedule of Investments
November 30, 2021 (Unaudited)
	Shares		Value
COMMON STOCKS - 92.48%
Banks - 1.92%
Glacier Bancorp, Inc.		170,555		9,261,136
Biotechnology - 1.31%
Gilead Sciences, Inc.		92,000		6,341,560
Building Products - 2.41%
Carrier Global Corp.		215,200		11,646,624
Capital Markets - 6.45%
Nasdaq, Inc.		45,830		9,314,031
S&P Global, Inc.		24,688		11,251,062
T Rowe Price Group, Inc.		52,940		10,585,353
				31,150,446
Chemicals - 4.34%
Air Products and Chemicals, Inc.		29,786		8,561,688
The Sherwin-Williams Co.		37,500		12,421,500
				20,983,188
Commercial Services & Supplies - 2.28%
Republic Services, Inc.		83,500		11,043,710
Containers & Packaging - 1.61%
AptarGroup, Inc.		65,000		7,773,350
Diversified Telecommunication Services - 1.22%
Verizon Communications, Inc.		117,100		5,886,617
Electric Utilities - 4.20%
NextEra Energy, Inc.		155,116		13,460,967
Xcel Energy, Inc.		107,673		6,862,000
				20,322,967
Food & Staples Retailing - 4.47%
Casey's General Stores, Inc.		45,500		8,840,195
Costco Wholesale Corp.		23,700		12,783,306
				21,623,501
Food Products - 2.56%
John B. Sanfilippo & Son, Inc.		62,179		5,123,550
McCormick & Co., Inc.		84,419		7,244,838
				12,368,388
Gas Utilities - 1.91%
Atmos Energy Corp.		102,300		9,239,736
Health Care Equipment & Supplies - 5.38%
Abbott Laboratories		72,500		9,118,325
Becton Dickinson and Co.		26,708		6,333,535
STERIS plc (a)		48,327		10,560,899
				26,012,759
Hotels, Restaurants & Leisure - 1.66%
McDonald's Corp.		32,793		8,021,168
Household Products - 2.88%
Kimberly-Clark Corp.		47,500		6,189,725
The Clorox Co.		47,595		7,750,846
				13,940,571
Insurance - 3.30%
Arthur J. Gallagher & Co.		97,870		15,943,023
IT Services - 8.65%
Accenture plc (a)		30,454		10,884,260
Automatic Data Processing, Inc.		48,500		11,198,165
Fidelity National Information Services, Inc.		49,000		5,120,500
Jack Henry & Associates, Inc.		41,235		6,252,463
MasterCard, Inc. - Class A		26,510		8,348,529
				41,803,917
Machinery - 3.66%
Illinois Tool Works, Inc.		37,598		8,728,376
Snap-on, Inc.		43,510		8,959,144
				17,687,520
Multiline Retail - 1.65%
Dollar General Corp.		36,000		7,966,800
Multi-Utilities - 1.61%
WEC Energy Group, Inc.		89,357		7,767,804
Oil, Gas & Consumable Fuels - 1.87%
Exxon Mobil Corp.		150,786		9,023,034
Pharmaceuticals - 2.47%
Johnson & Johnson		39,124		6,100,606
Merck & Co., Inc.		77,920		5,836,987
				11,937,593
Semiconductors & Semiconductor Equipment - 5.69%
Analog Devices, Inc.		72,499		13,067,945
QUALCOMM, Inc.		79,909		14,428,369
				27,496,314
Software - 2.90%
Intuit, Inc.		21,500		14,024,450
Specialty Retail - 4.96%
Home Depot, Inc.		30,000		12,018,300
Tractor Supply Co.		53,000		11,942,490
				23,960,790
Technology Hardware, Storage & Peripherals - 5.37%
Apple, Inc.		156,888		25,933,586
Textiles, Apparel & Luxury Goods - 1.02%
VF Corp.		68,571		4,918,598
Trading Companies & Distributors - 4.73%
Fastenal Co.		188,270		11,139,936
Watsco, Inc.		40,000		11,708,400
				22,848,336
TOTAL COMMON STOCKS (Cost $264,088,522)				446,927,486
REAL ESTATE INVESTMENT TRUSTS - 5.56%
American Tower Corp.		36,300		9,528,024
Digital Realty Trust, Inc.		48,000		8,051,520
Equinix, Inc.		11,460		9,307,812
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $18,321,940)				26,887,356
SHORT-TERM INVESTMENTS - 1.77%
Fidelity Investments Money Market Funds - Government Portfolio - Class I (b)		8,547,501		8,547,501
TOTAL SHORT-TERM INVESTMENTS (Cost $8,547,501)				8,547,501
Total Investments (Cost $290,957,963) - 99.81%				482,362,343
Other Assets in Excess of Liabilities - 0.19%				921,624
TOTAL NET ASSETS - 100.00%			$	483,283,967

