# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001839882-23-001742
**Filing Date:** 2023-1
**Character Count:** 503597
**Document Hash:** 6ec381f5ae73e17bd1d7b9e996207598
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001839882-23-001742.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001839882-23-001742

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 33

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**EFFECTIVENESS DATE**: 20230127

**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:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22172
- **FILM NUMBER:** 23564156

**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
**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:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-148723
- **FILM NUMBER:** 23564155

**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 Partners Fund (Series ID: S000052714)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000165524 | Investor Class            | CLFFX           |
| C000165525 | Institutional Class       | CLIFX           |
| C000214943 | Super Institutional Class | CLIQX           |

### 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           |

### 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           |

?xml version="1.0" encoding="utf-8"?

As filed with the Securities and Exchange Commission on January 27, 2023

Registration No. 333-148723

Registration No. 811-22172

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

FORM N-1A

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | **☒** |

---

Pre-Effective Amendment No. ☐

Post-Effective Amendment No. (420) ☒

**and/or** 

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | **☒** |

---

Amendment No. (421) ☒

**<u>WORLD FUNDS TRUST</u>**

(Exact Name of Registrant as Specified in Charter)

8730 Stony Point Parkway, Suite 205, Richmond, VA 23235

(Address of Principal Executive Offices)

(804) 267-7400

(Registrant's Telephone Number)

The Corporation Trust Co.

Corporation Trust Center, 1209 Orange St., Wilmington, DE 19801

(Name and Address of Agent for Service)

With Copy to:

John H. Lively

Practus, LLP

11300 Tomahawk Creek Parkway, Suite 310

Leawood, KS 66211

Approximate Date of Proposed Public Offering:

It is proposed that this filing will become effective (check appropriate box):

☒ Immediately upon filing pursuant to paragraph (b);

☐ On ___________ pursuant to paragraph (b);

☐ 60 days after filing pursuant to paragraph (a)(1);

☐ on ____________ pursuant to paragraph (a)(1);

☐ 75 days after filing pursuant to paragraph (a)(2); or

☐ on _____________ (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Title of Securities Being Registered: shares of beneficial interest.

![](clifford485bpos012723001.jpg)

**Clifford Capital Partners Fund**

Investor Class (CLFFX)

Institutional Class (CLIFX)

Super Institutional Class (CLIQX)

**Clifford Capital Focused Small Cap Value Fund**

Investor Class (FSVRX)

Institutional Class (FSVVX)

Super Institutional Class (FSVQX)

**Clifford Capital International Value Fund**

Investor Class (CIIRX)

Institutional Class (CCIVX)

Super Institutional Class (CIVQX)

**PROSPECTUS**

January 31, 2023

This prospectus describes the Clifford Capital Partners Fund, Clifford Capital Focused Small Cap Value Fund and Clifford Capital International Value Fund (the "Funds"), each a series of shares offered by World Funds Trust (the "Trust"). A series fund offers you a choice of investments, with each series having its own investment objective and a separate portfolio. The Clifford Capital Partners Fund, Clifford Capital Focused Small Cap Value Fund and Clifford Capital International Value Fund are each authorized to offer three classes of shares through this prospectus.

As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved of these securities, nor has the Commission determined that this prospectus is complete or accurate. Any representation to the contrary is a criminal offense.

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
| [Clifford Capital Partners Fund Summary](#clifford485bpos012723a001) | 1 |
| [Clifford Capital Focused Small Cap Value Fund Summary](#clifford485bpos012723a002) | 6 |
| [Clifford Capital International Value Fund Summary](#clifford485bpos012723a003) | 12 |
| [Investment Objective, Principal Investment Strategies, Related Risks, and Disclosure of Portfolio Holdings](#clifford485bpos012723a004) | 19 |
| [General Information](#clifford485bpos012723a005) | 27 |
| [Shareholder Information](#clifford485bpos012723a006) | 29 |
| [How to Buy and Sell Shares](#clifford485bpos012723a007) | 31 |
| [Other Important Investment Information](#clifford485bpos012723a008) | 36 |
| [Financial Highlights](#clifford485bpos012723a009) | 40 |
| [Adviser's Prior Performance – Partners Fund](#clifford485bpos012723a010) | 50 |
| [Adviser's Prior Performance – Focused SCV Fund](#clifford485bpos012723a011) | 52 |
| [Adviser's Prior Performance – International Value Fund](#clifford485bpos012723a012) | 54 |
| [How to Get More Information](#clifford485bpos012723a013) | 57 |

---

**Clifford Capital Partners Fund Summary** 

**Clifford Capital Partners Fund**

**Investment Objective**

The investment objective of the Clifford Capital Partners Fund (the "Partners Fund") is long-term capital appreciation.

**Fees and Expenses of the Fund** 

The following table describes the expenses and fees that you may pay if you buy and hold shares of the Partners Fund.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Shareholder Fees** (fees paid directly from your investment) | &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Super Institutional Class** |
| &nbsp;&nbsp;Redemption Fee (as a percentage of the amount redeemed on shares after holding them for 60 days or less)  | &nbsp;&nbsp;2.00%  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)  | &nbsp;&nbsp;**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)  | &nbsp;&nbsp;**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)  |  |
| &nbsp;&nbsp;Management Fees | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Distribution and Service 12b-1 Fees | &nbsp;&nbsp; 0.25% |  |  |
| &nbsp;&nbsp;Shareholder Servicing Plan | &nbsp;&nbsp;0.06% | &nbsp;&nbsp;0.09% |  |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;0.44% | &nbsp;&nbsp;0.45% | &nbsp;&nbsp;0.46% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;1.50% | &nbsp;&nbsp;1.29% | &nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;Less Fee Waivers and/or Expense Reimbursements<sup>(1)</sup> | &nbsp;&nbsp;(0.35%) | &nbsp;&nbsp;(0.39%) | &nbsp;&nbsp;(0.39%) |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements<sup>(1)</sup> | &nbsp;&nbsp;1.15% | &nbsp;&nbsp;0.90% | &nbsp;&nbsp;0.82% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Clifford
 Capital Partners, LLC (the "Adviser") has entered into a written expense
 limitation agreement under which it has agreed to reduce its fees and/or reimburse certain
 Partners Fund expenses until January 31, 2024 to keep Total Annual Fund Operating Expenses
 (excluding interest, distribution and service fees pursuant to Rule 12b-1 Plans, taxes,
 brokerage commissions, acquired fund fees and expenses, dividend expense on short sales,
 other expenditures capitalized in accordance with generally accepted accounting principles
 and other extraordinary expenses not incurred in the ordinary course of business) from
 exceeding 0.90%, 0.90% and 0.82%, respectively, of the average daily net assets of the
 Fund's Investor Class, Institutional Class and Super Institutional Class. Each
 waiver of fees and/or reimbursement of an expense by the Adviser is subject to repayment
 by the Partners Fund within three years following the date such waiver and/or reimbursement
 was made, provided that the Partners Fund is able to make the repayment without exceeding
 the expense limitation in place at the time of the waiver or reimbursement and at the
 time the waiver or reimbursement is recouped. The Trust and the Adviser may terminate
 this expense limitation agreement prior to January 31, 2024 only by mutual written consent .

Expense Example

The following example is intended to help you compare the cost of investing in the Partners Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Partners Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% annual return each year and that the Fund's operating expenses remain the same each year. The effect of the Adviser's agreement to waive fees and/or reimburse expenses is reflected in the example shown below for the first year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | One Year | Three Years | Five Years | Ten Years |
| Investor Class | $117 | $440 | $785 | $1761 |
| Institutional Class | $92 | $370 | $670 | $1522 |
| Super Institutional Class | $84 | $345 | $627 | $1431 |

---

**Portfolio Turnover**

The Partners Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Partners Fund's performance. For the most recent fiscal year ended September 30, 2022, the Partners Fund's portfolio turnover rate was 10.55% of the average value of its portfolio.

**Principal Investment Strategies of the Fund**

To achieve its investment objective, the Partners Fund invests primarily in equity securities of U.S. companies of any size that the Fund's 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 uses a disciplined "bottom-up" selection process to identify equity securities of companies that appear to be selling at a discount to the Adviser's assessment of their potential value. To evaluate a company's 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 company's stock price are too low relative to the firm's 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 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 Partners Fund's holdings.

● Deep Value stocks – opportunistic investments in companies the Adviser believes are deeply-undervalued. These stocks, plus the Fund's cash holdings, will represent the remaining 25-50% of the Partners Fund.

The Partners 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 portfolio's results. The number of securities held by the Partners 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.

**The Principal Risks of Investing in the Partners Fund**

*Risks of Investing in Equity Securities.* Overall equity market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

*Risks of Small-Cap and Mid-Cap Securities*. Investing in the securities of small-cap and mid-cap companies generally involves substantially greater risk than investing in larger, more established companies.

*Risks of Large-Cap Securities*. Prices of securities of larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Fund's value may not rise as much as the value of funds that emphasize companies with smaller capitalizations.

*Focused Investment Risk*. The Fund is a focused fund and generally holds stocks of between only 25 and 35 companies. Focused funds may invest a larger portion of their assets in the securities of a single issuer compared to other funds. Focusing investments in a small number of companies may subject the Fund to greater share price volatility and therefore a greater risk of loss because a single security's increase or decrease in value may have a greater impact on the Fund's value and total return. Economic, political or regulatory developments may have a greater impact on the value of the Fund's portfolio than would be the case if the portfolio held more positions, and events affecting a small number of companies may have a significant and potentially adverse impact on the performance of the Fund. In addition, investors may buy or sell substantial amounts of Fund shares in response to factors affecting or expected to affect a small number of companies, resulting in extreme inflows and outflows of cash into or out of the Fund. To the extent such inflows or outflows of cash cause the Fund's cash position or cash requirements to exceed normal levels, management of the Fund's portfolio may be negatively affected.

*Sector Risk.* The Fund may emphasize investment in one or more particular business sectors at times, which may cause the value of its share price to be more susceptible to the financial, market, or economic events affecting issuers and industries within those sectors than a fund that does not emphasize investment in particular sectors. Economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and may increase the risk of loss of an investment in the Fund. This may increase the risk of loss associated with an investment in the Fund and increase the volatility of the Fund's net asset value per share.

*Management Style Risk.* Because the Fund invests primarily in value stocks (stocks that the Adviser believes are undervalued), the Fund's performance may at times be better or worse than the performance of stock funds that focus on other types of stock strategies (e.g., growth stocks), or that have a broader investment style.

*Depositary Receipts Risk.* Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted, including the risk that there is often less publicly available information about foreign issuers, and the possibility of negative governmental actions and of political and social unrest.

**Performance History**

On February 8, 2016, the Partners Fund was reorganized from a series of Cottonwood Mutual Funds, a Delaware statutory trust (the "Predecessor Fund"), to a series of the Trust, a Delaware statutory trust (the "Reorganization").

The bar chart and table on the following page provide some indication of the risks of investing in the Partners Fund by showing changes in the Partners Fund's and the Predecessor Fund's performance from year to year and by showing how the Partners Fund's average annual returns for the periods indicated compare with those of a broad measure of market performance. The Partners Fund's and the Predecessor Fund's past performance (before and after taxes) is not necessarily an indication of how the Partners Fund will perform in the future. Updated performance information is available at <u>http://www.cliffordcap.com/mutual-funds</u> or by calling toll-free 800-673-0550.

The bar chart below shows the annual returns for the Partners Fund's Investor Class shares for each full calendar year of the Partners Fund and the Predecessor Fund. The performance of the Partners Fund's Institutional Class shares and Super Institutional Class shares will differ from the Investor Class shares returns shown in the bar chart because the expenses of the Classes differ.

Clifford Capital Partners Fund (Investor Class) Total Returns

![](clifford485bpos012723002.jpg)

During the period shown, the highest quarterly return was 24.71% (quarter ended 6/30/2020) and the lowest quarterly return was -31.78% (quarter ended 3/31/2020).

**Average Annual Returns for Periods Ended December 31, 2022**

The table below shows how the average annual total returns of the Partners Fund's and the Predecessor Fund's classes compared to those of the Partners Fund's benchmark. The table also presents the impact of taxes on the Partners Fund's Investor Class shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Partners Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns for the Institutional Class shares will differ from those of the Investor Class shares as the expenses of the Classes differ.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Return Before Taxes** | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Five Years** | &nbsp;&nbsp;**Since Inception\*** |
| &nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;-4.08% | &nbsp;&nbsp;7.44% | &nbsp;&nbsp;9.82%<br> (1/30/2014) |
| &nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;-3.92% | &nbsp;&nbsp;7.65% | &nbsp;&nbsp;10.04%<br> (1/30/2014) |
| &nbsp;&nbsp;Super Institutional Class Shares | &nbsp;&nbsp;-3.85% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;10.35%<br> (10/17/2019) |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Return After Taxes – Investor Class** | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Five Years**  | &nbsp;&nbsp;**Since Inception\***<br> **(1/30/2014)** |
| &nbsp;&nbsp;Return After Taxes on Distributions | &nbsp;&nbsp;-4.79% | &nbsp;&nbsp;6.34% | &nbsp;&nbsp;8.77% |
| &nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp;-2.36% | &nbsp;&nbsp;5.42% | &nbsp;&nbsp;7.55% |
| &nbsp;&nbsp;Russell 3000® Value Index (reflects no deduction for fees, expenses or taxes) | &nbsp;&nbsp;-7.98% | &nbsp;&nbsp;6.50% | &nbsp;&nbsp;8.33% |

---

\* The Predecessor Fund commenced operations on January 30, 2014. The Partners Fund has the same investment objective, strategies and policies as the Predecessor Fund.

**Management**

*Investment Adviser.* 

Clifford Capital Partners, LLC.

*Portfolio Manager.* 

Ryan P. Batchelor, CFA, CPA, has managed the Fund since January 2014.

**Clifford Capital Focused Small Cap Value Fund Summary** 

**Clifford Capital Focused Small Cap Value Fund**

**Investment Objective**

The investment objective of the Clifford Capital Focused Small Cap Value Fund (the "Focused SCV Fund") is long-term capital appreciation.

**Fees and Expenses of the Fund**

The following table describes the expenses and fees that you may pay if you buy and hold shares of the Focused SCV Fund.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Shareholder Fees** (fees paid directly from your investment)  | &nbsp;&nbsp;**Investor Class**  | &nbsp;&nbsp;**Institutional Class**  | &nbsp;&nbsp;**Super Institutional Class** |
| &nbsp;&nbsp;Redemption Fee (as a percentage of the amount redeemed on shares after holding them for 60 days or less)  | &nbsp;&nbsp;2.00%  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)  | &nbsp;&nbsp;**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)  | &nbsp;&nbsp;**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)  |  |
| &nbsp;&nbsp;Management Fees | &nbsp;&nbsp;0.90% | &nbsp;&nbsp;0.90% | &nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;Distribution and Service 12b-1 Fees | &nbsp;&nbsp;0.25% |  |  |
| &nbsp;&nbsp;Shareholder Servicing Plan | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.17% |  |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;1.61% | &nbsp;&nbsp;1.58% | &nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;3.01% | &nbsp;&nbsp;2.65% | &nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;Less Fee Waivers and/or Expense Reimbursements<sup>(1)</sup> | &nbsp;&nbsp;(1.71%)  | &nbsp;&nbsp;(1.60%)  | &nbsp;&nbsp;(1.43%)  |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements<sup>(1)</sup> | &nbsp;&nbsp;1.30% | &nbsp;&nbsp;1.05% | &nbsp;&nbsp;0.97%  |

---

<sup>(1)</sup> Clifford Capital Partners, LLC (the "Adviser") has entered into a written expense limitation agreement under which it has agreed to reduce its fees and/or reimburse certain Focused SCV Fund expenses until January 31, 2024 to keep Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding interest, distribution and service fees pursuant to Rule 12b-1 Plans, taxes, brokerage commissions, acquired fund fees and expenses, dividend expense on short sales, other expenditures capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of business) from exceeding 1.05%, 1.05% and 0.97%, respectively, of the average daily net assets of the Fund's Investor Class, Institutional Class and Super Institutional Class. Each waiver of fees and/or reimbursement of an expense by the Adviser is subject to repayment by the Focused SCV Fund within three years following the date such waiver and/or reimbursement was made, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped. The Trust and the Adviser may terminate this expense limitation agreement prior to January 31, 2024 only by mutual written consent.

Expense Example

The following example is intended to help you compare the cost of investing in the Focused SCV Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Focused SCV Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% annual return each year and that the Focused SCV Fund's operating expenses remain the same each year. The effect of the Adviser's agreement to waive fees and/or reimburse expenses is reflected in the example shown below for the first year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | One Year | Three Years | Five Years | 10 Years |
| Investor Class | $132 | $769 | $1432 | $3206 |
| Institutional Class | $107 | $671 | $1262 | $2865 |
| Super Institutional Class | $99 | $611 | $1151 | $2627 |

---

**Portfolio Turnover**

The Focused SCV Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Focused SCV Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Focused SCV Fund's performance. For the most recent fiscal year ended September 30, 2022, the Focused SCV Fund's portfolio turnover rate was 43.27% of the average value of its portfolio.

**Principal Investment Strategies of the Fund**

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 Fund's 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<sup>®</sup> 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, 2022, the market capitalization of the largest company in the Russell 2000<sup>®</sup> Index was $7.93 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 Adviser's assessment of their potential value. To evaluate a company's 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 company's stock price are too low relative to the firm's 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 Fund's holdings.

● Deep Value stocks – opportunistic investments in companies the Adviser believes are deeply-undervalued. These stocks, plus the Fund's 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 portfolio's 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.

**The Principal Risks of Investing in the Focused SCV Fund**

*Risks of Investing in Equity Securities.* Overall equity market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

*Risks of Small-Cap and Mid-Cap Securities*. Investing in the securities of small-cap and mid-cap companies generally involves substantially greater risk than investing in larger, more established companies. Although investing in securities of smaller companies offers potential above-average returns if the companies are successful, the risk exists that the companies will not succeed and the prices of the companies' shares could significantly decline in value. The earnings and prospects of smaller companies are generally more volatile than larger companies, and smaller companies may experience higher failure rates than do larger companies. The trading volume of securities of smaller companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make prices fall more in response to selling pressure than is the case with larger companies. Smaller companies may also have limited markets, product lines, or financial resources, and may lack management experience.

*Focused Investment Risk*. The Fund is a focused fund and generally holds stocks of between only 25 and 35 companies. Focused funds may invest a larger portion of their assets in the securities of a single issuer compared to other funds. Focusing investments in a small number of companies may subject the Fund to greater share price volatility and therefore a greater risk of loss because a single security's increase or decrease in value may have a greater impact on the Fund's value and total return. Economic, political or regulatory developments may have a greater impact on the value of the Fund's portfolio than would be the case if the portfolio held more positions, and events affecting a small number of companies may have a significant and potentially adverse impact on the performance of the Fund. In addition, investors may buy or sell substantial amounts of Fund shares in response to factors affecting or expected to affect a small number of companies, resulting in extreme inflows and outflows of cash into or out of the Fund. To the extent such inflows or outflows of cash cause the Fund's cash position or cash requirements to exceed normal levels, management of the Fund's portfolio may be negatively affected.

*Sector Risk.* The Fund may emphasize investment in one or more particular business sectors at times, which may cause the value of its share price to be more susceptible to the financial, market, or economic events affecting issuers and industries within those sectors than a fund that does not emphasize investment in particular sectors. Economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and may increase the risk of loss of an investment in the Fund. This may increase the risk of loss associated with an investment in the Fund and increase the volatility of the Fund's net asset value per share.

*Management Style Risk.* Because the Fund invests primarily in value stocks (stocks that the Adviser believes are undervalued), the Fund's performance may at times be better or worse than the performance of stock funds that focus on other types of stock strategies (e.g., growth stocks), or that have a broader investment style.

*Depositary Receipts Risk.* Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted, including the risk that there is often less publicly available information about foreign issuers, and the possibility of negative governmental actions and of political and social unrest.

**Performance History**

The bar chart and table on the following page provide some indication of the risks of investing in the Focused SCV Fund by showing changes in the Focused SCV Fund's performance from year to year and by showing how the Focused SCV Fund's average annual returns for the periods indicated compare with those of a broad measure of market performance. The Focused SCV Fund's past performance (before and after taxes) is not necessarily an indication of how the Focused SCV Fund will perform in the future. Updated performance information is available at <u>http://www.cliffordcap.com/mutual-funds</u> or by calling toll-free 800-673-0550.

The bar chart below shows the annual returns for the Focused SCV Fund's Institutional Class shares for each full calendar year of the Focused SCV Fund. The performance of the Focused SCV Fund's Investor Class shares and Super Institutional Class shares will differ from the Investor Class shares returns shown in the bar chart because the expenses of the Classes differ.

![](clifford485bpos012723003.jpg)

During the period shown, the highest quarterly return was 29.99% (quarter ended 12/31/2020) and the lowest quarterly return was -36.62% (quarter ended 3/31/2020).

**Average Annual Returns for Periods Ended December 31, 2022**

The table below shows how the average annual total returns of the Focused SCV Fund's classes compared to those of the Focused SCV Fund's benchmark. The table also presents the impact of taxes on the Focused SCV Fund's Institutional Class shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Focused SCV Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns for the Investor Class and Super Institutional Class shares will differ from those of the Institutional Class shares as the expenses of the Classes differ.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Return Before Taxes** | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Since Inception** |
| &nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;-11.60% | &nbsp;&nbsp;8.12%<br> (1/31/2020) |
| &nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;-11.39% | &nbsp;&nbsp;7.41%<br> (10/01/2019) |
| &nbsp;&nbsp;Super Institutional Class Shares | &nbsp;&nbsp;-11.30% | &nbsp;&nbsp;8.45%<br> (1/31/2020) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Return After Taxes – Institutional Class** | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Since Inception**<br> **(10/01/2019)** |
| &nbsp;&nbsp;Return After Taxes on Distributions | &nbsp;&nbsp;-12.55% | &nbsp;&nbsp;5.39% |
| &nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp;-6.00% | &nbsp;&nbsp;5.21% |
| &nbsp;&nbsp;Russell 2000® Total Return Value Index (reflects no deduction for fees, expenses or taxes) | &nbsp;&nbsp;-14.48% | &nbsp;&nbsp;7.60% |

---

**Management**

*Investment Adviser.* 

Clifford Capital Partners, LLC.

*Portfolio Manager.* 

Ryan P. Batchelor, CFA, CPA, has managed the Fund since its inception in October 2019.

**Clifford Capital International Value Fund Summary** 

**Clifford Capital International Value Fund**

**Investment Objective**

The investment objective of the Clifford Capital International Value Fund (the "International Value Fund") is long-term capital appreciation.

**Fees and Expenses of the Fund**

The following table describes the expenses and fees that you may pay if you buy, hold and sell shares of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Shareholder Fees** (fees paid directly from your investment) | **Investor Class** | **Institutional Class** | **Super Institutional Class** |
| Redemption Fee (as a percentage of the amount redeemed on shares after holding them for 60 days or less)  | 2.00%  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)  | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)  | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)  |  |
| Management Fees | 0.85% | 0.85% | 0.85% |
| Distribution and Service 12b-1 Fees | 0.25% |  |  |
| Shareholder Servicing Plan |  |  |  |
| Other Expenses | 27.87% | 27.87% | 27.48% |
| Total Annual Fund Operating Expenses | 28.97% | 28.72% | 28.33% |
| Less Fee Waivers and/or Expense Reimbursements<sup>(1)</sup> | (27.67%) | (27.67%) | (27.36%) |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements<sup>(1)</sup> | 1.30% | 1.05% | 0.97% |

---

<sup>(1)</sup> Clifford Capital Partners, LLC (the "Adviser") has contractually agreed to reduce fees and/or reimburse certain Fund expenses until January 31, 2024 to keep Total Annual Fund Operating Expenses (exclusive of interest, distribution and service fees pursuant to Rule 12b-1 Plans, taxes, brokerage commissions, acquired fund fees and expenses, dividend expense on short sales, other expenditures capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of business) from exceeding 1.05% of the average daily net assets of the Fund's Investor Class and Institutional Class and 0.97% of the average daily net assets of the Fund's Super Institutional Class. Each waiver and/or reimbursement of an expense by the Adviser is subject to repayment by the Fund within three years following the date such waiver and/or reimbursement was made, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped. The Trust and the Adviser may terminate this expense limitation agreement prior to January 31, 2024, only by mutual written consent.

Expense Example

The following example is intended to help you compare the cost of investing in the International Value Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% annual return each year and that the Fund's operating expenses remain the same each year. The effect of the Adviser's agreement to waive fees and/or reimburse expenses is reflected in the example shown below for the first year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | One Year | Three Years | Five Years | Ten Years |
| Investor Class | $132 | $4787 | $7477 | $10227 |
| Institutional Class | $107 | $4746 | $7445 | $10231 |
| Super Institutional Class | $99 | $4698 | $7402 | $10236 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. For the period from the Fund's commencement of operations (May 6, 2022) through September 30, 2022, the International Value Fund's portfolio turnover rate was 11.14% of the average value of its portfolio.

**Principal Investment Strategies of the Fund**

To achieve its investment objective, the Fund invests primarily in equity securities of non-U.S. companies with a market capitalization of USD $10 billion or greater at time of original purchase that the Fund's 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 an issuer to be non-U.S. based if: (1) the issuer is organized under the laws of a jurisdiction other than those of the U.S.; (2) the securities of the issuer have a primary listing on a stock exchange outside the U.S. regardless of the country in which the issuer is organized; or (3) the issuer derives 50% or more of its total revenue from goods and/or services produced or sold outside of the U.S. The Fund may invest up to 20% of the portfolio in securities of issuers located in emerging market countries.

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 Adviser's assessment of their intrinsic value. To estimate a company's intrinsic value, the Adviser may employ a variety of analysis techniques that it deems appropriate for each individual company. Examples of such techniques include estimating a company's future financial results such as revenues, earnings, cash flows, or earnings before interest, taxes, depreciation and amortization ("EBITDA") and then applying the Adviser's estimate of a relevant price multiple that it will assign to these values based on the Adviser's assessment of a "normalized" ratio (a ratio based on the company's and/or its industry's historical norms). Examples of these types of ratios are price to sales, price to earnings, price to cash flow, or enterprise value to earnings before interest, taxes, depreciation and amortization or "EV/EBITDA". Other techniques that may be used to estimate intrinsic value include: the Adviser's estimate of a company's private market value; a fair value liquidation analysis; discounted cash flow analysis; or 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 exchange-traded funds ("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 company's stock price are too low relative to the firm's long-term earnings power or to its current assets.

The overall portfolio construction 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 50-90% of the Fund's holdings.

● Deep Value stocks – opportunistic investments in companies the Adviser believes are deeply-undervalued. These stocks, plus the Fund's cash holdings, will represent the remaining 10-50% of the Fund.

The Fund will normally hold between 25 and 45 securities. The Adviser believes that maintaining a relatively small number of portfolio holdings allows each security to have a meaningful impact on the portfolio's results. The number of securities held by the 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.

**The Principal Risks of Investing in the Fund**

*Active Management Risk.* The Fund is actively-managed and is thus subject to management risk. The Adviser will apply its investment techniques and strategies in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the intended results.

*Risks of Investing in Equity Securities.* Overall equity market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

*Market and Geopolitical Risk.* Market risk includes the possibility that the Fund's investments will decline in value because of a downturn in the stock market, reducing the value of individual companies' stocks regardless of the success or failure of an individual company's operations. The value of your investment in the Fund is based on the market prices of the securities the Fund holds. These prices change daily due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. There is a risk that you may lose money by investing in the Fund.

*Health Crisis Risk.* A widespread health crisis, such as a global pandemic, could cause substantial market volatility, exchange trading suspensions or restrictions and closures of securities exchanges and businesses, impact the ability to complete redemptions, and adversely impact Fund performance. An outbreak of infectious respiratory illness caused by the novel coronavirus known as COVID-19 was first detected in China in December 2019 before spreading worldwide and being declared a global pandemic by the World Health Organization in March 2020. During this time, financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted or suspended. Liquidity for many instruments has been greatly reduced for periods of time. Some sectors of the economy and individual issuers have experienced particularly large losses. These types of market disruptions may adversely impact the Fund's investments.

*Risks of Mid-Cap Securities*. Investing in the securities of mid-cap companies generally involves substantially greater risk than investing in larger, more established companies.

*Risks of Large-Cap Securities*. Prices of securities of larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Fund's value may not rise as much as the value of funds that emphasize companies with smaller capitalizations.

*Focused Investment Risk*. The Fund is a focused fund and generally holds stocks of between only 25 and 45 companies. Focused funds may invest a larger portion of their assets in the securities of a single issuer compared to other funds. Focusing investments in a small number of companies may subject the Fund to greater share price volatility and therefore a greater risk of loss because a single security's increase or decrease in value may have a greater impact on the Fund's value and total return. Economic, political or regulatory developments may have a greater impact on the value of the Fund's portfolio than would be the case if the portfolio held more positions, and events affecting a small number of companies may have a significant and potentially adverse impact on the performance of the Fund. In addition, investors may buy or sell substantial amounts of Fund shares in response to factors affecting or expected to affect a small number of companies, resulting in extreme inflows and outflows of cash into or out of the Fund. To the extent such inflows or outflows of cash cause the Fund's cash position or cash requirements to exceed normal levels, management of the Fund's portfolio may be negatively affected.

*Sector Risk.* The Fund may emphasize investment in one or more particular business sectors at times, which may cause the value of its share price to be more susceptible to the financial, market, or economic events affecting issuers and industries within those sectors than a fund that does not emphasize investment in particular sectors. Economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and may increase the risk of loss of an investment in the Fund. This may increase the risk of loss associated with an investment in the Fund and increase the volatility of the Fund's net asset value ("NAV") per share.

*Management Style Risk.* Because the Fund invests primarily in value stocks (stocks that the Adviser believes are undervalued), the Fund's performance may at times be better or worse than the performance of stock funds that focus on other types of stock strategies (e.g., growth stocks), or that have a broader investment style.

*Economic and Political Risks.* These effects may be short-term by causing a change in the global markets that is corrected in a year or less, or they may have long-term impacts which may cause changes in the markets that may last for many years. In any given country, some factors may affect changes in one sector of the economy or one stock, but don't have an impact on the overall market. The particular sector of the economy or the individual stock may be affected for a short or long-term.

*Emerging Markets Risk.* Emerging market securities may present issuer, market, currency, liquidity, volatility, valuation, legal, political, and other risks different from, and potentially greater than, the risks of investing in securities of issuers in more developed markets. Emerging markets may have less established legal and accounting systems than those in more developed markets. Governments in emerging markets may be less stable and more likely to take extra-legal action with respect to companies, industries, assets, or foreign ownership than those in more developed markets. The economies of emerging markets may be dependent on relatively few industries and thus affected more severely by local or global changes. Emerging market securities may also be more volatile, more difficult to value, and have lower overall liquidity than securities economically tied to U.S. or developed non-U.S. issuer.

*Non-U.S. Investment Risk.* Securities of non-U.S. issuers (including American depository receipts ("ADRs") and other securities that represent interests in a non-U.S. issuer's securities) may be less liquid, more volatile, and harder to value than U.S. securities. Non-U.S. issuers may be subject to political, economic, or market instability, or unfavorable government action in their local jurisdictions or economic sanctions or other restrictions imposed by U.S. or foreign regulators. There may be less information publicly available about non-U.S. issuers and their securities and those issuers may be subject to lower levels of government regulation and oversight. These risks may be higher when investing in emerging market issuers. Certain of these elevated risks may also apply to securities of U.S. issuers with significant non-U.S. operations.

*Foreign Currency Risk*. Although the Fund will report its NAV and pay dividends in U.S. dollars, foreign securities often are purchased with and make any dividend and interest payments in foreign currencies. Therefore, the Fund's NAV could decline solely as a result of changes in the exchange rates between foreign currencies and the U.S. dollar, particularly if the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies not tightly pegged to the U.S.

*Inflation Risk.* At any time, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time.

*Cybersecurity Risk.* The Fund and its shareholders could be negatively impacted as a result of a cybersecurity breach. Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software code; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality.

*New Fund Risk*. The Fund is new and has only recently commenced operations. As a new fund, there can be no assurance that the Fund will grow to or maintain an economically viable size, in which case it could ultimately liquidate.

**Performance History**

Because the Fund does not have a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of this Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with those of a broad measure of market performance. Investors should be aware that the Fund's past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at <u>www.cliffordcap.com/mutual-funds</u> or by calling toll-free 800-673-0550.

**Management**

*Investment Adviser.* 

Clifford Capital Partners, LLC.

*Portfolio Managers.* 

Allan C. Nichols, CFA, Principal and Portfolio Manager of the Adviser, has been a co-portfolio manager of the Fund since its inception.

Ryan P. Batchelor, CFA, CPA, Principal and Chief Investment Officer of the Adviser, has been a co-portfolio manager of the Fund since its inception.

**General Summary Information**

**Purchase and Sale of Fund Shares**

The minimum initial and subsequent investment amounts for various types of accounts offered by the Partners Fund, the Focused SCV Fund and the International Value Fund (collectively the "Funds" or "Clifford Capital Funds") are shown below. The Funds may waive minimums for purchases or exchanges through employer-sponsored retirement plans. ****

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| | | |
|:---|:---|:---|
|  | ***Investor Class*** | ***Investor Class*** |
|  | Initial | Additional |
| Regular Account | $2500 | $100 |
| Automatic Investment Plan | $2500 | $100 |
| IRA Account | $2500 | $100  |
|  | ***Institutional Class*** | ***Institutional Class*** |
|  | Initial | Additional |
| Regular Account | $100000 | $1000 |
| Automatic Investment Plan | $100000 | $100 |
| IRA Account | $100000 | $100  |
|  | ***Super Institutional Class*** | ***Super Institutional Class*** |
|  | Initial | Additional |
| Regular Account | $1000000 | $10000 |
| Automatic Investment Plan | $1000000 | $1000 |
| IRA Account | $1000000 | $1000 |

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Investors may purchase or redeem Fund shares on any business day through a financial intermediary, by mail (Clifford Capital Funds, c/o Commonwealth Fund Services, Inc., 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235), by wire, or by telephone by calling toll free 800-673-0550. Purchases and redemptions by telephone are only permitted if you previously established this option on your account.

**Tax Information**

Each Fund's distributions may be subject to federal income tax and may be taxed as ordinary income or capital gain, unless you are investing through a tax-deferred account, such as a 401(k) plan, individual retirement account (IRA) or 529 college savings plan. In such a tax-deferred account, your tax liability is generally not incurred until you withdraw assets from such an account.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Funds through a broker-dealer or other financial intermediary (such as a bank), the Funds and their related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Funds over another investment. Ask your salesperson or visit your financial intermediary's web site for more information.

