Bright Rock Mid Cap Growth Fund
|
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Schedule of Investments
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||||||||
November 30, 2022 (Unaudited)
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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
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||||||
4,959,125
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||||||||
Energy Equipment & Services - 1.18%
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||||||||
Cactus, Inc.
|
20,000
|
1,087,800
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||||||
Food Products - 5.08%
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||||||||
The Hershey Co.
|
20,000
|
4,703,400
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||||||
Health Care Equipment & Supplies - 9.17%
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||||||||
Edwards Lifesciences Corp. (b)
|
25,000
|
1,931,250
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||||||
IDEXX Laboratories, Inc. (b)
|
7,000
|
2,981,090
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||||||
ResMed, Inc.
|
15,500
|
3,568,100
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||||||
8,480,440
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||||||||
Hotels, Restaurants & Leisure - 3.14%
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||||||||
Chipotle Mexican Grill, Inc. (b)
|
600
|
976,176
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||||||
Yum! Brands, Inc.
|
15,000
|
1,929,900
|
||||||
2,906,076
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||||||||
Insurance - 1.93%
|
||||||||
Brown & Brown, Inc.
|
30,000
|
1,787,700
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||||||
IT Services - 7.10%
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||||||||
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%
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||||||||
Repligen Corp. (b)
|
9,000
|
1,609,560
|
||||||
West Pharmaceutical Services, Inc.
|
5,000
|
1,173,300
|
||||||
2,782,860
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||||||||
Media - 0.98%
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||||||||
Liberty Broadband Corp. (b)
|
10,000
|
902,000
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||||||
Multiline Retail - 1.38%
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||||||||
Dollar General Corp.
|
5,000
|
1,278,400
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Oil, Gas & Consumable Fuels - 5.41%
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||||||||
ONEOK, Inc.
|
74,850
|
5,008,962
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||||||
Road & Rail - 2.09%
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||||||||
JB Hunt Transport Services, Inc.
|
10,500
|
1,930,845
|
||||||
Semiconductors & Semiconductor Equipment - 5.20%
|
||||||||
Analog Devices, Inc.
|
15,800
|
2,716,178
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||||||
SolarEdge Technologies, Inc. (b)
|
7,000
|
2,092,020
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||||||
4,808,198
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||||||||
Software - 3.96%
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||||||||
ANSYS, Inc. (b)
|
6,000
|
1,525,800
|
||||||
Tyler Technologies, Inc. (b)
|
6,250
|
2,142,125
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||||||
3,667,925
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||||||||
Specialty Retail - 7.27%
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||||||||
Floor & Decor Holdings, Inc. (b)
|
31,000
|
2,313,530
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||||||
Tractor Supply Co.
|
19,500
|
4,413,045
|
||||||
6,726,575
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||||||||
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%
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||||||||
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
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|||||||
Liabilities in Excess of Other Assets - 0.00%
|
(1,429
|
)
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TOTAL NET ASSETS - 100.00%
|
$
|
92,512,747
|
(a)
|
Foreign issued security.
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(b)
|
Non-income producing security.
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|||
(c)
|
Seven day yield as of November 30, 2022.
|
The Schedule of Investments incorporates the Global Industry Classification Standard (GICS®). GICS was developed
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by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a
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service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
|
Significant Accounting Policies
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The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of these
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schedules of investments. These policies are in conformity with generally accepted accounting principles in the United States of
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America (“GAAP”).
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Investment Valuation
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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
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of which assets are valued. Debt securities are valued at the mean between the bid and ask prices provided by an approved independent
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pricing service. Forward currency contracts are valued at the mean between the bid and asked prices by approved pricing service.
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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
|
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primarily traded.
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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
|
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the principal exchange on which the security is traded. Portfolio securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)
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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
|
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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
|
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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
|
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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.
|
||||||||||||||||