1
Bright
Rock
Quality
Large
Cap
Fund
Schedule
of
Investments
May
31,
2023
(Unaudited)
Shares
Value
COMMON
STOCKS
—
91.64%
Banks
—
3.63%
JPMorgan
Chase
&
Co.
..................................
85,000
$
11,535,350
Beverages
—
3.45%
PepsiCo,
Inc.
.........................................
60,000
10,941,000
Capital
Markets
—
3.41%
BlackRock,
Inc.
........................................
5,500
3,616,525
S&P
Global,
Inc.
.......................................
8,500
3,123,155
T
Rowe
Price
Group,
Inc.
................................
38,000
4,072,080
10,811,760
Chemicals
—
3.30%
Ecolab,
Inc.
...........................................
20,500
3,383,525
Linde
PLC
............................................
20,000
7,073,200
10,456,725
Commercial
Services
&
Supplies
—
1
.54%
Copart,
Inc.
(a)
........................................
56,000
4,905,040
Consumer
Staples
Distribution
&
Retail
—
2.45%
Walmart,
Inc.
.........................................
53,000
7,784,110
Diversified
Telecommunication
Services
—
1.68%
Verizon
Communications,
Inc.
.............................
150,000
5,344,500
Electric
Utilities
—
0.93%
NextEra
Energy,
Inc.
....................................
40,000
2,938,400
Financial
Services
—
9.57%
Berkshire
Hathaway,
Inc.
(a)
..............................
40,000
12,843,200
Mastercard,
Inc.
.......................................
45,000
16,425,900
Visa,
Inc.
............................................
5,000
1,105,150
30,374,250
Ground
Transportation
—
2.03%
Union
Pacific
Corp.
.....................................
33,500
6,449,420
Health
Care
Providers
&
Services
—
3.84%
UnitedHealth
Group,
Inc.
.................................
25,000
12,181,000
Health
Care
Technology
—
1.41%
Veeva
Systems,
Inc.
(a)
..................................
27,000
4,473,900
Household
Products
—
1.73%
Colgate-Palmolive
Co.
...................................
74,000
5,504,120
2
Bright
Rock
Quality
Large
Cap
Fund
Schedule
of
Investments
(Continued)
May
31,
2023
(Unaudited)
Shares
Value
COMMON
STOCKS
—
91.64%
(Continued)
Insurance
—
1.87%
Chubb
Ltd.
...........................................
32,000
$
5,945,600
Interactive
Media
&
Services
—
9.63%
Alphabet,
Inc.
(a)
......................................
180,000
22,116,600
Meta
Platforms,
Inc.
(a)
..................................
32,000
8,471,040
30,587,640
IT
Services
—
2.70%
Accenture
PLC
........................................
28,000
8,565,760
Life
Sciences
Tools
&
Services
—
5.72%
Danaher
Corp.
........................................
42,000
9,644,040
Thermo
Fisher
Scientific,
Inc.
.............................
9,500
4,830,370
West
Pharmaceutical
Services,
Inc.
.........................
11,000
3,680,930
18,155,340
Machinery
—
2.00%
Toro
Co.
.............................................
65,000
6,358,950
Multi-Utilities
—
1.67%
Sempra
Energy
........................................
37,000
5,310,610
Oil,
Gas
&
Consumable
Fuels
—
1
.58%
EOG
Resources,
Inc.
...................................
20,000
2,145,800
Exxon
Mobil
Corp.
......................................
28,000
2,861,040
5,006,840
Pharmaceuticals
—
3.89%
Merck
&
Co.,
Inc.
......................................
112,000
12,365,920
Professional
Services
—
2.17%
Automatic
Data
Processing,
Inc.
...........................
33,000
6,896,670
Semiconductors
&
Semiconductor
Equipment
—
2.19%
Texas
Instruments,
Inc.
..................................
40,000
6,955,200
Software
—
10.02%
Intuit,
Inc.
............................................
15,000
6,286,800
Microsoft
Corp.
........................................
66,000
21,673,740
Roper
Technologies,
Inc.
.................................
8,500
3,860,870
31,821,410
Specialty
Retail
—
5.01%
Home
Depot,
Inc.
......................................
33,000
9,353,850
TJX
Cos.,
Inc.
.........................................
85,547
6,569,154
15,923,004
3
Bright
Rock
Quality
Large
Cap
Fund
Schedule
of
Investments
(Continued)
May
31,
2023
(Unaudited)
The
Global
Industry
Classification
Standard
(GICS
®
)
was
developed
by
and/or
is
the
exclusive
property
of
MSCI,
Inc.
(“MSCI”)
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.
Shares
Value
COMMON
STOCKS
—
91.64%
(Continued)
Technology
Hardware,
Storage
&
Peripherals
—
2.79%
Apple,
Inc.
...........................................
