95.12% COMMON STOCKS
3.09% COMMUNICATIONS SERVICES
Millicom International Cellular S.A. (A)
19.76% CONSUMER DISCRETIONARY
Big Lots, Inc.
Perdoceo Education Corp.(A)
Urban Outfitters, Inc.(A)
VOXX International Corp.(A)
Winmark Corp.
WW International, Inc.
7.25% CONSUMER STAPLES
Fresh Del Monte Produce, Inc.
Reynolds Consumer Products, Inc.
6.07% ENERGY
KLX Energy Services Holdings, Inc.(A) Liberty Energy, Inc.
17.90% FINANCIALS
Community Trust Bancorp, Inc.
CVB Financial Corp.
EVERTEC, Inc.
Glacier Bancorp, Inc.
Hancock Whitney Corp.
Westamerica Bancorp.
3.59% HEALTHCARE
NextGen Healthcare, Inc.(A)
22.20% INDUSTRIALS
Commercial Vehicle Group, Inc.(A)
HNI Corp.
Pitney Bowes, Inc.
Steelcase, Inc.
Stericycle, Inc.(A)
Thermon Group Holdings, Inc.(A)
12.21% INFORMATION TECHNOLOGY
DXC Technology Co.(A)
NCR Corp.(A)
The Western Union Co.
3.05% MATERIALS
Compass Minerals International, Inc.
95.12% TOTAL COMMON STOCKS
3.11% PREFERRED STOCKS
Qurate Retail, Inc. Series V, 8.00%
CLIFFORD CAPITAL FOCUSED SMALL CAP VALUE FUND |
|
|
SCHEDULE OF INVESTMENTS |
|
|
June 30, 2023 (unaudited) |
|
|
Shares |
| Fair Value |
22,180 | $ | 338,023 |
30,590 |
| 270,110 |
23,040 |
| 282,701 |
13,640 |
| 451,893 |
27,700 |
| 345,696 |
1,600 |
| 531,952 |
41,590 |
| 279,485 |
|
| 2,161,837 |
14,680 |
| 377,423 |
14,740 |
| 416,405 |
|
| 793,828 |
35,080 |
| 341,328 |
24,200 |
| 323,554 |
|
| 664,882 |
9,770 |
| 347,519 |
30,590 |
| 406,235 |
10,500 |
| 386,715 |
7,060 |
| 220,060 |
6,630 |
| 254,459 |
8,970 |
| 343,551 |
|
| 1,958,539 |
24,200 |
| 392,524 |
41,280 |
| 458,208 |
13,150 |
| 370,567 |
126,420 |
| 447,527 |
31,820 |
| 245,332 |
7,490 |
| 347,836 |
21,070 |
| 560,462 |
|
| 2,429,932 |
16,280 |
| 435,002 |
19,230 |
| 484,596 |
35,510 |
| 416,532 |
|
| 1,336,130 |
9,830 |
| 334,220 |
|
| 10,409,915 |
9,090 |
| 341,057 |
3.11% TOTAL PREFERRED STOCKS | $ | 341,057 |
|
| CLIFFORD CAPITAL FOCUSED SMALL CAP VALUE FUND |
|
|
|
| SCHEDULE OF INVESTMENTS |
|
|
|
| June 30, 2023 (unaudited) |
|
|
|
| Shares |
| Fair Value |
1.50% | MONEY MARKET FUNDS |
|
|
|
| Federated Institutional Prime Obligations Fund |
|
| |
| Institutional Class 5.19%(B) | 163,846 | $ | 163,874 |
99.73% | TOTAL INVESTMENTS |
|
| 10,914,846 |
0.27% | Liabilities in excess of other assets |
|
| 29,221 |
100.00% | NET ASSETS |
| $ | 10,944,067 |
(A)Non-income producing
(B)Effective 7 day yield as of June 30, 2023
In accordance with U.S. GAAP, “fair value” is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of a Fund’s investments. U.S. GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining 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 as of June 30, 2023.
|
| Level 1 |
| Level 2 |
| Level 3 |
|
|
|
|
|
| Other Significant |
| Significant |
|
|
|
|
|
| Observable |
| Unobservable |
|
|
|
| Quoted Prices |
| Inputs |
| Inputs |
| Total |
Common Stocks | $ | 10,409,915 | $ | - | $ | - | $ | 10,409,915 |
Preferred Stocks | $ | 341,057 |
|
|
|
| $ | 341,057 |
Money Market Funds |
| 163,874 |
|
|
|
|
| 163,874 |
Total Investments | $ | 10,914,846 | $ | - | $ | - | $ | 10,914,846 |
The Fund held no Level 3 securities at any time during the period.
There were no transfers into or out of Levels 1 and 2 during the period ended June 30, 2023.
At June 30, 2023 the cost of investments for Federal income tax purposes has been estimated since the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purpose is $10,357,594 and the related tax-based net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation | $ | 1,482,962 |
Gross unrealized depreciation |
| (925,710) |
Net unrealized appreciation | $ | 557,252 |