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Form NPORT-P TRUST FOR PROFESSIONAL For: May 31

June 22, 2021 12:22 PM EDT

  
    NPORT-P
    false
    
      
      
        
          0001141819
          XXXXXXXX
        
      
      
      
      
        S000029036
        C000089152
      
      
      
    
  
  
    
      Trust for Professional Managers
      811-10401
      0001141819
      549300O1N816L3GGRD45
      615 East Michigan Street
      Milwaukee
      
      53202
      513-629-8104
      Bright Rock Quality Large Cap Fund
      S000029036
      254900A6D31S83TSJT86
      2022-02-28
      2021-05-31
      N
    
    
      327510248.770000000000
      315775.010000000000
      327194473.760000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      N
      
        
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Thermo Fisher Scientific Inc
        HCHV7422L5HDJZCRFL38
        Thermo Fisher Scientific Inc
        883556102
        
          
          
        
        9500.000000000000
        NS
        USD
        4460250.000000000000
        1.3631801139
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        3M Co
        LUZQVYP4VS22CLWDAR65
        3M Co
        88579Y101
        
          
          
        
        38000.000000000000
        NS
        USD
        7715520.000000000000
        2.3580838366
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Union Pacific Corp
        549300LMMRSZZCZ8CL11
        Union Pacific Corp
        907818108
        
          
          
        
        33500.000000000000
        NS
        USD
        7528455.000000000000
        2.3009114162
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UnitedHealth Group Inc
        549300GHBMY8T5GXDE41
        UnitedHealth Group Inc
        91324P102
        
          
          
        
        24938.000000000000
        NS
        USD
        10272460.960000000000
        3.1395582089
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VanEck Vectors Oil Services ET
        549300WSDUDKDJCJOV22
        VanEck Vectors Oil Services ETF
        92189H607
        
          
          
        
        40000.000000000000
        NS
        USD
        8515200.000000000000
        2.6024889425
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Verizon Communications Inc
        2S72QS2UO2OESLG6Y829
        Verizon Communications Inc
        92343V104
        
          
          
        
        99000.000000000000
        NS
        USD
        5592510.000000000000
        1.7092311908
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Visa Inc
        549300JZ4OKEHW3DPJ59
        Visa Inc
        92826C839
        
          
          
        
        5000.000000000000
        NS
        USD
        1136500.000000000000
        0.3473469423
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Walmart Inc
        Y87794H0US1R65VBXU25
        Walmart Inc
        931142103
        
          
          
        
        53000.000000000000
        NS
        USD
        7527590.000000000000
        2.3006470475
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Linde PLC
        8945002PAZHZLBGKGF02
        Linde PLC
        G5494J103
        
          
          
        
        37000.000000000000
        NS
        USD
        11122200.000000000000
        3.3992627908
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        PepsiCo Inc
        FJSUNZKFNQ5YPJ5OT455
        PepsiCo Inc
        713448108
        
          
          
        
        60000.000000000000
        NS
        USD
        8876400.000000000000
        2.7128820050
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        T Rowe Price Group Inc
        549300SIV6FPS9Y7IH33
        T Rowe Price Group Inc
        74144T108
        
          
          
        
        43000.000000000000
        NS
        USD
        8228050.000000000000
        2.5147276803
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Scotts Miracle-Gro Co/The
        2TH9E0JTOUXOEGI2R879
        Scotts Miracle-Gro Co/The
        810186106
        
          
          
        
        34641.000000000000
        NS
        USD
        7529914.170000000000
        2.3013573804
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Energy Select Sector SPDR Fund
        54930064FLK0RD4TRU75
        Energy Select Sector SPDR Fund
        81369Y506
        
          
          
        
        250000.000000000000
        NS
        USD
        13052500.000000000000
        3.9892177426
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Technology Select Sector SPDR
        549300BR5T0JNM2MW070
        Technology Select Sector SPDR Fund
        81369Y803
        
          
          
        
        55000.000000000000
        NS
        USD
        7612000.000000000000
        2.3264451604
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sempra Energy
        PBBKGKLRK5S5C0Y4T545
        Sempra Energy
        816851109
        
          
          
