Strategy. Under normal market conditions, the Focused SCV Fund invests at least 80% of its net assets in the equity securities of U.S. companies with small market capitalizations (small cap companies) that the Funds investment adviser, Clifford Capital Partners, LLC (the Adviser), believes are trading at a discount to what they are worth at the time of purchase and have the potential for capital appreciation with acceptable downside risks. The Adviser considers a company to be a small cap company if its market capitalization is no larger than that of the largest company in the Russell 2000 Index at the time a new position is established, based on the index data as of the end of the previous calendar quarter. The … Show more… Under normal market conditions, the Focused SCV Fund invests at least 80% of its net assets in the equity securities of U.S. companies with small market capitalizations (small cap companies) that the Funds investment adviser, Clifford Capital Partners, LLC (the Adviser), believes are trading at a discount to what they are worth at the time of purchase and have the potential for capital appreciation with acceptable downside risks. The Adviser considers a company to be a small cap company if its market capitalization is no larger than that of the largest company in the Russell 2000 Index at the time a new position is established, based on the index data as of the end of the previous calendar quarter. The market capitalization of the largest company in the index is subject to change. As of December 31, 2023, the market capitalization of the largest company in the Russell 2000 Index was $6.0 billion. This investment policy may be changed by the Focused SCV Fund upon 60 days prior notice to shareholders. The Adviser uses a disciplined bottom-up selection process to identify equity securities of companies that appear to be selling at a discount to the Advisers assessment of their potential value. To evaluate a companys potential value, the Adviser uses analysis techniques such as normalized price multiples (including price to earnings, price to book value, and price to cash flow); estimated private market value; liquidation analysis; discounted cash flow analysis; and dividend discount models. The Adviser strives to buy stocks at a discount to intrinsic value, taking advantage of price dislocations caused by short-term investor orientation, herd influences, and other irrational investor behavior. The Adviser also buys stocks at a discount resulting from the increasing market clout of passive investors and investors who rely on non-company-specific analysis, such as investors who trade funds and ETFs of entire sectors or industries rather than individual stocks. These investment opportunities arise when, in the opinion of the Adviser, the expectations implied in a companys stock price are too low relative to the firms long-term earnings power or to its current assets. The Fund also may invest in sponsored or unsponsored American Depository Receipts (ADRs). The overall portfolio construction methodology is guided by a dynamic mix of two types of stocks: ? Core Value stocks investments in companies the Adviser believes are high-quality companies that earn high returns on capital. These stocks will represent 50-75% of the Focused SCV Funds holdings. ? Deep Value stocks opportunistic investments in companies the Adviser believes are deeply-undervalued. These stocks, plus the Funds cash holdings, will represent the remaining 25-50% of the Focused SCV Fund. The Focused SCV Fund will normally hold between 25 and 35 securities. The Adviser believes that maintaining a relatively small number of portfolio holdings allows each security to have a meaningful impact on the portfolios results. The number of securities held by the Focused SCV Fund may occasionally differ from this range at times such as when the portfolio manager is accumulating new positions, phasing out and exiting positions, or responding to exceptional market conditions. Show less