# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001752724-23-022140
**Filing Date:** 2023-2
**Character Count:** 22666
**Document Hash:** 3dd3a90fdad9ef815d2dda723388112e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-022140.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001752724-23-022140

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**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:** 23616611

**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 Focused Small Cap Value Fund (Series ID: S000066697)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000214940 | Super Institutional Class | FSVQX           |
| C000214941 | Institutional Class       | FSVVX           |
| C000214942 | Investor Class            | FSVRX           |

## Nport-Ex

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Clifford Capital Partners Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Clifford Capital Partners Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Clifford Capital Partners Fund** |  |
| **Schedule of Investments** | **Schedule of Investments** | **december 31, 2022 (unaudited)** | **december 31, 2022 (unaudited)** | **december 31, 2022 (unaudited)** |
|  |  |  | **Shares** | **Fair Value** |
| 97.95% | COMMON STOCKS |  |  |  |
| 13.38% | CONSUMER DISCRETIONARY |  |  |  |
|  | AutoZone, Inc.(A) . . . . . . . . . . . . | AutoZone, Inc.(A) . . . . . . . . . . . . | 1870 | $4611757 |
|  | Big Lots, Inc. . . . . . . . . . . . . . | Big Lots, Inc. . . . . . . . . . . . . . | 198900 | 2923830 |
|  | eBay Inc. . . . . . . . . . . . . . . . | eBay Inc. . . . . . . . . . . . . . . . | 82300 | 3412981 |
|  | Perdoceo Education Corp.(A) . . . . . . | Perdoceo Education Corp.(A) . . . . . . | 245600 | 3413840 |
|  | Qurate Retail, Inc. - Class A(A) . . . . . . | Qurate Retail, Inc. - Class A(A) . . . . . . | 466900 | 761047 |
|  |  |  |  | 15123455 |
| 8.35% | CONSUMER STAPLES |  |  |  |
|  | General Mills, Inc. . . . . . . . . . . . . . . . . . . . . . . | General Mills, Inc. . . . . . . . . . . . . . . . . . . . . . . | 55800 | 4678830 |
|  | The Kraft Heinz Co. . . . . . . . . . . | The Kraft Heinz Co. . . . . . . . . . . | 116900 | 4758999 |
|  |  |  |  | 9437829 |
| 6.36% | ENERGY |  |  |  |
|  | Liberty Energy, Inc. . . . . . . . . . . | Liberty Energy, Inc. . . . . . . . . . . | 180300 | 2886603 |
|  | Schlumberger Ltd. . . . . . . . . . . . | Schlumberger Ltd. . . . . . . . . . . . | 80400 | 4298184 |
|  |  |  |  | 7184787 |
| 22.56% | FINANCIALS |  |  |  |
|  | American Express Co. . . . . . . . . . | American Express Co. . . . . . . . . . | 27800 | 4107450 |
|  | Community Trust Bancorp, Inc. . . . . . | Community Trust Bancorp, Inc. . . . . . | 99600 | 4574628 |
|  | CVB Financial Corp. . . . . . . . . . . | CVB Financial Corp. . . . . . . . . . . | 168800 | 4346600 |
|  | First Citizens BancShares, Inc. . . . . . | First Citizens BancShares, Inc. . . . . . | 5480 | 4155813 |
|  | First Hawaiian, Inc. . . . . . . . . . . | First Hawaiian, Inc. . . . . . . . . . . | 176400 | 4593456 |
|  | Westamerica Bancorp. . . . . . . . . . | Westamerica Bancorp. . . . . . . . . . | 63000 | 3717630 |
|  |  |  |  | 25495577 |
| 13.07% | HEALTH CARE |  |  |  |
|  | Cardinal Health, Inc. . . . . . . . . . . | Cardinal Health, Inc. . . . . . . . . . . | 77300 | 5942051 |
|  | GSK PLC . . . . . . . . . . . . . . . | GSK PLC . . . . . . . . . . . . . . . | 92100 | 3236394 |
|  | Haleon PLC-ADR-W/I(A) . . . . . . . . . | Haleon PLC-ADR-W/I(A) . . . . . . . . . | 360500 | 2884000 |
|  | Johnson & Johnson . . . . . . . . . . | Johnson & Johnson . . . . . . . . . . | 15300 | 2702745 |
|  |  |  |  | 14765190 |

