# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001752724-23-026382
**Filing Date:** 2023-2
**Character Count:** 24909
**Document Hash:** 0ef27d45c6679d15e28755cf356e2340
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-026382.hdr.sgml**: 20230216

**ACCESSION NUMBER**: 0001752724-23-026382

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230216

**DATE AS OF CHANGE**: 20230216

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** World Funds Trust
- **CENTRAL INDEX KEY:** 0001396092
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22172
- **FILM NUMBER:** 23637549

**BUSINESS ADDRESS:**
- **STREET 1:** 8730 STONY POINT PARKWAY
- **STREET 2:** SUITE 205
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23235
- **BUSINESS PHONE:** 804-267-7400

**MAIL ADDRESS:**
- **STREET 1:** 8730 STONY POINT PARKWAY
- **STREET 2:** SUITE 205
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23235

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Abacus World Funds Trust
- **DATE OF NAME CHANGE:** 20070410

## Series and Classes Contracts Data

### Clifford Capital International Value Fund (Series ID: S000075967)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000235351 | Super Institutional Class | CIVQX           |
| C000235352 | Institutional Class       | CCIVX           |
| C000235353 | Investor Class            | CIIRX           |

## Nport-Ex

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**CLIFFORD CAPITAL INTERNATIONAL VALUE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;**CLIFFORD CAPITAL INTERNATIONAL VALUE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;**CLIFFORD CAPITAL INTERNATIONAL VALUE FUND** |  |
| **Schedule of Investments** | **Schedule of Investments** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  |  | **Shares** | **Fair Value** |
| 100.20% | COMMON STOCKS |  |  |  |
| 4.62% | CANADA |  |  |  |
|  | Enbridge Inc. . . . . . . . . . . . . | . | 313 | $12238 |
|  | Manulife Financial Corp. . . . . . . . | . | 668 | 11917 |
|  |  |  |  | 24155 |
| 6.34% | CHINA |  |  |  |
|  | CITIC Ltd. . . . . . . . . . . . . . | . . | 22000 | 23225 |
|  | Ping An Insurance Group Company of |  |  | 9926 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;China Ltd. . . . . . . . . . . . . | . . | 1500 | 9926 |
|  |  |  |  | 33151 |
| 2.92% | FINLAND |  |  |  |
|  | Nokia Oyj ADR . . . . . . . . . . . | . . | 3288 | 15256 |
| 15.35% | FRANCE |  |  |  |
|  | Airbus SE . . . . . . . . . . . . . | . . | 124 | 14736 |
|  | Capgemini SE . . . . . . . . . . . | . . | 52 | 8681 |
|  | Carrefour SA . . . . . . . . . . . . | . | 950 | 15905 |
|  | Engie SA . . . . . . . . . . . . . . | . | 1050 | 15048 |
|  | Schneider Electric SE . . . . . . . . | . . | 60 | 8396 |
|  | Societe Generale SA . . . . . . . . | . . | 695 | 17468 |
|  |  |  |  | 80233 |
| 9.42% | GERMANY |  |  |  |
|  | BASF SE . . . . . . . . . . . . . . | . | 273 | 13557 |
|  | Bayer AG(A) . . . . . . . . . . . . . | . | 261 | 13501 |
|  | Continental AG . . . . . . . . . . . | . | 208 | 12464 |
|  | Fresenius Medical Care AG & Co. |  |  | 9739 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;KGaA ADR . . . . . . . . . . . . | . | 596 | 9739 |
|  |  |  |  | 49261 |
| 2.30% | HONG KONG |  |  |  |
|  | CK Hutchison Holdings Ltd. . . . . . | . . | 2000 | 12004 |