        
        55000.000000000000
        NS
        USD
        7451950.000000000000
        2.2775292976
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sherwin-Williams Co/The
        Z15BMIOX8DDH0X2OBP21
        Sherwin-Williams Co/The
        824348106
        
          
          
        
        30000.000000000000
        NS
        USD
        8505900.000000000000
        2.5996465962
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Starbucks Corp
        OQSJ1DU9TAOC51A47K68
        Starbucks Corp
        855244109
        
          
          
        
        69000.000000000000
        NS
        USD
        7857720.000000000000
        2.4015442283
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TJX Cos Inc/The
        V167QI9I69W364E2DY52
        TJX Cos Inc/The
        872540109
        
          
          
        
        70547.000000000000
        NS
        USD
        4764744.380000000000
        1.4562423152
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alphabet Inc
        5493006MHB84DD0ZWV18
        Alphabet Inc
        02079K305
        
          
          
        
        5900.000000000000
        NS
        USD
        13905415.000000000000
        4.2498929888
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Automatic Data Processing Inc
        HGBOLILQXWER4SAL2I23
        Automatic Data Processing Inc
        053015103
        
          
          
        
        33000.000000000000
        NS
        USD
        6468660.000000000000
        1.9770077183
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Berkshire Hathaway Inc
        5493000C01ZX7D35SD85
        Berkshire Hathaway Inc
        084670702
        
          
          
        
        15000.000000000000
        NS
        USD
        4341600.000000000000
        1.3269172765
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BlackRock Inc
        549300LRIF3NWCU26A80
        BlackRock Inc
        09247X101
        
          
          
        
        5500.000000000000
        NS
        USD
        4823720.000000000000
        1.4742669534
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cerner Corp
        549300L4UJ40IEVVI304
        Cerner Corp
        156782104
        
          
          
        
        74000.000000000000
        NS
        USD
        5790500.000000000000
        1.7697426040
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Colgate-Palmolive Co
        YMEGZFW4SBUSS5BQXF88
        Colgate-Palmolive Co
        194162103
        
          
          
        
        74000.000000000000
        NS
        USD
        6199720.000000000000
        1.8948119535
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Copart Inc
        549300KVYX3JWMYEHU61
        Copart Inc
        217204106
        
          
          
        
        53000.000000000000
        NS
        USD
        6837530.000000000000
        2.0897449524
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EOG Resources Inc
        XWTZDRYZPBUHIQBKDB46
        EOG Resources Inc
        26875P101
        
          
          
        
        60000.000000000000
        NS
        USD
        4820400.000000000000
        1.4732522663
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ecolab Inc
        82DYEISM090VG8LTLS26
        Ecolab Inc
        278865100
        
          
          
        
        28500.000000000000
        NS
        USD
        6129780.000000000000
        1.8734362869
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Essential Utilities Inc
        549300ILTEOF3E3QY357
        Essential Utilities Inc
        29670G102
        
          
          
        
        111500.000000000000
        NS
        USD
        5329700.000000000000
        1.6289089295
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Evergy Inc
        549300PGTHDQY6PSUI61
        Evergy Inc
        30034W106
        
          
          
        
        90000.000000000000
        NS
        USD
        5579100.000000000000
        1.7051327108
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Facebook Inc
        BQ4BKCS1HXDV9HN80Z93
        Facebook Inc
        30303M102
        
          
          
        
        45000.000000000000
        NS
        USD
        14792850.000000000000
        4.5211185354
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Home Depot Inc/The
        QEKMOTMBBKA8I816DO57
        Home Depot Inc/The
        437076102
        
          
          
        
        30000.000000000000
        NS
        USD
        9567300.000000000000
        2.9240408281
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Invesco KBW Bank ETF
        5493006QRDPX6RZ3LB17
        Invesco KBW Bank ETF
        46138E628
        
          
          
        
        165000.000000000000
        NS
        USD
        11386650.000000000000
        3.4800862830
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        iShares U.S. Energy ETF
        549300GL0EFBIH6RSZ34
        iShares U.S. Energy ETF
        464287796
        
          
          
        
        300000.000000000000
        NS
        USD
        8385000.000000000000
        2.5626960944
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JPMorgan Chase & Co
        8I5DZWZKVSZI1NUHU748
        JPMorgan Chase & Co
        46625H100
        
