Bright Rock Mid Cap Growth Fund | ||||||||
Schedule of Investments | ||||||||
November 30, 2022 (Unaudited) | ||||||||
Shares | Value | |||||||
COMMON STOCKS - 100.00% | ||||||||
Air Freight & Logistics - 1.62% | ||||||||
CH Robinson Worldwide, Inc. | 15,000 | $ | 1,503,300 | |||||
Auto Components - 1.87% | ||||||||
Gentex Corp. | 60,000 | 1,734,000 | ||||||
Beverages - 5.27% | ||||||||
Brown-Forman Corp. - Class B | 29,500 | 2,154,090 | ||||||
Monster Beverage Corp. (b) | 26,500 | 2,725,790 | ||||||
4,879,880 | ||||||||
Building Products - 0.50% | ||||||||
Trex Co., Inc. (b) | 10,000 | 458,900 | ||||||
Capital Markets - 7.50% | ||||||||
FactSet Research Systems, Inc. | 6,000 | 2,767,740 | ||||||
Morningstar, Inc. | 10,000 | 2,451,300 | ||||||
SEI Investments Co. | 27,600 | 1,718,928 | ||||||
6,937,968 | ||||||||
Chemicals - 3.85% | ||||||||
International Flavors & Fragrances, Inc. | 12,500 | 1,322,750 | ||||||
The Scotts Miracle-Gro Co. | 40,000 | 2,237,200 | ||||||
3,559,950 | ||||||||
Commercial Services & Supplies - 8.10% | ||||||||
Copart, Inc. (b) | 82,000 | 5,457,920 | ||||||
Rollins, Inc. | 50,250 | 2,032,110 | ||||||
7,490,030 | ||||||||
Communications Equipment - 2.26% | ||||||||
Arista Networks, Inc. (b) | 15,000 | 2,089,500 | ||||||
Containers & Packaging - 0.86% | ||||||||
AptarGroup, Inc. | 7,500 | 796,050 | ||||||
Electrical Equipment - 3.08% | ||||||||
AMETEK, Inc. | 20,000 | 2,848,400 | ||||||
Electronic Equipment, Instruments & Components - 5.36% | ||||||||
Amphenol Corp. - Class A | 34,000 | 2,734,620 | ||||||
Cognex Corp. | 20,000 | 995,600 | ||||||
IPG Photonics Corp. (b) | 13,500 | 1,228,905 | ||||||
4,959,125 | ||||||||
Energy Equipment & Services - 1.18% | ||||||||
Cactus, Inc. | 20,000 | 1,087,800 | ||||||
Food Products - 5.08% | ||||||||
The Hershey Co. | 20,000 | 4,703,400 | ||||||
Health Care Equipment & Supplies - 9.17% | ||||||||
Edwards Lifesciences Corp. (b) | 25,000 | 1,931,250 | ||||||
IDEXX Laboratories, Inc. (b) | 7,000 | 2,981,090 | ||||||
ResMed, Inc. | 15,500 | 3,568,100 | ||||||
8,480,440 | ||||||||
Hotels, Restaurants & Leisure - 3.14% | ||||||||
Chipotle Mexican Grill, Inc. (b) | 600 | 976,176 | ||||||
Yum! Brands, Inc. | 15,000 | 1,929,900 | ||||||
2,906,076 | ||||||||
Insurance - 1.93% | ||||||||
Brown & Brown, Inc. | 30,000 | 1,787,700 | ||||||
IT Services - 7.10% | ||||||||
EPAM Systems, Inc. (b) | 4,000 | 1,474,320 | ||||||
Genpact Ltd. (a) | 30,000 | 1,383,300 | ||||||
Jack Henry & Associates, Inc. | 19,600 | 3,711,260 | ||||||
6,568,880 | ||||||||
Life Sciences Tools & Services - 3.01% | ||||||||
Repligen Corp. (b) | 9,000 | 1,609,560 | ||||||
West Pharmaceutical Services, Inc. | 5,000 | 1,173,300 | ||||||
2,782,860 | ||||||||
Media - 0.98% | ||||||||
Liberty Broadband Corp. (b) | 10,000 | 902,000 | ||||||
Multiline Retail - 1.38% | ||||||||
Dollar General Corp. | 5,000 | 1,278,400 | ||||||
Oil, Gas & Consumable Fuels - 5.41% | ||||||||
ONEOK, Inc. | 74,850 | 5,008,962 | ||||||
Road & Rail - 2.09% | ||||||||
JB Hunt Transport Services, Inc. | 10,500 | 1,930,845 | ||||||
Semiconductors & Semiconductor Equipment - 5.20% | ||||||||
Analog Devices, Inc. | 15,800 | 2,716,178 | ||||||
SolarEdge Technologies, Inc. (b) | 7,000 | 2,092,020 | ||||||
4,808,198 | ||||||||
Software - 3.96% | ||||||||
ANSYS, Inc. (b) | 6,000 | 1,525,800 | ||||||
Tyler Technologies, Inc. (b) | 6,250 | 2,142,125 | ||||||
3,667,925 | ||||||||
Specialty Retail - 7.27% | ||||||||
Floor & Decor Holdings, Inc. (b) | 31,000 | 2,313,530 | ||||||
Tractor Supply Co. | 19,500 | 4,413,045 | ||||||
6,726,575 | ||||||||
Trading Companies & Distributors - 2.83% | ||||||||
Fastenal Co. | 50,800 | 2,616,708 | ||||||
TOTAL COMMON STOCKS (Cost $49,346,162) | 92,513,872 | |||||||
MONEY MARKET FUNDS - 0.00% | ||||||||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.612% (c) | 304 | 304 | ||||||