50,000
$
8,862,500
Textiles,
Apparel
&
Luxury
Goods
—
1.43%
NIKE,
Inc.
-
Class
B
....................................
43,000
4,526,180
TOTAL
COMMON
STOCKS
(Cost
$205,262,660)
..............
290,981,199
EXCHANGE
TRADED
FUNDS
—
7.95%
iShares
U.S.
Energy
ETF
.................................
300,000
12,117,000
Technology
Select
Sector
SPDR
Fund
.......................
80,000
13,142,400
TOTAL
EXCHANGE
TRADED
FUNDS
(Cost
$11,836,094)
.......
25,259,400
MONEY
MARKET
FUNDS
—
0.37%
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio,
Institutional
Class,
4.999%
(b)
.............................
1,190,781
1,190,781
TOTAL
MONEY
MARKET
FUNDS
(Cost
$1,190,781)
...........
1,190,781
Total
Investments
(Cost
$218,289,535)
—
99.96%
317,431,380
Other
Assets
in
Excess
of
Liabilities
—
0.04%
................
121,280
TOTAL
NET
ASSETS
—
100.00%
.........................
$
317,552,660
Percentages
are
stated
as
a
percent
of
net
assets.
PLC
Public
Limited
Company
SPDR
Standard
&
Poor's
Depositary
Receipt
(a)
Non-income
producing
security.
(b)
The
rate
shown
represents
the
seven-day
yield
as
of
May
31,
2023.
4
Bright
Rock
Quality
Large
Cap
Fund
Notes
to
Schedule
of
Investments
May
31,
2023
(Unaudited)
Investment
Valuation
Each
equity
security
owned
by the
Fund
that
is
listed
on
a
securities
exchange,
except
for
securities
listed
on
the
NASDAQ
Stock
Market
LLC
(“NASDAQ”),
is
valued
at
its
last
sale
price
at
the
close
of
that
exchange
on
the
date
as
of
which
assets
are
valued.
If
a
security
is
listed
on
more
than
one
exchange,
the
Fund
will
use
the
price
on
the
exchange
that
the
Fund
generally
considers
to
be
the
principal
exchange
on
which
the
security
is
traded.
Fund
securities,
including
common
stocks,
preferred
stocks
and
exchange
traded
funds,
listed
on
NASDAQ
will
be
valued
at
the
NASDAQ
Official
Closing
Price,
which
may
not
necessarily
represent
the
last
sale
price.
If,
on
a
particular
day,
an
exchange-listed
or
NASDAQ
security
does
not
trade,
then:
(i)
the
security
is
valued
at
the
mean
between
the
most
recent
quoted
bid
and
asked
prices
at
the
close
of
the
exchange
on
such
day;
or
(ii)
the
security
is
valued
at
the
latest
sales
price
on
the
Composite
Market
for
the
day
such
security
is
being
valued.
“Composite
Market”
means
a
consolidation
of
the
trade
information
provided
by
national
securities
and
foreign
exchanges
and
the
over-the-counter
markets
as
published
by
an
approved
independent
pricing
service
(“Pricing
Service”).
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,
including
money
market
mutual
funds,
are
valued
at
the
NAVs
of
such
companies
for
purchase
and/
or
redemption
orders
placed
on
that
day.
If,
on
a
particular
day,
a
share
of
an
investment
company
is
not
listed
on
NASDAQ,
such
security’s
fair
value
will
be
determined.
When
market
quotations
are
not
readily
available,
any
security
or
other
financial
instrument
is
valued
at
its
fair
value
in
accordancewith
Rule
2a-5
of
the
1940
Act as
determined
under
procedures,
subject
to
oversight by
the
Trust’s
Board
of
Trustees.
These
fair
value
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
Fund
is accurately
priced.
The Adviser
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.
The
Trust has
adopted
Statement
of
Financial
Accounting
Standards,
“Fair
Value
Measurements
and
Disclosures,”
which
requires the
Fund
to
classify
its
securities
based
on
a
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
a
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
May
31,
2023:
5
Bright
Rock
Quality
Large
Cap
Fund
Notes
to
Schedule
of
Investments
(Continued)
May
31,
2023
(Unaudited)
Bright
Rock
Quality
Large
Cap
Fund
Level
1
Level
2
Level
3
Total
Assets
(1)
:
Equities:
Common
Stock
$
290,981,199
$
–
$
–
$
290,981,199
Total
Equity
Securities
290,981,199
–
–
290,981,199
Investment
Company:
Exchange
Traded
Funds
25,259,400
–
–
25,259,400
Total
Investment
Company
25,259,400
–
–
25,259,400
Money
Market
Funds
1,190,781
–
–
1,190,781
Total
Investments
in
Securities
$
317,431,380
$
–
$
–
$
317,431,380
(1)
See
the
Schedule
of
Investments
for
industry
classifications.