Percentages are stated as a percent of net assets.
(a)	Foreign issued security.
(b)	Seven day yield as of November 30, 2021.
Abbreviations:
plc	public limited company is a publicly traded company which signifies that shareholders have limited liability.
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.

Significant Accounting Policies
	The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. These policies are in
	conformity with generally accepted accounting principles in the United States of America (“GAAP”).
Investment Valuation
	Each security owned by the Fund that is listed on a securities exchange is valued at its last sale price on that exchange on the date as of which
	assets are valued. When the security is listed on more than one exchange, the Fund will use the price of the exchange that the Fund generally
	considers to be the principal exchange on which the stock is traded.
	Portfolio securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”) will be valued at the NASDAQ Official Closing Price (“NOCP”), 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 the
	mean between the most recent bid and asked prices on such day or the security shall be valued at the latest sales price on the “composite market”
	for the day such security is being valued. The composite market is defined as a consolidation of the trade information provided by national
	securities and foreign exchanges and over-the-counter markets as published by an approved pricing service (“Pricing Service”).
	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 an approved
	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. Any discount or premium is accreted or
	amortized using the constant yield to maturity method. Constant yield amortization takes into account the income that is produced on a debt security.
	This accretion/amortization type utilizes the discount rate used in computing the present value of all future principal and interest payments made by a debt instrument
	and produces an amount equal to the cost of the debt instrument.
	Money market funds, demand notes and repurchase agreements are valued at cost. If cost does not represent current market value the securities will be priced at fair value.
	Redeemable securities issued by open-end, registered investment companies are valued at the NAVs of such companies for purchase and/or redemption orders placed
	on that day. All exchange-traded funds are valued at the last reported sale price on the exchange on which the security is principally traded.
	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, as provided by an approved 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 NYSE, generally 4:00 p.m. Eastern Time.
	If market quotations are not readily available, a security or other asset will be valued at its fair value as determined under fair value pricing procedures approved by the
	Board of Trustees. These fair value pricing 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 value. The intended effect of using fair value pricing procedures is to ensure that
	the Fund is accurately priced. The Board of Trustees 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 by the Trust’s valuation committee.
	FASB Accounting Standards Codification, “Fair Value Measurements and Disclosures” Topic 820 (“ASC 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 disclosures 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:
	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 the 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 November 30, 2021.

	Level 1		Level 2		Level 3		Total
Common Stocks (1)	$	446,927,486	$	-	$	-	$	446,927,486
Real Estate Investment Trusts		26,887,356		-		-		26,887,356
Short-Term Investments		8,547,501		-		-		8,547,501
Total Investments in Securities	$	482,362,343	$	-	$	-	$	482,362,343
(1) See the Schedule of Investments for industry classifications.

The Fund measures Level 3 activity as of the end of the period. For the period ended November 30, 2021, the Fund did not have any

significant unobservable inputs (Level 3 securities) used in determining fair value. Therefore, a reconciliation of assets in which significant

unobservable inputs (Level 3) were used in determining fair value is not applicable.

The Fund did not hold financial derivative instruments during the reporting period.