1
Bright
Rock
Quality
Large
Cap
Fund
Schedule
of
Investments
November
30,
2023
(Unaudited)
Shares
Value
COMMON
STOCKS
—
91
.05
%
Banks
—
3
.75
%
JPMorgan
Chase
&
Co.
85,000
$
13,266,800
Beverages
—
2
.14
%
PepsiCo,
Inc.
45,000
7,573,050
Capital
Markets
—
2
.17
%
BlackRock,
Inc.
5,500
4,131,765
S&P
Global,
Inc.
8,500
3,534,555
7,666,320
Chemicals
—
3
.45
%
Ecolab,
Inc.
20,500
3,930,465
Linde
PLC
20,000
8,275,400
12,205,865
Commercial
Services
&
Supplies
—
1
.59
%
Copart,
Inc.
(a)
112,000
5,624,640
Consumer
Staples
Distribution
&
Retail
—
2
.33
%
Walmart,
Inc.
53,000
8,251,570
Diversified
Telecommunication
Services
—
1
.84
%
Verizon
Communications,
Inc.
170,000
6,516,100
Electric
Utilities
—
1
.08
%
NextEra
Energy,
Inc.
65,000
3,803,150
Electronic
Equipment,
Instruments
&
Components
—
1
.29
%
Amphenol
Corp.
-
Class
A
50,000
4,549,500
Financial
Services
—
10
.66
%
Berkshire
Hathaway,
Inc.
-
Class
B
(a)
40,000
14,400,000
Mastercard,
Inc.
-
Class
A
45,000
18,622,350
Visa,
Inc.
-
Class
A
18,250
4,684,410
37,706,760
Ground
Transportation
—
2
.13
%
Union
Pacific
Corp.
33,500
7,546,545
Health
Care
Providers
&
Services
—
3
.91
%
UnitedHealth
Group,
Inc.
25,000
13,824,250
Health
Care
Technology
—
1
.33
%
Veeva
Systems,
Inc.
-
Class
A
(a)
27,000
4,706,370
Household
Products
—
2
.76
%
2
Bright
Rock
Quality
Large
Cap
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Shares
Value
COMMON
STOCKS
—
91.05%
(Continued)
Household
Products
—
2.76%
(Continued)
Colgate-Palmolive
Co.
124,000
$
9,767,480
Insurance
—
3
.57
%
Chubb
Ltd.
55,000
12,618,650
Interactive
Media
&
Services
—
8
.95
%
Alphabet,
Inc.
-
Class
A
(a)
160,000
21,204,800
Meta
Platforms,
Inc.
-
Class
A
(a)
32,000
10,468,800
31,673,600
IT
Services
—
2
.63
%
Accenture
PLC
-
Class
A
28,000
9,327,920
Life
Sciences
Tools
&
Services
—
3
.41
%
Thermo
Fisher
Scientific,
Inc.
9,500
4,709,720
West
Pharmaceutical
Services,
Inc.
21,000
7,365,960
12,075,680
Machinery
—
1
.52
%
Toro
Co.
65,000
5,395,000
Multi-Utilities
—
1
.94
%
Sempra
Energy
94,000
6,849,780
Oil,
Gas
&
Consumable
Fuels
—
1
.51
%
EOG
Resources,
Inc.
20,000
2,461,400
Exxon
Mobil
Corp.
28,000
2,876,720
5,338,120
Pharmaceuticals
—
4
.45
%
Johnson
&
Johnson
27,500
4,253,150
Merck
&
Co.,
Inc.
112,000
11,477,760
15,730,910
Professional
Services
—
2
.79
%
Automatic
Data
Processing,
Inc.
43,000
9,886,560
Software
—
10
.78
%
Intuit,
Inc.
15,000
8,571,900
Microsoft
66,000
25,008,060
Roper
Technologies,
Inc.
8,500
4,575,125
38,155,085
Specialty
Retail
—
5
.05
%
Home
Depot,
Inc.
33,000
10,345,170
TJX
Cos.,
Inc.