---

**1**

QUARTERLY REPORT

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Clifford Capital Partners Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Clifford Capital Partners Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Clifford Capital Partners Fund** |  |
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  |  | **Shares** | **Fair Value** |
| 14.81% | INDUSTRIALS |  |  |  |
|  | 3M Company . . . . . . . . . . . | . . | 30700 | $3681544 |
|  | HNI Corp. . . . . . . . . . . . . . | . | 57100 | 1623353 |
|  | Pitney Bowes, Inc. . . . . . . . . . | . . | 947000 | 3598600 |
|  | Raytheon Technologies Corp. . . . . | . | 41500 | 4188180 |
|  | Stericycle, Inc.(A) . . . . . . . . . . | . . | 72900 | 3636981 |
|  |  |  |  | 16728658 |
| 13.78% | INFORMATION TECHNOLOGY |  |  |  |
|  | Cisco Systems, Inc. . . . . . . . . . | . | 63100 | 3006084 |
|  | DXC Technology Co.(A) . . . . . . . | . . | 168800 | 4473200 |
|  | EVERTEC, Inc. . . . . . . . . . . . | . | 112700 | 3649226 |
|  | NCR Corp.(A) . . . . . . . . . . . . | . | 189800 | 4443218 |
|  |  |  |  | 15571728 |
| 5.64% | MATERIALS |  |  |  |
|  | Compass Minerals International, Inc. . | . . | 80100 | 3284100 |
|  | Sealed Air Corp. . . . . . . . . . . | . | 61800 | 3082584 |
|  |  |  |  | 6366684 |
| 97.95% | TOTAL COMMON STOCKS . . . . . . . . . . . . . . | TOTAL COMMON STOCKS . . . . . . . . . . . . . . | TOTAL COMMON STOCKS . . . . . . . . . . . . . . | <u>110673907</u> |
| 6.72% | MONEY MARKET FUNDS |  |  |  |
|  | Federal Institutional Prime Obligations |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fund Institutional Class 4.36%(B) . . | . . | 7590845 | 7591604 |
| 104.67% | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | 118265511 |
| -4.67% | Liabilities in excess of other assets . . . . . . . . . . . | Liabilities in excess of other assets . . . . . . . . . . . | Liabilities in excess of other assets . . . . . . . . . . . | (5271453) |
| 100.00% | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | <u>$112994059</u> |

---

(A)Non-income producing

(B)Effective 7 day yield as of December 31, 2022

**2**

QUARTERLY REPORT

**Clifford Capital Partners 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 2** |  | **Level 3** | |
|  | <br>**Quoted**<br>**Prices** | **Other**<br>**Significant**<br>**Observable**<br>**Inputs** |  | <br>**Significant**<br>**Unobservable**<br>**Inputs** | <br>**Total** |
| Common Stocks . . . . . | $110673907 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $ | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $110673907 |
| Money Market Funds . . . | 7591604 |  |  |  | 7591604 |
| Total Investments . . . . | $118265511 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $ | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $118265511 |

---

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 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 $114,381,535 and the related tax-based net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation . . . . $13,008,607

Gross unrealized depreciation . . . . (9,124,630)

Net unrealized appreciation . . . . . <u>$3,883,976</u>

**3**

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 Focused Small Cap Value Fund