          
          
        
        60000.000000000000
        NS
        USD
        9854400.000000000000
        3.0117868089
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Johnson & Johnson
        549300G0CFPGEF6X2043
        Johnson & Johnson
        478160104
        
          
          
        
        59500.000000000000
        NS
        USD
        10070375.000000000000
        3.0777949530
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mastercard Inc
        AR5L2ODV9HN37376R084
        Mastercard Inc
        57636Q104
        
          
          
        
        20000.000000000000
        NS
        USD
        7211600.000000000000
        2.2040714555
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        McCormick & Co Inc/MD
        549300JQQA6MQ4OJP259
        McCormick & Co Inc/MD
        579780206
        
          
          
        
        44000.000000000000
        NS
        USD
        3918640.000000000000
        1.1976485895
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Merck & Co Inc
        4YV9Y5M8S0BRK1RP0397
        Merck & Co Inc
        58933Y105
        
          
          
        
        72000.000000000000
        NS
        USD
        5464080.000000000000
        1.6699793053
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Microsoft Corp
        INR2EJN1ERAN0W5ZP974
        Microsoft Corp
        594918104
        
          
          
        
        48000.000000000000
        NS
        USD
        11984640.000000000000
        3.6628491497
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MSILF Government Portfolio
        549300BI6Y5SI6BYPB26
        Morgan Stanley Institutional Liquidity Funds - Government Portfolio
        61747C707
        
          
          
        
        742239.280000000000
        NS
        USD
        742239.280000000000
        0.2268495771
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NextEra Energy Inc
        N/A
        NextEra Energy Inc
        65339F101
        
          
          
        
        120000.000000000000
        NS
        USD
        8786400.000000000000
        2.6853754280
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        O'Reilly Automotive Inc
        549300K2RLMQL149Q332
        O'Reilly Automotive Inc
        67103H107
        
          
          
        
        19500.000000000000
        NS
        USD
        10434840.000000000000
        3.1891858931
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Otis Worldwide Corp
        549300ZLBKR8VSU25153
        Otis Worldwide Corp
        68902V107
        
          
          
        
        82000.000000000000
        NS
        USD
        6423060.000000000000
        1.9630710526
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2021-06-21
      Trust for Professional Managers
      /s/ John Buckel
      John Buckel
      President
    
  
  XXXX



Bright Rock Quality Large Cap Fund
           
Schedule of Investments
     
May 31, 2021 (Unaudited)
 
             
   
Shares
   
Value
 
COMMON STOCKS - 84.77%
           
Banks - 3.01%
           
JPMorgan Chase & Co.
   
60,000
   
$
9,854,400
 
Beverages - 2.71%
               
PepsiCo, Inc.
   
60,000
     
8,876,400
 
Capital Markets - 3.99%
               
BlackRock, Inc.
   
5,500
     
4,823,720
 
T. Price Rowe Group, Inc.
   
43,000
     
8,228,050
 
             
13,051,770
 
Chemicals - 10.18%
               
Ecolab, Inc.
   
28,500
     
6,129,780
 
Linde PLC (a)
   
37,000
     
11,122,200
 
The Scotts Miracle-Gro Co.
   
34,641
     
7,529,914
 
The Sherwin-Williams Co.
   
30,000
     
8,505,900
 
             
33,287,794
 
Commercial Services & Supplies - 2.09%
               
Copart, Inc. (b)
   
53,000
     
6,837,530
 
Diversified Financial Services - 1.33%
               
Berkshire Hathaway, Inc. (b)
   
15,000
     
4,341,600
 
Diversified Telecommunication Services - 1.71%
               
Verizon Communications, Inc.
   
99,000
     
5,592,510
 
Electric Utilities - 4.39%
               
Evergy, Inc.
   
90,000
     
5,579,100
 
NextEra Energy, Inc.
   
120,000
     
8,786,400
 
             
14,365,500
 
Food & Staples Retailing - 2.30%
               
Walmart, Inc.
   
53,000
     
7,527,590
 
Food Products - 1.20%
               
McCormick & Co., Inc.
   