**Investment Objective, Principal Investment Strategies, Related Risks, and Disclosure of Portfolio Holdings**

**Investment Objective**

Each Fund's investment objective is long-term capital appreciation. The investment objective is not fundamental and may be changed without shareholder approval, although the Funds will provide 60 days' advance notice of any such change.

**The Investment Selection Process Used by the Funds**

**Partners Fund**

To achieve its investment objective, the Partners Fund invests primarily in the equity securities of U.S. companies of any size that 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 believes investing in securities trading at a discount may enhance the investment's potential upside when the Adviser's investment thesis is proven correct and may dampen the potential loss when the investment thesis is disproven.

**Focused SCV Fund**

Under normal market conditions, the Focused SCV Fund invests at least 80% of its net assets in small cap companies that 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<sup>®</sup> 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, 2022, the market capitalization of the largest company in the Russell 2000<sup>®</sup> Index was $7.93 billion. This investment policy may be changed by the Focused SCV Fund upon 60 days' prior notice to shareholders.

**International Value Fund**

To achieve its investment objective, the Fund invests primarily in the equity securities of non-U.S. companies with a market capitalization of USD $10 billion or greater at the time of initial purchase that 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 believes investing in securities trading at a discount may enhance the investment's potential upside when the Adviser's investment thesis is proven correct and may dampen the potential loss when the investment thesis is disproven.

**Investment Philosophy Guiding the Funds**

The Adviser seeks to buy stocks at a discount to intrinsic value, taking advantage of opportunities—usually because of short-term investor orientation, herd influences, and other irrational investor behavior—which are uncovered by its bottom-up research. 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. The Adviser seeks opportunities where it believes the expectations implied in a company's stock price are too low relative to the firm's long-term earnings power or to its current assets.

The Adviser considers an issuer to be non-U.S. based if: (1) the issuer is organized under the laws of a jurisdiction other than those of the U.S.; (2) the securities of the issuer have a primary listing on a stock exchange outside the U.S. regardless of the country in which the issuer is organized; or (3) the issuer derives 50% or more of its total revenue from goods and/or services produced or sold outside of the U.S. The International Value Fund may invest up to 20% of its assets in securities of issuers located in emerging market countries.

The Adviser believes most of its investment opportunities arise because of short-term oriented trader and investor behavior, which differs from the Adviser's research conclusions and its long-term investment philosophy. Common behaviors leading to these opportunities include but are not limited to: overreactions to short-term results; economic worries leading to low expectations or panic selling; fear of increased competition; focus on one underperforming business line overshadowing other solid segments; frustration with slower growth rates as a business or its industry matures; worries that meaningful changes being undertaken by a company will be ineffective or take too long; fear that cyclical issues affecting a firm or its industry have become permanent.

In identifying securities to be held by the Funds, the Adviser will utilize an overall portfolio construction methodology guided by a dynamic mix of Core Value stocks and Deep Value stocks.

*Core Value.* 50-75% of the Partners Fund and Focused SCV Fund and 50-90% of the International Value Fund are invested in Core Value firms. Core Value firms are defined as high-quality companies, evidenced by high returns on capital that the adviser believes have competitive advantages. The Adviser has identified a universe of a Core Value firms (the "Core List") based on its proprietary quantitative and qualitative "10 Indicators of a Core Business" review process, summarized below. The 10 Indicators of a Core Business review is used as a screening process to populate the Core List with businesses that the Adviser would like to potentially invest in when the Adviser's analysis suggests a Core Value company's stock is undervalued. Prior to adding a security to the Core List, a company must pass the review. The Adviser selects its Core Value investments from this Core List universe and strives to invest in these companies only when their stock price is trading at a discount to the Adviser's estimate of intrinsic value. The Adviser believes Core Value firms are ideal long-term holdings because of the expectation for long-term growth in cash flows, combined with the potential for downside protection because of their high-quality business models, as well as the Adviser's insistence on only buying these companies at a discount to estimated fair value. The Adviser believes Core Value firms are also ideal for long-term holdings because of expectations for growth in intrinsic value, driven in the Adviser's opinion by these firms' competitive advantages that are expected to be sustained for at least 5 years.

Summary of the "10 Indicators of a Core Business" criteria used to assess whether a company meets the Adviser's standard of a Core Value business.

&nbsp;&nbsp;&nbsp;&nbsp;1. Consistently
 high returns on equity

&nbsp;&nbsp;&nbsp;&nbsp;2. Consistently
 high returns on assets

&nbsp;&nbsp;&nbsp;&nbsp;3. Upward-trending
 net income

&nbsp;&nbsp;&nbsp;&nbsp;4. Debt
 load that the Adviser believes is prudent for the individual business (i.e., Net Debt/EBITDA
 ratios below 3X for most non-financial companies)

&nbsp;&nbsp;&nbsp;&nbsp;5. Necessary
 and valuable products or services

&nbsp;&nbsp;&nbsp;&nbsp;6. Good
 employee relations (subjective determination based on Adviser's research of management/employee
 relations)

&nbsp;&nbsp;&nbsp;&nbsp;7. Pricing
 power (Adviser's determination of a company's ability to increase the prices
 of its goods/services to offset inflationary pressures without significantly damaging
 demand)

&nbsp;&nbsp;&nbsp;&nbsp;8. Low
 capital intensity (i.e., low capital expenditures relative to revenues)

&nbsp;&nbsp;&nbsp;&nbsp;9. History
 of strong capital allocation

&nbsp;&nbsp;&nbsp;&nbsp;10. History
 of upward-trending book value and share price

The Adviser regularly reviews the Core List, searching for stocks that may potentially be trading at a discount to the Adviser's estimates of fair value. The Adviser intends to hold its Core Value positions for the long-term.

*Deep Value.* Deep Value stocks plus cash make up the remaining 25-50% of the Partners and Focused SCV Funds' portfolios and 10-50% of the International Value Fund's portfolio. Deep Value stocks are opportunistic, non-Core Value investments uncovered by our fundamental research. These are often companies that have fallen out of favor to what the Adviser believes are very compelling valuation levels. Common situations that lead to Deep Value companies falling out of favor include but are not limited to: overreaction to short-term financial results; investor fears that cyclical issues have become secular; prolonged turnarounds; investor and Wall Street analyst apathy; one struggling segment overshadowing other strong business lines within the same company; misunderstood balance sheet or misunderstood accounting principles affecting a business' valuation; a firm or its industry maturing leading to slower growth rates; or overreaction to political events, such as Brexit, and foreign exchange movements. The Adviser intends to hold a Deep Value position until it reaches its estimated fair value. These opportunistic investments tend to have higher return potential than Core Value positions, but are subject to more uncertainty. In screening for Deep Value positions the Adviser uses a variety of methods to identify potential investment opportunities, including:

&nbsp;&nbsp;&nbsp;&nbsp;1. Quantitative
 stock screens

&nbsp;&nbsp;&nbsp;&nbsp;2. Researching
 firms with weak recent or longer-term stock-price performance

&nbsp;&nbsp;&nbsp;&nbsp;3. Searching
 for companies and industries that are out of favor with investment analysts

&nbsp;&nbsp;&nbsp;&nbsp;4. Researching
 new firms to expand the Adviser's knowledge base

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Adviser's personal network of investment professionals

&nbsp;&nbsp;&nbsp;&nbsp;6. Publications
 from like-minded contrarian investors (e.g. quarterly investor commentaries, public speeches,
 SEC filings, and industry publications)

The Adviser uses a disciplined "bottom-up" selection process to attempt to identify equity securities of companies that appear to be selling at a discount relative to the Adviser's assessment of their potential value. As part of this process, the Adviser may employ a variety of analysis techniques that it deems appropriate for each individual company. Examples of such techniques include estimating a company's future financial results such as revenues, earnings, cash flows, or EBITDA and then applying the Adviser's estimate of a relevant price multiple that it will assign to these values based on the Adviser's assessment of a "normalized" ratio (a ratio based on the company's and/or its industry's historical norms). Examples of these types of ratios are price to sales, price to earnings, price to cash flow, or EV/EBITDA. Other techniques that may be used to estimate intrinsic value include: the Adviser's estimate of a company's private market value; a fair value liquidation analysis; discounted cash flow analysis; or dividend discount models.

For each stock investment, the Adviser identifies, through its customized and focused individual stock research, several investment success factors ("Key Thesis Points<sup>TM</sup>"). These Key Thesis Points<sup>TM</sup> (typically 3 or 4 per stock) reflect differentiated viewpoints from market consensus opinion. The Key Thesis Points<sup>TM</sup> process assists the Adviser in: 1) identifying the most important long-term catalysts for each stock's success; 2) allowing for efficient ongoing portfolio monitoring – focusing on a manageable list of what the Adviser believes matters the most; 3) maintaining investment conviction when short-term noise overwhelms sentiment and stock prices; and 4) allowing for quick identification of mistakes when facts arise that refute a Key Thesis Point<sup>TM</sup>.

The Partners Fund and Focused SCV Fund will normally hold between 25 and 35 securities, and the International Value Fund will normally hold between 25 and 45 securities. The Adviser believes that maintaining a relatively small number of portfolio holdings allows each security to have a meaningful impact on the portfolio's results. The number of securities held by the Funds may occasionally differ from this range at times such as when the portfolio manager is accumulating new positions, phasing out and existing positions, or responding to exceptional market conditions.

The Adviser typically performs an additional review for any stock that declines 20% from its original purchase, or a stock that has declined by 20% over any 30-day period. The Adviser may reduce or sell a Fund's investments in a particular security if, in the opinion of the Adviser, a security's fundamentals change substantially, its price appreciation leads to overvaluation in relation to the Adviser's estimates of future earnings and cash flow growth, there are better opportunities with another security, or for other reasons.

*TEMPORARY DEFENSIVE POSITIONS.* When the Adviser believes market, economic or political conditions are unfavorable for investors, the Funds may hold, as a temporary, defensive strategy, all or a portion of its assets in cash or cash-equivalents like money market funds, certificates of deposit, short-term debt obligations, and repurchase agreements. Under these circumstances, the Funds may not participate in stock market advances or declines to the same extent it would have had it remained more fully invested in common stocks. To the extent a Fund engages in a temporary, defensive strategy, the Fund may not achieve its investment objective. If a Fund invests in shares of a money market fund, shareholders of the Fund generally will be subject to duplicative management and other fees and expenses.

**The Principal Risks of Investing in the Funds**

*Risks of Investing in Equity Securities.* The Funds invest in equity securities, such as common stocks, which subjects a Fund and its shareholders to the risks associated with these types of securities. These risks include the financial risk of selecting individual companies that do not perform as anticipated, the risk that the stock markets in which a Fund invests may experience periods of turbulence and instability, and the general risk that domestic and global economies may go through periods of decline and cyclical change. Many factors affect the performance of each company that a Fund invests in, including the strength of the company's management or the demand for its products or services. You should be aware that a company's share price may decline as a result of poor decisions made by management or lower demand for the company's products or services. In addition, a company's share price may also decline if its earnings or revenues fall short of expectations.

There are overall stock market risks that may also affect the value of a Fund. Over time, the stock markets tend to move in cycles, with periods when stock prices rise generally and periods when stock prices decline generally. The value of a Fund's investments may increase or decrease more than the stock markets in general.

*Risks of Small Cap and Mid Cap Securities*. Investing in the securities of small cap and mid cap companies generally involves substantially greater risk than investing in larger, more established companies. This greater risk is, in part, attributable to the fact that the securities of these companies usually have more limited marketability and, therefore, may be more volatile than securities of larger, more established companies or the market averages in general. Because these companies normally have fewer shares outstanding than larger companies, it may be more difficult to buy or sell significant amounts of such shares without an unfavorable impact on prevailing prices. Another risk factor is that these companies often have limited product lines, markets, or financial resources and may lack management depth. Additionally, these companies are typically subject to greater changes in earnings and business prospects than are larger, more established companies. These companies may not be well-known to the investing public, may not be followed by the financial press or industry analysts, and may not have institutional ownership. These factors affect the Adviser's access to information about the companies and the stability of the markets for the companies' securities. These companies may be more vulnerable than larger companies to adverse business or economic developments; the risk exists that the companies will not succeed; and the prices of the companies' shares could dramatically decline in value. Therefore, an investment in a Fund may involve a substantially greater degree of risk than an investment in other mutual funds that seek capital growth by investing in more established, larger companies.

*Risks of Large Cap Securities (Partners Fund and International Value Fund)*. Companies with large market capitalizations go in and out of favor based on various market and economic conditions. Prices of securities of larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Partners Fund's value may not rise as much as the value of funds that emphasize companies with smaller market capitalizations.

*Focused Investment Risk*. The Partners Fund and Focused SCV Fund are focused funds and generally hold stocks of between only 25 and 35 companies. The International Value Fund is a focused fund and generally hold stocks of between only 25 and 45 companies. Focused funds may invest a larger portion of their assets in the securities of a single issuer compared to other funds. Focusing investments in a small number of companies may subject a Fund to greater share price volatility and therefore a greater risk of loss because a single security's increase or decrease in value may have a greater impact on the Fund's value and total return. Economic, political or regulatory developments may have a greater impact on the value of a Fund's portfolio than would be the case if the portfolio held more positions, and events affecting a small number of companies may have a significant and potentially adverse impact on the performance of the Fund. In addition, investors may buy or sell substantial amounts of Fund shares in response to factors affecting or expected to affect a small number of companies, resulting in extreme inflows and outflows of cash into or out of a Fund. To the extent such inflows or outflows of cash cause a Fund's cash position or cash requirements to exceed normal levels, management of the Fund's portfolio may be negatively affected.

*Sector Risk*. Each Fund may emphasize investment in one or more particular business sectors at times, which may cause the value of its share price to be more susceptible to the financial, market, or economic events affecting issuers and industries within those sectors than a fund that does not emphasize investment in particular sectors. Economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and may increase the risk of loss of an investment in the Funds. This may increase the risk of loss associated with an investment in the Funds and increase the volatility of the Funds' net asset value per share.

*Management Style Risk.* Different types of securities tend to shift into and out of favor with stock market investors depending on market and economic conditions. Because the Funds invest primarily in value stocks (stocks that the Adviser believes are undervalued), the Funds' performance may at times be better or worse than the performance of stock funds that focus on other types of stock strategies (*e.g.,* growth stocks), or that have a broader investment style. Value stocks tend to be inexpensive relative to their earnings or assets compared to other types of stocks. However, value stocks can continue to be inexpensive for long periods of time and may not ever realize their full value. If the Adviser's assessment of a company's value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds.

*Active Management Risk.* The Adviser's skill in choosing appropriate investments will play a large part in determining whether a Fund is able to achieve its investment objective. If the Adviser's assessment of the prospects for individual securities is incorrect, it could result in significant losses to a Fund and the Fund may not achieve its investment objective.

*Cybersecurity Risks.* The computer systems, networks and devices used by the Funds and their service providers to carry out routine business operations employ a variety of protections designed to prevent damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches. Despite the various protections utilized by the Funds and their service providers, systems, networks, or devices potentially can be breached. The Funds and their shareholders could be negatively impacted as a result of a cybersecurity breach. Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software code; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. Cybersecurity breaches may cause disruptions and impact the Funds business operations, potentially resulting in financial losses; interference with the Funds ability to calculate its NAV; impediments to trading; the inability of the Funds, the Adviser, and other service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs; as well as the inadvertent release of confidential information.

*Economic and Political Risks.* These risks may be short-term by causing a change in the market that is corrected in a year or less, or they may have long-term impacts which may cause changes in the market that last for many years. Some factors may affect one sector of the economy or a single stock, but may not have a significant impact on the overall market.

*Market and Geopolitical Risk.* The prices of securities held by the Fund may decline in response to certain events taking place around the world, including those directly involving the companies whose securities are owned by the Fund; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate and commodity price fluctuations. The securities purchased by the Funds may involve large price swings and potential for loss. Investors in the Funds should have a long- term perspective and be able to tolerate potentially sharp declines in value. The market's daily movements, sometimes called volatility, may be greater or less depending on the types of securities the Funds own and the markets in which the securities trade. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. The value and growth-oriented equity securities purchased by the Funds may experience large price swings and potential for loss.

*Inflation Risk.* At any time, a Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time.

*Non-U.S. Investment Risk*. Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; sovereign solvency considerations; less liquid and more volatile exchanges and/or markets; or political changes or diplomatic developments. Exposure to foreign markets may increase the risk of negative external political events on investment performance. ADRs are issued by an American bank or trust company and represent ownership of underlying securities of a foreign company. Unsponsored ADRs are issued without the participation of the issuer of the underlying securities. As a result, information concerning the issuer may not be as current as for sponsored ADRs. Holders of unsponsored ADRs generally bear all of the costs of the ADR facilities. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited securities or to pass through voting rights to the holders of such receipts in respect of the deposited securities. Therefore, there may not be a correlation between information concerning the issuer of the security and the market value of an unsponsored ADR.

*Foreign Currency Risk*. Although the Funds will report their NAV and pay dividends in U.S. dollars, foreign securities often are purchased with and make any dividend and interest payments in foreign currencies. Therefore, a Fund's NAV could decline solely as a result of changes in the exchange rates between foreign currencies and the U.S. dollar, particularly if the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies not tightly pegged to the U.S.

*Emerging Markets Risk (International Value Fund only)*.** Non-U.S. Investment Risk (described below) may be particularly high to the extent the Fund invests in emerging market securities. Emerging market securities may present issuer, market, currency, liquidity, legal, political, and other risks different from, and potentially greater than, the risks of investing in securities and instruments tied to U.S. or developed non-U.S. issuers. Emerging markets may have less established legal and accounting systems than those in more developed markets. Governments in emerging markets may be less stable and more likely to take extra-legal action with respect to companies, industries, assets, or foreign ownership than those in more developed markets. The economies of emerging markets may be dependent on relatively few industries and thus affected more severely by local or global changes. Emerging market securities may also be more volatile, less liquid, and more difficult to value than securities economically tied to U.S. or developed non-U.S. issuers.

*Health Crisis Risk.* A widespread health crisis, such as a global pandemic, could cause substantial market volatility, exchange trading suspensions or restrictions and closures of securities exchanges and businesses, impact the ability to complete redemptions, and adversely impact Fund performance. An outbreak of an infectious respiratory illness, COVID-19, caused by a novel coronavirus, was first detected in China in December 2019 and spread globally, resulting in a global pandemic and major disruption to economies and markets around the world. During this time, financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted or suspended. Liquidity for many instruments has been greatly reduced for periods of time. Some sectors of the economy and individual issuers have experienced particularly large losses. The rapid COVID-19 vaccination rollout in the United States and certain other developed countries, coupled with the passage of stimulus programs in the U.S. and abroad, have resulted in the re-opening of businesses, a reduction in quarantine and masking requirements, increased consumer demand, and the resumption of in-person schooling, travel and events. As a result, many global economies, including the U.S. economy, have either re-opened or decreased certain public safety measures in place that are designed to mitigate virus transmission. Despite these positive trends, the prevalence of new COVID-19 variants, a failure to achieve herd immunity, or other unforeseen circumstances may result in the continued spread of the virus throughout unvaccinated populations or a resurgence in infections among vaccinated individuals. As a result, it remains unclear if recent positive trends will continue in developed markets and whether such trends will spread world-wide to countries with limited access to effective vaccines that are still experiencing rising COVID-19 hospitalizations and deaths. The impact of this outbreak has adversely affected the economies of many nations and the entire global economy and may impact individual issuers and capital markets in ways that cannot be foreseen. The duration of the outbreak and its effects cannot be determined with any certainty.

In the past, governmental and quasigovernmental authorities and regulators throughout the world have responded to major economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and increasing or decreasing interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Funds' investments.

The outbreak could also impair the information technology and other operational systems upon which the Funds' service providers rely and could otherwise disrupt the ability of employees of the Funds' service providers to perform critical tasks relating to the Funds. Other infectious illness outbreaks that may arise in the future could have similar or other unforeseen effects. Public health crises may exacerbate other pre-existing political, social, and economic risks in certain countries or globally.

**Portfolio Holdings Disclosure**

A description of the Funds' policies and procedures with respect to the disclosure of the Funds' portfolio securities is available in the Funds' Statement of Additional Information ("SAI"). Complete holdings (as of the dates of such reports) are available in reports on Form N-PORT and Form N-CSR filed with the SEC.

**General Information**

**Management**

*The Investment Adviser*

**Clifford Capital Partners, LLC (the "Adviser") is the investment adviser of the Funds and has responsibility for the management of the Funds' affairs, under the supervision of the Trust's Board of Trustees. The Adviser is a registered investment adviser. The Adviser was organized in 2010 as an Illinois limited liability company and its address is 363 S. Main Street, Suite 101, Alpine, Utah 84004. The Adviser is primarily owned and controlled by Ryan P. Batchelor, CFA, CPA and Roger Hill. As of December 31, 2022, the Adviser had approximately $342 million in assets under management and $303 million in assets under advisement. Additional information about the Adviser is available in the SAI.**

The Adviser manages the investment portfolio of the Funds, subject to policies adopted by the Trust's Board of Trustees.

*Management Fee and Expense Limitation Agreement*

<u>Partners Fund.</u> Under the Investment Advisory Agreement for the Partners Fund, the Adviser, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of the Partners Fund. For its services, the Adviser receives an investment management fee equal to 0.75% of the daily net assets of the Partners Fund. The Adviser has contractually agreed to reduce fees and reimburse expenses of the Partners Fund until January 31, 2024 in order to keep net operating expenses (exclusive of interest, distribution and service fees pursuant to Rule 12b-1 Plans, taxes, brokerage commissions, acquired fund fees and expenses, dividend expense on short sales, other expenditures capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of business) from exceeding 0.82%, 0.90% and 0.90%, respectively, of the daily net assets of the Super Institutional Class, Institutional Class, and Investor Class. This waiver or reimbursement of an expense by the Adviser is subject to repayment by the Partners Fund within three years following the date such waiver and/or reimbursement was made, provided that the Partners Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped. For the fiscal year ended September 30, 2022, following fee reductions, the Adviser received an aggregate fee of 0.36% for investment advisory services performed, expressed as a percentage of average net assets of the Fund. Under the Investment Advisory Agreement for the Partners Fund in effect prior to January 31, 2020, the Adviser paid the operating expenses of the Partners Fund excluding management fees, brokerage fees and commissions, taxes, borrowing costs such as interest expense and dividend expenses on securities sold short, acquired fund fees and expenses, 12b-1 fees and shareholder service fees, and extraordinary expenses.

<u>Focused SCV Fund.</u> Under the Investment Advisory Agreement for the Focused SCV Fund, the Adviser, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of the Focused SCV Fund. For its services the Adviser receives an investment management fee equal to 0.90% of the daily net assets of the Focused SCV Fund. The Adviser has contractually agreed to reduce fees and reimburse expenses of the Focused SCV Fund until January 31, 2024 in order to keep net operating expenses (exclusive of interest, distribution and service fees pursuant to Rule 12b-1 Plans, taxes, brokerage commissions, acquired fund fees and expenses, dividend expense on short sales, other expenditures capitalized in accordance with generally accepted accounting principles and extraordinary expenses not incurred in the ordinary course of business) from exceeding 0.97%, 1.05% and 1.05%, respectively, of the daily net assets of the Super Institutional Class, Institutional Class, and Investor Class. This waiver or reimbursement of an expense by the Adviser is subject to repayment by the Focused SCV Fund within three years following the date such waiver and/or reimbursement was made, provided that the Focused SCV Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped. For the fiscal year ended September 30, 2022, following fee reductions and expense reimbursements to the Focused SCV Fund, the Adviser received an aggregate fee of 0.00% for investment advisory services performed, expressed as a percentage of average net assets of the Focused SCV Fund.

<u>International Value Fund.</u> Under the Investment Advisory Agreement for the Fund, the Adviser, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of the Fund. For its services, the Adviser receives an investment management fee equal to 0.85% of the daily net assets of the Fund. The Adviser has contractually agreed to reduce fees and reimburse expenses of the Fund until January 31, 2024 in order to keep net operating expenses (exclusive of interest, distribution and service fees pursuant to Rule 12b-1 Plans, taxes, brokerage commissions, acquired fund fees and expenses, dividend expense on short sales, other expenditures capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of business) from exceeding 1.05% of the daily net assets of the Fund's Investor Class and Institutional Class and 0.97% of the daily net assets of the Fund's Super Institutional Class. This waiver or reimbursement of an expense by the Adviser is subject to repayment by the Fund within three years following the date such waiver and/or reimbursement was made, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped. For the fiscal period May 6, 2022 (commencement of operations) through September 30, 2022, following fee reductions and expense reimbursements to the International Value Fund, the Adviser received an aggregate fee of 0.00% for investment advisory services performed, expressed as a percentage of average net assets of the International Value Fund.

A discussion regarding the basis of the Board of Trustees' approval of the Investment Advisory Agreement between the Trust and the Adviser is available in the Funds' annual report to shareholders for the year ended September 30, 2022.

*Portfolio Manager's Bio:*

**Ryan P. Batchelor, CFA, CPA**

The Partners Fund and the Focused SCV Fund are managed by Ryan P. Batchelor, CFA, CPA, and Mr. Batchelor serves as co-portfolio manager of the International Value Fund. Mr. Batchelor has managed each Fund since its inception. Ryan Batchelor is Principal, co-founder and Chief Investment Officer at the Adviser. Prior to founding the Adviser in April 2010, he served as a senior equity analyst at Wells Capital Management from March 2007 until March 2010 where he was a generalist, scouring all sectors of the market but also had specific responsibility for the financial services sector.

Before joining Wells Capital Management, Mr. Batchelor was an equity strategist and analyst with Morningstar, Inc. where he served as specialty finance analyst and team leader. He initiated the five-page *InternationalInvestor* section in the firm's flagship *StockInvestor* monthly stock investment newsletter and implemented department-wide improvements to Morningstar's foreign coverage universe. Ryan was quoted in local and national media, including *The Wall Street Journal, Barron's, The Economist, Financial Times, USA Today*, and *US News & World Report*. He also made live television appearances on CNBC and Bloomberg TV, as well as radio spots on NPR, Bloomberg Radio and local stations. Mr. Batchelor graduated *summa cum laude* from Brigham Young University - Hawaii in 1999 with a B.S. in Accounting and received his MBA in Finance from the Marriott School of Management at Brigham Young University in 2004. He holds the Chartered Financial Analyst and Certified Public Accountant professional designations.

**Allan C. Nichols, CFA**

The International Value Fund is co-managed by Allan C. Nichols, CFA. Mr. Nichols has managed the International Value Fund since its inception.

Allan Nichols is Principal and Portfolio Manager of the Adviser. Prior to joining the Adviser in 2019, he spent fifteen years at Morningstar as a Senior Equity Analyst with a focus on Europe, living in the Netherlands for three years to establish the firm's European office for equity analysts. Before joining Morningstar in 2004, he was a Senior Equity Analyst and Portfolio Manager at Kirr, Marbach & Co., working on the firm's international equity team. In addition to his years of experience in equity portfolio management and analysis, he also volunteered for two years in Southeast England with an international non-governmental organization. He graduated from the University of Utah with a B.S. in Finance with an emphasis in investments and received his M.B.A. from Indiana University with an emphasis in Finance and Economics. He holds the Chartered Financial Analyst® designation.

The Funds' SAI provides information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of Fund shares.

**Shareholder Information**

**Pricing of Fund Shares**

The Fund's share price, called the NAV per share, is determined on each business day that the NYSE is open for trading, as of the close of business of the regular session of the NYSE (generally 4:00 p.m., Eastern time). NAV per share is computed by adding the total value of a Fund's investments and other assets attributable to the Fund's Investor Class, Institutional Class and Super Institutional Class shares, subtracting any liabilities attributable to the applicable class and then dividing by the total number of the applicable classes' shares outstanding. Since different expenses may be charged against shares of different classes of the Funds, the NAV of the different classes may vary. Because a Fund may hold securities that are primarily listed on foreign exchanges that trade on weekends or days when a Fund does not price its shares, the value of the securities held in a Fund may change on days when you will not be able to purchase or redeem Fund shares.

Shares of the Funds are bought or exchanged at the public offering price per share next determined after a request has been received in proper form. The public offering price of each Fund's shares is equal to the NAV plus the applicable front-end sales charge, if any. Shares of a Fund held by you are sold or exchanged at the NAV per share next determined after a request has been received in proper form, less any applicable deferred sales charge. Any request received in proper form before the Valuation Time, will be processed the same business day. Any request received in proper form after the Valuation Time, will be processed the next business day.

The Funds' securities are valued at current market prices. Investments in securities traded on national securities exchanges are valued at the last reported sale price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Other securities traded in the over-the-counter market and listed securities for which no sales are reported on a given date are valued at the last reported bid price. Debt securities are valued by appraising them at prices supplied by a pricing agent approved by the Board, which prices may reflect broker-dealer supplied valuations and electronic data processing techniques. Short-term debt securities (less than 60 days to maturity) are valued at their fair market value using amortized cost. Other assets for which market prices are not readily available are valued at their fair value as determined in good faith by the Funds' Adviser, under procedures set by the Board. The Board has appointed the Adviser as "valuation designee" (the "Valuation Designee") to be responsible for all fair value determinations for the Funds. Generally, trading in corporate bonds, U.S. government securities and money market instruments is substantially completed each day at various times before the scheduled close of the NYSE. The value of these securities used in computing the NAV is determined as of such times so long as the Valuation Designee believes that these values reflect fair value at the time the Fund's NAV is determined.

The Trust has a policy that contemplates the use of fair value pricing to determine the NAV per share of a Fund when market prices are unavailable as well as under special circumstances, such as: (i) if the primary market for a portfolio security suspends or limits trading or price movements of the security; and (ii) when an event occurs after the close of the exchange on which a portfolio security is principally traded that is likely to have changed the value of the security. Since most of each Fund's investments are traded on U.S. securities exchanges, it is anticipated that the use of fair value pricing will be limited.

When the Trust uses fair value pricing to determine the NAV per share of a Fund, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Valuation Designee believes accurately reflects fair value. Any method used will be approved by the Board and results will be monitored to evaluate accuracy. The Trust's policy is intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing.

*Share Class Alternatives.* Each Fund offers investors three different classes of shares through this prospectus. The different classes of shares represent investments in the same portfolio of securities, but the classes are subject to different expenses and fees and may have different share prices and minimum investment requirements. When you buy shares, be sure to specify the class of shares in which you choose to invest. Because each share class has a different combination of sales charges, expenses and other features, you should consult your financial adviser to determine which class best meets your financial objectives.

**Customer Identification Program**

Federal regulations require that the Trust obtain certain personal information about you when opening a new account. As a result, the Trust must obtain the following information for each person that opens a new account:

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| ![(graphic)](clifford485bpos012723007a.jpg) | Name; |

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| ![(graphic)](clifford485bpos012723007a.jpg) | Date of birth (for individuals); |

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| ![(graphic)](clifford485bpos012723007a.jpg) | Residential or business street address (although post office boxes are still permitted for mailing); and |

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| ![(graphic)](clifford485bpos012723007a.jpg) | Social security number, taxpayer identification number, or other identifying number. |

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You may also be asked for a copy of your driver's license, passport, or other identifying document in order to verify your identity. In addition, it may be necessary to verify your identity by cross referencing your identification information with a consumer report or other electronic database. Additional information may be required to open accounts for corporations and other entities.

After an account is opened, the Trust may restrict your ability to purchase additional shares until your identity is verified. The Trust also may close your account or take other appropriate action if it is unable to verify your identity within a reasonable time.

If your account is closed for this reason, your shares will be redeemed at the NAV next calculated after the account is closed.

**How to Buy and Sell Shares**

The price you pay for a share of a Fund is the NAV next determined upon receipt by such Fund (or its appropriately designated agent) or your financial intermediary (such as fund supermarkets or through brokers or dealers who are authorized by the Distributor to sell shares of the Funds (collectively, "Financial Intermediaries"). A Fund will be deemed to have received your purchase or redemption order when it (i.e., the Fund) or the Financial Intermediary receives the order. Such Financial Intermediaries are authorized to designate other intermediaries to receive purchase and redemption orders on a Fund's behalf.

You may purchase shares of the Funds through Financial Intermediaries and directly from the Funds (or their agent). Financial Intermediaries may charge transaction fees or set different minimum investment amounts. Financial Intermediaries may also have policies and procedures that are different from those contained in this prospectus. Investors should consult their Financial Intermediary regarding its procedures for purchasing and selling shares of the Funds as the policies and procedures may be different. Certain Financial Intermediaries may have agreements with the Funds that allow them to enter confirmed purchase and redemption orders on behalf of clients and customers. Under this arrangement, the Financial Intermediary must send your payment to the Funds by the time a Fund prices its shares on the following business day. The Funds are not responsible for ensuring that a Financial Intermediary carries out its obligations. You should look to the Financial Intermediary through whom you wish to invest for specific instructions on how to purchase or redeem shares of the Funds.

**Minimum Investments**

The Trust may waive the minimum initial investment requirement for purchases made by Trustees, officers and employees of the Trust. The Trust may also waive the minimum investment requirement for purchases by its affiliated entities and certain related advisory accounts and retirement accounts (such as IRAs). The Trust may also change or waive policies concerning minimum investment amounts at any time. The Trust retains the right to refuse to accept an order.

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| | | |
|:---|:---|:---|
|  | ***Investor Class*** | ***Investor Class*** |
|  | Initial | Additional |
| Regular Account | $2500 | $100 |
| Automatic Investment Plan | $2500 | &nbsp;&nbsp;&nbsp;&nbsp;$100\* |
| IRA Account | $2500 | $100<br>|
|  | ***Institutional Class*** | ***Institutional Class*** |
|  | Initial | Additional |
| Regular Account | $100000 | $1000 |
| Automatic Investment Plan | $100000 | $100\* |
| IRA Account | $100000 | $100 |
|  | ***Super Institutional Class*** | ***Super Institutional Class*** |
|  | Initial | Additional |
| Regular Account | $1000000 | $10000 |
| Automatic Investment Plan | $1000000 | $1,000\* |
| IRA Account | $1000000 | $1000 |

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*\* An Automatic Investment Plan requires the minimum automatic monthly or quarterly investment.*

**Types of Account Ownership**

You can establish the following types of accounts by completing a Shareholder Account Application:

● *Individual or Joint Ownership.* Individual accounts are owned by one person. Joint accounts have two or more owners.

● *A Gift or Transfer to Minor* (UGMA or UTMA). A UGMA/UTMA account is a custodial account managed for the benefit of a minor. To open an UGMA or UTMA account, you must include the minor's social security number on the application.

● *Trust.* An established trust can open an account. The names of each trustee, the name of the trust and the date of the trust agreement must be included on the application.

● *Business Accounts.* Corporation and partnerships may also open an account. The application must be signed by an authorized officer of the corporation or a general partner of a partnership.