---

**1**

QUARTERLY REPORT

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**CLIFFORD CAPITAL INTERNATIONAL VALUE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;**CLIFFORD CAPITAL INTERNATIONAL VALUE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;**CLIFFORD CAPITAL INTERNATIONAL VALUE FUND** |  |
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  |  | **Shares** | **Fair Value** |
| 2.23% | ITALY |  |  |  |
|  | Enel SpA . . . . . . . . . . . . . . . | Enel SpA . . . . . . . . . . . . . . . | 2167 | $11668 |
| 8.68% | JAPAN |  |  |  |
|  | Astellas Pharma, Inc. . . . . . . . . . . . . . . . . . . . . | Astellas Pharma, Inc. . . . . . . . . . . . . . . . . . . . . | 900 | 13760 |
|  | Kao Corp. . . . . . . . . . . . . . . . | Kao Corp. . . . . . . . . . . . . . . . | 300 | 12012 |
|  | Takeda Pharmaceutical Co. Ltd. ADR . . . | Takeda Pharmaceutical Co. Ltd. ADR . . . | 1257 | 19609 |
|  |  |  |  | 45381 |
| 5.32% | NETHERLANDS |  |  |  |
|  | Koninklijke Ahold Delhaize N.V. . . . . . | Koninklijke Ahold Delhaize N.V. . . . . . | 495 | 14222 |
|  | Koninklijke Philips N.V. ADR . . . . . . . | Koninklijke Philips N.V. ADR . . . . . . . | 905 | 13566 |
|  |  |  |  | 27788 |
| 6.92% | SPAIN |  |  |  |
|  | Banco Santander SA ADR . . . . . . . . | Banco Santander SA ADR . . . . . . . . | 6590 | 19441 |
|  | Telefonica SA ADR . . . . . . . . . . . | Telefonica SA ADR . . . . . . . . . . . | 4680 | 16708 |
|  |  |  |  | 36148 |
| 2.35% | SWEDEN |  |  |  |
|  | Telefonaktiebolaget LM Ericsson ADR . . | Telefonaktiebolaget LM Ericsson ADR . . | 2099 | 12258 |
| 2.40% | SWITZERLAND |  |  |  |
|  | Roche Holding AG . . . . . . . . . . . | Roche Holding AG . . . . . . . . . . . | 40 | 12567 |
| 1.14% | TAIWAN |  |  |  |
|  | Taiwan Semiconductor . . . . . . . . . | Taiwan Semiconductor . . . . . . . . . | 80 | 5959 |
| 26.73% | UNITED KINGDOM |  |  |  |
|  | Aviva PLC . . . . . . . . . . . . . . . | Aviva PLC . . . . . . . . . . . . . . . | 2348 | 12572 |
|  | BAE Systems PLC . . . . . . . . . . . | BAE Systems PLC . . . . . . . . . . . | 1037 | 10732 |
|  | BT Group PLC . . . . . . . . . . . . . | BT Group PLC . . . . . . . . . . . . . | 9410 | 12747 |
|  | HSBC Holdings plc ADR . . . . . . . . | HSBC Holdings plc ADR . . . . . . . . | 619 | 19288 |
|  | Liberty Global PLC- Class A(A) . . . . . . | Liberty Global PLC- Class A(A) . . . . . . | 988 | 18703 |

---

**2**

QUARTERLY REPORT

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**CLIFFORD CAPITAL INTERNATIONAL VALUE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;**CLIFFORD CAPITAL INTERNATIONAL VALUE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;**CLIFFORD CAPITAL INTERNATIONAL VALUE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;**CLIFFORD CAPITAL INTERNATIONAL VALUE FUND** |  |
| **Schedule of Investments - continued** | **Schedule of Investments - continued** |  | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  |  |  | **Shares** | **Fair Value** |
|  | Rolls-Royce Holdings PLC(A) . . . | . . | . . | 12151 | $13691 |
|  | Shell PLC ADR . . . . . . . . . | . . | . . | 338 | 19249 |
|  | Unilever PLC ADR . . . . . . . . | . | . . | 370 | 18630 |
|  | Vodafone Group PLC ADR . . . . | . | . . | 1391 | 14077 |
|  |  |  |  |  | 139688 |
| 3.48% | UNITED STATES |  |  |  |  |
|  | Schlumberger, Ltd. . . . . . . . | . . | . . | 340 | 18176 |
| 100.20% | TOTAL COMMON STOCKS . . . . . . . . . . . . . . | TOTAL COMMON STOCKS . . . . . . . . . . . . . . | TOTAL COMMON STOCKS . . . . . . . . . . . . . . | TOTAL COMMON STOCKS . . . . . . . . . . . . . . | 523694 |
| 100.20% | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | 523694 |
| (0.20%) | Liabilities in excess of other assets . . . . . . . . . . . | Liabilities in excess of other assets . . . . . . . . . . . | Liabilities in excess of other assets . . . . . . . . . . . | Liabilities in excess of other assets . . . . . . . . . . . | (1034) |
| 100.00% | NET ASSETS . . . . . . . . . . | . | . . . | . . . . . . . | $<u>522660</u> |

