Bright Rock Quality Large Cap Fund | ||||||||
Schedule of Investments | ||||||||
November 30, 2022 (Unaudited) | ||||||||
Shares | Value | |||||||
COMMON STOCKS - 87.88% | ||||||||
Banks - 4.75% | ||||||||
JPMorgan Chase & Co. | 110,000 | $ | 15,199,800 | |||||
Beverages - 3.48% | ||||||||
PepsiCo, Inc. | 60,000 | 11,130,600 | ||||||
Capital Markets - 5.24% | ||||||||
BlackRock, Inc. | 10,500 | 7,518,000 | ||||||
Moody's Corp. | 11,000 | 3,280,970 | ||||||
T. Price Rowe Group, Inc. | 48,000 | 5,995,680 | ||||||
16,794,650 | ||||||||
Chemicals - 3.06% | ||||||||
Ecolab, Inc. | 20,500 | 3,071,515 | ||||||
Linde PLC (a) | 20,000 | 6,729,600 | ||||||
9,801,115 | ||||||||
Commercial Services & Supplies - 2.20% | ||||||||
Copart, Inc. (b) | 106,000 | 7,055,360 | ||||||
Consumer Finance - 1.97% | ||||||||
American Express Co. | 40,000 | 6,303,600 | ||||||
Diversified Financial Services - 3.98% | ||||||||
Berkshire Hathaway, Inc. (b) | 40,000 | 12,744,000 | ||||||
Diversified Telecommunication - 1.20% | ||||||||
Verizon Communications, Inc. | 99,000 | 3,859,020 | ||||||
Electric Utilities - 1.06% | ||||||||
NextEra Energy, Inc. | 40,000 | 3,388,000 | ||||||
Food & Staples Retailing - 2.52% | ||||||||
Walmart, Inc. | 53,000 | 8,078,260 | ||||||
Health Care Providers & Services - 4.28% | ||||||||
UnitedHealth Group, Inc. | 25,000 | 13,694,000 | ||||||
Health Care Technology - 1.60% | ||||||||
Veeva Systems, Inc. (b) | 27,000 | 5,139,720 | ||||||
Household Products - 1.79% | ||||||||
Colgate-Palmolive Co. | 74,000 | 5,733,520 | ||||||
Insurance - 2.19% | ||||||||
Chubb Ltd. (a) | 32,000 | 7,026,880 | ||||||
Interactive Media & Services - 5.42% | ||||||||
Alphabet, Inc. - Class A (b) | 90,000 | 9,089,100 | ||||||
Meta Platforms, Inc. (b) | 70,000 | 8,267,000 | ||||||
17,356,100 | ||||||||
IT Services - 7.73% | ||||||||
Automatic Data Processing, Inc. | 33,000 | 8,716,620 | ||||||
Mastercard, Inc. - Class A | 45,000 | 16,038,000 | ||||||
24,754,620 | ||||||||
Life Sciences Tools & Services - 6.71% | ||||||||
Danaher Corp. | 42,000 | 11,483,220 | ||||||
Thermo Fisher Scientific, Inc. | 9,500 | 5,322,090 | ||||||
West Pharmaceutical Services, Inc. | 20,000 | 4,693,200 | ||||||
21,498,510 | ||||||||
Machinery - 2.25% | ||||||||
The Toro Co. | 65,000 | 7,214,350 | ||||||
Multi-Utilities - 2.34% | ||||||||
Sempra Energy | 45,000 | 7,478,550 | ||||||
Oil, Gas & Consumable Fuels - 0.89% | ||||||||
EOG Resources, Inc. | 20,000 | 2,838,600 | ||||||
Pharmaceuticals - 3.85% | ||||||||
Merck & Co, Inc. | 112,000 | 12,333,440 | ||||||
Road & Rail - 2.27% | ||||||||
Union Pacific Corp. | 33,500 | 7,283,905 | ||||||
Semiconductors & Semiconductor - 2.25% | ||||||||
Texas Instruments, Inc. | 40,000 | 7,218,400 | ||||||
Software - 5.26% | ||||||||
Microsoft Corp. | 66,000 | 16,839,240 | ||||||
Specialty Retail - 7.47% | ||||||||
O'Reilly Automotive, Inc. (b) | 8,500 | 7,348,590 | ||||||
The Home Depot, Inc. | 30,000 | 9,719,700 | ||||||
The TJX Companies, Inc. | 85,547 | 6,848,038 | ||||||
23,916,328 | ||||||||
Technology Hardware, Storage & Peripherals - 0.92% | ||||||||
Apple, Inc. | 20,000 | 2,960,600 | ||||||
Textiles, Apparel & Luxury Goods - 1.20% | ||||||||
NIKE, Inc. - Class B | 35,000 | 3,839,150 | ||||||
TOTAL COMMON STOCKS (Cost $195,819,608) | 281,480,318 | |||||||
EXCHANGE TRADED FUNDS - 11.87% | ||||||||
Industrial Select Sector SPDR Fund | 45,224 | 4,600,185 | ||||||
Invesco KBW Bank ETF | 40,000 | 2,239,200 | ||||||
iShares U.S. Energy ETF | 300,000 | 14,721,000 | ||||||
Technology Select Sector SPDR Fund | 80,000 | 10,876,800 | ||||||
Vanguard InformationTechnology ETF | 16,000 | 5,567,040 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $22,639,172) | 38,004,225 | |||||||
MONEY MARKET FUNDS - 0.40% | ||||||||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.612% (c) | 1,286,024 | 1,286,024 | ||||||
TOTAL MONEY MARKET FUNDS (Cost $1,286,024) | 1,286,024 | |||||||
Total Investments (Cost $219,744,804) - 100.15% | 320,770,567 | |||||||
Liabilities in Excess of Other Assets - (0.15%) | (466,151 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 320,304,416 |
(a) | Foreign issued security. | |||
(b) | Non-income producing security. | |||
(c) | Variable rate security; the rate shown represents the rate as of November 30, 2022. | |||
Abbreviations: | ||||
PLC | Public Limited Company. | |||
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 Quality Large Cap Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Equity | ||||||||||||||||
Common Stocks* | $ | 281,480,318 | $ | - | $ | - | $ | 281,480,318 | ||||||||
Exchange Traded Funds | 38,004,225 | - | - | 38,004,225 | ||||||||||||
Money Market Funds | 1,286,024 | - | - | 1,286,024 | ||||||||||||
Total Investments in Securities | $ | 320,770,567 | $ | - | $ | - | $ | 320,770,567 | ||||||||
* 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. | ||||||||||||||||