● *IRA Accounts.* See "Types of Tax-Deferred Accounts".

**Types of Tax-Deferred Accounts**

● *Traditional IRA.* An individual retirement account. Your contribution may or may not be deductible depending on your circumstances. Assets can grow tax-deferred and distributions are taxable as income.

● *Roth IRA.* An IRA with non-deductible contributions, tax-free growth of assets, and tax-free distributions for qualified distributions.

● *Spousal IRA.* An IRA funded by a working spouse in the name of a non-earning spouse.

● *SEP-IRA.* An individual retirement account funded by employer contributions. Your assets grow tax-deferred and distributions are taxable as income.

● *Keogh or Profit-Sharing Plans.* These plans allow corporations, partnerships and individuals who are self-employed to make tax-deductible contributions of up to $35,000 for each person covered by the plans.

● *403(b) Plans.* An arrangement that allows employers of charitable or educational organizations to make voluntary salary reduction contributions to a tax-deferred account.

● *401(k) Plans.* Allows employees of corporations of all sizes to contribute a percentage of their wages on a tax-deferred basis. These accounts need to be established by the trustee of the plan.

*Purchases by Mail*. For initial purchases, the account application, which accompanies this prospectus, should be completed, signed and mailed to Commonwealth Fund Services, Inc. (the "Transfer Agent"), the Funds' transfer and dividend disbursing agent, at 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235, together with your check payable to a Fund. When you buy shares, be sure to specify the class of shares in which you choose to invest. For subsequent purchases, include with your check the tear-off stub from a prior purchase confirmation or otherwise identify the name(s) of the registered owner(s) and social security number(s).

*Purchases by Wire*. You may purchase shares by requesting your bank to transmit payment by wire directly to the Transfer Agent. To invest by wire, please call the Funds toll-free 800-673-0550 or the Transfer Agent toll-free 800-628-4077 to advise the Funds of your investment and to receive further instructions. Your bank may charge you a fee for this service. Once you have arranged to purchase shares by wire, please complete and mail the account application promptly to the Transfer Agent. This account application is required to complete the Funds' records. You will not have access to your shares until the purchase order is completed in proper form, which includes the receipt of completed account information by the Transfer Agent. Once your account is opened, you may make additional investments using the wire procedure described above. Be sure to include your name and account number in the wire instructions you provide your bank.

*Purchases by Telephone*. You may also purchase shares by telephone, by contacting the Funds toll-free 800-673-0550 or the Transfer Agent toll-free 800-628-4077.

*How to Sell Shares.* You may redeem your shares of the Funds at any time and in any amount by contacting your Financial Intermediary or by contacting the Funds by mail or telephone. For your protection, the Transfer Agent will not redeem your shares until it has received all information and documents necessary for your request to be considered in "proper form." The Transfer Agent will promptly notify you if your redemption request is not in proper form. The Transfer Agent cannot accept redemption requests which specify a particular date for redemption or which specify any special conditions.

The Funds typically expect to meet redemption requests through cash holdings or cash equivalents and anticipates using these types of holdings on a regular basis. The Funds typically expect to pay redemption proceeds for shares redeemed within the following days after receipt by the transfer agent of a redemption request in proper form: (i) for payment by check, the Funds typically expect to mail the check within two business days; and (ii) for payment by wire or ACH, the Funds typically expect to process the payment within two business days. Payment of redemption proceeds may take up to 7 calendar days as permitted under the Investment Company Act of 1940 ("the 1940 Act"). Under unusual circumstances as permitted by the Securities and Exchange Commission, the Funds may suspend the right of redemption or delay payment of redemption proceeds for more than 7 days. When shares are purchased by check or through ACH, the proceeds from the redemption of those shares will not be paid until the purchase check or ACH transfer has been converted to federal funds, which could take up to 15 calendar days.

To the extent cash holdings or cash equivalents are not available to meet redemption requests, the Funds will meet redemption requests by either (i) rebalancing their overweight securities or (ii) selling portfolio assets. In addition, if the Funds determine that it would be detrimental to the best interest of a Fund's remaining shareholders to make payment in cash, a Fund may pay redemption proceeds in whole or in part by a distribution-in-kind of readily marketable securities.

If you sell your shares through a securities dealer or investment professional, it is such person's responsibility to transmit the order to the Funds in a timely fashion. Any loss to you resulting from failure to do so must be settled between you and such person.

Delivery of the proceeds of a redemption of shares purchased and paid for by check shortly before the receipt of the redemption request may be delayed until the Funds determine that the Transfer Agent has completed collection of the purchase check, which may take up to 15 calendar days. Also, payment of the proceeds of a redemption request for an account for which purchases were made by wire may be delayed until the Funds receive a completed account application for the account to permit the Funds to verify the identity of the person redeeming the shares and to eliminate the need for backup withholding.

Note that the Funds will assess a 2.00% redemption fee on Investor Class shares of the Funds redeemed within 60 days of purchase as a percentage of the amount redeemed. See "Frequent Purchases and Redemptions" below.

*Redemption by Mail*. To redeem shares by mail, send a written request for redemption, signed by the registered owner(s) exactly as the account is registered, to the Clifford Capital Funds, Attn: Redemptions, 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235. Certain written requests to redeem shares may require signature guarantees. For example, signature guarantees may be required if you sell a large number of shares, if your address of record on the account application has been changed within the last 30 days, or if you ask that the proceeds be sent to a different person or address. Signature guarantees are used to help protect you and the Funds. You can obtain a signature guarantee from most banks or securities dealers, but not from a Notary Public. Please call the Transfer Agent toll-free 800-628-4077 to learn if a signature guarantee is needed or to make sure that it is completed appropriately in order to avoid any processing delays. There is no charge to shareholders for redemptions by mail.

*Redemption by Telephone*. You may redeem your shares by telephone provided that you requested this service on your initial account application. If you request this service at a later date, you must send a written request along with a signature guarantee to the Transfer Agent. Once your telephone authorization is in effect, you may redeem shares by calling the Transfer Agent toll-free 800-628-4077. There is no charge to shareholders for redemptions by telephone. If it should become difficult to reach the Transfer Agent by telephone during periods when market or economic conditions lead to an unusually large volume of telephone requests, a shareholder may send a redemption request by overnight mail to the Transfer Agent, c/o Clifford Capital Funds, at 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235.

*Redemption by Wire*. If you request that your redemption proceeds be wired to you, please call your bank for instructions prior to writing or calling the Transfer Agent. Be sure to include your name, Fund name, Fund account number, your account number at your bank and wire information from your bank in your request to redeem by wire. There is no charge to shareholders for redemptions by wire.

*Redemption in Kind*. The Funds typically expect to satisfy requests by using holdings of cash or cash equivalents or selling portfolio assets. On a less regular basis, and if the Adviser believes it is in the best interest of a Fund and its shareholders not to sell portfolio assets, a Fund may satisfy redemption requests by using short-term borrowing from the Fund's custodian to the extent such arrangements are in place with the custodian. In addition to paying redemption proceeds in cash, the Funds reserve the right to make payment for a redemption in securities rather than cash, which is known as a "redemption in kind." While the Funds do not intend, under normal circumstances, to redeem shares by payment in kind, it is possible that conditions may arise in the future which would, in the opinion of the Trustees, make it undesirable for a Fund to pay for all redemptions in cash. In such a case, the Trustees may authorize payment to be made in readily marketable portfolio securities of a Fund, either through the distribution of selected individual portfolio securities or a pro-rata distribution of all portfolio securities held by the Fund. Securities delivered in payment of redemptions would be valued at the same value assigned to them in computing a Fund's NAV per share. Shareholders receiving them may incur brokerage costs when these securities are sold and will be subject to market risk until such securities are sold. An irrevocable election has been filed under Rule 18f-1 of the 1940 Act, wherein the Funds must pay redemptions in cash, rather than in kind, to any shareholder of record of a Fund who redeems during any 90-day period, the lesser of (a) $250,000 or (b) 1% of a Fund's net assets at the beginning of such period. Redemption requests in excess of this limit may be satisfied in cash or in kind at a Fund's election. The Funds' methods of satisfying shareholder redemption requests will normally be used during both regular and stressed market conditions.

*Signature Guarantees.* To help protect you and the Funds from fraud, signature guarantees are required for: (1) all redemptions ordered by mail if you require that the check be made payable to another person or that the check be mailed to an address other than the one indicated on the account registration; (2) all requests to transfer the registration of shares to another owner; and (3) all authorizations to establish or change telephone redemption service, other than through your initial account application. Signature guarantees may be required for certain other reasons. For example, a signature guarantee may be required if you sell a large number of shares or if your address of record on the account has been changed within the last thirty (30) days.

In the case of redemption by mail, signature guarantees must appear on either: (1) the written request for redemption; or (2) a separate instrument of assignment (usually referred to as a "stock power") specifying the total number of shares being redeemed. The Trust may waive these requirements in certain instances.

An original signature guarantee assures that a signature is genuine so that you are protected from unauthorized account transactions. Notarization is not an acceptable substitute. Acceptable guarantors only include participants in the Securities Transfer Agents Medallion Program (STAMP2000). Participants in STAMP2000 may include financial institutions such as banks, savings and loan associations, trust companies, credit unions, broker-dealers and member firms of a national securities exchange.

*Proper Form.* Your order to buy shares is in proper form when your completed and signed account application and check or wire payment is received by the Transfer Agent. Your written request to sell or exchange shares is in proper form when written instructions signed by all registered owners, with a signature guarantee if necessary, is received by the Funds.

*Automatic Investment Plan.* Existing shareholders, who wish to make regular monthly investments in amounts of $100 or more, may do so through the Automatic Investment Plan. Under the Automatic Investment Plan, your designated bank or other financial institution debits a pre-authorized amount from your account on or about the 15<sup>th</sup> day of each month and applies the amount to the purchase of Fund shares. To use this service, you must authorize the transfer of funds by completing the Automatic Investment Plan section of the account application and sending a blank voided check.

*Exchange Privilege*. To the extent that the Adviser manages other funds in the Trust, you may exchange all or a portion of your shares in a Fund for shares of the same class of certain other funds of the Trust managed by the Adviser having different investment objectives, provided that the shares of the fund you are exchanging into are registered for sale in your state of residence. An exchange is treated as a redemption and purchase and will generally result in realization of a taxable gain or loss on the transaction. You will not pay a deferred sales charge on an exchange from a Fund. However, if you exchange shares of another mutual fund that is not advised by the Adviser for shares of a Fund, you may pay a deferred sales charge on the sale of those fund shares, as applicable. As of the date of this prospectus, the Adviser manages two funds in the Trust.

Frequent purchases and redemptions ("Frequent Trading") (as discussed below) can adversely impact Fund performance and shareholders. Therefore, the Trust reserves the right to temporarily or permanently modify or terminate the Exchange Privilege. The Trust also reserves the right to refuse exchange requests by any person or group if, in the Trust's judgment, a Fund would be unable to invest the money effectively in accordance with its investment objective and policies or would otherwise potentially be adversely affected. The Trust further reserves the right to restrict or refuse an exchange request if the Trust has received or anticipates simultaneous orders affecting significant portions of a Fund's assets or detects a pattern of exchange requests that coincides with a "market timing" strategy. Although the Trust will attempt to give you prior notice when reasonable to do so, the Trust may modify or terminate the Exchange Privilege at any time.

*Transferring Shares.* If you wish to transfer shares to another owner, send a written request to the Transfer Agent, c/o Clifford Capital Funds, at 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235. Your request should include: (i) the name of the Fund and existing account registration; (ii) signature(s) of the registered owner(s); (iii) the new account registration, address, taxpayer identification number and how dividends and capital gains are to be distributed; (iv) any stock certificates which have been issued for the shares being transferred; (v) signature guarantees (See "Signature Guarantees"); and (vi) any additional documents which are required for transfer by corporations, administrators, executors, trustees, guardians, etc. If you have any questions about transferring shares, call the Transfer Agent toll-free 800-628-4077.

*Account Statements and Shareholder Reports.* Each time you purchase, redeem or transfer shares of a Fund, you will receive a written confirmation. You will also receive a year-end statement of your account if any dividends or capital gains have been distributed, and an annual and a semi-annual report.

*Shareholder Communications*. The Funds may eliminate duplicate mailings of portfolio materials to shareholders who reside at the same address, unless instructed to the contrary. Investors may request that the Funds send these documents to each shareholder individually by calling the Funds toll-free 800-673-0550.

*General.* The Funds will not be responsible for any losses from unauthorized transactions (such as purchases, sales or exchanges) if it follows reasonable security procedures designed to verify the identity of the investor. You should verify the accuracy of your confirmation statements immediately after you receive them.

**Other Important Investment Information**

**Dividends, Distributions and Taxes**

*Dividends and Capital Gains Distributions.* All income dividends and capital gains distributions will be automatically reinvested in shares of the Funds unless you indicate otherwise on the account application or in writing.

Dividends from net investment income, if any, are declared and paid annually for the Funds. The Funds intend to distribute annually any net capital gains.

There are no sales charges or transaction fees for reinvested dividends and all shares will be purchased at NAV. Shareholders will be subject to tax on all dividends and distributions whether paid to them in cash or reinvested in shares. If the investment in shares is made within an IRA, all dividends and capital gain distributions must be reinvested.

Unless you are investing through a tax deferred retirement account, such as an IRA, it is disadvantageous for you to buy shares of the Funds shortly before the next distribution, because doing so can cost you money in taxes. This is known as "buying a dividend". To avoid buying a dividend, check the Funds' distribution schedule before you invest.

*Taxes.* In general, Fund distributions are taxable to you as ordinary income, qualified dividend income or capital gain. This is true whether you reinvest your distributions in additional shares of a Fund or receive them in cash. Any long-term capital gains a Fund distributes are taxable to you as long-term capital gains, no matter how long you have owned your shares. Other Fund distributions (including distributions attributable to short-term capital gain of a Fund) will generally be taxable to you as ordinary income, except those distributions that are designated as "qualified dividend income" will be taxable at the rates applicable to long-term capital gain. Every January, you will receive a Form 1099 that shows the tax status of distributions you received for the previous year. Distributions declared in December but paid in January are taxable as if they were paid in December. The one major exception to these tax principles is that distributions on, and sales, exchanges, and redemptions of, shares held in an IRA (or other tax-deferred retirement account) will not be currently taxable.

When you sell shares of a Fund, you will generally have a capital gain or loss. For tax purposes, an exchange of your shares of a Fund for shares of a different fund of the Trust is the same as a sale. The individual tax rate on any gain from the sale or exchange of your shares depends on how long you have held your shares.

Fund distributions and gains from the sale or exchange of your shares will generally be subject to state and local income tax. Non-U.S. investors may be subject to U.S. withholding and estate tax. You should consult with your tax adviser about the federal, state, local or foreign tax consequences of your investment in a Fund.

By law, the Funds must withhold 24% of your taxable distributions and proceeds if you do not provide your correct taxpayer identification number (TIN) or fail to certify that your TIN is correct and that you are a U.S. person, or if the Internal Revenue Service (the "IRS") has notified you that you are subject to backup withholding and instructs the Funds to do so.

*Cost Basis Reporting.* Federal law requires that mutual fund companies report their shareholders' cost basis, gain/loss, and holding period to the Internal Revenue Service on the Fund's shareholders' Consolidated Form 1099s when "covered" securities are sold. Covered securities are any regulated investment company and/or dividend reinvestment plan shares acquired on or after January 1, 2012.

The Funds have chosen average cost as the standing (default) tax lot identification method for all shareholders. A tax lot identification method is the way the Funds will determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing net asset values, and the entire position is not sold at one time. The Funds have chosen average cost as its standing (default) tax lot identification method for all shareholders. The Funds' standing tax lot identification method is the method covered shares will be reported on your Consolidated Form 1099 if you do not select a specific tax lot identification method. You may choose a method different than the Funds' standing method and will be able to do so at the time of your purchase or upon the sale of covered shares. Please refer to the appropriate Internal Revenue Service regulations or consult your tax advisor with regard to your personal circumstances.

For those securities defined as "covered" under current Internal Revenue Service cost basis tax reporting regulations, the Funds are responsible for maintaining accurate cost basis and tax lot information for tax reporting purposes. The Funds are not responsible for the reliability or accuracy of the information for those securities that are not "covered." The Funds and their service providers do not provide tax advice. You should consult independent sources, which may include a tax professional, with respect to any decisions you may make with respect to choosing a tax lot identification method.

*Possible Tax Law Changes*. At the time that this prospectus is being prepared, the coronavirus (COVID-19) is affecting the United States. Various administrative and legislative changes to the federal tax laws are under consideration, but it is not possible at this time to determine whether any of these changes will take place or what the changes might entail.

**The Trust**

The Funds are series of the Trust, an open-end management investment company organized as a Delaware statutory trust on April 9, 2007. The Trustees supervise the operations of the Funds according to applicable state and federal law, and the Trustees are responsible for the overall management of the Funds' business affairs.

**Rule 12b-1 Fees**

The Funds have adopted a Distribution and Shareholder Services Plan Pursuant to Rule 12b-1 (the "Plan") for the Investor Class shares. Pursuant to the Plan, the Funds may compensate Financial Intermediaries that provide services for shareholders of the Funds. The Plan provides that for activities relating to these services, each Fund will pay the annual rate of 0.25% of the average daily net assets of its Investor Class. Such activities may include the provision of sub-accounting, recordkeeping and/or administrative services, responding to customer inquiries, and providing information on customer investments. Because the shareholder service fees are paid out of a Fund's assets on an on-going basis, these fees, over time, will increase the cost of your investment and may cost you more than paying other types of sales charges. The Plan, while primarily intended to compensate for shareholder service expenses, was adopted pursuant to Rule 12b-1 under the 1940 Act, and it therefore may be used to pay for certain expenditures related to financing distribution- related activities of the Funds.

**Shareholder Services Plan**

The Funds have adopted a shareholder services plan for their Investor Class and Institutional Class shares. Under a shareholder services plan, the Funds may pay an authorized firm up to 0.25% on an annualized basis of average daily net assets attributable to its customers who are shareholders. For this fee, the authorized firms may provide a variety of services, including but not limited to: (i) arranging for bank wires; (ii) responding to inquiries from shareholders concerning their investment in a Fund; (iii) assisting shareholders in changing dividend options, account designations and addresses; (iv) providing information periodically to shareholders showing their position in Fund shares; (v) forwarding shareholder communications from the Funds such as proxies, shareholder reports, annual reports, and dividend distribution and tax notices; (vi) processing purchase, exchange and redemption requests from shareholders and placing orders with the Funds or their service providers; (vii) providing sub-accounting with respect to Fund shares; and (viii) processing dividend payments from the Funds on behalf of shareholders.

Because the Funds have adopted the shareholder services plan to compensate authorized firms for providing the types of services described above, the Funds believes the shareholder services plan is not covered by Rule 12b-1 under the 1940 Act, which relates to payment of distribution fees. The Funds, however, follows the procedural requirements of Rule 12b-1 in connection with the implementation and administration of the shareholder services plan.

An authorized firm generally represents in a service agreement used in connection with the shareholder services plan that all compensation payable to the authorized firm from its customers in connection with the investment of their assets in the Funds will be disclosed by the authorized firm to its customers. It also generally provides that all such compensation will be authorized by the authorized firm's customers.

**Frequent Purchases and Redemptions**

Frequent purchases and redemptions ("Frequent Trading") of shares of the Funds may present a number of risks to other shareholders of the Funds. These risks may include, among other things, dilution in the value of shares of the Funds held by long-term shareholders, interference with the efficient management by the Adviser of a Fund's portfolio holdings, and increased brokerage and administration costs. Due to the potential of an overall adverse market, economic, political, or other conditions affecting the sale price of portfolio securities, a Fund could face untimely losses as a result of having to sell portfolio securities prematurely to meet redemptions. Current shareholders of the Funds may face unfavorable impacts as portfolio securities concentrated in certain sectors may be more volatile than investments across broader ranges of industries as sector-specific market or economic developments may make it more difficult to sell a significant amount of shares at favorable prices to meet redemptions. Frequent Trading may also increase portfolio turnover, which may result in increased capital gains taxes for shareholders of the Funds. These capital gains could include short-term capital gains taxed at ordinary income tax rates.

The Funds will assess a 2.00% redemption fee on Investor Class shares of a Fund redeemed within 60 days of purchase as a percentage of the amount redeemed. The redemption fee is deducted from your proceeds and is retained by the Funds for the benefit of long-term shareholders. The "first in-first out" ("FIFO") method is used to determine the holding period; this means that if you purchase shares on different days, the shares you held longest will be redeemed first for purposes of determining whether the redemption fee applies. The fee does not apply to Fund shares acquired through the reinvestment of dividends and the Automatic Investment Plan or shares redeemed through the Systematic Withdrawal Program. The Funds reserve the right to change the terms and amount of this fee upon at least a 60-day notice to shareholders.

The Trustees have adopted a policy that is intended to identify and discourage Frequent Trading by shareholders of a Fund under which the Trust's Chief Compliance Officer and Transfer Agent will monitor Frequent Trading through the use of various surveillance techniques. Under these policies and procedures, shareholders may not engage in more than four "round-trips" (a purchase and sale or an exchange in and then out of a Fund) within a rolling twelve-month period. Shareholders exceeding four round-trips will be investigated by a Fund and possibly restricted from making additional investments in the Fund. The intent of the policies and procedures is not to inhibit legitimate strategies, such as asset allocation, dollar cost averaging or similar activities that may nonetheless result in Frequent Trading of Fund shares. The Funds reserve the right to reject any exchange or purchase of Fund shares with or without prior notice to the account holder. In the event the foregoing purchase and redemption patterns occur, it shall be the policy of the Trust that the shareholder's account and any other account with a Fund under the same taxpayer identification number shall be precluded from investing in a Fund (including investment that are part of an exchange transaction) for such time period as the Trust deems appropriate based on the facts and circumstances (including, without limitation, the dollar amount involved and whether the Investor has been precluded from investing in the Fund before); provided that such time period shall be at least 30 calendar days after the last redemption transaction. The above policies shall not apply if the Trust determines that a purchase and redemption pattern is not a Frequent Trading pattern or is the result of inadvertent trading errors**.**

These policies and procedures will be applied uniformly to all shareholders and the Funds will not accommodate market timers.

The policies also apply to any account, whether an individual account or accounts with Financial Intermediaries such as investment advisers, broker dealers or retirement plan administrators, commonly called omnibus accounts, where the intermediary holds Fund shares for a number of its customers in one account. Omnibus account arrangements permit multiple investors to aggregate their respective share ownership positions and purchase, redeem and exchange Fund shares without the identity of the particular shareholder(s) being known to the Funds. Accordingly, the ability of the Funds to monitor and detect Frequent Trading activity through omnibus accounts may be more limited and there is no guarantee that the Funds will be able to identify shareholders who may be engaging in Frequent Trading through omnibus accounts or to curtail such trading. However, the Funds will establish information sharing agreements with intermediaries as required by Rule 22c-2 under the 1940 Act, and otherwise use reasonable efforts to work with intermediaries to identify excessive short-term trading in underlying accounts.

If a Fund identifies that excessive short-term trading is taking place in a participant-directed employee benefit plan accounts, the Funds or their Adviser or Transfer Agent will contact the plan administrator, sponsor or trustee to request that action be taken to restrict such activity. However, the ability to do so may be constrained by regulatory restrictions or plan policies. In such circumstances, it is generally not the policy of the Funds to close the account of an entire plan due to the activity of a limited number of participants. However, the Funds will take such actions as deemed appropriate in light of all the facts and circumstances.

The Funds' policies provide for ongoing assessment of the effectiveness of current policies and surveillance tools, and the Trustees reserves the right to modify these or adopt additional policies and restrictions in the future. Shareholders should be aware, however, that any surveillance techniques currently employed by the Funds or other techniques that may be adopted in the future, may not be effective, particularly where the trading takes place through certain types of omnibus accounts. As noted above, if the Funds are unable to detect and deter trading abuses, the Funds' performance, and their long-term shareholders, may be harmed. In addition, shareholders may be harmed by the extra costs and portfolio management inefficiencies that result from Frequent Trading, even when the trading is not for abusive purposes.

**Distribution Arrangements**

The Funds are offered through financial supermarkets, investment advisers and consultants, financial planners, brokers, dealers and other investment professionals, and directly through the Distributor. Investment professionals who offer shares may request fees from their individual clients. If you invest through a third party, the policies and fees may be different than those described in this prospectus. For example, third parties may charge transaction fees or set different minimum investment amounts. If you purchase your shares through a broker-dealer, the broker-dealer firm is entitled to receive a percentage of the sales charge you pay in order to purchase Fund shares.

**Financial Highlights**

The following tables are intended to help you better understand the financial performance of the Partners Fund for the past 5 years, and the Focused SCV Fund and the International Value Fund for the period of the Funds' operations. Certain information reflects financial results for a single Fund share. The total returns in the tables represent the rate you would have earned (or lost) on an investment in the Fund, assuming reinvestment of all dividends and distributions. The information has been audited by Cohen & Company, Ltd., the Funds' independent registered public accounting firm, whose report, along with the Funds' financial statements, are included in the Funds' annual report to shareholders and are incorporated by reference into the SAI. The annual report and the SAI are available from the Funds upon request without charge.

**Clifford Capital Partners Fund**

**Institutional Class**

**Financial Highlights**

**Selected data for a share outstanding throughout the period.**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years ended September 30,** | **Years ended September 30,** | **Years ended September 30,** | **Years ended September 30,** | **Years ended September 30,** |
| **Institutional Class** | **2022** | **2021** | **2020<sup>(2)</sup>** | **2019** | **2018** |
| **Net asset value, beginning of year** | $19.61 | $14.03 | $14.65 | $15.83 | $14.69 |
| **Investment activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 0.27 | 0.29 | 0.31 | 0.23 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.74) | 5.63 | (0.68) | (0.65) | 1.75 |
| &nbsp;&nbsp;&nbsp;**Total from investment activities** | (2.47) | 5.92 | (0.37) | (0.42) | 1.91 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.29) | (0.34) | (0.25) | (0.15) | (0.12) |
| &nbsp;&nbsp;&nbsp;Net realized gain | (0.54) |  |  | (0.61) | (0.65) |
| &nbsp;&nbsp;&nbsp;**Total distributions** | (0.83) | (0.34) | (0.25) | (0.76) | (0.77) |
| **Net asset value, end of year** | $**16.31** | $**19.61** | $**14.03** | $**14.65** | $**15.83** |
| **Total Return** | **(13.23** **%)** | **42.63%** | **(2.68** **%)** | **(1.87** **%)** | **13.43%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, gross | 1.29% | 1.42% | 1.45% | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;Expenses, net of fee waivers and reimbursements | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.46% | 1.51% | 2.28% | 1.60% | 1.06% |
| Portfolio turnover rate | 10.55% | 26.01% | 59.61% | 22.99% | 19.80% |
| Net assets, end of year (000's) | $90591 | $49699 | $24549 | $23553 | $16814 |

---

<sup>(1)</sup> Per share amounts calculated using the average number of shares outstanding throughout the period.

<sup>(2)</sup> Prior to February 1, 2020 the Advisor paid all operating expenses except for management fees and 12b-1 expenses.

**Clifford Capital Partners Fund**

**Investor Class**

**Financial Highlights**

**Selected data for a share outstanding throughout the period**.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years ended September 30,** | **Years ended September 30,** | **Years ended September 30,** | **Years ended September 30,** | **Years ended September 30,** |
| **Investor Class** | **2022** | **2021** | **2020<sup>(2)</sup>** | **2019** | **2018** |
| **Net asset value, beginning of year** | $19.47 | $13.97 | $14.61 | $15.77 | $14.63 |
| **Investment activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 0.21 | 0.25 | 0.27 | 0.20 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.70) | 5.60 | (0.67) | (0.64) | 1.76 |
| &nbsp;&nbsp;&nbsp;**Total from investment activities** | (2.49) | 5.85 | (0.40) | (0.44) | 1.89 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.28) | (0.35) | (0.24) | (0.11) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized gain | (0.54) |  |  | (0.61) | (0.65) |
| &nbsp;&nbsp;&nbsp;**Total distributions** | (0.82) | (0.35) | (0.24) | (0.72) | (0.75) |
| Paid-in capital from redemption fees | —<sup>(3)</sup> |  |  |  |  |
| **Net asset value, end of year** | $**16.16** | $**19.47** | $**13.97** | $**14.61** | $**15.77** |
|  | **(13.44** **%)** | **42.29%** | **(2.86** **%)** | **(2.07** **%)** | **13.29%** |
| **Total Return** |  |  |  |  |  |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratios to average net assets | 1.50% | 1.61% | 1.57% | 1.10% | 1.10% |
| &nbsp;&nbsp;&nbsp;Expenses, gross | 1.15% | 1.15% | 1.13% | 1.10% | 1.10% |
| &nbsp;&nbsp;&nbsp;Expenses, net of fee waivers and reimbursements | 1.12% | 1.32% | 1.93% | 1.39% | 0.86% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 10.55% | 26.01% | 59.61% | 22.99% | 19.80% |
| Portfolio turnover rate | $1123 | $549 | $397 | $785 | $649 |
| Net assets, end of year (000's) |  |  |  |  |  |

---

<sup>(1)</sup> Per share amounts calculated using the average number of shares outstanding throughout the period.

<sup>(2)</sup> Prior to February 1, 2020 the Advisor paid all operating expenses except for management fees and 12b-1 expenses.

<sup>(3)</sup> Less than 0.005 per share.

**Clifford Capital Partners Fund**

**Super Institutional Class**

**Financial Highlights**

**Selected data for a share outstanding throughout the period.**

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended September 30,** | **Years ended September 30,** | **Period** <br> **October 17, 2019 <sup>(2)</sup> to** |
| **Super Institutional Class** | **2022** | **2021** | **September 30, 2020** |
| **Net asset value, beginning of period** | $19.84 | $14.21 | $14.67 |
| **Investment activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 0.31 | 0.31 | 0.30 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.80) | 5.70 | (0.70) |
| &nbsp;&nbsp;&nbsp;**Total from investment activities** | (2.49) | 6.01 | (0.40) |
| **Distributions** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.34) | (0.38) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized gain | (0.54) |  |  |
| &nbsp;&nbsp;&nbsp;**Total distributions** | (0.88) | (0.38) | (0.06) |
| **Net asset value, end of period** | $**16.47** | $**19.84** | $**14.21** |
| **Total Return<sup>(3)</sup>** | **(13.23** **%)** | **42.74%** | **(2.74** **%)** |
| **Ratios/Supplemental Data** |  |  |  |
| Ratios to average net assets <sup>(4)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, gross | 1.21% | 1.35% | 1.43% |
| &nbsp;&nbsp;&nbsp;Expenses, net of fee waivers and reimbursements | 0.82% | 0.82% | 0.85% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.64% | 1.65% | 2.29% |
| Portfolio turnover rate <sup>(3)</sup> | 10.55% | 26.01% | 59.61% |
| Net assets, end of period (000's) | $11 | $18 | $13 |

---

<sup>(1)</sup> Per share amounts calculated using the average number of shares outstanding throughout the period.

<sup>(2)</sup> Commencement of operations.

<sup>(3)</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>(4)</sup> Ratios to average net assets are annualized for periods less than one year.

**Clifford Capital Focused Small Cap Value Fund**

**Institutional Class**

**Financial Highlights**

**Selected data for a share outstanding throughout the period.**

---

| | | | |
|:---|:---|:---|:---|
|  | | | **Period** |
|  | **Years ended September 30,** | **Years ended September 30,** | **October 1, 2019 <sup>(3)</sup> to** |
| **Institutional Class** | **2022** | **2021** | **September 30, 2020** |
| **Net asset value, beginning of period** | $13.72 | $9.04 | $10.00 |
| **Investment activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 0.11 | 0.11 | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.65) | 4.74 | (1.14) |
| &nbsp;&nbsp;&nbsp;**Total from investment activities** | (2.54) | 4.85 | (0.95) |
| **Distributions** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.12) | (0.17) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.44) |  | —<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;**Total distributions** | (1.56) | (0.17) | (0.01) |
| **Net asset value, end of period** | $**9.62** | $**13.72** | $**9.04** |
| **Total Return <sup>(4)</sup>** | **(21.06** **%)** | **54.02%** | **(9.53** **%)** |
| **Ratios/Supplemental Data** |  |  |  |
| Ratios to average net assets <sup>(5)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, gross | 2.65% | 3.01% | 6.47% |
| &nbsp;&nbsp;&nbsp;Expenses, net of fee waivers and reimbursements | 1.05% | 1.05% | 1.05% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.92% | 0.84% | 2.32% |
| Portfolio turnover rate <sup>(4)</sup> | 43.27% | 40.68% | 102.07% |
| Net assets, end of period (000's) | $11475 | $11657 | $4532 |

---

<sup>(1)</sup> Per share amounts calculated using the average number of shares outstanding throughout the period.

<sup>(2)</sup> Less than $0.005.

<sup>(3)</sup> Commencement of operations.

<sup>(4)</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>(5)</sup> Ratios to average net assets are annualized for periods less than one year.

**Clifford Capital Focused Small Cap Value Fund**

**Investor Class**

**Financial Highlights**

**Selected data for a share outstanding throughout the period.**

---

| | | | |
|:---|:---|:---|:---|
|  | | | **Period** |
|  | **Years ended September 30,** | **Years ended September 30,** | **January 31, 2020 <sup>(2)</sup> to** |
| **Investor Class** | **2022** | **2021** | **September 30, 2020** |
| **Net asset value, beginning of period** | $13.64 | $9.02 | $9.96 |
| **Investment activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 0.08 | 0.05 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.63) | 4.76 | (1.06) |
| &nbsp;&nbsp;&nbsp;**Total from investment activities** | (2.55) | 4.81 | (0.94) |
| **Distributions** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.09) | (0.19) |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | (1.44) |  |  |
| &nbsp;&nbsp;&nbsp;**Total distributions** | (1.53) | (0.19) |  |
| **Net asset value, end of period** | $**9.56** | $**13.64** | $**9.02** |
| **Total Return <sup>(3)</sup>** | **(21.26** **%)** | **53.71%** | **(9.44** **%)** |
| **Ratios/Supplemental Data** |  |  |  |
| Ratios to average net assets <sup>(4)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, gross | 3.01% | 3.30% | 5.43% |
| &nbsp;&nbsp;&nbsp;Expenses, net of fee waivers and reimbursements | 1.30% | 1.30% | 1.30% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.63% | 0.38% | 2.15% |
| Portfolio turnover rate <sup>(3)</sup> | 43.27% | 40.68% | 102.07% |
| Net assets, end of period (000's) | $14 | $10 | $2 |

---

<sup>(1)</sup> Per share amounts calculated using the average number of shares outstanding throughout the period.

<sup>(2)</sup> Commencement of operations

<sup>(3)</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>(4)</sup> Ratios to average net assets are annualized for periods less than one year.

