|
CLIFFORD CAPITAL PARTNERS FUND |
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Schedule of Investments |
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June 30, 2025 (unaudited) |
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Shares |
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Value |
97.89% |
COMMON STOCKS |
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|
8.43% |
COMMUNICATION SERVICES |
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|
Millicom International Cellular S.A. |
82,000 |
$ |
3,072,540 |
|
The Walt Disney Co. |
37,400 |
|
4,637,974 |
|
Warner Bros. Discovery, Inc.(A) |
237,000 |
|
2,716,020 |
|
|
|
|
10,426,534 |
15.28% |
CONSUMER DISCRETIONARY |
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|
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eBay, Inc. |
45,900 |
|
3,417,714 |
|
LKQ Corp. |
53,000 |
|
1,961,530 |
|
NIKE, Inc. |
63,400 |
|
4,503,936 |
|
OPENLANE, Inc.(A) |
162,800 |
|
3,980,460 |
|
Perdoceo Education Corp. |
154,000 |
|
5,034,260 |
|
|
|
|
18,897,900 |
13.06% |
CONSUMER STAPLES |
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|
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Kenvue, Inc. |
189,600 |
|
3,968,328 |
|
Keurig Dr Pepper, Inc. |
157,400 |
|
5,203,644 |
|
Reynolds Consumer Products, Inc. |
162,200 |
|
3,474,324 |
|
Sysco Corp. |
46,300 |
|
3,506,762 |
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|
|
|
16,153,058 |
4.69% |
ENERGY |
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|
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Delek US Holdings, Inc. |
184,900 |
|
3,916,182 |
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Green Plains, Inc.(A) |
313,000 |
|
1,887,390 |
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|
|
|
5,803,572 |
19.79% |
FINANCIALS |
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|
|
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Columbia Banking System, Inc. |
71,000 |
|
1,659,980 |
|
Community Trust Bancorp, Inc. |
65,300 |
|
3,455,676 |
|
EVERTEC, Inc. |
99,700 |
|
3,594,185 |
|
Fidelity National Information Services, Inc. |
45,700 |
|
3,720,437 |
|
Glacier Bancorp, Inc. |
105,000 |
|
4,523,400 |
|
NCR Atleos Corp.(A) |
169,500 |
|
4,835,835 |
|
Rocket Cos, Inc. |
188,900 |
|
2,678,602 |
|
|
|
|
24,468,115 |
|
CLIFFORD CAPITAL PARTNERS FUND |
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|
|
|
Schedule of Investments |
|
|
|
|
June 30, 2025 (unaudited) |
|
|
|
|
|
Shares |
|
Value |
19.86% |
HEALTH CARE |
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|
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Becton Dickinson & Co. |
17,500 |
$ |
3,014,375 |
|
Cardinal Health, Inc. |
31,600 |
|
5,308,800 |
|
Henry Schein, Inc.(A) |
54,400 |
|
3,973,920 |
|
Humana, Inc. |
9,500 |
|
2,322,560 |
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Johnson & Johnson |
34,100 |
|
5,208,775 |
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Solventum Corp.(A) |
62,300 |
|
4,724,832 |
|
|
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|
24,553,262 |
9.99% |
INDUSTRIALS |
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|
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Everus Construction Group, Inc.(A) |
30,800 |
|
1,956,724 |
|
HNI Corp. |
66,500 |
|
3,270,470 |
|
RTX Corp. |
27,000 |
|
3,942,540 |
|
United Parcel Service, Inc. Class B |
31,600 |
|
3,189,704 |
|
|
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|
12,359,438 |
6.78% |
INFORMATION TECHNOLOGY |
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|
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Cisco Systems, Inc. |
55,700 |
|
3,864,466 |
|
Dolby Laboratories, Inc. |
60,900 |
|
4,522,434 |
|
|
|
|
8,386,900 |
97.89% |
TOTAL COMMON STOCKS |
|
|
121,048,779 |
2.07% |
MONEY MARKET FUND |
|
|
|
|
Federated Inst'l Prime Obligations Fund 4.34%(B) |
2,554,799 |
|
2,554,914 |
99.95% |
TOTAL INVESTMENTS |
|
|
123,603,693 |
0.05% |
Other assets, net of liabilities |
|
|
56,169 |
100.00% |
NET ASSETS |
|
$ |
123,659,862 |
(A)Non-income producing
(B)Effective 7 day yield as of June 30,2025
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 summarizes the inputs used to value the Fund’s investments as of June 30, 2025: |
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Level 1 |
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Level 2 |
Level 3 |
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Other |
Significant |
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|
|
Significant |
Unobservable |
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|
Quoted Prices |
Observable Inputs |
Inputs |
|
Total |
|
COMMON STOCKS |
$ |
121,048,779 |
|
|
|
121,048,779 |
MONEY MARKET FUND |
|
2,554,914 |
|
|
|
2,554,914 |
TOTAL INVESTMENTS |
|
123,603,693 |
- |
- |
$ |
123,603,693 |
The cost of investments for Federal income tax purposes has been estimated a/o June 30, 2025 since
the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purpose is $102,524,954, and the related net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation |
$ |
23,976,748 |
Gross unrealized depreciation |
|
(2,898,009) |
Net unrealized appreciation |
$ |
21,078,739 |