CLIFFORD CAPITAL PARTNERS FUND
Schedule of Investments
December 31, 2024 (unaudited)
| | Shares | | | Value |
97.85% | COMMON STOCK | | | | | |
9.93% | COMMUNICATION SERVICES | | | | | |
| Vodafone Group plc ADR | 447,800 | $ | 3,801,822 | |
| The Walt Disney Co | 37,400 | | | 4,164,490 | |
| Warner Bros. Discovery, Inc.(A) | 344,600 | | | 3,642,422 | |
| | | | | 11,608,734 | |
5.67% CONSUMER DISCRETIONARY | | |
eBay, Inc. | 58,600 | 3,630,270 |
Perdoceo Education Corp. | 113,100 | 2,993,757 |
| | 6,624,027 |
13.20% CONSUMER STAPLES | | |
General Mills, Inc. | 49,200 | 3,137,484 |
Kenvue, Inc. | 178,100 | 3,802,435 |
Keurig Dr Pepper, Inc. | 107,500 | 3,452,900 |
The Kraft Heinz Co | 103,100 | 3,166,201 |
Walgreens Boots Alliance, Inc. | 199,700 | 1,863,201 |
| | 15,422,221 |
9.49% ENERGY | | |
Delek US Holdings, Inc. | 187,100 | 3,461,350 |
Green Plains, Inc.(A) | 110,100 | 1,043,748 |
Liberty Energy, Inc. | 180,800 | 3,596,112 |
Schlumberger Ltd. | 78,000 | 2,990,520 |
| | 11,091,730 |
19.89% FINANCIALS | | |
American Express Co. | 11,500 | 3,413,085 |
Community Trust Bancorp, Inc. | 65,200 | 3,457,556 |
Evertec, Inc. | 99,600 | 3,439,188 |
Fidelity National Information Services, Inc. | 56,900 | 4,595,813 |
Glacier Bancorp, Inc. | 71,500 | 3,590,730 |
NCR Atleos Corp.(A) | 140,000 | 4,748,800 |
| | 23,245,172 |
CLIFFORD CAPITAL PARTNERS FUND
Schedule of Investments
December 31, 2024 (unaudited)
| Shares | | | Value |
15.23% HEALTH CARE | | | | |
Cardinal Health, Inc. | 31,600 | $ | 3,737,332 |
Henry Schein, Inc.(A) | 43,300 | | | 2,996,360 |
Johnson & Johnson | 22,900 | | | 3,311,798 |
Pfizer, Inc. | 137,600 | | | 3,650,528 |
Solventum Corp.(A) | 62,200 | | | 4,108,932 |
| | | | 17,804,950 |
15.01% INDUSTRIALS | | |
3M Co. | 30,600 | 3,950,154 |
HNI Corp. | 66,500 | 3,349,605 |
KAR Auction Services, Inc.(A) | 135,200 | 2,682,368 |
Pitney Bowes, Inc. | 459,500 | 3,326,780 |
RTX Corp. | 36,600 | 4,235,352 |
| | 17,544,259 |
9.43% | INFORMATION TECHNOLOGY | | | |
| Cisco Systems, Inc. | 55,700 | | 3,297,440 |
| Dolby Laboratories, Inc. | 60,800 | | 4,748,480 |
| DXC Technology Co.(A) | 148,900 | | 2,975,022 |
| | | | 11,020,942 |
97.85% | TOTAL COMMON STOCK | | | 114,362,035 |
0.72% | MONEY MARKET FUND | | | |
| Federated Institutional Prime Obligations Fund 4.470%(B) | 845,769 | | 846,108 |
98.57% | TOTAL INVESTMENTS | | | 115,208,143 |
1.43% | Other assets, net of liabilities | | | 1,666,844 |
100.00% | NET ASSETS | | $ | 116,874,987 |
| | | | |
(A)Non-income producing
(B)Effective 7 day yield as of December 31,2024
ADR - Security represented is held by the custodian in the form of American Depositary Receipts.
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 measurementsfor 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 summarizes the inputs used to value the Fund’s investments as of December 31, 2024:
| Level 1 | | Level 2 | Level 3 | |
| | | Other | Significant | |
| | | Significant | Unobservable | |
| Quoted Prices | Observable Inputs | Inputs | Total |
COMMON STOCK | $ | 114,362,035 | | $ | 114,362,035 |
MONEY MARKET FUND | $ | 846,108 | | $ | 846,108 |
TOTAL INVESTMENTS | $ | 115,208,143 | | $ | 115,208,143 |
| | | | | |
The cost of investments for Federal income tax purposes has been estimated a/o December 31, 2024 since the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purpose is $95,359,052, and the related net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation | $ | 24,491,356 |
Gross unrealized depreciation | | (4,642,265) |
Net unrealized appreciation | $ | 19,849,091 |
| | |