---

(A)Non-income producing

ADR - Security represented is held by the custodian bank in the form of American Depositary Receipts.

**3**

QUARTERLY REPORT

**CLIFFORD CAPITAL INTERNATIONAL VALUE FUND**

---

| | |
|:---|:---|
| **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** |

---

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 December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Level 1** |  | **Level 2** |  | **Level 3** |  |
|  | **Quoted Prices** |  | |  | | &nbsp;&nbsp;**Total** |
|  | **Quoted Prices** |  | **Other**<br>**Significant**<br>**Observable**<br>**Inputs** |  | <br>**Significant**<br>**Unobservable**<br>**Inputs** | &nbsp;&nbsp;**Total** |
| Common Stocks . . . . . . | 523694 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;523694 |
| Total Investments . . . . . . | $523694 | $ | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $ | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— $ | &nbsp;&nbsp;523694 |

---

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 December 31, 2022.

At December 31, 2022, the cost of investment 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 $556,326 and the related tax-based net unrealized appreciation (depreciation) consists of:

---

| | |
|:---|:---|
| Gross unrealized appreciation . . . . | $22001 |
| Gross unrealized depreciation . . . . | (54633) |
| Net unrealized appreciation . . . . . |  |
| Net unrealized appreciation . . . . . | $<u>(32632</u>) |

---

**4**

QUARTERLY REPORT

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** World Funds Trust

- **b. Investment Company Act file number:** 811-22172

- **c. CIK number of Registrant:** 0001396092

- **d. LEI of Registrant:** 5493007BOSPYEMKSSY03

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 8730 Stony Point Parkway

  - **City:** Richmond

  - **State:** VA

  - **Foreign country:** US

  - **Zip / Postal Code:** 23235

  - **Telephone number:** 800-673-0550

**Item A.2. Information about the Series.**

- **a. Name of Series:** Clifford Capital International Value Fund

- **b. EDGAR series identifier (if any):** S000075967

- **c. LEI of Series:** 549300TOOI0BS2X6QN96

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $527753.63

**Total Liabilities:** $5093.60

**Net Assets:** $522660.03

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000235353 | 6.29%                | 10.44%               | -1.09%               |
| Class ID C000235351 | 6.28%                | 10.54%               | -1.13%               |
| Class ID C000235352 | 6.28%                | 10.54%               | -1.16%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-500.94                 | $29408.40                                  |
| Month 2  | $19.76                   | $50288.16                                  |
| Month 3  | $269.34                  | $-6675.10                                  |