**Clifford Capital Focused Small Cap Fund**

**Super Institutional Class**

**Financial Highlights**

**Selected data for a share outstanding throughout the period.**

---

| | | | |
|:---|:---|:---|:---|
|  | | | **Period** |
|  | **Years ended September 30,** | **Years ended September 30,** | **January 31, 2020 <sup>(2)</sup> to** |
| **Super Institutional Class** | **2022** | **2021** | **September 30, 2022** |
| **Net asset value, beginning of period** | $13.67 | $9.04 | $9.96 |
| **Investment activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 0.13 | 0.13 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.64) | 4.72 | (1.06) |
| &nbsp;&nbsp;&nbsp;**Total from investment activities** | (2.51) | 4.85 | (0.92) |
| **Distributions** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.22) |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | (1.44) |  |  |
| &nbsp;&nbsp;&nbsp;**Total distributions** | (1.59) | (0.22) |  |
| **Net asset value, end of period** | $**9.57** | $**13.67** | $**9.04** |
| **Total Return <sup>(3)</sup>** | **(20.98** **%)** | **54.10%** | **(9.24** **%)** |
| **Ratios/Supplemental Data** |  |  |  |
| Ratios to average net assets <sup>(4)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, gross | 2.40% | 2.93% | 5.19% |
| &nbsp;&nbsp;&nbsp;Expenses, net of fee waivers and reimbursements | 0.97% | 0.97% | 0.97% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.04% | 0.95% | 2.48% |
| Portfolio turnover rate <sup>(3)</sup> | 43.27% | 40.68% | 102.07% |
| Net assets, end of period (000's) | $2 | $3 | $2 |

---

<sup>(1)</sup> Per share amounts calculated using the average number of shares outstanding throughout the period.

<sup>(2)</sup> Commencement of operations.

<sup>(3)</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>(4)</sup> Ratios to average net assets are annualized for periods less than one year.

**Clifford Capital International Value Fund**

**Investor Class**

**Financial Highlights**

**Selected data for a share outstanding throughout the period.**

---

| | |
|:---|:---|
| **Investor Class** | **Period**<br> **May 6, 2022 <sup>(2)</sup>**<br> **to September 30, 2022** |
| **Net asset value, beginning of period** | $**10.00** |
| **Investment activities** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.10) |
| &nbsp;&nbsp;&nbsp;**Total from investment activities** | (1.89) |
| **Distributions** |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |
| &nbsp;&nbsp;&nbsp;Net realized gain |  |
| &nbsp;&nbsp;&nbsp;**Total distributions** |  |
| **Net asset value, end of period** | $**8.11** |
| **Total Return<sup>(3)</sup>** | **(18.90** **%)** |
| **Ratios/Supplemental Data** |  |
| Ratios to average net assets <sup>(4)</sup> |  |
| &nbsp;&nbsp;&nbsp;Expenses, gross | 28.97% |
| &nbsp;&nbsp;&nbsp;Expenses, net of fee waivers and reimbursements | 1.30% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 5.62% |
| Portfolio turnover rate <sup>(3)</sup> | 11.14% |
| Net assets, end of period (000's) | $14 |

---

<sup>(1)</sup> Per share amounts calculated using the average number of shares outstanding throughout the period.

<sup>(2)</sup> Commencement of operations.

<sup>(3)</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized.

<sup>(4)</sup> Ratios to average net assets are annualized.

**Clifford Capital International Value Fund**

**Institutional Class**

**Financial Highlights**

**Selected data for a share outstanding throughout the period.**

---

| | |
|:---|:---|
| **Institutional Class** | **Period**<br> **May 6, 2022 <sup>(2)</sup>**<br> **to September 30, 2022** |
| **Net asset value, beginning of period** | $**10.00** |
| **Investment activities** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.10) |
| &nbsp;&nbsp;&nbsp;**Total from investment activities** | (1.88) |
| **Distributions** |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |
| &nbsp;&nbsp;&nbsp;**Total distributions** |  |
| **Net asset value, end of period** | $**8.12** |
| **Total Return<sup>(3)</sup>** | **(18.80** **%)** |
| **Ratios/Supplemental Data** |  |
| Ratios to average net assets <sup>(4)</sup> |  |
| &nbsp;&nbsp;&nbsp;Expenses, gross | 28.72% |
| &nbsp;&nbsp;&nbsp;Expenses, net of fee waivers and reimbursements | 1.05% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 5.87% |
| Portfolio turnover rate <sup>(3)</sup> | 11.14% |
| Net assets, end of period (000's) | $197 |

---

<sup>(1)</sup> Per share amounts calculated using the average number of shares outstanding throughout the period.

<sup>(2)</sup> Commencement of operations.

<sup>(3)</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized.

<sup>(4)</sup> Ratios to average net assets are annualized.

**Clifford Capital International Value Fund**

**Super Institutional Class**

**Financial Highlights**

**Selected data for a share outstanding throughout the period.**

---

| | |
|:---|:---|
| **Super Institutional Class** | **Period**<br> **May 6, 2022 <sup>(2)</sup>**<br> **to September 30, 2022** |
| **Net asset value, beginning of period** | $**10.00** |
| **Investment activities** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.11) |
| &nbsp;&nbsp;&nbsp;**Total from investment activities** | (1.88) |
| **Distributions** |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |
| &nbsp;&nbsp;&nbsp;Net realized gain |  |
| &nbsp;&nbsp;&nbsp;**Total distributions** |  |
| **Net asset value, end of period** | $**8.12** |
| **Total Return <sup>(3)</sup>** | **(18.80** **%)** |
| **Ratios/Supplemental Data** |  |
| Ratios to average net assets <sup>(4)</sup> |  |
| &nbsp;&nbsp;&nbsp;Expenses, gross | 28.33% |
| &nbsp;&nbsp;&nbsp;Expenses, net of fee waivers and reimbursements | 0.97% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 5.97% |
| Portfolio turnover rate <sup>(3)</sup> | 11.14% |
| Net assets, end of period (000's) | $246 |

---

<sup>(1)</sup> Per share amounts calculated using the average number of shares outstanding throughout the period.

<sup>(2)</sup> Commencement of operations.

<sup>(3)</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized.

<sup>(4)</sup> Ratios to average net assets are annualized.

**APPENDIX**

**Adviser's Prior Performance – Partners Fund**

**The data below is provided to illustrate the past performance of Clifford Capital Partners, LLC, the Partners Fund's adviser, in managing fully discretionary private advisory accounts that are managed in accordance with the Clifford Capital All Cap Value investment strategy (formerly named the Clifford Capital Institutional Portfolio) as measured against market indices, and does not represent the performance of the Partners Fund, nor should it be considered a substitute for the Partners Fund's performance. You should not consider this performance data as a prediction or an indication of future performance of the Partners Fund or the performance that one might achieve by investing in the Partners Fund.**

The Clifford Capital All Cap Value strategy (the "Composite") represents all fully discretionary private advisory accounts that are managed in accordance with the Clifford Capital All Cap Value investment strategy (formerly named the Clifford Capital Institutional Portfolio). The Partners Fund is also managed in a manner that is substantially similar to the manner in which these discretionary private advisory accounts are managed. The investment objectives, strategies, and policies of the Partners Fund are substantially similar to the discretionary private advisory accounts included in the Composite. The Composite began on August 1, 2010, the first full month the Adviser began managing accounts.

The manner in which the performance was calculated for the Composite differs from that of registered mutual funds like the Partners Fund. The SEC standard method for calculation of performance information for mutual funds was not utilized to calculate the performance of the Composite. The performance information shown below is not representative of the performance information that typically would be shown for a registered mutual fund. The discretionary private advisory accounts that are included in the Composite are not subject to the same type of expenses to which the Partners Fund is subject and are not subject to the diversification requirements, specific tax restrictions, and investment limitations imposed on the Partners Fund by the Investment Company Act of 1940, as amended, or the Internal Revenue Code of 1986, as amended. Consequently, the performance results for the Composite could have been adversely affected if the discretionary private advisory accounts in the Composite were subject to the same federal securities tax laws as the Partners Fund. In addition, the discretionary private advisory accounts are not subject to the same adverse effects of cash inflows and outflows of investor money that a public mutual fund such as the Partners Fund may be subject to, and accordingly the performance of these accounts may be higher than for a public mutual fund managed under the same investment strategy. "Composite Net-of-Fees" performance results are net of all fees, expenses, and, if applicable, sales loads or placement fees. Because of variation in fee levels, the "net of fees" Composite returns may not be reflective of performance in any one particular account. The use of a methodology different than that used below to calculate performance could result in different performance data.

The operating expenses incurred by the discretionary private advisory accounts in the Composite differ from the anticipated operating expenses of the Partners Fund, with some higher and some lower. The Adviser believes that the net effect of these differences would not have been material to its prior performance results.

**The Adviser's Clifford Capital All Cap Value Composite (*August 1, 2010 through December 31, 2022*)**

The following data illustrates the past performance of the Adviser in managing all substantially similar discretionary private advisory accounts and does not represent the performance of the Partners Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Year** | **Total Return**<br> (net of investment <br> management fees) | **Total Return**<br> (gross of investment <br> management fees) | **Russell 3000® Value** <br> **Total Return Index** |
| Aug. 1 – Dec. 31, 2010 | 14.32% | 14.57% | 14.35% |
| 2011 | 4.20% | 5.18% | -0.10% |
| 2012 | 20.15% | 21.29% | 17.55% |
| 2013 | 33.22% | 34.46% | 32.69% |
| 2014 | 17.49% | 18.63% | 12.70% |
| 2015 | -10.53% | -10.08% | -4.13% |
| 2016 | 37.02% | 37.92% | 18.40% |
| 2017 | 12.45% | 13.10% | 13.19% |
| 2018 | -8.37% | -8.01% | -8.58% |
| 2019 | 25.02% | 25.32% | 26.26% |
| 2020 | 12.89% | 13.17% | 2.87% |
| 2021 | 21.20% | 22.00% | 25.37% |
| 2022 | -3.55% | -3.03% | -8.01% |

---

Composite Average Annual Returns (*as of December 31, 2022*)

---

| | | | |
|:---|:---|:---|:---|
| **Time Period** | **Total Return**<br> (net of investment <br> management fees) | **Total Return**<br> (gross of investment <br> management fees) | **Russell 3000® Value** <br> **Total Return Index** |
| One year | -3.55% | -3.03% | -8.01% |
| Three years | 9.67% | 10.21% | 5.85% |
| Five years | 8.61% | 9.07% | 6.47% |
| Ten years | 12.55% | 13.19% | 10.31% |
| Since Inception<br>(8/1/2010 – 12/31/2022)<br>| 13.21% | 13.92% | 10.68% |

---

![(graphic)](clifford485bpos012723004.jpg)

**Adviser's Prior Performance – Focused SCV Fund** 

**The data below is provided to illustrate the past performance of Clifford Capital Partners, LLC, the Focused SCV Fund's adviser, in managing fully discretionary private advisory accounts that are managed in accordance with the Clifford Capital Focused Small Cap Value investment strategy as measured against market indices, and does not represent the performance of the Focused SCV Fund, nor should it be considered a substitute for the Focused SCV Fund's performance. You should not consider this performance data as a prediction or an indication of future performance of the Focused SCV Fund or the performance that one might achieve by investing in the Focused SCV Fund.**

The Clifford Capital Focused Small Cap Value strategy (the "Composite") represents all fully discretionary private advisory accounts that are managed in accordance with the Clifford Capital Focused Small Cap Value investment strategy. The Focused SCV Fund is also managed in a manner that is substantially similar to the manner in which these discretionary private advisory accounts are managed. The investment objectives, strategies, and policies of the Focused SCV Fund are substantially similar to the discretionary private advisory accounts included in the Composite. The Composite began on April 1, 2016.

The way the performance was calculated for the Composite differs from that of registered mutual funds like the Focused SCV Fund. The SEC standard method for calculation of performance information for mutual funds was not utilized to calculate the performance of the Composite. The performance information shown below is not representative of the performance information that typically would be shown for a registered mutual fund. The discretionary private advisory accounts that are included in the Composite are not subject to the same type of expenses to which the Focused SCV Fund is subject and are not subject to the diversification requirements, specific tax restrictions, and investment limitations imposed on the Focused SCV Fund by the Investment Company Act of 1940, as amended, or the Internal Revenue Code of 1986, as amended. Consequently, the performance results for the Composite could have been adversely affected if the discretionary private advisory accounts in the Composite were subject to the same federal securities tax laws as the Focused SCV Fund. In addition, the discretionary private advisory accounts are not subject to the same adverse effects of cash inflows and outflows of investor money that a public mutual fund such as the Focused SCV Fund may be subject to, and accordingly the performance of these accounts may be higher than for a public mutual fund managed under the same investment strategy. "Composite Net-of-Fees" performance results are net of all fees, expenses, and, if applicable, sales loads or placement fees. Because of variation in fee levels, the "net of fees" Composite returns may not be reflective of performance in any one particular account. The use of a methodology different than that used below to calculate performance could result in different performance data.

The operating expenses incurred by the discretionary private advisory accounts in the Composite differ from the anticipated operating expenses of the Focused SCV Fund, with some higher and some lower. The Adviser believes that the net effect of these differences would not have been material to its prior performance results.

**The Adviser's Clifford Capital Focused Small Cap Value Composite (*April 1, 2016 through December 31, 2022*)**

The following data illustrates the past performance of the Adviser in managing all substantially similar discretionary private advisory accounts and does not represent the performance of the Focused SCV Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Year** | **Total Return**<br> (net of investment <br> management fees) | **Total Return**<br> (gross of investment <br> management fees) | **Russell 2000® Value** <br> **Total Return Index** |
| Apr. 1 – Dec. 31, 2016 | 32.62% | 33.62% | 29.54% |
| 2017 | 11.25% | 12.22% | 7.84% |
| 2018 | -13.75% | -12.95% | -12.86% |
| 2019 | 14.00% | 15.06% | 22.39% |
| 2020 | 9.60% | 10.63% | 4.63% |
| 2021 | 22.38% | 23.44% | 28.27% |
| 2022 | -10.84% | -10.24% | -14.50% |

---

Composite Average Annual Returns (*as of December 31, 2022*)

---

| | | | |
|:---|:---|:---|:---|
| **Time Period** | **Total Return**<br> (net of investment <br> management fees) | **Total Return**<br> (gross of investment <br> management fees) | **Russell 2000® Value** <br> **Total Return Index** |
| One year | -10.84% | -10.24% | -14.50% |
| Three years | 6.11% | 7.01% | 4.67% |
| Five years | 3.28% | 4.19% | 4.10% |
| Since Inception<br>(4/1/2016 – 12/31/2022)<br>| 8.50% | 9.46% | 8.24% |

---

![(graphic)](clifford485bpos012723005.jpg)

**Adviser's Prior Performance – International Value Fund**

**The data below is provided to illustrate the past performance of Clifford Capital Partners, LLC, the Fund's adviser, in managing fully discretionary private advisory accounts that are managed in accordance with the Clifford Capital International Value investment strategy as measured against market indices, and does not represent the performance of the Fund, nor should it be considered a substitute for the Fund's performance. You should not consider this performance data as a prediction or an indication of future performance of the Fund or the performance that one might achieve by investing in the Fund.**

The Clifford Capital International Value strategy (the "Composite") represents all fully discretionary private advisory accounts that are managed in accordance with the Clifford Capital International Value investment strategy. The International Value Fund is also managed in a manner that is substantially similar to the manner in which these discretionary private advisory accounts are managed. The investment objectives, strategies, and policies of the Fund are substantially similar to the discretionary private advisory accounts included in the Composite. The Composite began on August 1, 2019, the first full month the Adviser began managing International investment accounts.

The Composite performance results were calculated by the Adviser on a cash flow basis (i.e., dividends and other cash flows are included in performance results when paid/incurred) and are consistent with GIPS performance reporting standards. This method of calculation differs somewhat from that of registered mutual funds like the Fund. The performance information shown below is not representative of the performance information that typically would be shown for a registered mutual fund. The discretionary private advisory accounts that are included in the Composite are not subject to the same type of expenses to which the Fund is subject and are not subject to the diversification requirements, specific tax restrictions, and investment limitations imposed on the Fund by the 1940 Act, as amended, or the Internal Revenue Code of 1986, as amended. Consequently, the performance results for the Composite could have been adversely affected if the discretionary private advisory accounts in the Composite were subject to the same federal securities and tax laws as the Fund. In addition, the discretionary private advisory accounts are not subject to the same adverse effects of cash inflows and outflows of investor money that a public mutual fund such as the Fund may be subject to, and accordingly the performance of these accounts may be higher than for a public mutual fund managed under the same investment strategy. Composite Total Return (net of investment management fees)" performance results are net of all fees, expenses, and, if applicable, sales loads or placement fees. Because of variation in fee levels, the "net of fees" Composite returns may not be reflective of performance in any one particular account. The use of a methodology different than that used below to calculate performance could result in different performance data.

The operating expenses incurred by the discretionary private advisory accounts in the Composite differ from the anticipated operating expenses of the Fund, with some higher and some lower. The Adviser believes that the net effect of these differences would not have been material to its prior performance results.

**The Adviser's Clifford Capital International Value Composite (*August 1, 2019 through December 31, 2022*)**

The following data illustrates the past performance of the Adviser in managing all substantially similar discretionary private advisory accounts and does not represent the performance of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Year** | **Total Return**<br> (net of investment <br> management fees) | **Total Return**<br> (gross of investment <br> management fees) | **MSCI EAFE Value <br> Net Return Index** |
| Aug. 1 – Dec. 31, 2019 | 10.59% | 11.05% | 8.38% |
| 2020 | -3.65% | -2.68% | -2.63% |
| 2021 | 18.17% | 19.36% | 10.89% |
| 2022 | -6.23% | -5.50% | -5.58% |

---

Composite Average Annual Returns (*as of December 31, 2022*)

---

| | | | |
|:---|:---|:---|:---|
| **Time Period** | **Total Return**<br> (net of investment <br> management fees) | **Total Return**<br> (gross of investment <br> management fees) | **MSCI EAFE Value <br> Net Return Index** |
| One year | -6.23% | -5.50% | -5.58% |
| Three years | 2.20% | 3.16% | 1.95% |
| Since Inception <br> (8/1/2019 – 12/31/2022)<br>| 4.97% | 5.96% | 2.96% |

---

![(graphic)](clifford485bpos012723006.jpg)

**Fund Service Providers**

*Investment Adviser*

Clifford Capital Partners, LLC, located at 363 S. Main Street, Suite 101, Alpine, Utah 84004

*Administrator, Transfer Agent and Fund Accountant* 

Commonwealth Fund Services, Inc., located at 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235

*Distributor*

Foreside Fund Services, LLC, located at Three Canal Plaza, Suite 100, Portland, Maine 04101

*Custodian*

Fifth Third Bank, located at 38 Fountain Square Plaza, Cincinnati, Ohio 45263

*Independent Registered Public Accounting Firm*

Cohen & Company, Ltd., located at 1350 Euclid Ave., Suite 800, Cleveland, Ohio 44115

*Legal Counsel*

Practus, LLP, located at 11300 Tomahawk Creek Parkway, Suite 310, Leawood, Kansas 66211

**How to Get More Information**

**Where to Go for Information**

For shareholder inquiries, please call toll-free 800-628-4077.

The SAI is on file with the Securities and Exchange Commission ("SEC"), contains additional and more detailed information about the Fund, and is incorporated into this Prospectus by reference. Additional information about the Funds' investments is available in the Funds' annual and semi-annual reports to shareholders. In the Funds' annual report, you will find a discussion of the market conditions and investment strategies that significantly affected a Fund's performance during its last fiscal year. There are three ways to get a copy of these documents.

1. Call
 or write for one, and a copy will be sent without charge.

Clifford Capital Partners Fund, Clifford Capital Focused Small Cap Value Fund and/or Clifford Capital International Value Fund

c/o Commonwealth Fund Services, Inc.

8730 Stony Point Parkway, Suite 205

Richmond, Virginia 23235

800-628-4077

2. Reports
 and other information regarding the Funds are available on the EDGAR Database on the
 SEC's Internet site free of charge at http://www.sec.gov, and copies of this information
 may be obtained, after paying a duplicating fee, by electronic request at the following
 e-mail address: <u>publicinfo@sec.gov</u>.

3. Copies
 of these documents may also be obtained free of charge by visiting the Funds' website
 at <u>http://www.cliffordcap.com/mutual-funds</u>.
 You may also e-mail the Funds at <u>mail@ccofva.com</u>.

No dealer, salesman, or other person has been authorized to give any information or to make any representations, other than those contained in this Prospectus, and, if given or made, such other information or representations must not be relied upon as having been authorized by the Funds or the Adviser. This Prospectus does not constitute an offering in any state in which such offering may not lawfully be made.

Reports and other information regarding the Funds are available on the EDGAR Database on the SEC's Internet site at http://www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

**The Adviser's Contact Information is:**

**Clifford Capital Partners, LLC** 

363 S. Main Street, Suite 101

Alpine, Utah 84004

385-387-1212

SEC file number 811-22172

![](clifford485bpos012723007.jpg)

**8730 Stony Point Parkway, Suite 205**

**Richmond, Virginia 23235**

**800-673-0550**

**Clifford Capital Partners Fund** 

Investor Class (CLFFX)

Institutional Class (CLIFX)

Super Institutional Class (CLIQX)

**Clifford Capital Focused Small Cap Value Fund**

Investor Class (FSVRX)

Institutional Class (FSVVX)

Super Institutional Class (FSVQX)

**Clifford Capital International Value Fund**

Investor Class (CIIRX)

Institutional Class (CCIVX)

Super Institutional Class (CIVQX)

STATEMENT OF ADDITIONAL INFORMATION

January 31, 2023

This Statement of Additional Information ("SAI") is not a prospectus. It should be read in conjunction with the Prospectus of the Clifford Capital Partners Fund (the "Partners Fund"), the Clifford Capital Focused Small Cap Value Fund (the "Focused SCV Fund") and the Clifford Capital International Value Fund (the "International Value Fund"), collectively, the "Funds" dated January 31, 2023. The SAI is incorporated by reference into the Funds' prospectus. This SAI incorporates by reference the Funds' Annual Report for the year ended September 30, 2022. A free copy of the Prospectus and Annual Report can be obtained by writing to Clifford Capital Funds, 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235, or by calling toll-free 800-673-0550.

Pursuant to a reorganization that took place on February 8, 2016, the Partners Fund is a successor by merger from a series of the Cottonwood Mutual Funds (the "Predecessor Fund").

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
| [DESCRIPTION OF THE TRUST AND THE FUNDS](#clifford485bpos012723b001) | 1 |
| [ADDITIONAL INFORMATION ABOUT FUND INVESTMENTS AND RISK CONSIDERATIONS](#clifford485bpos012723b002) | 1 |
| [INVESTMENT LIMITATIONS](#clifford485bpos012723b003) | 5 |
| [MANAGEMENT](#clifford485bpos012723b004) | 6 |
| [SHAREHOLDER INFORMATION](#clifford485bpos012723b005) | 14 |
| [ADDITIONAL TAX INFORMATION](#clifford485bpos012723b006) | 19 |
| [PRICING AND PURCHASE OF FUND SHARES](#clifford485bpos012723b007) | 28 |
| [REDEMPTIONS IN KIND](#clifford485bpos012723b008) | 30 |
| [ADDITIONAL SERVICE PROVIDERS](#clifford485bpos012723b009) | 30 |
| [DISCLOSURE OF PORTFOLIO SECURITY HOLDINGS](#clifford485bpos012723b010) | 37 |
| [PROXY VOTING POLICIES](#clifford485bpos012723b011) | 39 |
| [FINANCIAL STATEMENTS](#clifford485bpos012723b012) | 40 |
| [Exhibit A](#clifford485bpos012723b013) | 41 |
| [Exhibit B](#clifford485bpos012723b014) | 43 |
| [Exhibit C](#clifford485bpos012723b015) | 47 |

---

**DESCRIPTION OF THE TRUST AND THE FUNDS** 

***General.*** World Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 9, 2007. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act") and commonly known as a "mutual fund". The Declaration of Trust permits the Trust to offer separate series ("funds") of shares of beneficial interest ("shares"). The Trust reserves the right to create and issue shares of additional funds. Each fund is a separate mutual fund, and each share of each fund represents an equal proportionate interest in that fund. All consideration received by the Trust for shares of any fund and all assets of such fund belong solely to that fund and would be subject to liabilities related thereto. Each fund of the Trust pays its (i) operating expenses, including fees of its service providers, expenses of preparing prospectuses, proxy solicitation material and reports to shareholders, costs of custodial services and registering its shares under federal and state securities laws, pricing, insurance expenses, brokerage costs, interest charges, taxes and organization expenses; and (ii) pro rata share of the fund's other expenses, including audit and legal expenses. Expenses attributable to a specific fund shall be payable solely out of the assets of that fund. Expenses not attributable to a specific fund are allocated across all of the funds on the basis of relative net assets. The other mutual funds of the Trust, other than the Funds, are described in separate prospectuses and statements of additional information.

***The Funds****.* This SAI relates to the prospectus for the Partners Fund, the Focused SCV Fund and the International Value Fund and should be read in conjunction with the prospectus. This SAI is incorporated by reference into the Funds' prospectus. No investment in shares should be made without reading the prospectus. The Funds are separate investment portfolios or series of the Trust.

***Description of Multiple Classes of Shares****.* The Funds are authorized to issue three classes of shares: Investor Class shares charging a 0.25% 12b-1 fee and Institutional Class and Super Institutional Class shares imposing no 12b-1 fee.

**ADDITIONAL INFORMATION ABOUT FUND INVESTMENTS AND RISK CONSIDERATIONS** 

The Funds' investment objectives and principal investment strategies are described in the prospectus. This section contains a discussion of some of the investments the Funds may make and some of the techniques they may use.

***Portfolio Turnover****.* Average annual portfolio turnover rate is the ratio of the lesser of sales or purchases to the monthly average value of the portfolio securities owned during the year, excluding from both the numerator and the denominator all securities with maturities at the time of acquisition of one year or less. A higher portfolio turnover rate involves greater transaction expenses to a Fund and may result in the realization of net capital gains, which would be taxable to shareholders when distributed. The Funds' investment adviser, Clifford Capital Partners, LLC (the "Adviser"), makes purchases and sales for each Fund's portfolio whenever necessary, in the Adviser's opinion, to meet a Fund's objective. For the fiscal years ended September 30, 2021 and 2022, the Partners Fund's portfolio turnover rate was 26.01% and 10.55%, respectively. For the fiscal years ended September 30, 2021 and 2022, the Focused SCV Fund's portfolio turnover rate was 40.68% and 43.27%, respectively. For the fiscal period ended September 30, 2022 (inception date May 6, 2022), the International Value Fund's portfolio turnover rate was 11.14%.

***Equity Securities.*** The Funds may invest in equity securities such as common stock, preferred stock, convertible securities, rights and warrants. Common stocks, the most familiar type, represent an equity (ownership) interest in a corporation. Warrants are options to purchase equity securities at a specified price for a specific time period. Rights are similar to warrants, but normally have a short duration and are distributed by the issuer to its shareholders. Although equity securities have a history of long-term growth in value, their prices fluctuate based on changes in a company's financial condition and on overall market and economic conditions.

***Risks of Other Investment Companies / Exchange Traded Funds ("ETFs").*** The Funds will incur higher and duplicative expenses when it invests in mutual funds, ETFs, and other investment companies. There is also the risk that the Funds may suffer losses due to the investment practices of the underlying funds. When the Funds invest in an underlying mutual fund or ETF, the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities comprising the underlying fund or index on which the ETF or index mutual fund is based and the value of the Fund's investments will fluctuate in response to the performance and risks of the underlying investments or index. In addition to the brokerage costs associated with a Fund's purchase and sale of the underlying funds, ETFs and mutual funds incur fees that are separate from those of the Fund. As a result, a Fund's shareholders will indirectly bear a proportionate share of the operating expenses of the ETFs and mutual funds, in addition to Fund expenses. Because a Fund is not required to hold shares of underlying funds for any minimum period, it may be subject to, and may have to pay, short-term redemption fees imposed by the underlying funds. In addition to risks generally associated with investments in investment company securities, ETFs are subject to the following risks that do not apply to traditional mutual funds: (i) the market price of an ETF's shares may be above or below its net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; (iii) the ETF may employ an investment strategy that utilizes high leverage ratios; (iv) trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate; and (v) underlying ETF shares may be de-listed from the exchange or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) temporarily stops stock trading.

With respect to underlying funds in which a Fund may invest, Section 12(d)(1)(A) of the 1940 Act requires that, as determined immediately after a purchase is made, (i) not more than 5% of the value of the Fund's total assets will be invested in the securities of any one investment company, (ii) not more than 10% of the value of the Fund's total assets will be invested in securities of investment companies as a group, and (iii) not more than 3% of the outstanding voting stock of any one investment company will be owned by the Fund. Each Fund will limit its investments in funds in accordance with the Section 12(d)(1)(A) limitations set forth above, except to the extent that any rules or regulations under the 1940 Act permits a Fund's investments to exceed such limits. For example, Rule 12d1-4 permits a Fund to invest in other investment companies beyond the statutory limits, subject to certain conditions. Among other conditions, the Rule prohibits a fund from acquiring control of another investment company (other than an investment company in the same group of investment companies), including by acquiring more than 25% of its voting securities. In addition, the Rule imposes certain voting requirements when a fund's ownership of another investment company exceeds particular thresholds. If shares of a fund are acquired by another investment company, the "acquired" fund may not purchase or otherwise acquire the securities of an investment company or private fund if immediately after such purchase or acquisition, the securities of investment companies and private funds owned by that acquired fund have an aggregate value in excess of 10% of the value of the total assets of the fund, subject to certain exceptions. These restrictions may limit a Fund's ability to invest in other investment companies to the extent desired. In addition, other unaffiliated investment companies may impose other investment limitations or redemption restrictions which may also limit a Fund's flexibility with respect to making investments in those unaffiliated investment companies.

***Foreign Securities.*** The Funds may purchase foreign securities traded domestically as American Depository Receipts ("ADRs") or in equity securities of foreign issuers that are U.S. dollar denominated and trade on a U.S. securities exchange or domestically in the over-the-counter markets. ADRs are dollar-denominated depositary receipts that, typically, are issued by a United States bank or trust company and represent the deposit with that bank or trust company of a security of a foreign issuer. Generally, ADRs are designed for trading on U.S. securities exchanges or other markets. The Funds may invest in foreign securities as well as ADRs and securities of foreign issuers principally traded on U.S. markets. ADRs may be listed on a national securities exchange or may trade in the over-the-counter market. The prices of ADRs are denominated in U.S. dollars while the underlying security may be denominated in a foreign currency. Depository receipts may, or may not, be sponsored by the issuer. There are certain risks associated with investments in unsponsored depository receipt programs. Because the issuer is not involved in establishing the program (such programs are often initiated by broker/dealers), the underlying agreement for payment and service is between the depository and the shareholders. The issuers of unsponsored depository receipts may not receive information from the foreign issuer, and it is under no obligation to distribute shareholder communications or other information received from the foreign issuer of the deposited securities or to pass through voting rights to the holders of the depository receipts. Expenses related to the issuance, cancelation and transfer of the depository receipts, as well as custody and dividend payment services may be passed through, in whole or in part, to shareholders.

Foreign securities investments present special considerations not typically associated with investment in domestic securities. Foreign taxes may reduce income. Currency exchange rates and regulations may cause fluctuations in the value of foreign securities. Foreign securities are subject to different regulatory environments than in the U.S. and, compared to the U.S., there may be a lack of uniform accounting, auditing and financial reporting standards, less volume and liquidity and more volatility, less public information, and less regulation of foreign issuers. Countries have been known to expropriate or nationalize assets, and foreign investments may be subject to political, financial or social instability or adverse diplomatic developments. There may be difficulties in obtaining service of process on foreign issuers and difficulties in enforcing judgments with respect to claims under the U.S. securities laws against such issuers. Favorable or unfavorable differences between U.S. and foreign economies could affect foreign securities values. The U.S. government has, in the past, discouraged certain foreign investments by U.S. investors through taxation or other restrictions and it is possible that such restrictions could be imposed again.

Foreign markets may not be as developed or efficient as those in the United States, and there is generally less government supervision and regulation of securities exchanges, brokers and listed issuers than in the United States. Investments in foreign securities also subject the Fund to risks associated with fluctuations in currency values.

***Risks of Emerging Markets Securities*.** To the extent that the Funds invest in issuers located in emerging markets, the foreign securities risk may be heightened.

***Illiquid Investments.*** In accordance with Rule 22e-4 under the 1940 Act (the "Liquidity Rule"), the Funds may hold up to 15% of their net assets in "illiquid investments." For this purpose, the term "illiquid investments" are investments that a Fund cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Funds monitor the portion of their total assets that are invested in illiquid investments on an ongoing basis in order to ensure that the value of illiquid securities held by the Funds do not exceed 15% of the Fund's net assets.

The Funds must classify each portfolio investment at least monthly into one of four liquidity categories (highly liquid, moderately liquid, less liquid and illiquid), which are defined pursuant to the Liquidity Rule. Such classification is to be made using information obtained after reasonable inquiry and taking into account relevant market, trading and investment-specific considerations. Moreover, in making such classification determinations, the Funds determine whether trading varying portions of a position in a particular portfolio investment or asset class, in sizes that the Fund would reasonably anticipate trading, is reasonably expected to significantly affect its liquidity, and if so, the Fund takes this determination into account when classifying the liquidity of that investment. The Funds may be assisted in classification determinations by one or more third-party service providers. Investments classified according to this process as "illiquid investments" are those subject to the 15% limit on illiquid investments.

The Funds have a liquidity risk management program designed to assess and manage the Funds' liquidity risk. The program has been approved by the Funds' Board of Trustees ("Board"), which has also approved the appointment of a liquidity program administrator (the "LPA"). The LPA is responsible for oversight of the Funds' liquidity risk management efforts, including classifying the liquidity of each Fund investment, ensuring the Funds hold no more than 15% of net asset value in illiquid investments, ensuring that the Funds hold enough liquid assets to meet reasonably foreseeable redemption requests, and reporting to the Board regarding the effectiveness and operation of the liquidity risk management program.

***Restricted Securities***. Securities may be illiquid due to contractual or legal restrictions on resale or lack of a ready market. Restricted securities are securities where the resale of which is subject to legal or contractual restrictions. Restricted securities may be sold only in privately negotiated transactions, in a public offering with respect to which a registration statement is in effect under the Securities Act of 1933 or pursuant to Rule 144 or Rule 144A promulgated under such Act. Where registration is required, the Funds may be obligated to pay all or part of the registration expense, and a considerable period may elapse between the time of the decision to sell and the time such security may be sold under an effective registration statement. If during such a period adverse market conditions were to develop, a Fund might obtain a less favorable price than the price it could have obtained when it decided to sell.