44,000
     
3,918,640
 
Health Care Providers & Services - 3.14%
               
UnitedHealth Group, Inc.
   
24,938
     
10,272,461
 
Health Care Technology - 1.77%
               
Cerner Corp.
   
74,000
     
5,790,500
 
Hotels, Restaurants & Leisure - 2.40%
               
Starbucks Corp.
   
69,000
     
7,857,720
 
Household Products - 1.90%
               
Colgate-Palmolive Co.
   
74,000
     
6,199,720
 
Industrial Conglomerates - 2.36%
               
3M Co.
   
38,000
     
7,715,520
 
Interactive Media & Services - 8.77%
               
Alphabet, Inc. - Class A (b)
   
5,900
     
13,905,415
 
Facebook, Inc. - Class A (b)
   
45,000
     
14,792,850
 
             
28,698,265
 
IT Services - 4.53%
               
Automatic Data Processing, Inc.
   
33,000
     
6,468,660
 
Mastercard, Inc. - Class A
   
20,000
     
7,211,600
 
Visa, Inc.
   
5,000
     
1,136,500
 
             
14,816,760
 
Life Sciences Tools & Services - 1.36%
               
Thermo Fisher Scientific, Inc.
   
9,500
     
4,460,250
 
Machinery - 1.96%
               
Otis Worldwide Corp.
   
82,000
     
6,423,060
 
Multi-Utilities - 2.28%
               
Sempra Energy
   
55,000
     
7,451,950
 
Oil, Gas & Consumable Fuels - 1.47%
               
EOG Resources, Inc.
   
60,000
     
4,820,400
 
Pharmaceuticals - 4.75%
               
Johnson & Johnson
   
59,500
     
10,070,375
 
Merck & Co, Inc.
   
72,000
     
5,464,080
 
             
15,534,455
 
Road & Rail - 2.30%
               
Union Pacific Corp.
   
33,500
     
7,528,455
 
Software - 3.67%
               
Microsoft Corp.
   
48,000
     
11,984,640
 
Specialty Retail - 7.57%
               
O'Reilly Automotive, Inc. (b)
   
19,500
     
10,434,840
 
The Home Depot, Inc.
   
30,000
     
9,567,300
 
The TJX Companies, Inc.
   
70,547
     
4,764,745
 
             
24,766,885
 
Water Utilities - 1.63%
               
Essential Utilities, Inc.
   
111,500
     
5,329,700
 
TOTAL COMMON STOCKS (Cost $152,786,538)
         
$
277,304,475
 
                 
EXCHANGE TRADED FUNDS - 14.96%
               
Energy Select Sector SPDR Fund
   
250,000
   
$
13,052,500
 
Invesco KBW Bank ETF
   
165,000
     
11,386,650
 
iShares U.S. Energy ETF
   
300,000
     
8,385,000
 
Technology Select Sector SPDR Fund
   
55,000
     
7,612,000
 
VanEck Vectors Oil Services ETF
   
40,000
     
8,515,200
 
TOTAL EXCHANGE TRADED FUNDS (Cost $26,587,622)
         
$
48,951,350
 
                 
MONEY MARKET FUNDS - 0.23%
               
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 0.026% (b)
   
742,239
   
$
742,239
 
TOTAL MONEY MARKET FUNDS (Cost $742,239)
         
$
742,239
 
                 
Total Investments (Cost $180,116,399) - 99.96%
           
326,998,064
 
Other Assets in Excess of  Liabiliies - 0.04%
           
134,512
 
TOTAL NET ASSETS - 100.00%
         
$
327,132,576
 

(a)
Foreign issued security.
       
(b)
Non-income producing security.
       
(c)
Seven day yield as of May 31, 2021.
       
           
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. Bank Global 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 May 31, 2020:

Bright Rock Quality Large Cap Fund
 
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Equity
                       
Common Stocks*
 
$
277,304,475
   
$
-
   
$
-
   
$
277,304,475
 
Exchange Traded Funds
   
48,951,350
     
-
     
-
     
48,951,350
 
Money Market Funds
   
742,239
     
-
     
-
     
742,239
 
Total Investments in Securities
 
$
326,998,064
   
$
-
   
$
-
   
$
326,998,064
 
                                 
* 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.
 
   



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