### Schedule of Portfolio Investments

| Name                 | Title                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Default              | BT GROUP PLC                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |      9410 | NS      | $12747.13     | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Default              | LIBERTY GLOBAL PLC-A                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |       988 | NS      | $18702.84     | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Default              | FRESNIUS MEDICAL CARE AG & CO-ADR    | CUSIP: 358029106<br>LEI: N/A                  | Long             | EC               | CORP              | DE        |       596 | NS      | $9738.64      | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Default              | ROLLS-ROYCE HOLDINGS  PLC            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |     12151 | NS      | $13691.10     | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Default              | BAYER AG-REG                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | DE        |       261 | NS      | $13501.37     | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Default              | CK HUTCHISON HOLDINGS LIMITED        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |      2000 | NS      | $12004.44     | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| MANULIFE FIN         | Manulife Financial Corp              | CUSIP: 56501R106<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |       668 | NS      | $11917.12     | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Default              | AIRBUS SE                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | NL        |       124 | NS      | $14736.27     | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| TELEFONICA-ADR       | Telefonica SA                        | CUSIP: 879382208<br>LEI: N/A                  | Long             | EC               | CORP              | ES        |      4680 | NS      | $16707.60     | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Default              | TAKEDA PHARMACEUTICAL COMPANY-SP ADR | CUSIP: 874060205<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1257 | NS      | $19609.20     | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Default              | CITIC LIMITED                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |     22000 | NS      | $23224.80     | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Default              | KONINKLIJKE AHOLD DELHAIZE N.V.      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | NL        |       495 | NS      | $14221.73     | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Default              | ENEL SPA                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IT        |      2167 | NS      | $11667.88     | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC HOLDING-ADR     | HSBC Holdings PLC                    | CUSIP: 404280406<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |       619 | NS      | $19288.04     | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Default              | Fifth Third Banksafe Trust           | CUSIP: 316775907<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     20922 | NS      | $20922.00     | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Default              | AVIVA PLC                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |      2348 | NS      | $12571.60     | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Default              | SCHNEIDER ELECTRIC SE                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | FR        |        60 | NS      | $8395.72      | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Default              | SOCIETE GENERALE SA                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | FR        |       695 | NS      | $17468.18     | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Default              | CONTINENTAL AG                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | DE        |       208 | NS      | $12464.10     | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Default              | BAE SYSEMS PLC                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |      1037 | NS      | $10731.56     | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NOKIA CORP-ADR       | Nokia OYJ                            | CUSIP: 654902204<br>LEI: N/A                  | Long             | EC               | CORP              | FI        |      3288 | NS      | $15256.32     | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Default              | SHELL PLC-ADR                        | CUSIP: 780259305<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |       338 | NS      | $19249.10     | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Default              | VODAFONE GROUP PLC-ADR               | CUSIP: 92857W308<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      1391 | NS      | $14076.92     | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor | Taiwan Semiconductor                 | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | US        |        80 | NS      | $5959.20      | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHLUMBERGER LTD     | Schlumberger Ltd.                    | CUSIP: 806857108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       340 | NS      | $18176.40     | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Default              | ENGIE SA                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | FR        |      1050 | NS      | $15047.69     | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Default              | KAO CORPORATION                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       300 | NS      | $12012.34     | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Default              | CAPGEMINI SE                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | FR        |        52 | NS      | $8680.68      | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Default              | ENBRIDGE INC COM                     | CUSIP: 29250N105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |       313 | NS      | $12238.30     | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Default              | CARREFOUR SA                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | FR        |       950 | NS      | $15904.69     | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BASF SE-ADR          | BASF SE                              | CUSIP: N/A<br>LEI: 529900PM64WH8AF1E917       | Long             | EC               | CORP              | DE        |       273 | NS      | $13556.63     | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Default              | ASTELLAS PHARMA INC                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       900 | NS      | $13759.90     | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| UNILEVER PLC-ADR     | Unilever PLC                         | CUSIP: 904767704<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |       370 | NS      | $18629.50     | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Default              | PING AN INSURANCE GROUP CO-H         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |      1500 | NS      | $9925.76      | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Default              | ROCHE HOLDING AG                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CH        |        40 | NS      | $12566.92     | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Default              | KONINKLIJKE PHILIPS NVR-NY           | CUSIP: 500472303<br>LEI: N/A                  | Long             | EC               | CORP              | NL        |       905 | NS      | $13565.95     | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ERICSSON LM-ADR      | Telefonaktiebolaget LM Ericsson      | CUSIP: 294821608<br>LEI: N/A                  | Long             | EC               | CORP              | SE        |      2099 | NS      | $12258.16     | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO SANTAN-ADR     | Banco Santander SA                   | CUSIP: 05964H105<br>LEI: N/A                  | Long             | EC               | CORP              | ES        |      6590 | NS      | $19440.50     | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-08

**Name of Applicant:** World Funds Trust

**Signature:** Ann MacDonald

**Name of Signer:** Ann MacDonald

**Title:** Principal Financial Officer