TOTAL MONEY MARKET FUNDS (Cost $304) | 304 | |||||||
Total Investments (Cost $49,346,466) - 100.00% | 92,514,176 | |||||||
Liabilities in Excess of Other Assets - 0.00% | (1,429 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 92,512,747 |
(a) | Foreign issued security. | |||
(b) | Non-income producing security. | |||
(c) | Seven day yield as of November 30, 2022. |
The Schedule of Investments incorporates the Global Industry Classification Standard (GICS®). 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. |
Significant Accounting Policies | |||||||
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of these | |||||||
schedules of investments. These policies are in conformity with generally accepted accounting principles in the United States of | |||||||
America (“GAAP”). | |||||||
Investment Valuation | |||||||
Each security owned by the Funds 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. Debt securities are valued at the mean between the bid and ask prices provided by an approved independent | |||||||
pricing service. Forward currency contracts are valued at the mean between the bid and asked prices by approved pricing service. | |||||||
Commodities futures contracts and options thereon traded on commodities exchange or board of trade are valued at the last sale price | |||||||
at the close of trading. Rights and warrants are valued at the last sale price at the close of the exchange on which the security is | |||||||
primarily traded. | |||||||
If the 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 security is traded. Portfolio securities listed on the NASDAQ Stock Market, Inc. (“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 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 a pricing service. | |||||||
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 market value. The intended effect of using fair value pricing procedures is to ensure that the Funds are | |||||||
accurately priced. The Board of Trustees will regularly evaluate whether the Funds' fair value pricing procedures continue to be | |||||||
appropriate in light of the specific circumstances of the Funds and the quality of prices obtained through the application of such | |||||||
procedures by the Trust's valuation committee. | |||||||
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 New York Stock Exchange (“NYSE”), generally 4:00 p.m. Eastern 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 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 know 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 method until maturity. | |||||||
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. | |||||||
FASB Accounting Standards Codification, "Fair Value Measurement" 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 | |||||||
disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of | |||||||
valuation levels for major security types. Fair Value Measurements requires the Funds to classify their securities based on 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 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 risk associated with investing in those securities. The | |||||||
following is a summary of the inputs used to value the Funds' investments carried at fair value as of November 30, 2022: |
Bright Rock Mid Cap Growth Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Equity | ||||||||||||||||
Common Stocks* | $ | 92,513,872 | $ | - | $ | - | $ | 92,513,872 | ||||||||
Money Market Funds | 304 | - | - | 304 | ||||||||||||
Total Investments in Securities | $ | 92,514,176 | $ | - | $ | - | $ | 92,514,176 | ||||||||
* For further breakdown of common stocks by industry type, please refer to the Schedule of Investments. | ||||||||||||||||
The Funds did not hold financial derivative instruments during the period presented. | ||||||||||||||||