Under the supervision of the Board, the Adviser determines the liquidity of restricted securities and, through reports from the Adviser, the Board will monitor trading activity in restricted securities. If institutional trading in restricted securities were to decline, the liquidity of a Fund could be adversely affected.

***U.S. Government Securities***. U.S. government securities are high-quality debt securities issued or guaranteed by the U.S. Treasury or by an agency or instrumentality of the U.S. government. Not all U.S. government securities are backed by the full faith and credit of, or guaranteed by the United States Treasury. For example, securities issued by the Farm Credit Banks or by the Federal National Mortgage Association are supported by the instrumentality's right to borrow money from the U.S. Treasury under certain circumstances. Moreover, securities issued by other agencies or instrumentalities are supported only by the credit of the entity that issued them.

***Borrowing***. At this time, the Funds do not expect to engage in borrowing. The Funds may engage in borrowing in the future and, to the extent a Fund does so, such Fund will be permitted to borrow money up to one-third of the value of its total assets. Borrowing is a speculative technique that increases both investment opportunity and a Fund's ability to achieve greater diversification. However, it also increases investment risk. Because a Fund's investments will fluctuate in value, whereas the interest obligations on borrowed funds may be fixed, during times of borrowing, the Fund's net asset value may tend to increase more when its investments increase in value, and decrease more when its investments decrease in value. In addition, interest costs on borrowings may fluctuate with changing market interest rates and may partially offset or exceed the return earned on the borrowed funds. Also, during times of borrowing under adverse market conditions, a Fund might have to sell portfolio securities to meet interest or principal payments at a time when fundamental investment considerations would not favor such sales.

Currently, subject to modification to conform to the 1940 Act as interpreted or modified from time to time, each Fund is permitted, consistent with the 1940 Act, to borrow, and pledge its shares to secure such borrowing, provided, that immediately thereafter there is asset coverage of at least 300% for all borrowings by the Fund from a bank. If borrowings exceed this 300% asset coverage requirement by reason of a decline in net assets of a Fund, the Fund will reduce its borrowings within three days (not including weekends and holidays) to the extent necessary to comply with the 300% asset coverage requirement. The 1940 Act also permits a Fund to borrow for temporary purposes only in an amount not exceeding 5% of the value of its total assets at the time when the loan is made. A loan shall be presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed. To the extent outstanding borrowings of a Fund exceed 5% of the value of the total assets of the Fund, the Fund will not make additional purchases of securities – the foregoing shall not be construed to prevent the Fund from settling portfolio transactions or satisfying shareholder redemptions orders. The Securities and Exchange Commission (the "SEC") has indicated, however, that certain types of transactions, which could be deemed "borrowings" (such as firm commitment agreements and reverse repurchase agreements) to the extent that these are not treated as derivatives transactions, are permissible, and the indebtedness associated with these transactions are aggregated with other borrowings when calculating a Fund's asset coverage.

***Financial Services Industry Obligations***. The Funds may invest in each of the following obligations of the financial services industry:

(1) Certificate of Deposit. Certificates of deposit are negotiable certificates evidencing the indebtedness of a commercial bank or a savings and loan association to repay funds deposited with it for a definite period of time (usually from fourteen days to one year) at a stated or variable interest rate.

(2) Time Deposits. Time deposits are non-negotiable deposits maintained in a banking institution or a savings and loan association for a specified period of time at a stated interest rate.

(3) Bankers' Acceptances. Bankers' acceptances are credit instruments evidencing the obligation of a bank to pay a draft which has been drawn on it by a customer, which instruments reflect the obligation both of the bank and of the drawer to pay the face amount of the instrument upon maturity.

***Repurchase Agreements***. The Funds may invest in repurchase agreements fully collateralized by obligations issued by the U.S. government or agencies of the U.S. government ("U.S. Government Obligations"). A repurchase agreement is a short-term investment in which the purchaser (i.e., a Fund) acquires ownership of a U.S. Government Obligation (which may be of any maturity) and the seller agrees to repurchase the obligation at a future time at a set price, thereby determining the yield during the purchaser's holding period (usually not more than 7 days from the date of purchase). Any repurchase transaction in which a Fund engages will require full collateralization of the seller's obligation during the entire term of the repurchase agreement. In the event of a bankruptcy or other default of the seller, a Fund could experience both delays in liquidating the underlying security and losses in value. However, the Funds intend to enter into repurchase agreements only with the custodian, other banks with assets of $1 billion or more and registered securities dealers determined by the Adviser to be creditworthy. The Adviser monitors the creditworthiness of the banks and securities dealers with which the Funds engage in repurchase transactions. The Funds may engage in repurchase agreement transactions to the maximum extent permitted by applicable law.

***Cash Investments***. Under normal market conditions, the Focused SCV Fund and the International Value Fund may invest up to 10% of its net assets in cash. The Partners Fund may invest more than 10% of its assets in cash or cash-like securities under normal market conditions so long as it remains primarily invested in equity securities. When the Adviser believes market, economic or political conditions are unfavorable for investors, the Adviser may invest up to 100% of a Fund's net assets in cash, cash equivalents or other short-term investments. Unfavorable market or economic conditions may include excessive volatility or a prolonged general decline in the securities markets, or the U.S. economy. The Adviser also may invest in these types of securities or hold cash while looking for suitable investment opportunities or to maintain liquidity.

**INVESTMENT LIMITATIONS** 

***Fundamental***. The investment limitations described below have been adopted by the Trust with respect to the Funds and are fundamental ("Fundamental"), i.e., they may not be changed without the affirmative vote of a majority of the outstanding shares of a Fund. As used in the Prospectus and SAI, the term "majority" of the outstanding shares of a Fund means the lesser of: (1) 67% or more of the outstanding shares of the Fund present at a meeting, if the holders of more than 50% of the outstanding shares of the Fund are present or represented at such meeting; or (2) more than 50% of the outstanding shares of the Fund. Other investment practices which may be changed by the Board without the approval of shareholders to the extent permitted by applicable law, regulation or regulatory policy are considered non-fundamental ("Non-Fundamental").

1. Borrowing
 Money. The Funds may not borrow money except as permitted under the 1940 Act, and as
 interpreted or modified by regulatory authority having jurisdiction, from time to time.

2. Senior
 Securities. The Funds may not issue any senior security to others, except as permitted
 under the 1940 Act, and as interpreted or modified by regulatory authority having jurisdiction,
 from time to time.

3. Underwriting.
 The Funds may not underwrite securities issued by others except to the extent a Fund
 may be deemed to be an underwriter under the federal securities laws, in connection with
 the disposition of portfolio securities.

4. Real
 Estate. The Funds may not purchase or sell real estate except as permitted under the
 1940 Act, and as interpreted or modified by regulatory authority having jurisdiction,
 from time to time.

5. Commodities.
 The Funds may not purchase or sell physical commodities or commodity futures contracts,
 except as permitted by the 1940 Act, and as interpreted or modified by regulatory authority
 having jurisdiction, from time to time.

6. Loans.
 The Funds may not make loans to others, except as permitted under the 1940 Act, and as
 interpreted or modified by regulatory authority having jurisdiction, from time to time.

7. Concentration.
 Each Fund may not invest more than 25% of the value of its net assets in any one industry
 or group of industries (except that securities of the U.S. government, its agencies and
 instrumentalities are not subject to these limitations).

Additionally, as a matter of fundamental policy, each Fund shall be a "diversified company" as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities from time to time.

With respect to the percentages adopted by the Trust as maximum limitations on its investment policies and limitations, an excess above the fixed percentage will not be a violation of the policy or limitation unless the excess results immediately and directly from the acquisition of any security or the action taken. This paragraph does not apply to the borrowing policy set forth in paragraph 1 above. With respect to each Fund's policy on concentration, a Fund will use the Standard Industrial Classification Codes list that is maintained by the SEC to classify the Fund's holdings by industry.

**MANAGEMENT** 

**THE INVESTMENT ADVISER**

The Adviser is Clifford Capital Partners, LLC, located at 363 S. Main Street, Suite 101, Alpine, Utah 84004. The Adviser was organized in 2010 as an Illinois limited liability company.

For its services with respect to the Partners Fund, the Adviser is entitled to receive an annual management fee calculated daily and payable monthly (and deducted proportionately from each class of shares) of 0.75% of the Fund's daily net assets. Prior to January 31, 2020, the Adviser received a fee of 0.90% of the Fund's average daily net assets and paid the operating expenses of the Partners Fund excluding fees payable to the Adviser, brokerage fees and commissions, taxes, interest expense, interest and dividend expenses on securities sold short, the costs of acquired fund fees and expenses, 12b-1 fees, shareholder service fees, and extraordinary expenses. The following table describes the advisory fees earned and waived and the Fund expenses reimbursed by the Adviser with respect to the Partners Fund for the last three fiscal years of the Partners Fund.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Partners Fund** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;Gross Advisory Fees | &nbsp;&nbsp;$529608 | &nbsp;&nbsp;$298216 | &nbsp;&nbsp;$190074 |
| &nbsp;&nbsp;Fee Waivers and/or Expense Reimbursements | &nbsp;&nbsp;$274989 | &nbsp;&nbsp;$207860 | &nbsp;&nbsp;$129235 |
| &nbsp;&nbsp;Net Advisory Fees | &nbsp;&nbsp;$254619 | &nbsp;&nbsp;$90356 | &nbsp;&nbsp;$60839 |

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For its services with respect to the Focused SCV Fund, the Adviser is entitled to receive an annual management fee calculated daily and payable monthly (and deducted proportionately from each class of shares) of 0.90% of the Fund's daily net assets The following table describes the advisory fees earned and waived and the Fund expenses reimbursed by the Adviser with respect to the Focused SCV Fund for the last three fiscal years of the Focused SCV Fund.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Focused SCV Fund** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;Gross Advisory Fees | &nbsp;&nbsp;$116755 | &nbsp;&nbsp;$85867 | &nbsp;&nbsp;$24109 |
| &nbsp;&nbsp;Fee Waivers and/or Expense Reimbursements | &nbsp;&nbsp;$208197 | &nbsp;&nbsp;$187472 | &nbsp;&nbsp;$145095 |
| &nbsp;&nbsp;Net Advisory Fees | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |

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For its services with respect to the International Value Fund, the Adviser is entitled to receive an annual management fee calculated daily and payable monthly (and deducted proportionately from each class of shares) of 0.85% of the Fund's daily net assets The following table describes the advisory fees earned and waived and the Fund expenses reimbursed by the Adviser with respect to the International Value Fund for the period since the Fund's commencement of operations (May 6, 2022) through September 30, 2022.

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| | |
|:---|:---|
| &nbsp;&nbsp;**International Value Fund** | &nbsp;&nbsp;**2022** |
| &nbsp;&nbsp;Gross Advisory Fees | &nbsp;&nbsp;$1768 |
| &nbsp;&nbsp;Fee Waivers and/or Expense Reimbursements | &nbsp;&nbsp;$57224 |
| &nbsp;&nbsp;Net Advisory Fees | &nbsp;&nbsp;$0 |

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The Adviser has contractually agreed to waive or reduce its fees and to assume other expenses of the Funds, if necessary, in amounts that limit "Total Annual Fund Operating Expenses" (exclusive of interest, distribution and service fees pursuant to Rule 12b-1 plans, taxes, brokerage commissions, acquired fund fees and expenses, dividend expense on short sales, other expenditures capitalized in accordance with generally accepted accounting principles and extraordinary expenses not incurred in the ordinary course of business) to not more than 0.90% of the daily net assets of the Partners Fund's Investor and Institutional Class, 0.82% of the daily net assets of the Partners Fund's Super Institutional Class; 1.05% of the daily net assets of the Focused SCV Fund's Investor and Institutional Class and 0.97% of the daily net assets of the Focused SCV Fund's Super Institutional Class; and 1.05% of the daily net assets of the International Value Fund's Investor Class and Institutional Class and 0.97% of the daily net assets of the International Value Fund's Super Institutional Class. The Expense Limitation is set to expire on January 31, 2024 for each Fund. The Board or the Adviser may terminate this Expense Limitation Agreement prior to January 31, 2024 only by mutual written consent and at any time after January 31, 2024. Each waiver and/or reimbursement of an expense by the Adviser is subject to repayment by the Fund within three years following the date such waiver and/or reimbursement was made, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped. The total amount of recoverable reimbursements as of September 30, 2022 and expiration dates are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Partners Fund | &nbsp;&nbsp;$274989 | &nbsp;&nbsp;$207680 | &nbsp;&nbsp;$129235 | &nbsp;&nbsp;$611904 |
| &nbsp;&nbsp;Focused SCV Fund | &nbsp;&nbsp;$208197 | &nbsp;&nbsp;$187472 | &nbsp;&nbsp;$145095 | &nbsp;&nbsp;$540764 |
| &nbsp;&nbsp;International Value Fund | &nbsp;&nbsp;$57224 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;$57224 |

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The Adviser retains the right to use the name "Clifford" or any derivative thereof in connection with another investment company or business enterprise with which the Adviser is or may become associated. The Trust's right to use the name "Clifford" or any derivative thereof automatically ceases ninety days after termination of the Investment Advisory Agreement and may be withdrawn by the Adviser on ninety days written notice.

The Adviser may make payments to banks or other financial institutions that provide shareholder services and administer shareholder accounts. If a bank or other financial institution were prohibited from continuing to perform all or a part of such services, management of the Funds believes that there would be no material impact on the Funds or their shareholders. Financial institutions may charge their customers fees for offering these services to the extent permitted by applicable regulatory authorities, and the overall return to those shareholders availing themselves of the financial institution's services will be lower than to those shareholders who do not. The Funds may from time to time purchase securities issued by financial institutions that provide such services; however, in selecting investments for the Funds, no preference will be shown for such securities.

**THE PORTFOLIO MANAGERS**

The table below provides information regarding other accounts managed by the Portfolio Managers of the Funds as of September 30, 2022. Mr. Batchelor is the portfolio manager for the Partners Fund and the Focused SCV Fund and a co-portfolio manager of the International Value Fund. Mr. Nichols is a co-portfolio manager for the International Value Fund.

**Ryan P. Batchelor** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Account Type | &nbsp;&nbsp;Number of <br> Accounts by <br> Account Type | &nbsp;&nbsp;Total Assets <br> by Account <br> Type <br> ($ in millions) | &nbsp;&nbsp;Number of Accounts <br> by Type Subject to <br> a Performance Fee | &nbsp;&nbsp;Total Assets by <br> Account Type Subject <br> to a Performance Fee |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Other Pooled Investment Companies | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;181 | &nbsp;&nbsp;$138.29 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |

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Mr. Batchelor is compensated through his equity ownership in the Adviser. He does not receive separate compensation for his service as portfolio manager. As an equity member of the Adviser, the portfolio manager receives compensation in the form of distributions and profits from the Adviser.

**Allan C. Nichols**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Account Type | &nbsp;&nbsp;Number of <br> Accounts by <br> Account Type | &nbsp;&nbsp;Total Assets <br> by Account <br> Type <br> ($ in millions) | &nbsp;&nbsp;Number of Accounts <br> by Type Subject to <br> a Performance Fee | &nbsp;&nbsp;Total Assets by <br> Account Type Subject<br> to a Performance Fee |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Other Pooled Investment Companies | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;3 | &nbsp;&nbsp;$0.77 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |

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Mr. Nichols is compensated through his employment with the Adviser. He does not receive separate compensation for his service as co-portfolio manager of the International Value Fund.

The following table shows the dollar range of equity securities beneficially owned by the Portfolio Manager in the Funds as of September 30, 2022 stated as one of the following ranges: A = None; B = $1-$10,000; C = $10,001-$50,000; D = $50,001-$100,000; E = $100,001-$500,000; F = $500,001-$1,000,000; and G = over $1,000,000.

Name of Portfolio Manager <u>Dollar Range of Equity Securities in the Funds</u> <br> <u>Ryan P. Batchelor</u> <u>Partners Fund - C Focused SCV Fund – C International Value Fund – C</u> <br> <u>Allan C. Nichols </u> <u>International Value Fund – C</u>

Potential conflicts of interest may arise because the Portfolio Managers use the same proprietary investment methodology for the Funds as for other clients. This means that the Portfolio Managers will make the investment strategies used to manage the Funds available to other clients. As a result, there may be circumstances under which the Funds and other clients of the Adviser may compete in purchasing available investments and, to the extent that the demand exceeds the supply, may result in driving the prices of such investments up, resulting in higher costs to the Funds. There also may be circumstances under which the Portfolio Managers recommend the purchase or sale of various investments to other clients and do not purchase or sell the same investments for the Funds, or may purchase or sell an investment for the Funds and not include such investment in recommendations provided to other clients. This is because the Adviser's portfolio recommendations among clients differ based on each client's investment policy guidelines and/or prevailing market conditions at the time such recommendation is made. The Portfolio Managers are charged with preventing positions in portfolios from being both long and short at the same time. The Portfolio Managers use a combination of proprietary software and third-party risk management software to monitor and ensure that positions are consistent across all portfolios.

**TRUSTEES AND OFFICERS**

The Trust is governed by the Board, which is responsible for protecting the interests of shareholders. The Trustees are experienced businesspersons who meet throughout the year to oversee the Trust's activities, review contractual arrangements with companies that provide services to the Funds and review performance. The names, addresses and ages of the trustees and officers of the Trust, together with information as to their principal occupations during the past five years, are listed below.

Each Trustee was nominated to serve on the Board based on their particular experiences, qualifications, attributes and skills. Generally, the Trust believes that each Trustee is competent to serve because of their individual overall merits including: (i) experience; (ii) qualifications; (iii) attributes; and (iv) skills. Mr. David J. Urban has been a Professor of Education since 1989. His strategic planning, organizational and leadership skills help the Board set long-term goals. Ms. Mary Lou H. Ivey has over 25 years of business experience as a practicing tax accountant and, as such, brings tax, budgeting and financial reporting skills to the Board. Mr. Theo H. Pitt has experience as an investor, including his role as trustee of several other investment companies and business experience as Senior Partner of a financial consulting company, as a partner of a real estate partnership and as an Account Administrator for a money management firm. The Trust does not believe any one factor is determinative in assessing a Trustee's qualifications, but that the collective experience of each Trustee makes them each highly qualified.

The Chairman of the Board is Ms. Ivey, who is not an "interested person" of the Trust, within the meaning of the 1940 Act. The Trust also has an independent Audit Committee that allows the Board to access the expertise necessary to oversee the Trust, identify risks, recognize shareholder concerns and needs and highlight opportunities. The Audit Committee is able to focus Board time and attention to matters of interest to shareholders and, through its private sessions with the Trust's auditor, Chief Compliance Officer and legal counsel, stay fully informed regarding management decisions.

Mutual funds face a number of risks, including investment risk, compliance risk and valuation risk. The Board oversees management of the Fund's risks directly and through its officers. While day-to-day risk management responsibilities rest with the Fund's Chief Compliance Officer, investment advisers and other service providers, the Board monitors and tracks risk by: (1) receiving and reviewing quarterly reports related to the performance and operations of the Fund; (2) reviewing and approving, as applicable, the compliance policies and procedures of the Trust, including the Trust's valuation policies and transaction procedures; (3) periodically meeting with the portfolio manager to review investment strategies, techniques and related risks; (4) meeting with representatives of key service providers, including the Fund's investment advisers, administrator, distributor, transfer agent and the independent registered public accounting firm, to discuss the activities of the Fund; (5) engaging the services of the Chief Compliance Officer of the Fund to monitor and test the compliance procedures of the Trust and its service providers; (6) receiving and reviewing reports from the Trust's independent registered public accounting firm regarding the Fund's financial condition and the Trust's internal controls; and (7) receiving and reviewing an annual written report prepared by the Chief Compliance Officer reviewing the adequacy of the Trust's compliance policies and procedures and the effectiveness of their implementation. The Board has concluded that its general oversight of the investment advisers and other service providers as implemented through the reporting and monitoring process outlined above allows the Board to effectively administer its risk oversight function.

Following is a list of the Trustees and executive officers of the Trust and their principal occupation over the last five years. The mailing address of each Trustee and officer is 8730 Stony Point Parkway, Suite 205, Richmond Virginia, 23235, unless otherwise indicated.

***NON-INTERESTED TRUSTEES***

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE** <br> **AND** <br> **POSITION** <br> **WITH THE** <br> **TRUST** | &nbsp;&nbsp;**TERM OF** <br> **OFFICE AND** <br> **LENGTH OF** <br> **TIME SERVED** | &nbsp;&nbsp;**PRINCIPAL** <br> **OCCUPATION(S)** <br> **DURING THE PAST** <br> **FIVE** <br> **YEARS**  | &nbsp;&nbsp;**NUMBER OF** <br> **FUNDS IN FUND** <br> **COMPLEX** <br> **OVERSEEN BY** <br> **TRUSTEE** | &nbsp;&nbsp;**OTHER DIRECTORSHIPS** <br> **HELD BY TRUSTEE**  |
| &nbsp;&nbsp;David J. Urban<br> (67)<br> Trustee<br>| &nbsp;&nbsp;Indefinite, Since June 2010 | &nbsp;&nbsp;Dean, Jones College of Business, Middle Tennessee State University since July 2013.<br>| &nbsp;&nbsp;20 | &nbsp;&nbsp;Independent Trustee for the thirteen series of the ETF Opportunities Trust (registered investment company) |
| &nbsp;&nbsp;Mary Lou H. Ivey<br> (64)<br> Trustee | &nbsp;&nbsp;Indefinite, Since June 2010 | &nbsp;&nbsp;Senior Vice President for Finance, Episcopal Church Building Fund (national nonprofit organization), since January 2022. Accountant, Harris, Hardy & Johnstone, P.C. (accounting firm), 2008-2021.<br>| &nbsp;&nbsp;20 | &nbsp;&nbsp;Independent Trustee for the thirteen series of the ETF Opportunities Trust (registered investment company) |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE** <br> **AND** <br> **POSITION** <br> **WITH THE** <br> **TRUST** | &nbsp;&nbsp;**TERM OF** <br> **OFFICE AND** <br> **LENGTH OF** <br> **TIME SERVED** | &nbsp;&nbsp;**PRINCIPAL** <br> **OCCUPATION(S)** <br> **DURING THE PAST** <br> **FIVE** <br> **YEARS**  | &nbsp;&nbsp;**NUMBER OF** <br> **FUNDS IN FUND** <br> **COMPLEX** <br> **OVERSEEN BY** <br> **TRUSTEE** | &nbsp;&nbsp;**OTHER DIRECTORSHIPS** <br> **HELD BY TRUSTEE**  |
| &nbsp;&nbsp;Theo H. Pitt, Jr. (86) <br> Trustee<br>| &nbsp;&nbsp;Indefinite; Since August 2013 | &nbsp;&nbsp;Senior Partner, Community Financial Institutions Consulting (bank consulting) since 1997 to present. | &nbsp;&nbsp;20 | &nbsp;&nbsp;Independent Trustee of Chesapeake Investment Trust for the one series of that trust; Chairman of Hillman Capital Management Investment Trust; Starboard Investment Trust for the fourteen series of that trust; and ETF Opportunities Trust for the thirteen series of that Trust (all registered investment companies). |

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***OFFICERS WHO ARE NOT TRUSTEES***

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE AND <br> POSITION(S) WITH <br> THE TRUST** | &nbsp;&nbsp;**TERM OF OFFICE AND <br> LENGTH OF TIME SERVED** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION(S) DURING THE PAST <br> FIVEYEARS** |
| &nbsp;&nbsp;David A. Bogaert<br> (59)<br> President | &nbsp;&nbsp;Indefinite, Since August 2017 | &nbsp;&nbsp;Managing Director of Business Development, Commonwealth Fund Services, Inc., (fund administration and transfer agency) 2013 to present. |
| &nbsp;&nbsp;Karen M. Shupe<br> (58)<br> Treasurer and Principal Executive Officer | &nbsp;&nbsp;Indefinite, Since June 2008 | &nbsp;&nbsp;Managing Director, Fund Operations, Commonwealth Fund Services, Inc., 2003 to present. |
| &nbsp;&nbsp;Ann T. MacDonald<br> (68)<br> Assistant Treasurer and Principal Financial Officer | &nbsp;&nbsp;Indefinite, Since November 2015 | &nbsp;&nbsp;Managing Director, Fund Accounting and Administration, Commonwealth Fund Services, Inc., 2003 to present. |
| &nbsp;&nbsp;John H. Lively<br> (53)<br> Secretary | &nbsp;&nbsp;Indefinite, Since November 2013 | &nbsp;&nbsp;Attorney, Practus, LLP (law firm), May 2018 to present; Attorney, The Law Offices of John H. Lively & Associates, Inc. (law firm), March 2010 to May 2018. |
| &nbsp;&nbsp;J. Stephen King<br> (60)<br> Assistant Secretary | &nbsp;&nbsp;Indefinite, Since September 2022 | &nbsp;&nbsp;Attorney, Practus LLP (law firm), 2020 to present; The TCW Group, Inc. (investment management firm), 2017 to 2020.<br>|
| &nbsp;&nbsp;Gino E. Malaspina<br> (54)<br> Assistant Secretary | &nbsp;&nbsp;Indefinite, Since September 2022 | &nbsp;&nbsp;Counsel, Practus LLP (law firm), since August 2022; Vice President and Senior Counsel, State Street Corporation, October 2019 to July 2022; Senior Counsel, Apex Fund Services (formerly, Atlantic Fund Services), June 2014 to October 2019.<br>|
| &nbsp;&nbsp;Holly B. Giangiulio<br> (61) <br> Assistant Secretary | &nbsp;&nbsp;Indefinite, Since November 2015 | &nbsp;&nbsp;Managing Director, Corporate Operations, Commonwealth Fund Services, Inc., January 2015 to present, Corporate Accounting and HR Manager from 2010 to 2015. |
| &nbsp;&nbsp;Laura B. Wright<br> (50)<br> Assistant Secretary | &nbsp;&nbsp;Indefinite, Since May 2022 | &nbsp;&nbsp;Fund Administrator, Commonwealth Fund Services, Inc., 2016 to present. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE AND <br> POSITION(S) WITH <br> THE TRUST** | &nbsp;&nbsp;**TERM OF OFFICE AND <br> LENGTH OF TIME SERVED** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION(S) DURING THE PAST <br> FIVEYEARS** |
| &nbsp;&nbsp;Julian G. Winters<br> (53)<br> Chief Compliance Officer | &nbsp;&nbsp;Indefinite, Since August 2013 | &nbsp;&nbsp;Managing Member of Watermark Solutions, LLC (investment management compliance and consulting) since March 2007. |

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***Trustee Committees.*** The Board oversees the Trust and certain aspects of the services provided by the Adviser and the Fund's other service providers. The Trustees will hold office until their successors have been duly elected and qualified or until their earlier resignation or removal. The officers of the Trust serve at the pleasure of the Board and for a term of one year or until their successors have been duly elected and qualified.

The Trust has a standing Audit Committee of the Board composed of Mr. Urban, Ms. Ivey and Mr. Pitt. The functions of the Audit Committee are to meet with the Trust's independent auditors to review the scope and findings of the annual audit, discuss the Trust's accounting policies, discuss any recommendations of the independent auditors with respect to the Trust's management practices, review the impact of changes in accounting standards on the Trust's financial statements, recommend to the Board the selection of independent registered public accounting firm, and perform such other duties as may be assigned to the Audit Committee by the Board. For the Funds' most recent fiscal year ended September 30, 2022, the Audit Committee met 6 times.

The Nominating and Corporate Governance Committee is comprised of Mr. Urban, Ms. Ivey and Mr. Pitt. The Nominating and Corporate Governance Committee's purposes, duties and powers are set forth in its written charter, which is described in Exhibit C – the charter also describes the process by which shareholders of the Trust may make nominations. For the Funds' most recent fiscal year ended September 30, 2022, the Committee met 3 times.

The Qualified Legal Compliance Committee is comprised of Mr. Urban, Ms. Ivey and Mr. Pitt. The Qualified Legal Compliance Committee receives, investigates, and makes recommendations as to the appropriate remedial action in connection with any report of evidence of a material violation of the securities laws or breach of fiduciary duty or similar violation by the Trust, its officers, Trustees, or agents. For the Funds' fiscal year ended September 30, 2022, the Committee did not meet.

***Trustee Compensation***. Each Trustee who is not an "interested person" of the Trust may receive compensation for their services to the Trust. All Trustees are reimbursed for any out-of-pocket expenses incurred in connection with attendance at meetings. Effective January 1, 2023, each Trustee receives an annual retainer of $80,000, paid quarterly. The Chairperson of the Trust and Chairperson of the Audit Committee receive an additional $10,000 annually, paid quarterly. Prior to January 1, 2023 each Trustee received an annual retainer fee of $60,000. Additionally, each Trustee receives a fee of $2,500 per special meeting attended. Compensation received from the Funds for the fiscal year ended September 30, 2022 is as:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Person / Position** | **Fund Name** | **Aggregate Compensation from Funds** | **Pension or Retirement Benefits Accrued as Part of Funds' Expenses** | **Estimated Annual Benefits upon Retirement** | **Total Compensation from Funds and Fund Complex Paid to Trustees (\*)<sup>(1)</sup>** |
| David J. Urban, Trustee | Partners Fund | $3311 | $0 | $0 | $7457 |
| David J. Urban, Trustee | Focused SCV Fund | $3313 | $0 | $0 | $7457 |
|  | International Value Fund | $833 |  |  |  |
| Mary Lou H. Ivey, Trustee | Partners Fund | $3311 | $0 | $0 | $7457 |
| Mary Lou H. Ivey, Trustee | Focused SCV Fund | $3313 | $0 | $0 | $7457 |
|  | International Value Fund | $833 |  |  |  |
| Theo H. Pitt, Jr., Trustee | Partners Fund | $3311 | $0 | $0 | $7457 |
| Theo H. Pitt, Jr., Trustee | Focused SCV Fund | $3313 | $0 | $0 | $7457 |
|  | International Value Fund | $833 |  |  |  |

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\* Trust does not pay deferred compensation.

<sup>(1)</sup> The "Fund Complex" consists of the Funds.

***Trustee Ownership of Fund Shares***. The table below shows for each Trustee, the amount of Fund equity securities beneficially owned by each Trustee, and the aggregate value of all investments in equity securities of the Funds of the Trust, as of December 31, 2022, and stated as one of the following ranges: A = None; B = $1-$10,000; C = $10,001-$50,000; D = $50,001-$100,000; and E = over $100,000.

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity <br> Securities in the Funds** | **Aggregate Dollar Range of Equity <br> Securities in all Registered Investment <br> Companies Overseen by the Trustees in<br> Family of Investment Companies** |
| &nbsp;&nbsp;Non-Interested Trustees |  |  |
| &nbsp;&nbsp;David J. Urban | &nbsp;&nbsp;A | &nbsp;&nbsp;A |
| &nbsp;&nbsp;Mary Lou H. Ivey | &nbsp;&nbsp;A | &nbsp;&nbsp;A |
| &nbsp;&nbsp;Theo H. Pitt, Jr. | &nbsp;&nbsp;A | &nbsp;&nbsp;A |

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***Sales Loads***. No front-end or deferred sales charges are applied to purchase of Fund shares by current or former trustees, officers, employees or agents of the Trust, the Adviser or the Funds' principal underwriter (the "Distributor") and by the members of their immediate families.

***Policies Concerning Personal Investment Activities.*** The Funds and the Adviser have each adopted a Code of Ethics, pursuant to Rule 17j-1 under the 1940 Act that permit investment personnel, subject to their particular code of ethics, to invest in securities, including securities that may be purchased or held by the Funds, for their own account.

The Codes of Ethics are available on the EDGAR Database on the SEC's Internet website at <u>http://www.sec.gov</u>.

**SHAREHOLDER INFORMATION** 

**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES**

A principal shareholder is any person who owns (either of record or beneficially) 5% or more of the outstanding shares of the Funds. A control person is one who owns, either directly or indirectly, more than 25% of the voting securities of a Fund or acknowledges the existence of such control. As a controlling shareholder, each of these persons could control the outcome of any proposal submitted to the shareholders for approval, including changes to a Fund's fundamental policies or the terms of the investment advisory agreement with the Adviser.

As of December 31, 2022, the Trustees and officers own less than 1% of the Funds' shares, and the following persons are considered to be either a control person or principal shareholder of the Funds.