85,547
7,537,546
17,882,716
Technology
Hardware,
Storage
&
Peripherals
—
2
.68
%
3
Bright
Rock
Quality
Large
Cap
Fund
Schedule
of
Investments
(Continued)
November
30,
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
—
91.05%
(Continued)
Technology
Hardware,
Storage
&
Peripherals
—
2.68%
(Continued)
Apple,
Inc.
50,000
$
9,497,500
Textiles,
Apparel
&
Luxury
Goods
—
1
.34
%
NIKE,
Inc.
-
Class
B
43,000
4,741,610
TOTAL
COMMON
STOCKS
(Cost
$210,049,556)
322,181,531
EXCHANGE
TRADED
FUNDS
—
7
.96
%
iShares
U.S.
Energy
ETF
300,000
13,332,000
Technology
Select
Sector
SPDR
Fund
80,000
14,812,800
TOTAL
EXCHANGE
TRADED
FUNDS
(Cost
$11,836,093)
28,144,800
MONEY
MARKET
FUNDS
—
0
.90
%
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio,
Institutional
Class,
5.267%
(b)
3,177,851
3,177,851
TOTAL
MONEY
MARKET
FUNDS
(Cost
$3,177,851)
3,177,851
Total
Investments
(Cost
$225,063,500)
—
99.91%
$
353,504,182
Other
Assets
in
Excess
of
Liabilities
—
0.09%
327,219
TOTAL
NET
ASSETS
—
100.00%
$
353,831,401
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
November
30,
2023.
4
Bright
Rock
Quality
Large
Cap
Fund
Notes
to
Schedule
of
Investments
November
30,
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
listed
on
NASDAQ
will
be
valued
at
the
NASDAQ
Official
Closing
Price
(“NOCP”),
which
may
not
necessarily
represent
the
last
sale
price.
If
the
NOCP
is
not
available,
such
securities
shall
be
valued
at
the
last
sale
price
on
the
day
of
valuation.
If
there
has
been
no
sale
on
such
exchange
or
on
NASDAQ
on
such
day,
the
security
is
valued
at
(i)
the
mean
between
the
most
recent
quoted
bid
and
asked
prices
at
the
close
of
the
exchange
on
such
day
or
(ii)
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
over-the
counter
markets
as
published
by
a
pricing
service.
If
market
quotations
are
not
readily
available,
any
security
or
other
asset
will
be
valued
at
its
fair
value
in
accordance
with
Rule
2a-5
of
the
1940
Act
as
determined
under
the
Adviser's
fair
value
procedures,
subject
to
oversight
by
the
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
their
application
of
such
procedures.
In
the
case
of
foreign
securities,
the
occurrence
of
certain
events
after
the
close
of
foreign
markets,
but
prior
to
the
time
the
Fund’s
net
asset
value
(“NAV”)
is
calculated
(such
as
a
significant
surge
or
decline
in
the
U.S.
or
other
markets)
often
will
result
in
an
adjustment
to
the
trading
prices
of
foreign
securities
when
foreign
markets
open
on
the
following
business
day.
If
such
events
occur,
the
Fund
will
value
foreign
securities
at
fair
value,
taking
into
account
such
events,
in
calculating
the
NAV.
In
such
cases,
use
of
fair
valuation
can
reduce
an
investor’s
ability
to
seek
to
profit
by
estimating
the
Fund's
NAV
in
advance
of
the
time
the
NAV
is
calculated.
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.
Money
market
mutual
funds
are
valued
at
cost.
If
cost
does
not
represent
current
market
value
the
securities
will
be
priced
at
fair
value.
5
Bright
Rock
Quality
Large
Cap
Fund
Notes
to
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
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
November
30,
2023:
Bright
Rock
Quality
Large
Cap
Fund
Level
1
Level
2
Level
3
Total
Assets
(1)
:
Equities:
Common
Stocks
$
322,181,531
$
–
$
–
$
322,181,531
Total
Equity
Securities
322,181,531
–
–
322,181,531
Investment
Company:
Exchange
Traded
Funds
28,144,800
–
–
28,144,800
Total
Investment
Company
28,144,800
–
–
28,144,800
Money
Market
Funds
3,177,851
–
–
3,177,851
Total
Investments
in
Securities
$
353,504,182
$
–
$
–
$
353,504,182
(1)
See
the
Schedule
of
Investments
for
industry
classifications.