- **b. EDGAR series identifier (if any):** S000066697

- **c. LEI of Series:** 549300EJ0LQ9QG70HN20

**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:** $10713973.18

**Total Liabilities:** $16335.87

**Net Assets:** $10730309.05

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000214940 | 16.20%               | 5.76%                | -6.70%               |
| Class ID C000214942 | 16.21%               | 5.67%                | -6.70%               |
| Class ID C000214941 | 16.22%               | 5.72%                | -6.66%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-500714.71              | $2374941.34                                |
| Month 2  | $-328126.52              | $1041817.72                                |
| Month 3  | $-136677.09              | $-800746.80                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| WESTAMERICA BANC               | Westamerica Bancorp.                                               | CUSIP: 957090103<br>LEI: N/A | Long             | EC               | CORP              | US        |      7910 | NS      | $466769.10    | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| DEFAULT ISSUER                 | Fresh Del Monte Produce Inc.                                       | CUSIP: G36738105<br>LEI: N/A | Long             | EC               | CORP              | KY        |     12680 | NS      | $332089.20    | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPASS MINERALS               | Compass Minerals International, Inc.                               | CUSIP: 20451N101<br>LEI: N/A | Long             | EC               | CORP              | US        |      8690 | NS      | $356290.00    | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDER-GVT OB-IS                | Federated Institutional Prime Obligations Fund Institutional Class | CUSIP: 60934N203<br>LEI: N/A | Long             | STIV             | RF                | US        |    235372 | NS      | $235395.12    | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | KLX Energy Services Holdings, Inc.                                 | CUSIP: 48253L205<br>LEI: N/A | Long             | EC               | CORP              | US        |     22610 | NS      | $391379.10    | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR CORP                       | NCR Corp.                                                          | CUSIP: 62886E108<br>LEI: N/A | Long             | EC               | CORP              | US        |     18950 | NS      | $443619.50    | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | QURATE RETAIL INC- PFD V                                           | CUSIP: 74915M308<br>LEI: N/A | Long             | EP               | CORP              | US        |      8430 | NS      | $288811.80    | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | WINMARK CORP                                                       | CUSIP: 974250102<br>LEI: N/A | Long             | EC               | CORP              | US        |      2160 | NS      | $509392.80    | 4.75%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN UNION                  | Western Union Co./The                                              | CUSIP: 959802109<br>LEI: N/A | Long             | EC               | CORP              | US        |     24700 | NS      | $340119.00    | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | Pitney Bowes Inc.                                                  | CUSIP: 724479100<br>LEI: N/A | Long             | EC               | CORP              | US        |    112070 | NS      | $425866.00    | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| HANCOCK HLDG CO                | Hancock Whitney Corp.                                              | CUSIP: 410120109<br>LEI: N/A | Long             | EC               | CORP              | US        |      8430 | NS      | $407927.70    | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | Thermon Group Holdings, Inc.                                       | CUSIP: 88362T103<br>LEI: N/A | Long             | EC               | CORP              | US        |     22410 | NS      | $449992.80    | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | DXC TECHNOLOGY CO                                                  | CUSIP: 23355L106<br>LEI: N/A | Long             | EC               | CORP              | US        |     17320 | NS      | $458980.00    | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |
| HNI CORP                       | HNI Corp.                                                          | CUSIP: 404251100<br>LEI: N/A | Long             | EC               | CORP              | US        |     10980 | NS      | $312161.40    | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| BIG LOTS INC                   | Big Lots, Inc.                                                     | CUSIP: 089302103<br>LEI: N/A | Long             | EC               | CORP              | US        |     21110 | NS      | $310317.00    | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | Qurate Retail, Inc. Class A                                        | CUSIP: 74915M100<br>LEI: N/A | Long             | EC               | CORP              | US        |     54760 | NS      | $89258.80     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| CVB FINANCIAL                  | CVB Financial Corp.                                                | CUSIP: 126600105<br>LEI: N/A | Long             | EC               | CORP              | US        |     18690 | NS      | $481267.50    | 4.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | LIBERTY OILFIELD SERVICES -A                                       | CUSIP: 53115L104<br>LEI: N/A | Long             | EC               | CORP              | US        |     25750 | NS      | $412257.50    | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | WW INTERNATIONAL                                                   | CUSIP: 98262P101<br>LEI: N/A | Long             | EC               | CORP              | US        |     48030 | NS      | $185395.80    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| URBAN OUTFITTER                | Urban Outfitters, Inc.                                             | CUSIP: 917047102<br>LEI: N/A | Long             | EC               | CORP              | US        |     14510 | NS      | $346063.50    | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMUNI TRUST BA               | Community Trust Bancorp, Inc.                                      | CUSIP: 204149108<br>LEI: N/A | Long             | EC               | CORP              | US        |      8630 | NS      | $396375.90    | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST HAWAIIA                  | First Hawaiian, Inc.                                               | CUSIP: 32051X108<br>LEI: N/A | Long             | EC               | CORP              | US        |     16270 | NS      | $423670.80    | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| STEELCASE INC-A                | Steelcase Inc                                                      | CUSIP: 858155203<br>LEI: N/A | Long             | EC               | CORP              | US        |     33850 | NS      | $239319.50    | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| STERICYCLE INC                 | Stericycle, Inc.                                                   | CUSIP: 858912108<br>LEI: N/A | Long             | EC               | CORP              | US        |      7970 | NS      | $397623.30    | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | PERDOCEO EDUCATION CORP                                            | CUSIP: 71363P106<br>LEI: N/A | Long             | EC               | CORP              | US        |     24510 | NS      | $340689.00    | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | MILICOM INTL CELLULAR S.A.                                         | CUSIP: L6388F110<br>LEI: N/A | Long             | EC               | CORP              | US        |     22480 | NS      | $283922.40    | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| NextGen Healthcare, Inc.       | NEXTGEN HEALTHCARE INC                                             | CUSIP: 65343C102<br>LEI: N/A | Long             | EC               | CORP              | US        |     25750 | NS      | $483585.00    | 4.51%             |  |  |  | No            |                  1 | On Loan: No      |
| VOXX INTERNATION               | VOXX International Corp                                            | CUSIP: 91829F104<br>LEI: N/A | Long             | EC               | CORP              | US        |     37440 | NS      | $313747.20    | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| REYMOLDS CONSUMER PRODUCTS INC | REYNOLDS CONSUMER PRODUCTS INC                                     | CUSIP: 76171L106<br>LEI: N/A | Long             | EC               | CORP              | US        |     11040 | NS      | $330979.20    | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERTEC INC                    | EVERTEC, Inc.                                                      | CUSIP: 30040P103<br>LEI: N/A | Long             | EC               | CORP              | PR        |     11170 | NS      | $361684.60    | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMERCIAL VEHIC               | Commercial Vehicle Group, Inc.                                     | CUSIP: 202608105<br>LEI: N/A | Long             | EC               | CORP              | US        |     68090 | NS      | $463692.90    | 4.32%             |  |  |  | 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