***Clifford Capital Partners Fund Investor Class***

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Name and Address</u>** | &nbsp;&nbsp;**<u>% of Class</u>** | &nbsp;&nbsp;**<u>Type of Ownership</u>** |
| &nbsp;&nbsp;Pershing LLC <br> 1 Pershing Plaza <br> Jersey City, NJ 07399-0002  | &nbsp;&nbsp;66.73% | &nbsp;&nbsp;Record |
| &nbsp;&nbsp;S. F. & J. K. Greenhaus JTWROS<br> 15 Hallock Place <br> Armonk, NY 10504  | &nbsp;&nbsp;17.25% | &nbsp;&nbsp;Record |

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***Clifford Capital Partners Fund Institutional Class***

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Name and Address</u>** | &nbsp;&nbsp;**<u>% of Class</u>** | &nbsp;&nbsp;**<u>Type of Ownership</u>** |
| &nbsp;&nbsp;Charles Schwab & Co., Inc. <br> Attn: Mutual Funds <br> 211 Main Street <br> San Francisco, CA 94105  | &nbsp;&nbsp;58.40% | &nbsp;&nbsp;Record |
| &nbsp;&nbsp;Equitable Trust Company <br> 4400 Harding Pike, Suite 310 <br> Nashville, TN 37205  | &nbsp;&nbsp;11.60% | &nbsp;&nbsp;Record |
| &nbsp;&nbsp;TD Ameritrade Inc. <br> FBO Our Customers <br> PO Box 2226 <br> Omaha, NE 68103-2226  | &nbsp;&nbsp;5.24% | &nbsp;&nbsp;Record |
| &nbsp;&nbsp;833 East & Co LLC <br> 833 East Michigan Street <br> Suite 1800 <br> Milwaukee, WI 53202  | &nbsp;&nbsp;6.98% | &nbsp;&nbsp;Record |

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***Clifford Capital Partners Fund Super Institutional Class***

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Name and Address</u>** | &nbsp;&nbsp;**<u>% of Class</u>** | &nbsp;&nbsp;**<u>Type of Ownership</u>** |
| &nbsp;&nbsp;UMB C/F R. P. Batchelor <br> Roth IRA <br> 1279 E. Cedar Mountain Circle <br> Alpine, UT 84004  | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;Record |

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***Clifford Capital Focused Small Cap Value Fund Institutional Class***

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Name and Address</u>** | &nbsp;&nbsp;**<u>% of Class</u>** | &nbsp;&nbsp;**<u>Type of Ownership</u>** |
| &nbsp;&nbsp;Charles Schwab & Co., Inc. <br> Attn: Mutual Funds <br> 211 Main Street <br> San Francisco, CA 94105  | &nbsp;&nbsp;45.53% | &nbsp;&nbsp;Record |
| &nbsp;&nbsp;J.P. Morgan Securities LLC <br> FBO 583-30030-14 <br> 4 Chase Metrotech Center <br> Brooklyn, NY 11245  | &nbsp;&nbsp;37.59% | &nbsp;&nbsp;Record |
| &nbsp;&nbsp;J.P. Morgan Securities LLC <br> FBO 58338186-19 <br> 4 Chase Metrotech Center <br> Brooklyn, NY 11245  | &nbsp;&nbsp;7.66% | &nbsp;&nbsp;Record |

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***Clifford Capital Focused Small Cap Value Fund Investor Class***

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Name and Address</u>** | &nbsp;&nbsp;**<u>% of Class</u>** | &nbsp;&nbsp;**<u>Type of Ownership</u>** |
| &nbsp;&nbsp;UMB C/F R. P. Batchelor <br> Roth IRA <br> 1279 E. Cedar Mountain Circle <br> Alpine, UT 84004  | &nbsp;&nbsp;14.86% | &nbsp;&nbsp;Record |
| &nbsp;&nbsp;UMB C.F Margaret Aileen Pierson <br> Roth IRA <br> 3287 Millcreek Road <br> Pleasant Grove, UT 84062  | &nbsp;&nbsp;35.94% | &nbsp;&nbsp;Record |
| &nbsp;&nbsp;Rebecca McDonald Borg <br> Roth IRA <br> 832 Prairie Ave. <br> Downers Grove, IL 60515  | &nbsp;&nbsp;21.09% | &nbsp;&nbsp;Record |
| &nbsp;&nbsp;Marin N Bryce <br> 460 S. 1000 E. <br> Orem, UT 84097  | &nbsp;&nbsp;28.10% | &nbsp;&nbsp;Record |

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***Clifford Capital Focused Small Cap Value Fund Super Institutional Class***

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Name and Address</u>** | &nbsp;&nbsp;**<u>% of Class</u>** | &nbsp;&nbsp;**<u>Type of Ownership</u>** |
| &nbsp;&nbsp;UMB C/F <br> David W. Passey IRA Roth <br> 4096 N. 400 W. <br> Lehi, UT 84043  | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;Record |

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***Clifford Capital International Value Fund Investor Class***

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Name and Address</u>** | &nbsp;&nbsp;**<u>% of Class</u>** | &nbsp;&nbsp;**<u>Type of Ownership</u>** |
| &nbsp;&nbsp;UMB C/F R.P. Batchelor <br> Roth IRA <br> 1279 E. Cedar Mountain Circle <br> Alpine, UT 84004  | &nbsp;&nbsp;99.94% | &nbsp;&nbsp;Record |

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***Clifford Capital International Value Fund Institutional Class***

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Name and Address</u>** | &nbsp;&nbsp;**<u>% of Class</u>** | &nbsp;&nbsp;**<u>Type of Ownership</u>** |
| &nbsp;&nbsp;UMB C/F Heather D. Pierson Bryce <br> IRA <br> 3284 Millcreek Rd. <br> Pleasant Grove, UT 84062  | &nbsp;&nbsp;13.10% | &nbsp;&nbsp;Record |
| &nbsp;&nbsp;UMB C/F Allan Cannon Nichols <br> IRA <br> 4756 W 10370 N <br> American Fork, UT 84003  | &nbsp;&nbsp;20.88% | &nbsp;&nbsp;Record |
| &nbsp;&nbsp;Roger A Hill & Dawn A Hill JT Ten <br> 804 Canterbury Lane <br> Alpine, UT 84004  | &nbsp;&nbsp;61.41% | &nbsp;&nbsp;Record |

---

***Clifford Capital International Value Fund Super Institutional Class***

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Name and Address</u>** | &nbsp;&nbsp;**<u>% of Class</u>** | &nbsp;&nbsp;**<u>Type of Ownership</u>** |
| &nbsp;&nbsp;Mary E Weiss <br> 664 Osceola Ave #303 <br> Winter Park, FL 32789  | &nbsp;&nbsp;44.09% | &nbsp;&nbsp;Record |
| &nbsp;&nbsp;Mary E Weiss, TTEE <br> Braden Descendants Trust <br> UA DTD 12/20/2008 <br> 664 Osceola Ave #303 <br> Winter Park, FL 32789  | &nbsp;&nbsp;27.13% | &nbsp;&nbsp;Record |
| &nbsp;&nbsp;Mary E Weiss, TTEE <br> Kim Descendants Trust <br> UA DTD (12/20/2008) <br> 664 Osceola Ave #303 <br> Winter Park, FL 32789  | &nbsp;&nbsp;27.13% | &nbsp;&nbsp;Record |

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**PORTFOLIO TRANSACTIONS AND BROKERAGE** 

Subject to policies established by the Board, the Adviser is responsible for the Funds' portfolio decisions and the placing of the Funds' portfolio transactions. In placing portfolio transactions, the Adviser seeks the best qualitative execution for the Funds, taking into account such factors as price (including the applicable brokerage commission or dealer spread), the execution capability, financial responsibility and responsiveness of the broker or dealer and the brokerage and research services provided by the broker or dealer. The Adviser generally seeks favorable prices and commission rates that are reasonable in relation to the benefits received. The Adviser may not give consideration to sales of shares of the Trust as a factor in the selection of brokers and dealers to execute portfolio transactions. However, the Adviser may place portfolio transactions with brokers or dealers that promote or sell a Fund's shares so long as such placements are made pursuant to policies approved by the Funds' Board of Trustees that are designed to ensure that the selection is based on the quality of the broker's execution and not on its sales efforts.

The Section 28(e) of the Securities Exchange Act of 1934 and the Investment Advisory Agreement, the Adviser is specifically authorized to select brokers or dealers who also provide brokerage and research services to the Funds and/or the other accounts over which the Adviser exercises investment discretion and to pay such brokers or dealers a commission in excess of the commission another broker or dealer would charge if the Adviser determines in good faith that the commission is reasonable in relation to the value of the brokerage and research services provided. The determination may be viewed in terms of a particular transaction or the Adviser's overall responsibilities with respect to the Trust and to other accounts over which it exercises investment discretion.

Research services include supplemental research, securities and economic analyses, statistical services and information with respect to the availability of securities or purchasers or sellers of securities and analyses of reports concerning performance of accounts. The research services and other information furnished by brokers through whom the Funds effect securities transactions may also be used by the Adviser in servicing all of its accounts. Similarly, research and information provided by brokers or dealers serving other clients may be useful to the Adviser in connection with its services to the Funds. Although research services and other information are useful to the Funds and the Adviser, it is not possible to place a dollar value on the research and other information received. It is the opinion of the Board and the Adviser that the review and study of the research and other information will not reduce the overall cost to the Adviser of performing its duties to the Funds under the Investment Advisory Agreement. Due to research services provided by brokers, the Funds may direct trades to certain brokers.

There were no directed trades in exchange for research services during the most recent fiscal year ended September 30, 2022.

Over-the-counter transactions will be placed either directly with principal market makers or with broker-dealers, if the same or a better price, including commissions and executions, is available. Fixed income securities are normally purchased directly from the issuer, an underwriter or a market maker. Purchases include a concession paid by the issuer to the underwriter and the purchase price paid to a market maker may include the spread between the bid and asked prices.

When a Fund and another of the Adviser's clients seek to purchase or sell the same security at or about the same time, the Adviser may execute the transaction on a combined ("blocked") basis. Blocked transactions can produce better execution for the Funds because of the increased volume of the transaction. If the entire blocked order is not filled, a Fund may not be able to acquire as large a position in such security as it desires, or it may have to pay a higher price for the security. Similarly, a Fund may not be able to obtain as large an execution of an order to sell or as high a price for any particular portfolio security if the other client desires to sell the same portfolio security at the same time. In the event that the entire blocked order is not filled, the purchase or sale will normally be allocated on a pro rata basis. The allocation may be adjusted by the Adviser, taking into account such factors as the size of the individual orders and transaction costs, when the Adviser believes an adjustment is reasonable.

The following table sets forth the brokerage commissions paid by the Partners Fund, the Focused SCV Fund and the International Value Fund (from its commencement of operations on May 6, 2022) on its portfolio brokerage transactions during the periods shown:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Partners Fund** | &nbsp;&nbsp;**Partners Fund** |
| &nbsp;&nbsp;&nbsp;**Fiscal Year End** | &nbsp;&nbsp;**Brokerage Commissions** |
| &nbsp;&nbsp;September 30, 2020 | &nbsp;&nbsp;$16182 |
| &nbsp;&nbsp;September 30, 2021 | &nbsp;&nbsp;$12425 |
| &nbsp;&nbsp;September 30, 2022 | &nbsp;&nbsp;$23998 |
| &nbsp;&nbsp;**Focused SCV Fund** | &nbsp;&nbsp;**Focused SCV Fund** |
| &nbsp;&nbsp;**Fiscal Year End** | &nbsp;&nbsp;**Brokerage Commissions** |
| &nbsp;&nbsp;September 30, 2020 | &nbsp;&nbsp;$7605 |
| &nbsp;&nbsp;September 30, 2021 | &nbsp;&nbsp;$8732 |
| &nbsp;&nbsp;September 30, 2022 | &nbsp;&nbsp;$6924 |
| &nbsp;&nbsp;**International Value Fund** | &nbsp;&nbsp;**International Value Fund** |
| &nbsp;&nbsp;**Fiscal Year End** | &nbsp;&nbsp;**Brokerage Commissions** |
| &nbsp;&nbsp;September 30, 2022 | &nbsp;&nbsp;$9708 |

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For the year ended September 30, 2022, the Funds paid no brokerage commissions to affiliated brokers. The Funds are required to identify any securities of their "regular broker and dealers" (as such term is defined in the 1940 Act) which the Funds may hold at the close of their most recent fiscal years. As of September 30, 2022, the Funds did not hold any securities of their regular brokers and dealers.

**DESCRIPTION OF THE TRUST**

The Trust was organized as a Delaware statutory trust on April 9, 2007. The Trust's Agreement and Declaration of Trust authorizes the Board to issue an unlimited number of full and fractional shares of beneficial interest in the Trust and to classify or reclassify any unissued shares into one or more series of shares. The Agreement and Declaration of Trust further authorizes the trustees to classify or reclassify any series of shares into one or more classes. The Trust's shares of beneficial interest have no par value.

The Trust is authorized to issue three classes of shares: Investor Class shares imposing no front-end or deferred sales charges and imposing a 0.25% 12b-1 fee and 2.00% redemption fee; Institutional Class and Super Institutional Class shares imposing no front-end, deferred sales charges, 12b-1 fees or redemption fees.

Shares have no preemptive rights and only such conversion or exchange rights as the Board may grant in its discretion. When issued for payment as described in the applicable prospectus, shares will be fully paid and non-assessable. In the event of a liquidation or dissolution of the Trust or an individual fund, shareholders of a fund are entitled to receive the assets available for distribution belonging to the particular fund, and a proportionate distribution, based upon the relative asset values of the respective fund, of any general assets of the Trust not belonging to any particular fund which are available for distribution.

Shareholders are entitled to one vote for each full share held, and a proportionate fractional vote for each fractional share held and will vote in the aggregate and not by class, except as otherwise expressly required by law or when the Board determines that the matter to be voted on affects only the interests of shareholders of a particular class. Voting rights are not cumulative and, accordingly, the holders of more than 50% of the aggregate of the Trust's outstanding shares may elect all of the trustees, irrespective of the votes of other shareholders.

Rule 18f-2 under the 1940 Act provides that any matter required to be submitted to the holders of the outstanding voting securities of an investment company such as the Trust shall not be deemed to have been effectively acted upon unless approved by the holders of a majority of the outstanding shares of each fund affected by the matter. A particular fund is deemed to be affected by a matter unless it is clear that the interests of each fund in the matter are substantially identical or that the matter does not affect any interest of the fund. Under the Rule, the approval of an investment management agreement or any change in an investment objective, if fundamental, or in a fundamental investment policy would be effectively acted upon with respect to a fund only if approved by a majority of the outstanding shares of such fund. However, the Rule also provides that the ratification of the appointment of independent public accountants, the approval of principal underwriting contracts and the election of trustees may be effectively acted upon by shareholders of the Trust voting without regard to series or class.

The Trust does not presently intend to hold annual meetings of shareholders except as required by the 1940 Act or other applicable law. Upon the written request of shareholders owning at least 25% of the Trust's shares, the Trust will call for a meeting of shareholders to consider the removal of one or more trustees and other certain matters. To the extent required by law, the Trust will assist in shareholder communication in such matters.

The Board has full power and authority, in its sole discretion, and without obtaining shareholder approval, to divide or combine the shares of any class or series thereof into a greater or lesser number, to classify or reclassify any issued shares or any class or series thereof into one or more classes or series of shares, and to take such other action with respect to the Trust's shares as the Board may deem desirable. The Agreement and Declaration of Trust authorizes the trustees, without shareholder approval, to cause the Trust to merge or to consolidate with any corporation, association, trust or other organization in order to change the form of organization and/or domicile of the Trust or to sell or exchange all or substantially all of the assets of the Trust, or any series or class thereof, in dissolution of the Trust, or any series or class thereof. The Agreement and Declaration of Trust permits the termination of the Trust or of any series or class of the Trust by the trustees without shareholder approval. However, the exercise of such authority by the Board without shareholder approval may be subject to certain restrictions or limitations under the 1940 Act.

**CODES OF ETHICS**

The Board, on behalf of the Trust, has adopted a Code of Ethics pursuant to Rule 17j-1 under the 1940 Act. In addition, the Adviser and Commonwealth Fund Services, Inc. (the "Administrator"), the Trust's administrator, have each adopted Codes of Ethics pursuant to Rule 17j-1. These Codes of Ethics apply to the personal investing activities of trustees, officers and certain employees ("access persons"). Rule 17j-1 and the Codes of Ethics are designed to prevent unlawful practices in connection with the purchase or sale of securities by access persons. Under each Code of Ethics, access persons are permitted to engage in personal securities transactions, but are required to report their personal securities transactions for monitoring purposes. The personnel subject to the Codes are permitted to invest in securities, including securities that may be purchased or held by the Fund. In addition, certain access persons are required to obtain approval before investing in initial public offerings or private placements, or are prohibited from making such investments. Copies of these Codes of Ethics are on file with the SEC, and are available to the public.

**ADDITIONAL TAX INFORMATION** 

The following discussion is a summary of certain U.S. federal income tax considerations affecting the Funds and their shareholders. The discussion reflects applicable federal income tax laws of the U.S. as of the date of this SAI, which tax laws may be changed or subject to new interpretations by the courts or the Internal Revenue Service (the "IRS"), possibly with retroactive effect. No attempt is made to present a detailed explanation of all U.S. income, estate, or gift tax, or foreign, state, or local tax concerns affecting the Funds and their shareholders (including shareholders owning large positions in a Fund). The discussion set forth herein does not constitute tax advice. Investors are urged to consult their own tax advisers to determine the tax consequences to them of investing in the Funds.

In addition, no attempt is made to address tax concerns applicable to an investor with a special tax status such as a financial institution, real estate investment trust, insurance company, regulated investment company ("RIC"), individual retirement account, other tax-exempt entity, dealer in securities or non-U.S. investor. Furthermore, this discussion does not reflect possible application of the alternative minimum tax ("AMT"). Unless otherwise noted, this discussion assumes shares of the Funds are held by U.S. shareholders and that such shares are held as capital assets.

A U.S. shareholder is a beneficial owner of shares of the Funds that is for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;• a
 citizen or individual resident of the United States (including certain former citizens
 and former long-term residents);

&nbsp;&nbsp;&nbsp;&nbsp;• a
 corporation or other entity treated as a corporation for U.S. federal income tax purposes,
 created or organized in or under the laws of the United States or any state thereof or
 the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;• an
 estate, the income of which is subject to U.S. federal income taxation regardless of
 its source; or

&nbsp;&nbsp;&nbsp;&nbsp;• a
 trust with respect to which a court within the United States is able to exercise primary
 supervision over its administration and one or more U.S. shareholders have the authority
 to control all of its substantial decisions or the trust has made a valid election in
 effect under applicable Treasury regulations to be treated as a U.S. person.

A "Non-U.S. shareholder" is a beneficial owner of shares of the Funds that is an individual, corporation, trust or estate and is not a U.S. shareholder. If a partnership (including any entity treated as a partnership for U.S. federal income tax purposes) holds shares of a Fund, the tax treatment of a partner in the partnership generally depends upon the status of the partner and the activities of the partnership. A prospective shareholder who is a partner of a partnership holding Fund shares should consult its tax advisors with respect to the purchase, ownership and disposition of its Fund shares.

If a Fund qualifies as a regulated investment company ("RIC") and distributes to its shareholders, for each taxable year, at least 90% of the sum of (i) its "investment company taxable income" as that term is defined in the Internal Revenue Code (which includes, among other things, dividends, taxable interest, the excess of any net short-term capital gains over net long-term capital losses and certain net foreign exchange gains as reduced by certain deductible expenses) without regard to the deduction for dividends paid, and (ii) the excess of its gross tax-exempt interest, if any, over certain deductions attributable to such interest that are otherwise disallowed, a Fund will be relieved of U.S. federal income tax on any income of the Fund, including long-term capital gains, distributed to shareholders. However, any ordinary income or capital gain retained by a Fund will be subject to U.S. federal income tax at regular corporate federal income tax rates (currently at a maximum rate of 21%). Each Fund intends to distribute at least annually substantially all of its investment company taxable income, net tax-exempt interest, and net capital gain.

A Fund will generally be subject to a nondeductible 4% federal excise tax on the portion of its undistributed ordinary income with respect to each calendar year and undistributed capital gains if it fails to meet certain distribution requirements with respect to the one-year period ending on October 31 in that calendar year. To avoid the 4% federal excise tax, the required minimum distribution is generally equal to the sum of (i) 98.2% of a Fund's ordinary income (computed on a calendar year basis), (ii) 98% of a Fund's capital gain net income (generally computed for the one-year period ending on October 31) and (iii) any income realized, but not distributed, and on which it paid no federal income tax in preceding years. The Funds generally intend to make distributions in a timely manner in an amount at least equal to the required minimum distribution and therefore, under normal market conditions, do not expect to be subject to this excise tax.

A Fund may be required to recognize taxable income in circumstances in which it does not receive cash. For example, if a Fund holds debt obligations that are treated under applicable tax rules as having original issue discount (such as debt instruments with payment in kind interest or, in certain cases, with increasing interest rates or that are issued with warrants), the Fund must include in income each year a portion of the original issue discount that accrues over the life of the obligation regardless of whether cash representing such income is received by the Fund in the same taxable year. Because any original issue discount accrued will be included in a Fund's "investment company taxable income" (discussed above) for the year of accrual, the Fund may be required to make a distribution to its shareholders to satisfy the distribution requirement, even though it will not have received an amount of cash that corresponds with the income earned.

To the extent that a Fund has capital loss carryforwards from prior tax years, those carryforwards will reduce the net capital gains that can support the Fund's distribution of Capital Gain Dividends. Beginning in 2011, a RIC is permitted to carry forward net capital losses indefinitely and may allow losses to retain their original character (as short or as long-term). For net capital losses recognized prior to such date, such losses are permitted to be carried forward up to 8 years and are characterized as short-term. These capital loss carryforwards may be utilized in future years to offset net realized capital gains of a Fund, if any, prior to distributing such gains to shareholders. As of September 30, 2022, the Funds had no capital loss carryforwards.

Except as set forth in "Failure to Qualify as a RIC," the remainder of this discussion assumes that each Fund will qualify as a RIC for each taxable year.

***Failure to Qualify as a RIC***. If a Fund is unable to satisfy the 90% distribution requirement or otherwise fails to qualify as a RIC in any year, it will be subject to corporate level income tax on all of its income and gain, regardless of whether or not such income was distributed. Distributions to a Fund's shareholders of such income and gain will not be deductible by the Fund in computing its taxable income. In such event, a Fund's distributions, to the extent derived from the Fund's current or accumulated earnings and profits, would constitute ordinary dividends, which would generally be eligible for the dividends received deduction available to corporate shareholders, and non-corporate shareholders would generally be able to treat such distributions as "qualified dividend income" eligible for reduced rates of U.S. federal income taxation, provided in each case that certain holding period and other requirements are satisfied.

Distributions in excess of a Fund's current and accumulated earnings and profits would be treated first as a return of capital to the extent of the shareholders' tax basis in their Fund shares, and any remaining distributions would be treated as a capital gain. To qualify as a RIC in a subsequent taxable year, a Fund would be required to satisfy the source-of-income, the asset diversification, and the annual distribution requirements for that year and dispose of any earnings and profits from any year in which the Fund failed to qualify for tax treatment as a RIC. Subject to a limited exception applicable to RICs that qualified as such under the Internal Revenue Code for at least one year prior to disqualification and that requalify as a RIC no later than the second year following the nonqualifying year, a Fund would be subject to tax on any unrealized built-in gains in the assets held by it during the period in which the Fund failed to qualify for tax treatment as a RIC that are recognized within the subsequent 10 years, unless the Fund made a special election to pay corporate-level tax on such built-in gain at the time of its requalification as a RIC.

***Taxation for U.S. Shareholders***. Distributions paid to U.S. shareholders by a Fund from its investment company taxable income (which is, generally, the Fund's ordinary income plus net realized short-term capital gains in excess of net realized long-term capital losses) are generally taxable to U.S. shareholders as ordinary income to the extent of the Fund's earnings and profits, whether paid in cash or reinvested in additional shares. Such distributions (if designated by a Fund) may qualify (i) for the dividends received deduction in the case of corporate shareholders under Section 243 of the Internal Revenue Code to the extent that a Fund's income consists of dividend income from U.S. corporations, excluding distributions from tax-exempt organizations, exempt farmers' cooperatives or real estate investment trusts or (ii) in the case of individual shareholders, as qualified dividend income eligible to be taxed at reduced rates under Section 1(h)(11) of the Internal Revenue Code (which provides for a maximum 20% rate) to the extent that the Fund receives qualified dividend income, and provided in each case certain holding period and other requirements are met. Qualified dividend income is, in general, dividend income from taxable domestic corporations and qualified foreign corporations (e.g., generally, foreign corporations incorporated in a possession of the United States or in certain countries with a qualified comprehensive income tax treaty with the United States, or the stock with respect to which such dividend is paid is readily tradable on an established securities market in the United States). A qualified foreign corporation generally excludes any foreign corporation, which for the taxable year of the corporation in which the dividend was paid, or the preceding taxable year, is a passive foreign investment company. Distributions made to a U.S. shareholder from an excess of net long-term capital gains over net short-term capital losses ("capital gain dividends"), including capital gain dividends credited to such shareholder but retained by a Fund, are taxable to such shareholder as long-term capital gain if they have been properly designated by the Fund, regardless of the length of time such shareholder owned the shares of the Fund. Distributions in excess of a Fund's earnings and profits will be treated by the U.S. shareholder, first, as a tax-free return of capital, which is applied against and will reduce the adjusted tax basis of the U.S. shareholder's shares and, after such adjusted tax basis is reduced to zero, will constitute capital gain to the U.S. shareholder (assuming the shares are held as a capital asset).

A Fund is not required to provide written notice designating the amount of any qualified dividend income or capital gain dividends and other distributions. The Forms 1099 will instead serve this notice purpose.

As a RIC, each Fund will be subject to the AMT, but any items that are treated differently for AMT purposes must be apportioned between a Fund and the shareholders and this may affect the shareholders' AMT liabilities. The Funds intend in general to apportion these items in the same proportion that dividends paid to each shareholder bear to the Funds' taxable income (determined without regard to the dividends paid deduction).

For purpose of determining (i) whether the annual distribution requirement is satisfied for any year and (ii) the amount of capital gain dividends paid for that year, a Fund may, under certain circumstances, elect to treat a dividend that is paid during the following taxable year as if it had been paid during the taxable year in question. If a Fund makes such an election, the U.S. shareholder will still be treated as receiving the dividend in the taxable year in which the distribution is made. However, any dividend declared by a Fund in October, November, or December of any calendar year, payable to shareholders of record on a specified date in such a month and actually paid during January of the following year, will be treated as if it had been received by the U.S. shareholders on December 31 of the year in which the dividend was declared.

The Funds intend to distribute all realized capital gains, if any, at least annually. If, however, a Fund were to retain any net capital gain, the Fund may designate the retained amount as undistributed capital gains in a notice to shareholders who, if subject to U.S. federal income tax on long-term capital gains, (i) will be required to include in income as long-term capital gain, their proportionate shares of such undistributed amount, and (ii) will be entitled to credit their proportionate shares of the federal income tax paid by the Fund on the undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds to the extent the credit exceeds such liabilities. If such an event occurs, the tax basis of shares owned by a shareholder of a Fund will, for U.S. federal income tax purposes, generally be increased by the difference between the amount of undistributed net capital gain included in the shareholder's gross income and the tax deemed paid by the shareholders.

Sales and other dispositions of the shares, such as exchanges, of the Funds generally are taxable events. U.S. shareholders should consult their own tax advisor with reference to their individual circumstances to determine whether any particular transaction in the shares of a Fund is properly treated as a sale or exchange for federal income tax purposes, as the following discussion assumes, and the tax treatment of any gains or losses recognized in such transactions. The sale or other disposition of shares of a Fund will generally result in capital gain or loss to the shareholder equal to the difference between the amount realized and the shareholder's adjusted tax basis in the shares sold or exchanged, and will be long-term capital gain or loss if the shares have been held for more than one year at the time of sale. Any loss upon the sale or exchange of shares held for six months or less will be treated as long-term capital loss to the extent of any capital gain dividends received (including amounts credited as an undistributed capital gain dividend) by such shareholder with respect to such shares. A loss realized on a sale or exchange of shares of a Fund generally will be disallowed if other substantially identical shares are acquired within a 61-day period beginning 30 days before and ending 30 days after the date that the shares are disposed. In such case, the basis of the shares acquired will be adjusted to reflect the disallowed loss. Present law taxes both long-term and short-term capital gain of corporations at the rates applicable to ordinary income of corporations. For non-corporate taxpayers, short-term capital gain will currently be taxed at the rate applicable to ordinary income, while long-term capital gain generally will be taxed at a maximum rate of 20%. Capital losses are subject to certain limitations.

Federal law requires that mutual fund companies report their shareholders' cost basis, gain/loss, and holding period to the Internal Revenue Service on a Fund's shareholders' Consolidated Form 1099s when "covered" securities are sold. Covered securities are any regulated investment company and/or dividend reinvestment plan shares acquired on or after January 1, 2012.

The Funds have chosen average cost as their standing (default) tax lot identification method for all shareholders. A tax lot identification method is the way the Funds will determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing net asset values, and the entire position is not sold at one time. The Funds' standing tax lot identification method is the method covered shares will be reported on your Consolidated Form 1099 if you do not select a specific tax lot identification method. You may choose a method different than the Funds' standing method and will be able to do so at the time of your purchase or upon the sale of covered shares. Please refer to the appropriate Internal Revenue Service regulations or consult your tax advisor with regard to your personal circumstances.

For those securities defined as "covered" under current Internal Revenue Service cost basis tax reporting regulations, the Funds are responsible for maintaining accurate cost basis and tax lot information for tax reporting purposes. The Funds are not responsible for the reliability or accuracy of the information for those securities that are not "covered." The Funds and their service providers do not provide tax advice. You should consult independent sources, which may include a tax professional, with respect to any decisions you may make with respect to choosing a tax lot identification method.

Certain U.S. shareholders, including individuals and estates and trusts, will be subject to an additional 3.8% Medicare tax on all or a portion of their "net investment income," which should include dividends from the Funds and net gains from the disposition of shares of the Funds. U.S. shareholders are urged to consult their own tax advisors regarding the implications of the additional Medicare tax resulting from an investment in the Funds.

***Higher-Risk Securities***. To the extent such investments are permissible for a Fund, a Fund may invest in debt obligations that are in the lowest rating categories or are unrated, including debt obligations of issuers not currently paying interest or who are in default. Investments in debt obligations that are at risk of or in default present special tax issues for the Fund. Tax rules are not entirely clear about issues such as when a Fund may cease to accrue interest, the original issue discount ("OID") or market discount, when and to what extent deductions may be taken for bad debts or worthless securities and how payments received on obligations in default should be allocated between principal and income. In limited circumstances, it may also not be clear whether a Fund should recognize market discount on a debt obligation, and if so, what amount of market discount the Fund should recognize. These and other related issues will be addressed by a Fund when, as and if it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its status as a regulated investment company and does not become subject to U.S. federal income or excise tax.

***Issuer Deductibility of Interest***. A portion of the interest paid or accrued on certain high yield discount obligations owned by a Fund may not be deductible to (and thus, may affect the cash flow of) the issuer. If a portion of the interest paid or accrued on certain high yield discount obligations is not deductible, that portion will be treated as a dividend for purposes of the corporate dividends-received deduction. In such cases, if the issuer of the high yield discount obligations is a domestic corporation, dividend payments by a Fund may be eligible for the dividends-received deduction to the extent of the deemed dividend portion of such accrued interest.

Interest paid on debt obligations owned by a Fund, if any, that are considered for U.S. tax purposes to be payable in the equity of the issuer or a related party will not be deductible to the issuer, possibly affecting the cash flow of the issuer.

***Tax-Exempt Shareholders***. A tax-exempt shareholder could recognize unrelated business taxable income ("UBTI") by virtue of its investment in a Fund if shares in the Fund constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of Internal Revenue Code Section 514(b). Furthermore, a tax-exempt shareholder may recognize UBTI if a Fund recognizes "excess inclusion income" derived from direct or indirect investments in residual interests in real estate mortgage investment conduits ("REMICs") or equity interests in a taxable mortgage pool ("TMPs") if the amount of such income recognized by the Fund exceeds the Fund's investment company taxable income (after taking into account deductions for dividends paid by the Fund).

In addition, special tax consequences apply to charitable remainder trusts ("CRTs") that invest in regulated investment companies that invest directly or indirectly in residual interests in REMICs or equity interests in TMPs. Under legislation enacted in December 2006, a CRT (as defined in section 664 of the Internal Revenue Code) that realizes any UBTI for a taxable year, must pay an excise tax annually of an amount equal to such UBTI. Under IRS guidance issued in October 2006, a CRT will not recognize UBTI solely as a result of investing in a Fund that recognizes "excess inclusion income." Rather, if at any time during any taxable year a CRT (or one of certain other tax-exempt shareholders, such as the United States, a state or political subdivision, or an agency or instrumentality thereof, and certain energy cooperatives) is a record holder of a share in a Fund that recognizes "excess inclusion income," then the regulated investment company will be subject to a tax on that portion of its "excess inclusion income" for the taxable year that is allocable to such shareholders, at the highest federal corporate income tax rate. The extent to which this IRS guidance remains applicable in light of the December 2006 legislation is unclear. To the extent permitted under the 1940 Act, a Fund may elect to specially allocate any such tax to the applicable CRT, or other shareholder, and thus reduce such shareholder's distributions for the year by the amount of the tax that relates to such shareholder's interest in the Fund. The Funds have not yet determined whether such an election will be made. CRTs and other tax-exempt investors are urged to consult their tax advisers concerning the consequences of investing in the Funds.

***Passive Foreign Investment Companies***. A passive foreign investment company ("PFIC") is any foreign corporation: (i) 75% or more of the gross income of which for the taxable year is passive income, or (ii) the average percentage of the assets of which (generally by value, but by adjusted tax basis in certain cases) that produce or are held for the production of passive income is at least 50%. Generally, passive income for this purpose means dividends, interest (including income equivalent to interest), royalties, rents, annuities, the excess of gains over losses from certain property transactions and commodities transactions, and foreign currency gains. Passive income for this purpose does not include rents and royalties received by the foreign corporation from active business and certain income received from related persons.

Equity investments by the Funds in certain PFICs could potentially subject the Funds to a U.S. federal income tax or other charge (including interest charges) on the distributions received from the PFIC or on proceeds received from the disposition of shares in the PFIC. This tax cannot be eliminated by making distributions to Fund shareholders. However, the Funds may elect to avoid the imposition of that tax. For example, if a Fund is in a position to and elects to treat a PFIC as a "qualified electing fund" (i.e., make a "QEF election"), the Fund will be required to include its share of the PFIC s income and net capital gains annually, regardless of whether it receives any distribution from the PFIC. Alternatively, a Fund may make an election to mark the gains (and to a limited extent losses) in its PFIC holdings "to the market" as though it had sold and repurchased its holdings in those PFICs on the last day of the Fund's taxable year. Such gains and losses are treated as ordinary income and loss. The QEF and mark-to-market elections may accelerate the recognition of income (without the receipt of cash) and increase the amount required to be distributed by a Fund to avoid taxation. Making either of these elections therefore may require a Fund to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirement, which also may accelerate the recognition of gain and affect the Fund's total return. Dividends paid by PFICs will not be eligible to be treated as "qualified dividend income."

Because it is not always possible to identify a foreign corporation as a PFIC, the Funds may incur the tax and interest charges described above in some instances.

***Foreign Taxation***. Income received by a Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. Tax conventions between certain countries and the U.S. may reduce or eliminate such taxes. The Funds do not expect to be eligible to pass through to shareholders a credit or deduction for such taxes.

***Foreign Shareholders***. Capital Gain Dividends are generally not subject to withholding of U.S. federal income tax. Absent a specific statutory exemption, dividends other than Capital Gain Dividends paid by the Fund to a shareholder that is not a "U.S. person" within the meaning of the Internal Revenue Code (such shareholder, a "foreign shareholder") are subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate) even if they are funded by income or gains (such as portfolio interest, short-term capital gains, or foreign-source dividend and interest income) that, if paid to a foreign person directly, would not be subject to withholding.

Effective for taxable years of a regulated investment company beginning before January 1, 2012, a regulated investment company is not required to withhold any amounts (i) with respect to distributions (other than distributions to a foreign person (a) that does not provide a satisfactory statement that the beneficial owner is not a U.S. person, (b) to the extent that the dividend is attributable to certain interest on an obligation if the foreign person is the issuer or is a 10% shareholder of the issuer, (c) that is within a foreign country that has inadequate information exchange with the United States, or (d) to the extent the dividend is attributable to interest paid by a person that is a related person of the foreign person and the foreign person is a controlled foreign corporation) from U.S.-source interest income of types similar to those not subject to U.S. federal income tax if earned directly by an individual foreign person, to the extent such distributions are properly reported as such by a Fund in a written notice to shareholders ("interest-related dividends"), and (ii) with respect to distributions (other than (a) distributions to an individual foreign person who is present in the United States for a period or periods aggregating 183 days or more during the year of the distribution and (b) distributions subject to special rules regarding the disposition of U.S. real property interests as described below) of net short-term capital gains in excess of net long-term capital losses to the extent such distributions are properly reported by the regulated investment company ("short-term capital gain dividends"). If a Fund invests in an underlying fund that pays such distributions to the Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to foreign persons.

