NPORT-EX 2 midcap.htm
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.