The Funds are permitted to report such part of their dividends as interest-related or short-term capital gain dividends as are eligible but are not required to do so. These exemptions from withholding will not be available to foreign shareholders of Funds that do not currently report their dividends as interest-related or short-term capital gain dividends.

In the case of shares held through an intermediary, the intermediary may withhold even if a Fund reports all or a portion of a payment as an interest-related or short-term capital gain dividend to shareholders. Foreign persons should contact their intermediaries regarding the application of these rules to their accounts.

Under U.S. federal tax law, a beneficial holder of shares who is a foreign shareholder generally is not subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on the sale of shares of a Fund or on Capital Gain Dividends unless (i) such gain or dividend is effectively connected with the conduct of a trade or business carried on by such holder within the United States, (ii) in the case of an individual holder, the holder is present in the United States for a period or periods aggregating 183 days or more during the year of the sale or the receipt of the Capital Gain Dividend and certain other conditions are met, or (iii) the special rules relating to gain attributable to the sale or exchange of "U.S. real property interests" ("USRPIs") apply to the foreign shareholder's sale of shares of the Fund or to the Capital Gain Dividend the foreign shareholder received (as described below).

Special rules would apply if a Fund were either a "U.S. real property holding corporation" ("USRPHC") or would be a USRPHC but for the operation of certain exceptions to the definition thereof. Very generally, a USRPHC is a domestic corporation that holds USRPIs the fair market value of which equals or exceeds 50% of the sum of the fair market values of the corporation's USPRIs, interests in real property located outside the United States, and other assets. USRPIs are generally defined as any interest in U.S. real property and any interest (other than solely as a creditor) in a USRPHC or former USRPHC.

If a Fund were a USRPHC or would be a USRPHC but for the exceptions referred to above, any distributions by the Fund to a foreign shareholder (including, in certain cases, distributions made by the Fund in redemption of its shares) attributable to gains realized by the Fund on the disposition of USRPIs or to distributions received by the Fund from a lower-tier regulated investment company or REIT that the Fund is required to treat as USRPI gain in its hands generally would be subject to U.S. tax withholding. In addition, such distributions could result in the foreign shareholder being required to file a U.S. tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a foreign shareholder, including the rate of such withholding and character of such distributions (*e.g.*, as ordinary income or USRPI gain), would vary depending upon the extent of the foreign shareholder's current and past ownership of a Fund. On and after January 1, 2012, this "look-through" USRPI treatment for distributions by a Fund, if it were either a USRPHC or would be a USRPHC but for the operation of the exceptions referred to above, to foreign shareholders applies only to those distributions that, in turn, are attributable to distributions received by the Fund from a lower-tier REIT, unless Congress enacts legislation providing otherwise.

In addition, if a Fund were a USRPHC or former USRPHC, it could be required to withhold U.S. tax on the proceeds of a share redemption by a greater-than-5% foreign shareholder, in which case such foreign shareholder generally would also be required to file U.S. tax returns and pay any additional taxes due in connection with the redemption.

Whether or not a Fund is characterized as a USRPHC will depend upon the nature and mix of the Fund's assets. The Funds do not expect to be USRPHCs. Foreign shareholders should consult their tax advisors concerning the application of these rules to their investment in the Funds.

If a beneficial holder of Fund shares who is a foreign shareholder has a trade or business in the United States, and the dividends are effectively connected with the beneficial holder's conduct of that trade or business, the dividend will be subject to U.S. federal net income taxation at regular income tax rates.

If a beneficial holder of Fund shares who is a foreign shareholder is eligible for the benefits of a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by that beneficial holder in the United States.

To qualify for any exemptions from withholding described above or for lower withholding tax rates under income tax treaties, or to establish an exemption from backup withholding, a foreign shareholder must comply with special certification and filing requirements relating to its non-US status (including, in general, furnishing an IRS Form W-8BEN or substitute form). Foreign shareholders in the Funds should consult their tax advisers in this regard.

A beneficial holder of Fund shares who is a foreign shareholder may be subject to state and local tax and to the U.S. federal estate tax in addition to the federal tax on income referred to above.

***Backup Withholding*.** The Funds generally are required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and redemption proceeds paid to any individual shareholder who fails to properly furnish the Funds with a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify to the Funds that he or she is not subject to such withholding.

Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

***Tax Shelter Reporting Regulations***. Under U.S. Treasury regulations, if a shareholder recognizes a loss with respect to a Fund's shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a regulated investment company are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all regulated investment companies. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisers to determine the applicability of these regulations in light of their individual circumstances.

***Shareholder Reporting Obligations with Respect to Foreign Financial Assets***. Certain individuals (and, if provided in future guidance, certain domestic entities) must disclose annually their interests in "specified foreign financial assets" on IRS Form 8938, which must be attached to their U.S. federal income tax returns for taxable years beginning after March 18, 2010. The IRS has not yet released a copy of the Form 8938 and has suspended the requirement to attach Form 8938 for any taxable year for which an income tax return is filed before the release of Form 8938. Following Form 8938's release, individuals will be required to attach to their next income tax return required to be filed with the IRS a Form 8938 for each taxable year for which the filing of Form 8938 was suspended. Until the IRS provides more details regarding this reporting requirement, including in Form 8938 itself and related Treasury regulations, it remains unclear under what circumstances, if any, a shareholder's (indirect) interest in the Funds' "specified foreign financial assets," if any, will be required to be reported on this Form 8938.

***Other Reporting and Withholding Requirements***. Rules enacted in March 2010 require the reporting to the IRS of direct and indirect ownership of foreign financial accounts and foreign entities by U.S. persons. Failure to provide this required information can result in a 30% withholding tax on certain payments ("withholdable payments") made after December 31, 2012. Specifically, withholdable payments subject to this 30% withholding tax include payments of U.S.-source dividends and interest made on or after January 1, 2014, and payments of gross proceeds from the sale or other disposal of property that can produce U.S.-source dividends or interest made on or after January 1, 2015.

The IRS has issued only very preliminary guidance with respect to these new rules; their scope remains unclear and potentially subject to material change. Very generally, it is possible that distributions made by a Fund after the dates noted above (or such later dates as may be provided in future guidance) to a shareholder, including a distribution in redemption of shares and a distribution of income or gains otherwise exempt from withholding under the rules applicable to non-U.S. shareholders described above (e.g., Capital Gain Dividends, Short-Term Capital Gain Dividends and interest-related dividends, as described above) will be subject to the new 30% withholding requirement. Payments to a foreign shareholder that is a "foreign financial institution" will generally be subject to withholding, unless such shareholder enters into a timely agreement with the IRS. Payments to shareholders that are U.S. persons or foreign individuals will generally not be subject to withholding, so long as such shareholders provide the Funds with such certifications or other documentation, including, to the extent required, with regard to such shareholders' direct and indirect owners, as the Funds require to comply with the new rules. Persons investing in the Funds through an intermediary should contact their intermediary regarding the application of the new reporting and withholding regime to their investments in the Funds.

Shareholders are urged to consult a tax advisor regarding this new reporting and withholding regime, in light of their particular circumstances.

***Shares Purchased through Tax-Qualified Plans***. Special tax rules apply to investments through defined contribution plans and other tax-qualified plans. Shareholders should consult their tax advisers to determine the suitability of shares of the Funds as an investment through such plans, and the precise effect of an investment on their particular tax situation.

***FATCA***. Payments to a shareholder that is either a foreign financial institution ("FFI") or a non-financial foreign entity ("NFFE") within the meaning of the Foreign Account Tax Compliance Act ("FATCA") may be subject to a generally nonrefundable 30% withholding tax on: (a) income dividends paid by a Fund after June 30, 2014 and (b) certain capital gain distributions and the proceeds arising from the sale of Fund shares paid by a Fund after December 31, 2016. FATCA withholding tax generally can be avoided: (a) by an FFI, subject to any applicable intergovernmental agreement or other exemption, if it enters into a valid agreement with the IRS to, among other requirements, report required information about certain direct and indirect ownership of foreign financial accounts held by U.S. persons with the FFI and (b) by an NFFE, if it: (i) certifies that it has no substantial U.S. persons as owners or (ii) if it does have such owners, reports information relating to them. A Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA. Withholding also may be required if a foreign entity that is a shareholder of a Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

**<u>Possible Tax Law Changes</u>**. At the time that this SAI is being prepared, various administrative and legislative changes to the federal tax laws are under consideration, but it is not possible at this time to determine whether any of these changes will take place or what the changes might entail. The foregoing is a general and abbreviated summary of the provisions of the Internal Revenue Code and the Treasury regulations in effect as they directly govern the taxation of the Funds and their shareholders. These provisions are subject to change by legislative and administrative action, and any such change may be retroactive. Shareholders are urged to consult their tax advisors regarding specific questions as to U.S. federal income, estate or gift taxes, or foreign, state, local taxes or other taxes.

**PRICING AND PURCHASE OF FUND SHARES** 

**PRICING OF FUND SHARES**

***General Policy***. The Funds adhere to Section 2(a)(41), and Rule 2a-4 thereunder, of the 1940 Act with respect to the valuation of portfolio securities. In general, securities for which market quotations are readily available are valued at current market value, and all other securities are valued at fair value as determined in good faith by the Valuation Designee (as defined below).

***Equity Securities***. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 p.m. ET if a security's primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If such prices are not available or determined to not represent the fair value of the security as of the Funds' pricing time, the security will be valued at fair value as determined in by the Valuation Designee (as defined below).

***Money Market Securities and other Debt Securities****.* If available, money market securities and other debt securities are priced based upon valuations provided by recognized independent, third-party pricing agents approved by the Board. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. Money market securities and other debt securities with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. If such prices are not available or determined to not represent the fair value of the security as of the Funds' pricing time, the security will be valued at fair value as determined in good faith by the Valuation Designee (as defined below).

***Fair Valuation.*** Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act. As a general principle, the fair value of a security or other asset is the price that would be received upon the sale of the security or asset in an orderly transaction between market participants at the measurement date and time. Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee ("Valuation Designee") for the Funds to perform fair value determinations relating to all Fund investments. The Adviser may carry out its designated responsibilities as Valuation Designee through a fair valuation committee and may apply fair valuation methodologies approved by the Board, or utilize prices or inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources that have been approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Funds' and Valuation Designee's policies and procedures are intended to result in a calculation of each Fund's NAV that fairly reflects security values as of the time of pricing, the Funds cannot ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Funds may differ from the value that would be realized if the securities were sold.

**PURCHASES AND SALES THROUGH BROKER DEALERS**

The Funds may be purchased through broker dealers and other intermediaries. The Funds have authorized one or more brokers to receive on its behalf purchase and redemption orders. Such brokers are authorized to designate other intermediaries to receive purchase and redemption orders on the Funds' behalf. A Fund will be deemed to have received a purchase or redemption order when an authorized broker or, if applicable, a broker's authorized designee, received the order. Customer orders will be priced at a Fund's net asset value next computed after they are received by an authorized broker or the broker's authorized designee.

**REDEMPTIONS IN KIND** 

The Funds do not intend to redeem shares in any form except cash. However, if the redemption amount is over the lesser of $250,000 or 1% of a Fund's net assets, pursuant to an election under Rule 18f-1 under the 1940 Act by the Trust on behalf of the Fund, the Fund has the right to redeem your shares by giving you the amount that exceeds the lesser of $250,000 or 1% of the Fund's net assets in securities instead of cash. In the event that an in-kind distribution is made, a shareholder may incur additional expenses such as the payment of brokerage commissions on the sale or other disposition of the securities received from the Funds.

**ADDITIONAL SERVICE PROVIDERS** 

**CUSTODIAN** 

Fifth Third Bank. (the "Custodian"), 38 Fountain Square Plaza, Cincinnati, Ohio 45263, serves as the custodian of the Funds' assets. The Custodian has entered into a foreign sub-custody arrangement with The Bank of New York, as the approved foreign custody manager (the Delegate) to perform certain functions with respect to the custody of the Funds' assets outside of the United States of America. The Delegate shall place and maintain the Funds' assets with an eligible foreign custodian; provided that, the Delegate shall be required to determine that the Funds' assets will be subject to reasonable care based on the standards applicable to custodians in the relevant market.

**ADMINISTRATOR, FUND ACCOUNTANT AND TRANSFER AGENT**

Pursuant to a Fund Services Agreement, Commonwealth Fund Services, Inc. ("CFS", the "Administrator" or the "Transfer Agent") 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235, serves as the Funds' administrator, transfer agent and accounting agent.

In its capacity as administrator, CFS supervises all aspects of the operations of the Funds except those performed by the Adviser. CFS will provide certain administrative services and facilities for the Funds, including preparing and maintaining certain books, records, and monitoring compliance with state and federal regulatory requirements. CFS, as administrative agent for the Funds, will provide shareholder, recordkeeping, administrative and blue-sky filing services.

As transfer agent, CFS provides certain shareholder and other services to the Funds, including furnishing account and transaction information and maintaining shareholder account records. CFS will be responsible for processing orders and payments for share purchases. CFS will mail proxy materials (and receive and tabulate proxies), shareholder reports, confirmation forms for purchases and redemptions and prospectuses to shareholders. CFS will disburse income dividends and capital distributions and prepare and file appropriate tax-related information concerning dividends and distributions to shareholders.

CFS also provides accounting services to the Funds. CFS will be responsible for accounting relating to the Funds and their investment transactions; maintaining certain books and records of the Funds; determining daily the net asset value per share of the Funds; and preparing security position, transaction and cash position reports. CFS also monitors periodic distributions of gains or losses on portfolio sales and maintains a daily listing of portfolio holdings. CFS is responsible for providing expenses accrued and payment reporting services, tax-related financial information to the Trust, and for monitoring compliance with the regulatory requirements relating to maintaining accounting records.

CFS receives, for administrative services, an asset-based fee based computed daily and paid monthly on the average daily net assets of the Funds, subject to a minimum fee plus out-of-pocket expenses. CFS receives, for transfer agency services, per account fees computed daily and paid monthly, subject to a minimum fee plus out-of-pocket expenses. CFS receives, for fund accounting services, an asset-based fee, computed daily and paid monthly on the average daily net assets of the Funds, subject to a minimum fee plus out-of-pocket expenses.

The following table provides information regarding transfer agent, fund accounting and administrative services fees paid by the Funds for the periods indicated:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund**<br>| &nbsp;&nbsp;**Fees Paid for**<br> **Transfer Agent**<br> **Services** | &nbsp;&nbsp;**Fees Paid for**<br> **Accounting**<br> **Services** | &nbsp;&nbsp;**Fees Paid for**<br> **Administrative**<br> **Services** |
| &nbsp;&nbsp;*Fiscal Year Ended September 30, 2022* | &nbsp;&nbsp;*Fiscal Year Ended September 30, 2022* | &nbsp;&nbsp;*Fiscal Year Ended September 30, 2022* | &nbsp;&nbsp;*Fiscal Year Ended September 30, 2022* |
| &nbsp;&nbsp;Partners Fund | &nbsp;&nbsp;$21755 | &nbsp;&nbsp;$35827 | &nbsp;&nbsp;$76572 |
| &nbsp;&nbsp;Focused SCV Fund | &nbsp;&nbsp;$20353 | &nbsp;&nbsp;$25799 | &nbsp;&nbsp;$24588 |
| &nbsp;&nbsp;International Value Fund | &nbsp;&nbsp;$4539 | &nbsp;&nbsp;$12050 | &nbsp;&nbsp;$5700 |
| &nbsp;&nbsp;*Fiscal Year Ended September 30, 2021* | &nbsp;&nbsp;*Fiscal Year Ended September 30, 2021* | &nbsp;&nbsp;*Fiscal Year Ended September 30, 2021* | &nbsp;&nbsp;*Fiscal Year Ended September 30, 2021* |
| &nbsp;&nbsp;Partners Fund | &nbsp;&nbsp;21740 | &nbsp;&nbsp;$25001 | &nbsp;&nbsp;$45010 |
| &nbsp;&nbsp;Focused SCV Fund | &nbsp;&nbsp;$21625 | &nbsp;&nbsp;$24201 | &nbsp;&nbsp;$30173 |
| &nbsp;&nbsp;*Fiscal Year Ended September 30, 2020* | &nbsp;&nbsp;*Fiscal Year Ended September 30, 2020* | &nbsp;&nbsp;*Fiscal Year Ended September 30, 2020* | &nbsp;&nbsp;*Fiscal Year Ended September 30, 2020* |
| &nbsp;&nbsp;Partners Fund | &nbsp;&nbsp;$16829 | &nbsp;&nbsp;$20833 | &nbsp;&nbsp;$25347 |
| &nbsp;&nbsp;Focused SCV Fund | &nbsp;&nbsp;$21125 | &nbsp;&nbsp;$25000 | &nbsp;&nbsp;$29584 |

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**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

The Funds' independent registered public accounting firm, Cohen & Company, Ltd., audits the Funds' annual financial statements and prepares the Funds' tax returns. Cohen & Company, Ltd. is located at 1350 Euclid Avenue, Suite 800, Cleveland, Ohio 44115.

**LEGAL COUNSEL**

Practus, LLP, 11300 Tomahawk Creek Parkway, Suite 310, Leawood, Kansas 66211, serves as legal counsel for the Trust and Funds.

**DISTRIBUTOR**

Effective December 1, 2021, Foreside Fund Services, LLC ("Foreside" or the "Distributor"), an affiliate of Foreside Financial Group, LLC (d/b/a ACA Group) located at Three Canal Plaza, Suite 100, Portland, Maine 04101, serves as the principal underwriter and national distributor for the shares of the Funds pursuant to a Distribution Agreement (the "Distribution Agreement"). The continuance of the Distribution Agreement must be specifically approved at least annually (i) by the vote of the Trustees or by a vote of the shareholders of the Funds and (ii) by the vote of a majority of the Trustees who are not "interested persons" of the Trust and have no direct or indirect financial interest in the operations of the Distribution Agreement or any related agreement, cast in person at a meeting called for the purpose of voting on such approval.

Under the Distribution Agreement, the Distributor serves as the Funds' principal underwriter and acts as exclusive agent for the Funds in selling their shares to the public on a "best efforts" basis and then only in respect to orders placed – that is, the Distributor is under no obligations to sell any specific number of shares.

Foreside is registered as a broker-dealer and is a member of the Financial Industry Regulatory Authority. The offering of the Funds' shares is continuous. The Distributor may receive Distribution 12b-1 and Service Fees from the Funds, as described in the applicable prospectus and this SAI. However, Rule 12b-1 fees are not held for profit. Instead, residual Rule 12b-1 fees are held in retention for future distribution related expenses. The Adviser compensates the Distributor for certain distribution related activities. Neither Foreside nor the Funds' previous distributor received any compensation as a result of the sale of the Funds' shares.

**ADDITIONAL INFORMATION ABOUT PURCHASES AND SALES**

***Purchasing Shares****.* You may purchase shares of the Funds directly from the Distributor. You may also buy shares through accounts with brokers and other institutions ("authorized institutions") that are authorized to place trades in Fund shares for their customers. If you invest through an authorized institution, you will have to follow its procedures. Your institution may charge a fee for its services, in addition to the fees charged by the Funds. You will also generally have to address your correspondence or questions regarding the Funds to your authorized institution. The offering price per share is equal to the net asset value next determined after the Funds or authorized institution receives your purchase order, plus any applicable sales charge.

Your authorized institution is responsible for transmitting all subscription and redemption requests, investment information, documentation and money to the Funds on time. Certain authorized institutions have agreements with the Funds that allow them to enter confirmed purchase or redemption orders on behalf of clients and customers. Under this arrangement, the authorized institution must send your payment to the Funds by the time it prices its shares on the following day. If your authorized institution fails to do so, it may be responsible for any resulting fees or losses.

The Funds reserve the right to reject any purchase order and to suspend the offering of shares. Under certain circumstances the Trust or the Adviser may waive the minimum initial investment for purchases by officers, trustees, and employees of the Trust and its affiliated entities and for certain related advisory accounts and retirement accounts (such as IRAs). The Funds may also change or waive policies concerning minimum investment amounts at any time.

***Exchanging Shares***. If you request the exchange of the total value of your account from one fund to another managed by the Adviser, we will reinvest any declared but unpaid income dividends and capital gain distributions in the new fund at its net asset value. Backup withholding and information reporting may apply. Information regarding the possible tax consequences of an exchange appears in the tax section in this SAI.

If a substantial number of shareholders sell their shares of a Fund under the exchange privilege, within a short period, the Fund may have to sell portfolio securities that it would otherwise have held, thus incurring additional transactional costs. Increased use of the exchange privilege may also result in periodic large inflows of money. If this occurs, it is the Funds' general policy to initially invest in short-term, interest-bearing money market instruments.

However, if the Adviser believes that attractive investment opportunities (consistent with a Fund's investment objective and policies) exist immediately, then it will invest such money in portfolio securities in as orderly a manner as is possible.

The proceeds from the sale of shares of a Fund may not be available until the third business day following the sale. The fund you are seeking to exchange into may also delay issuing shares until that third business day. The sale of Fund shares to complete an exchange will be effected at net asset value of the Fund next computed after your request for exchange is received in proper form.

***Eligible Benefit Plans***. An eligible benefit plan is an arrangement available to the employees of an employer (or two or more affiliated employers) having not less than 10 employees at the plan's inception, or such an employer on behalf of employees of a trust or plan for such employees, their spouses and their children under the age of 21 or a trust or plan for such employees, which provides for purchases through periodic payroll deductions or otherwise. There must be at least 5 initial participants with accounts investing or invested in Fund shares and/or certain other funds.

The initial purchase by the eligible benefit plan and prior purchases by or for the benefit of the initial participants of the plan must aggregate not less than $2,500 and subsequent purchases must be at least $50 per account and must aggregate at least $250. Purchases by the eligible benefit plan must be made pursuant to a single order paid for by a single check or federal funds wire and may not be made more often than monthly. A separate account will be established for each employee, spouse or child for which purchases are made. The requirements for initiating or continuing purchases pursuant to an eligible benefit plan may be modified and the offering to such plans may be terminated at any time without prior notice.

***Selling Shares****.* You may sell your shares by giving instructions to the Transfer Agent by mail or by telephone. The Funds will use reasonable procedures to confirm that instructions communicated by telephone are genuine and, if the procedures are followed, will not be liable for any losses due to unauthorized or fraudulent telephone transactions.

The Funds' procedure is to redeem shares at the net asset value next determined after the Transfer Agent receives the redemption request in proper order, less any applicable deferred sales charge on purchases held for less than one year and for which no sales charge was paid at the time of purchase. Payment will be made promptly, but no later than the seventh day following the receipt of the redemption request in proper order. The Board may suspend the right of redemption or postpone the date of payment during any period when (a) trading on the New York Stock Exchange is restricted as determined by the SEC or such exchange is closed for other than weekends and holidays, (b) the SEC has by order permitted such suspension, or (c) an emergency, as defined by rules of the SEC, exists during which time the sale of Fund shares or valuation of securities held by the Fund are not reasonably practicable.

**SHAREHOLDER SERVICES**

As described briefly in the applicable prospectus, the Funds offer the following shareholder services:

***Regular Account****.* The regular account allows for voluntary investments to be made at any time. Available to individuals, custodians, corporations, trusts, estates, corporate retirement plans and others, investors are free to make additions and withdrawals to or from their account as often as they wish. Simply use the account application provided with the prospectus to open your account.

***Telephone Transactions****.* A shareholder may redeem shares or transfer into another fund by telephone if this service is requested at the time the shareholder completes the initial account application. If it is not elected at that time, it may be elected at a later date by making a request in writing to the Transfer Agent and having the signature on the request guaranteed. The Funds employ reasonable procedures designed to confirm the authenticity of instructions communicated by telephone and, if they do not, they may be liable for any losses due to unauthorized or fraudulent transactions. As a result of this policy, a shareholder authorizing telephone redemption or transfer bears the risk of loss which may result from unauthorized or fraudulent transactions which the Funds believe to be genuine. When requesting a telephone redemption or transfer, the shareholder will be asked to respond to certain questions designed to confirm he shareholder's identity as the shareholder of record. Cooperation with these procedures helps to protect the account and the Funds from unauthorized transactions.

***Automatic Investment Plan****.* Any shareholder may utilize this feature, which provides for automatic monthly investments into your account. Upon your request, the Transfer Agent will withdraw a fixed amount each month from a checking or savings account for investment into the Funds. This does not require a commitment for a fixed period of time. A shareholder may change the monthly investment, skip a month or discontinue the Automatic Investment Plan as desired by notifying the Transfer Agent toll-free at 800-628-4077.

***Retirement Plans****.* Fund shares are available for purchase in connection with the following tax-deferred prototype retirement plans:

● *Traditional IRA.* An individual retirement account. Your contribution may or may not be deductible depending on your circumstances. Assets can grow tax-deferred and distributions are taxable as income.

● *Roth IRA.* An IRA with non-deductible contributions, tax-free growth of assets, and tax-free distributions for qualified distributions.

● *Spousal IRA.* An IRA funded by a working spouse in the name of a non-earning spouse.

● *SEP-IRA.* An individual retirement account funded by employer contributions. Your assets grow tax-deferred and distributions are taxable as income.

● *Keogh or Profit-Sharing Plans.* These plans allow corporations, partnerships and individuals who are self-employed to make tax-deductible contributions of up to $35,000 for each person covered by the plans.

● *403(b) Plans.* An arrangement that allows employers of charitable or educational organizations to make voluntary salary reduction contributions to a tax-deferred account.

● *401(k) Plans.* Allows employees of corporations of all sizes to contribute a percentage of their wages on a tax-deferred basis. These accounts need to be established by the trustee of the plan.

For information about eligibility requirements and other matters concerning these plans and to obtain the necessary forms to participate in these plans, please call the Trust toll-free at 800-673-0550. Each plan's custodian charges nominal fees in connection with plan establishment and maintenance. These fees are detailed in the plan documents. You may wish to consult with your attorney or other tax adviser for specific advice concerning your tax status and plans.

***Exchange Privilege****.* To the extent that the Adviser manages other funds in the Trust, shareholders may exchange their shares for shares of any other series of the Trust managed by the Adviser, provided the shares of the Fund the shareholder is exchanging into are registered for sale in the shareholder's state of residence. As of the date of this prospectus, the Adviser manages two funds in the Trust. Each account must meet the minimum investment requirements. Also, to make an exchange, an exchange order must comply with the requirements for a redemption or repurchase order and must specify the value or the number of shares to be exchanged. Your exchange will take effect as of the next determination of the Fund's net asset value per share (usually at the close of business on the same day). The Trust reserves the right to limit the number of exchanges or to otherwise prohibit or restrict shareholders from making exchanges at any time, without notice, should the Trust determine that it would be in the best interest of its shareholders to do so. For tax purposes, an exchange constitutes the sale of the shares of the fund from which you are exchanging and the purchase of shares of the fund into which you are exchanging. Consequently, the sale may involve either a capital gain or loss to the shareholder for federal income tax purposes. The exchange privilege is available only in states where it is legally permissible to do so.

**PLAN OF DISTRIBUTION**

The Funds have a Distribution and Shareholder Services Plan Pursuant to Rule 12b-1 (the "12b-1 Plan") for its Investor Class shares under which it may finance certain activities primarily intended to sell Investor Class shares. The Trust has adopted the 12b-1 Plan in accordance with the provisions of Rule 12b-1 under the 1940 Act, which regulates circumstances under which an investment company may directly or indirectly bear expenses relating to the distribution of its shares. The Trust intends to operate the 12b-1 Plan in accordance with its terms and with the Financial Industry Regulatory Authority rules concerning sales charges.

The 12b-1 Plan provides that the Funds may pay a fee at an annual rate of up to 0.25% of the average daily net assets attributable to the Funds' outstanding Investor Class shares in consideration for distribution and other services, which are described more fully below. The fee is generally paid to the Distributor as compensation for distribution-related activities although the Funds may pay the fee directly to other financial intermediaries.

As noted above, payments for distribution expenses under the 12b-1 Plan are subject to Rule 12b-1 under the 1940 Act. Rule 12b-1 defines distribution expenses to include the cost of "any activity which is primarily intended to result in the sale of shares issued by the Trust." Rule 12b-1 provides, among other things, that an investment company may bear such expenses only pursuant to a plan adopted in accordance with Rule 12b-1. In accordance with Rule 12b-1, the 12b-1 Plan provides that a report of the amounts expended under the 12b-1 Plan, and the purposes for which such expenditures were incurred, will be made to the Board for its review at least quarterly. The 12b-1 Plan provides that it may not be amended to increase materially the costs which shares of the Funds may bear for distribution pursuant to the 12b-1 Plan without shareholder approval, and that any other type of material amendment must be approved by a majority of the Board, and by a majority of the trustees who are neither "interested persons" (as defined in the 1940 Act) of the Trust nor have any direct or indirect financial interest in the operation of the Plan or in any related agreement (the "12b-1 Trustees"), by vote cast in person at a meeting called for the purpose of considering such amendments.

The Trust understands that certain financial intermediaries may charge fees to their customers who are the beneficial owners of Funds shares, in connection with their accounts with such financial intermediaries. Any such fees would be in addition to any amounts which may be received by an institution under the 12b-1 Plan.

The Board has concluded that there is a reasonable likelihood that the 12b-1 Plan will benefit the Funds. It is anticipated that the 12b-1 Plan will benefit shareholders because an effective sales program typically is necessary for the Funds to reach and maintain a sufficient size to achieve efficiently its investment objectives and to realize economies of scale. The 12b-1 Plan is subject to annual re-approval by a majority of the 12b-1 Trustees and is terminable at any time with respect to the Funds or the Investor Class shares of the Funds by a vote of a majority of the 12b-1 Trustees or by vote of the holders of a majority of the Investor Class' outstanding shares of the Funds. Any agreement entered into pursuant to the Plan with a Financial Intermediary is terminable with respect to the Funds without penalty, at any time, by vote of a majority of the 12b-1 Trustees, by vote of the holders of a majority of the applicable classes' outstanding shares of the Funds, by the Distributor or by the Financial Intermediary. An agreement will also terminate automatically in the event of its assignment. As long as the 12b-1 Plan is in effect, the nomination of trustees who are not interested persons of the Trust (as defined in the 1940 Act) must be committed to the discretion of the 12b-1 Trustees.

The 12b-1 Plan provides that expenditures may include, without limitation: (a) payments to the Distributor and to securities dealers and others in respect of the sale of shares of the Funds; (b) payment of compensation to and expenses of personnel (including personnel of organizations with which the Trust has entered into agreements related to the 12b-1 Plan) who engage in or support distribution of shares of the Funds or who render shareholder support services not otherwise provided by the Trust's transfer agent, administrator, or custodian, including but not limited to, answering inquiries regarding the Trust, processing shareholder transactions, providing personal services and/or the maintenance of shareholder accounts, providing other shareholder liaison services, responding to shareholder inquiries, providing information on shareholder investments in the shares of the Funds, and providing such other shareholder services as the Trust may reasonably request, arranging for bank wires, assisting shareholders in changing dividend options, account designations and addresses, providing information periodically to shareholders showing their positions in the Funds, forwarding communications from the Fund such as proxies, shareholder reports, annual reports, and dividend distribution and tax notices to shareholders, processing purchase, exchange, and redemption requests from shareholders and placing orders with the Funds or its service providers; (c) formulation and implementation of marketing and promotional activities, including, but not limited to, direct mail promotions and television, radio, newspaper, magazine and other mass media advertising; (d) preparation, printing and distribution of sales literature; (e) preparation, printing and distribution of prospectuses and statements of additional information and reports of the Trust for recipients other than existing shareholders of the Trust; (f) obtaining information and providing explanations to wholesale and retail distributors of contracts regarding the Funds investment objectives and policies and other information about the Funds, including the performance of the Funds; (g) obtaining such information, analyses and reports with respect to marketing and promotional activities as the Trust may, from time to time, deem advisable.

For the fiscal year ended September 30, 2022, the Partners Fund incurred $2,232 in 12b-1 fees, which were received by the Fund's distributor and used for general distribution purposes. For the fiscal year ended September 30, 2022, the Focused SCV Fund incurred $30 in 12b-1 fees, which were received by the Fund's distributor and used for general distribution purposes. For the fiscal year ended September 30, 2022, the International Value Fund incurred $16 in 12b-1 fees, which were received by the Fund's distributor and used for general distribution purposes.

**SHAREHOLDER SERVICES PLAN**

The Funds have adopted a shareholder services plan on behalf of its Investor Class and Institutional Class shares. Under a shareholder services plan, the Funds may pay an authorized firm up to 0.25% on an annualized basis of average daily net assets attributable to its customers who are shareholders. For this fee, the authorized firms may provide a variety of services, such as: 1) receiving and processing shareholder orders; 2) performing the accounting for the shareholder's account; 3) maintaining retirement plan accounts; 4) answering questions and handling correspondence for individual accounts; 5) acting as the sole shareholder of record for individual shareholders; 6) issuing shareholder reports and transaction confirmations; 7) executing daily investment "sweep" functions; and 8) furnishing investment advisory services.

Because the Funds have adopted the shareholder services plan to compensate authorized firms for providing the types of services described above, the Funds believes the shareholder services plan is not covered by Rule 12b-1 under the 1940 Act, which relates to payment of distribution fees. The Funds, however, follows the procedural requirements of Rule 12b-1 in connection with the implementation and administration of each shareholder services plan.

An authorized firm generally represents in a service agreement used in connection with the shareholder services plan that all compensation payable to the authorized firm from its customers in connection with the investment of their assets in the Funds will be disclosed by the authorized firm to its customers. It also generally provides that all such compensation will be authorized by the authorized firm's customers.

The Funds do not monitor the actual services being performed by an authorized firm under the plan and related service agreement. The Funds also do not monitor the reasonableness of the total compensation that an authorized firm may receive, including any service fee that an authorized firm may receive from the Funds and any compensation the authorized firm may receive directly from its clients.

**DISCLOSURE OF PORTFOLIO SECURITY HOLDINGS** 

This Disclosure of Portfolio Securities Holdings Policy (the "Policy") shall govern the disclosure of the portfolio securities holdings of each series of the Trust. The Trust maintains this Policy to ensure that disclosure of information about portfolio securities is in the best interests of the Funds and the Funds' shareholders. The Board reviews these policies and procedures as necessary and compliance will be periodically assessed by the Board in connection with a report from the Trust's Chief Compliance Officer. In addition, the Board has reviewed and approved the provision of portfolio holdings information to entities described below that may be prior to and more frequently than the public disclosure of such information (i.e., "non-standard disclosure"). The Board has also delegated authority to the officers of the Trust and Adviser to provide such information in certain circumstances (see below).

The Trust is required by the SEC to publicly file its complete portfolio holdings schedule with the SEC on a quarterly basis. This schedule is filed with the Trust's annual and semi-annual reports on Form N-CSR for the second and fourth fiscal quarters and on Form N-PORT for the first and third fiscal quarters. Certain portfolio information is also included on Form N-PORT that is filed for the second and fourth fiscal quarters. The portfolio holdings information provided in these reports is as of the end of the respective quarter. Form N-CSR must be filed with the SEC no later than ten (10) calendar days after the Trust transmits its annual or semi-annual report to its shareholders. Form N-PORT must be filed with the SEC and will be made publicly available no later than sixty (60) calendar days after the end of the applicable quarter.

Additionally, the Trust's service providers which have contracted to provide services to the Trust and its funds, including, for example, the custodian, the fund accountants and other service providers assisting with materials utilized in the Board's 15-c processes that require portfolio holdings information in order to perform those services, may receive non-standard disclosure. Non-standard disclosure of portfolio holdings information may also be provided to a third-party when the Trust has a legitimate business purpose for doing so. The Trust has the following ongoing arrangements with certain third parties to provide the Funds' portfolio holdings information:

1. to
 the Trust's auditors within sixty (60) days after the applicable fiscal period or other periods as necessary for use
 in providing audit opinions and other advice related to financial, regulatory, or tax reporting;

2. to
 financial printers within sixty (60) days after the applicable fiscal period for the purpose of preparing Trust regulatory
 filings; and

3. to
 the Trust's administrator, custodian, transfer agent and accounting services provider on a daily basis in connection
 with their providing services to the Funds.

The Trust's service providers may also disclose non-public portfolio holdings information if such disclosure is required by applicable laws, rules or regulations, or by regulatory authorities. Additionally, the Adviser may establish ongoing arrangements with certain third parties to provide the Funds' portfolio holdings information that the Adviser determines that the Funds have a legitimate business purpose for doing so and the recipient is subject to a duty of confidentiality. These third parties may include:

1. financial
 data processing companies that provide automated data scanning and monitoring services for the Funds;

2. research
 companies that allow the Adviser to perform attribution analysis for the Funds; and

3. the
 Adviser's proxy voting agent to assess and vote proxies on behalf of the Funds.

From time to time, employees of the Adviser may express their views orally or in writing on the Funds' portfolio securities or may state that a Fund has recently purchased or sold, or continues to own, one or more securities. The securities subject to these views and statements may be ones that were purchased or sold since a Fund's most recent quarter-end and therefore may not be reflected on the list of the Fund's most recent quarter-end portfolio holdings. These views and statements may be made to various persons, including members of the press, brokers and other financial intermediaries that sell shares of the Funds, shareholders in the Funds, persons considering investing in the Funds or representatives of such shareholders or potential shareholders, such as fiduciaries of a 401(k) plan or a trust and their advisers, and other entities for which the Adviser may determine. The nature and content of the views and statements provided to each of these persons may differ. From time to time, employees of the Adviser also may provide oral or written information ("portfolio commentary") about the Funds, including, but not limited to, how the Funds' investments are divided among various sectors, industries, countries, investment styles and capitalization sizes, and among stocks, bonds, currencies and cash, security types, bond maturities, bond coupons and bond credit quality ratings. This portfolio commentary may also include information on how these various weightings and factors contributed to Fund performance. The Adviser may also provide oral or written information ("statistical information") about various financial characteristics of the Funds or their underlying portfolio securities including, but not limited to, alpha, beta, R-squared, coefficient of determination, duration, maturity, information ratio, Sharpe ratio, earnings growth, payout ratio, price/book value, projected earnings growth, return on equity, standard deviation, tracking error, weighted average quality, market capitalization, percent debt to equity, price to cash flow, dividend yield or growth, default rate, portfolio turnover, and risk and style characteristics. This portfolio commentary and statistical information about the Funds may be based on a Fund's portfolio as of the most recent quarter-end or the end of some other interim period, such as month-end. The portfolio commentary and statistical information may be provided to various persons, including those described in the preceding paragraph. The nature and content of the information provided to each of these persons may differ.

Additionally, employees of the Adviser may disclose one or more of the portfolio securities of a Fund when purchasing and selling securities through broker-dealers, requesting bids on securities, obtaining price quotations on securities, or in connection with litigation involving a Fund's portfolio securities. The Adviser does not enter into formal non-disclosure or confidentiality agreements in connection with these situations; however, the Funds would not continue to conduct business with a person who the Adviser believed was misusing the disclosed information.

The Adviser or its affiliates may manage products sponsored by companies other than itself, including investment companies, offshore funds, and separate accounts and affiliates of the Adviser may provide investment related services, including research services, to other companies, including other investment companies, offshore funds, institutional investors and other entities. In each of these instances, the sponsors of these other companies and the affiliates of the Adviser may receive compensation for their services. In many cases, these other products may be managed in a similar fashion to the Funds and thus have similar portfolio holdings, and the other investment related services provided by affiliates of the Adviser may involve disclosure of information that is also utilized by the Adviser in managing the Funds. The sponsors of these other products may disclose the portfolio holdings of their products at different times than the Adviser discloses portfolio holdings for the Funds, and affiliates of the Adviser may provide investment related services to its clients at times that are different than the times disclosed to the Funds.

The Trust and the Adviser currently have no other arrangements for the provision of non-standard disclosure to any party or shareholder. Other than the non-standard disclosure discussed above, if a third-party requests specific, current information regarding the Funds' portfolio holdings, the Trust will refer the third-party to the latest regulatory filing.

All of the arrangements above are subject to the policies and procedures adopted by the Board to ensure such disclosure is for a legitimate business purpose and is in the best interests of the Trust and its shareholders. The Trust's CCO is responsible for monitoring the use and disclosure of information relating to Fund portfolio securities. Although no material conflicts of interest are believed to exist that could disadvantage the Funds and their shareholders, various safeguards have been implemented to protect the Funds and their shareholders from conflicts of interest, including: the adoption of Codes of Ethics pursuant to Rule 17j-1 under the 1940 Act designed to prevent fraudulent, deceptive or manipulative acts by officers and employees of the Trust, the Adviser and the Distributor in connection with their personal securities transactions; the adoption by the Adviser and Distributor of insider trading policies and procedures designed to prevent their employees' misuse of material non-public information; and the adoption by the Trust of a Code of Ethics for Officers that requires the Chief Executive Officer and Chief Financial Officer of the Trust to report to the Board any affiliations or other relationships that could potentially create a conflict of interest with the Funds. There may be instances where the interests of the Trust's shareholders respecting the disclosure of information about portfolio holdings may conflict or appear to conflict with the interests of the Adviser, the Distributor, or an affiliated person of the Trust, the Adviser or the Distributor. In such situations, the conflict must be disclosed to the Board and the Board will attempt to resolve the situation in a manner that it deems in the best interests of the Funds.

Affiliated persons of the Trust who receive non-standard disclosure are subject to restrictions and limitations on the use and handling of such information, including requirements to maintain the confidentiality of such information, pre-clear securities trades and report securities transactions activity, as applicable. Except as provided above, affiliated persons of the Trust and third-party service providers of the Trust receiving such non-standard disclosure will be instructed that such information must be kept confidential and that no trading on such information should be allowed.

Neither the Trust, the Funds, nor the Adviser receives compensation or other consideration in connection with the non-standard disclosure of information about portfolio securities.

**PROXY VOTING POLICIES** 

The Trust is required to disclose information concerning the Funds' proxy voting policies and procedures to shareholders. The Board has delegated to the Adviser the responsibility for decisions regarding proxy voting for securities held by the Funds. The Adviser will vote such proxies in accordance with its proxy policies and procedures, which have been reviewed by the Board, and which are found in Exhibit B. The Proxy Voting Policies and Procedures of the Trust are included as Exhibit A. Any material changes to the proxy policies and procedures will be submitted to the Board for approval. Information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ending June 30, will be available (1) without charge, upon request by calling toll-free 800-628-4077; and (2) on the SEC's website at <u>http://www.sec.gov</u>.

**FINANCIAL STATEMENTS** 

The Annual Report for the Funds for the fiscal year ended September 30, 2022 has been filed with the SEC. The financial statements contained in the Annual Report are incorporated by reference into this SAI. The financial statements and financial highlights for the Partners Fund, the Focused SCV Fund and the International Value Fund included in the Annual Report have been audited by the Funds' independent registered public accounting firm, Cohen & Company, Ltd., whose report thereon also appears in such Annual Report and is also incorporated herein by reference. No other parts of the Annual Report are incorporated by reference herein. The financial statements in such Annual Report have been incorporated herein in reliance upon such report given upon the authority of such firm as experts in accounting and auditing. You can receive free copies of reports, request other information and discuss your questions about the Funds by contacting the Funds directly at:

Clifford Capital Funds

8730 Stony Point Parkway, Suite 205

Richmond, Virginia 23235

Telephone: 800-673-0550

http://www.cliffordcap.com/mutual-funds

**Exhibit A**

 **World Funds Trust** 

**PROXY VOTING POLICY AND PROCEDURES**

The World Funds Trust (the "Trust") is registered as an open-end management investment company under the Investment Company Act of 1940, as amended ("1940 Act"). The Trust offers multiple series (each a "Fund" and, collectively, the "Funds"). Consistent with its fiduciary duties and pursuant to Rule 30b1-4 under the 1940 Act (the "Proxy Rule"), the Board of Trustees of the Trust (the "Board") has adopted this proxy voting policy on behalf of the Trust (the "Policy") to reflect its commitment to ensure that proxies are voted in a manner consistent with the best interests of the Funds' shareholders.

**<u>Delegation of Proxy Voting Authority to Fund Adviser</u>**

The Board believes that the investment adviser, or the investment sub-adviser as appropriate, of each Fund (each an "Adviser"), as the entity that selects the individual securities that comprise its Fund's portfolio, is the most knowledgeable and best-suited to make decisions on how to vote proxies of portfolio companies held by that Fund. The Trust shall therefore defer to, and rely on, the Adviser of each Fund to make decisions on how to cast proxy votes on behalf of such Fund.

The Trust hereby designates the Adviser of each Fund as the entity responsible for exercising proxy voting authority with regard to securities held in the Fund's investment portfolio. Consistent with its duties under this Policy, each Adviser shall monitor and review corporate transactions of corporations in which the Fund has invested, obtain all information sufficient to allow an informed vote on all proxy solicitations, ensure that all proxy votes are cast in a timely fashion, and maintain all records required to be maintained by the Fund under the Proxy Rule and the 1940 Act. Each Adviser shall perform these duties in accordance with the Adviser's proxy voting policy, a copy of which shall be presented to this Board for its review. Each Adviser shall promptly provide to the Board updates to its proxy voting policy as they are adopted and implemented.

**<u>Conflict of Interest Transactions</u>**

In some instances, an Adviser may be asked to cast a proxy vote that presents a conflict between the interests of a Fund's shareholders and those of the Adviser or an affiliated person of the Adviser. In such case, the Adviser is instructed to abstain from making a voting decision and to forward all necessary proxy voting materials to the Trust to enable the Board to make a voting decision. When the Board is required to make a proxy voting decision, only the Trustees without a conflict of interest with regard to the security in question or the matter to be voted upon shall be permitted to participate in the decision of how the Fund's vote will be cast. In the event that the Board is required to vote a proxy because an Adviser has a conflict of interest with respect to the proxy, the Board will vote such proxy in accordance with the Adviser's proxy voting policy, to the extent consistent with the shareholders' best interests, as determined by the Board in its discretion. The Board shall notify the Adviser of its final decision on the matter and the Adviser shall vote in accordance with the Board's decision.

**<u>Availability of Proxy Voting Policy and Records Available to Fund Shareholders</u>**

If a Fund has a website, the Fund may post a copy of its Adviser's proxy voting policy and this Policy on such website. A copy of such policies and of each Fund's proxy voting record shall also be made available, without charge, upon request of any shareholder of the Fund, by calling the applicable Fund's toll-free telephone number as printed in the Fund's prospectus. The Trust's administrator shall reply to any Fund shareholder request within three business days of receipt of the request, by first-class mail or other means designed to ensure equally prompt delivery.

Each Adviser shall provide a complete voting record, as required by the Proxy Rule, for each series of the Trust for which it acts as adviser, to the Trust's administrator within 30 days following the end of each 12-month period ending June 30. The Trust's administrator will file a report based on such record on Form N-PX on an annual basis with the U. S. Securities and Exchange Commission no later than August 31<sup>st</sup> of each year.

Adopted: November 26, 2013

Last Amended: February 20, 2019

**Exhibit B**

**CLIFFORD CAPITAL PARTNERS, LLC** 

**PROXY VOTING POLICY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Introduction** 

As a registered investment adviser, CCP has a fiduciary duty to act solely in the best interests of its clients. If the client is a registered investment company under the Investment Company Act of 1940 or the client requests CCP to do so in writing, CCP will vote proxy materials for its clients.

In cases where the discretionary client has delegated proxy voting responsibility and authority to the Company, CCP has adopted and implemented the following policies and procedures, which it believes are reasonably designed to ensure that proxies are voted in the best interests of its clients. In pursuing this policy, proxies should be voted in a manner that is intended to maximize value to the client. In situations where CCP accepts such delegation and agrees to vote proxies, CCP will do so in accordance with these Policies and Procedures. CCP may delegate its responsibilities under these Policies and Procedures to a third party, provided that no such delegation shall relieve CCP of its responsibilities hereunder and CCP shall retain final authority and fiduciary responsibility for such proxy voting.

Investment advisers registered with the SEC, and which exercise voting authority with respect to client securities, are required by Rule 206(4)-6 of the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which must include how an adviser addresses material conflicts that may arise between an adviser's interests and those of its clients; (b) disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (c) to describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the adviser's proxy voting activities when the adviser does have proxy voting authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Voting Guidelines** 

CCP has adopted the Broadridge Proxy Policies and Insights Shareholder Value Template ("Proxy Policies and Insights") to determine how each issue on proxy ballots is to be voted. The Proxy Policies and Insights is incorporated herein by this reference, and a copy of the Proxy Policies and Insights, as may be revised from time to time, is maintained with CCP's proxy voting policy.

The Proxy Policies and Insights seeks to maximize shareholder value in proxy voting and is created using voting trends of large, top fund families that seek to maximize shareholder value. Proxy statements will be voted in accordance with this template unless:

● CCP determines it has a conflict,

● CCP's portfolio manager determines there are other reasons not to follow the Proxy Policies and Insights input, or

● No input is provided by the Proxy Policies and Insights, in which case CCP will independently determine how a particular issue should be voted and such determination will be documented by the Portfolio Manager.

Any decisions regarding proxy voting where CCP determines not to follow the Shareholder Value Template ("SVT") input shall be determined by the Portfolio Manager of CCP. The CCO must be notified of the decision and a memo regarding the reason for not following the SVT must be maintained in the proxy voting file.

In the event requests for proxies are received with respect to debt securities, CCP will vote on a case by case basis in a manner it believes to be in the best economic interest of the Company's shareholders.

CCP may determine not to vote a particular proxy if the costs and burdens exceed the benefits of voting (e.g., when securities are subject to loan or to share blocking restrictions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Responsibility** 

CCP utilizes Broadridge Financial Solutions, Inc. ("Broadridge") an outsourcing provider to the global financial services industry, to coordinate, process, manage and maintain electronic records of CCP proxy votes.

CCP has also adopted the Broadridge Proxy Policy and Insights. It is the responsibility of CCP's CCO (or designee) to at least annually, review the Proxy Policies and Insights for continued relevancy. CCP's Portfolio Manager is also responsible for responding to any corporate actions as well as to vote any proxies for which a recommendation is not provided by Broadridge, unless it is determined that not voting is in the best interest of the client.

CCP has appointed Harvey Olsingch to oversee the proxy-voting program. He is responsible for maintaining this policy, reviewing it at least annually, and updating it as required. He may delegate certain administrative functions of the program to another member of the staff; but retains overall responsibility for its undertaking.

All proxy materials should be directed to Broadridge; however, if CCP receives proxy statements on behalf of clients, the material should be forwarded to Broadridge unless the account is voted manually by CCP. The Company is not responsible for voting proxies it does not receive but will make reasonable efforts to obtain missing proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Registered Investment Companies** 

In cases in which the client is a registered investment company under the Investment Company Act of 1940, delegates proxy voting, CCP will vote proxies pursuant to this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Conflicts of Interest** 

CCP shall use commercially reasonable efforts to determine whether a potential conflict may exist, and a potential conflict shall be deemed to exist only if the Portfolio Manager actually knows or should have known of the conflict. CCP is sensitive to conflicts of interest that may arise in the proxy decision-making process and has identified the following potential conflicts of interest:

● A principal of CCP or any person involved in the proxy decision-making process currently serves on the Board of the portfolio company.

● An immediate family member of a principal of CCP or any person involved in the proxy decision-making process currently serves as a director or executive officer of the portfolio company.

● CCP, any fund managed by CCP, or any affiliate holds a significant ownership interest in the portfolio company.

This list is not intended to be exclusive. All employees are obligated to disclose any potential conflict to CCP's CCO.

*Conflict Policy for Sub-Advised Relationships and Direct Clients*

In the event an employee determines that CCP has a conflict of interest due to, for example, a relationship with a company or an affiliate of a company, or for any other reason which could influence the advice given, the employee will advise the CCO and the Portfolio Manager will decide whether CCP should either (1) disclose the conflict to the client to enable the client to evaluate CCP's proxy voting advice in light of the conflict or (2) disclose to the client the conflict, with no voting recommendation, and vote in accordance with the client's instructions. CCP will resolve identified conflicts of interest in the best interest of the client.

*Conflict Policy for Registered Investment Companies* 

In some instances, an Adviser may be asked to cast a proxy vote that presents a conflict between the interests of a Fund's shareholders and those of the Adviser or an affiliated person of the Adviser. In such case, the Adviser is instructed to abstain from making a voting decision and to forward all necessary proxy voting materials to the Trust to enable the Board to make a voting decision. When the Board is required to make a proxy voting decision, only the Trustees without a conflict of interest with regard to the security in question or the matter to be voted upon shall be permitted to participate in the decision of how the Fund's vote will be cast. In the event that the Board is required to vote a proxy because an Adviser has a conflict of interest with respect to the proxy, the Board will vote such proxy in accordance with the Adviser's proxy voting policy, to the extent consistent with the shareholders' best interests, as determined by the Board in its discretion. The Board shall notify the Adviser of its final decision on the matter and the Adviser shall vote in accordance with the Board's decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Oversight of Third Parties** 

The Broadridge Proxy Policies and Insights Shareholder Value Template will be reviewed by CCP's Portfolio manager or his designee at least annually to ensure it remains appropriate for CCP's needs. The CCO or his designee will conduct annual due diligence to evaluate Broadridge continuing ability to adequately provide services to CCP and its clients and protect and preserve its records.

The CCO or his designee will also perform periodic review of Broadridge through reports available on the Broadridge Proxy Edge site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Client Requests for Information** 

All client requests for information regarding proxy votes, or policies and procedures, received by any employee should be forwarded to CCP compliance. The CCO or his designee will prepare a written response to the client with the information requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Disclosure** 

● CCP will provide required disclosures in response to Item 17 of Form ADV Part 2A summarizing this proxy voting policy and procedures, including a statement that clients may request information regarding how CCP voted client's proxies;

● CCP will also disclose how clients may obtain a copy of the firm's proxy voting policies and procedures, however CCP will not disclose how proxies were voted to third-party non-clients, and;

● CCP shall make known its proxy voting policy in its advisory agreement or along with its advisory agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Recordkeeping** 

The CCO is responsible for maintaining the following records, however CCP may rely on its third-party service provider to retain certain records:

● proxy voting policies and procedures;

● proxy statements (provided, however, that CCP may rely on the Securities and Exchange Commission's EDGAR system if the issuer filed its proxy statements via EDGAR or may rely on a third party as long as the third party has provided CCP with a copy of the proxy statement promptly upon request);

● records of electronic votes cast and abstentions; and

● any records prepared by CCP that were material to a proxy voting decision or that memorialized a decision.

The Fund shall maintain a copy of each of the foregoing records that is related to proxy votes on behalf of the Fund by CCP. These records may be kept as part of CCP's records.

**10.** **Form N-PX – The Funds** 

The Funds must file Form N-PX with the Securities and Exchange Commission to report their proxy voting records for each twelve-month period, ending on June 30 of each year. The reports must be submitted not later than August 31 and are made publicly available. The CCO is responsible for ensuring that CCP maintains the information required to complete form N-PX, as listed below:

● The name of the issuer of the portfolio security;

● The exchange ticker symbol of the portfolio security;

● The CUSIP number for the portfolio security;

● The shareholder meeting date;

● A brief identification of the matter voted on;

● Whether the matter was proposed by the issuer or by a security holder;

● Whether the fund cast its vote on the matter;

● How the fund cast its vote (*e.g.*, for or against proposal, or abstain; for or withhold regarding election of directors); and

● Whether the fund cast its vote for or against management.

CCP's CCO is responsible for preparing the Form N-PX and will submit the Form to the Trust upon request. The Trust's administrator will submit the Form N-PX to the SEC on behalf of the Funds.

**Exhibit C** 

**Nominating and Corporate Governance Committee Charter**

**World Funds Trust**

**Nominating and Corporate Governance Committee Membership** 

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Nominating and Corporate Governance Committee of World Funds Trust (the "Trust")
 shall be composed entirely of Independent Trustees.

**Board Nominations and Functions** 

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Committee shall make nominations for Trustee membership on the Board of Trustees, including
 the Independent Trustees. The Committee shall evaluate candidates' qualifications
 for Board membership and their independence from the investment advisers to the Trust's
 series portfolios and the Trust's other principal service providers. Persons selected
 as Independent Trustees must not be an "interested person" as that term is
 defined in the Investment Company Act of 1940, nor shall Independent Trustees have any
 affiliations or associations that shall preclude them from voting as an Independent Trustee
 on matters involving approvals and continuations of Rule 12b-1 Plans, Investment Advisory
 Agreements and such other standards as the Committee shall deem appropriate. The Committee
 shall also consider the effect of any relationships beyond those delineated in the 1940
 Act that might impair independence, *e.g.,* business, financial or family relationships
 with managers or service providers. See Appendix A for Procedures with Respect to Nominees
 to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Committee shall periodically review Board governance procedures and shall recommend any
 appropriate changes to the full Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 Committee shall periodically review the composition of the Board of Trustees to determine
 whether it may be appropriate to add individuals with different backgrounds or skill
 sets from those already on the Board.

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Committee shall periodically review trustee compensation and shall recommend any appropriate
 changes to the Independent Trustees as a group.

**Committee Nominations and Functions** 

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Committee shall make nominations for membership on all committees and shall review committee
 assignments at least annually.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Committee shall review, as necessary, the responsibilities of any committees of the Board,
 whether there is a continuing need for each committee, whether there is a need for additional
 committees of the Board, and whether committees should be combined or reorganized. The
 Committee shall make recommendations for any such action to the full Board.

**Other Powers and Responsibilities** 

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Committee shall have the resources and authority appropriate to discharge its responsibilities,
 including authority to retain special counsel and other experts or consultants at the
 expense of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Committee shall review this Charter at least annually and recommend any changes to the
 full Board of Trustees.

Adopted: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 2, 2013

**APPENDIX A TO THE NOMINATING AND CORPORATE GOVERNANCE COMMITTEE CHARTER**

**WORLD FUNDS TRUST**

**PROCEDURES WITH RESPECT TO NOMINEES TO THE BOARD** 

I. *Identification of Candidates*. When a vacancy on the Board of Trustees exists or is anticipated,
 and such vacancy is to be filled by an Independent Trustee, the Nominating and Corporate
 Governance Committee shall identify candidates by obtaining referrals from such sources
 as it may deem appropriate, which may include current Trustees, management of the Trust,
 counsel and other advisors to the Trustees, and shareholders of the Trust who submit
 recommendations in accordance with these procedures. In no event shall the Nominating
 and Corporate Governance Committee consider as a candidate to fill any such vacancy an
 individual recommended by any investment adviser of any series portfolio of the Trust,
 unless the Nominating and Corporate Governance Committee has invited management to make
 such a recommendation.

II. *Shareholder Candidates.* The Nominating and Corporate Governance Committee shall, when identifying
 candidates for the position of Independent Trustee, consider any such candidate recommended
 by a shareholder if such recommendation contains: (i) sufficient background information
 concerning the candidate, including evidence the candidate is willing to serve as an
 Independent Trustee if selected for the position; and (ii) is received in a sufficiently
 timely manner as determined by the Nominating and Corporate Governance Committee in its
 discretion. Shareholders shall be directed to address any such recommendations in writing
 to the attention of the Nominating and Corporate Governance Committee, c/o the Secretary
 of the Trust. The Secretary shall retain copies of any shareholder recommendations which
 meet the foregoing requirements for a period of not more than 12 months following receipt.
 The Secretary shall have no obligation to acknowledge receipt of any shareholder recommendations.

III. *Evaluation of Candidates*. In evaluating a candidate for a position on the Board of Trustees,
 including any candidate recommended by shareholders of the Trust, the Nominating and
 Corporate Governance Committee shall consider the following: (i) the candidate's
 knowledge in matters relating to the mutual fund industry; (ii) any experience possessed
 by the candidate as a director or senior officer of public companies; (iii) the candidate's
 educational background; (iv) the candidate's reputation for high ethical standards
 and professional integrity; (v) any specific financial, technical or other expertise
 possessed by the candidate, and the extent to which such expertise would complement the
 Board's existing mix of skills, core competencies and qualifications; (vi) the
 candidate's perceived ability to contribute to the ongoing functions of the Board,
 including the candidate's ability and commitment to attend meetings regularly and
 work collaboratively with other members of the Board; (vii) the candidate's ability
 to qualify as an Independent Trustee and any other actual or potential conflicts of interest
 involving the candidate and the Trust; and (viii) such other factors as the Nominating
 and Corporate Governance Committee determines to be relevant in light of the existing
 composition of the Board and any anticipated vacancies. Prior to making a final recommendation
 to the Board, the Nominating and Corporate Governance Committee shall conduct personal
 interviews with those candidates it concludes are the most qualified candidates.

**OTHER INFORMATION**

**Item 28. Exhibits** 

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| | |
|:---|:---|
| (a)(1) | [Certificate of Trust of World Funds Trust (formerly, Abacus World Funds Trust) (the "Registrant") dated April 9, 2007 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 241 on Form N-1A filed on October 4, 2017.](http://www.sec.gov/Archives/edgar/data/1396092/000120928617000606/e2205_exa1.htm) |
| (a)(2) | [Certificate of Amendment dated January 7, 2008 to the Registrant's Certificate of Trust dated April 9, 2007 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 241 on Form N-1A filed on October 4, 2017.](http://www.sec.gov/Archives/edgar/data/1396092/000120928617000606/e2205_exa2.htm) |
| (a)(3) | [Registrant's Amended Agreement and Declaration of Trust dated April 9, 2007 and amended on June 23, 2008 and November 16, 2016 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 237 on Form N-1A filed on August 28, 2017.](http://www.sec.gov/Archives/edgar/data/1396092/000120928617000490/e2177_exa3.htm) |
| (b) | [Registrant's Amended and Restated By-Laws dated November 16, 2016 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 237 on Form N-1A filed on August 28, 2017.](http://www.sec.gov/Archives/edgar/data/1396092/000120928617000490/e2177_exb.htm) |
| (c) | Not applicable. |
| (d)(1) | [Investment Advisory Agreement between the Registrant and Union Street Partners, LLC with respect to the Union Street Partners Value Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 144 on Form N-1A filed on November 20, 2015.](http://www.sec.gov/Archives/edgar/data/1396092/000120928615000712/e1767_exd1.htm) |
| (d)(2) | [Investment Sub-Advisory Agreement between Union Street Partners, LLC and McGinn Investment Management, Inc. with respect to the Union Street Partners Value Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 144 on Form N-1A filed on November 20, 2015.](http://www.sec.gov/Archives/edgar/data/1396092/000120928615000712/e1767_exd2.htm) |
| (d)(3) | [Investment Advisory Agreement between the Registrant and Perkins Capital Management, Inc. with respect to the Perkins Discovery Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No 361 on Form N-1A filed on June 29, 2020.](http://www.sec.gov/Archives/edgar/data/1396092/000138713120006028/ex99-d3.htm) |
| (d)(4) | [Amended and Restated Investment Advisory Agreement between the Registrant and Applied Finance Advisors, LLC with respect to the Applied Finance Dividend Fund, Applied Finance Explorer Fund and Applied Finance Select Fund (collectively, the "Applied Finance Funds") is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 349 on Form N-1A filed on January 28, 2020.](http://www.sec.gov/Archives/edgar/data/1396092/000138713120000581/ex99-d6.htm) |
| (d)(5) | [Interim Investment Advisory Agreement between the Registrant and LDR Capital Management, LLC with respect to the LDR Real Estate Value-Opportunity Fund (formerly known as the REMS Real Estate Value-Opportunity Fund) is herein incorporated by reference from the Registrant's Post-Effective Amendment No 411 on Form N-1A filed on April 29, 2022.](http://www.sec.gov/Archives/edgar/data/1396092/000138713122005551/ex99-d6.htm) |
| (d)(6) | [Investment Advisory Agreement between the Registrant and LDR Capital Management, LLC with respect to the LDR Real Estate Value-Opportunity Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 418 on Form N-1A filed October 3, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122010243/ex99-d6.htm). |
| (d)(7) | [Investment Advisory Agreement between the Registrant and Clifford Capital Partners, LLC with respect to the Clifford Capital Partners Fund, the Clifford Focused Small Cap Value Fund and the Clifford Capital International Value Fund. (Filed herewith)](ex99-d7.htm) |

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| | |
|:---|:---|
| (d)(8) | [Investment Advisory Agreement between the Registrant and Cboe Vest Financial LLC, with respect to the Cboe Vest US Large Cap 10% Buffer Strategies Fund, Cboe Vest US Large Cap 20% Buffer Strategies Fund, Cboe Vest S&P 500<sup>®</sup> Dividend Aristocrats Target Income Fund and Cboe Vest Bitcoin Strategy Managed Volatility Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 409 on Form N-1A filed on April 18, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122004919/ex99-d9.htm). |
| (d)(9) | [Management Agreement between Cboe Vest Cayman Subsidiary I and Cboe Vest Financial, LLC, with respect to the Cboe Vest Bitcoin Strategy Managed Volatility Fund is herein incorporated by reference from the Registrant's Post-Effective No. 394 on Form N-1A filed on August 6, 2021.](http://www.sec.gov/Archives/edgar/data/1396092/000138713121008182/ex99-d10.htm) |
| (d)(10) | [Interim Investment Advisory Agreement between the Registrant and MSC Capital, Ltd. with respect to the OTG Latin America Fund is herein incorporated by reference form the Registrant's Post-Effective No. 410 on Form N-1A filed on April 29, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122005482/ex99-d11.htm). |
| (d)(11) | [Investment Advisory Agreement between the Registrant and MSC Capital, Ltd. with respect to the OTG Latin America Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 409 on Form N-1A filed on April 18, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122004919/ex99-d11.htm). |
| (d)(12) | [Investment Advisory Agreement between the Registrant and Rule One Partners, LLC with respect to the Rule One Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 334 on Form N-1A filed on March 27, 2019.](http://www.sec.gov/Archives/edgar/data/1396092/000120928619000218/e2517_exd20.htm) |
| (d)(13) | [Investment Advisory Agreement between the Registrant and Kanen Wealth Management, LLC with respect to the Philotimo Focused Growth and Income Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 384 on Form N-1A filed on April 30, 2021.](http://www.sec.gov/Archives/edgar/data/1396092/000138713121005148/ex99-d16.htm) |
| (d)(14) | [Investment Advisory Agreement between the Registrant and Curasset Capital Management, LLC with respect to the Curasset Capital Management Core Bond Fund and the Curasset Capital Management Limited Term Income Fund (the "Curasset Funds") is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 404 on Form N-1A filed on January 28, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122000964/ex99-d15.htm). |
| (d)(15) | [Investment Advisory Agreement between the Registrant and Cboe Vest Financial, LLC with respect to the Cboe Vest US Large Cap 10% Buffer Strategies VI Fund and the Cboe Vest US Large Cap 20% Buffer Strategies VI Fund (the "Cboe Vest VI Funds") is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 409 on Form N-1A filed on April 18, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122004919/ex99-d15.htm). |
| (e)(1) | [Principal Underwriter Agreement between the Registrant and Foreside Fund Services, LLC dated March 9, 2021 with respect to the Philotimo Focused Growth and Income Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 384 on Form N-1A filed on April 30, 2021.](http://www.sec.gov/Archives/edgar/data/1396092/000138713121005148/ex99-e15.htm) |
| (e)(2) | [First Amendment to the Principal Underwriter Agreement dated August 24, 2021 between the Registrant and Foreside Fund Services, LLC with respect to the Curasset Funds is herein incorporated by reference from the Registrant's Post-Effective No. 401 on Form N-1A Filed on October 20, 2021.](http://www.sec.gov/Archives/edgar/data/1396092/000138713121010159/ex99-e14.htm) |
| (e)(3) | [Novation Distribution Agreement dated September 30, 2021 between Registrant and Foreside Fund Services, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 404 on Form N-1A filed on January 28, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122000964/ex99-e3.htm). |
| (e)(4) | [First Amendment to the Novation Distribution Agreement dated December 1, 2021 between the Registrant and Foreside Fund Services, LLC with respect to certain Funds of the Trust is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 409 on Form N-1A filed on April 18, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122004919/ex99-e4.htm). |

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| | |
|:---|:---|
| (e)(5) | [Second Amendment to the Novation Distribution Agreement dated February 23, 2022 between the Registrant and Foreside Fund Services, LLC with respect to the Cboe Vest US Large Cap 10% Buffer Strategy VI Fund and the Cboe Vest US Large Cap 20% Buffer Strategy VI Fund and the Clifford Capital International Value Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 409 on Form N-1A filed on April 18, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122004919/ex99-e5.htm). |
| (e)(6) | [Third Amendment to the Novation Distribution Agreement dated February 28, 2022 between the Registrant and Foreside Fund Services, LLC with respect to the name changes for the Cboe Vest US Large Cap 10% Buffer Strategies Fund, Cboe Vest US Large Cap 20% Buffer Strategies Fund, Cboe Vest US Large Cap 10% Buffer Strategies VI Fund and the Cboe Vest US Large Cap 20% Buffer Strategies VI Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 409 on Form N-1A filed on April 18, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122004919/ex99-e6.htm). |
| (e)(7) | [Fourth Amendment to the Novation Distribution Agreement dated March 28, 2022 between the Registrant and Foreside Fund Services, LLC with respect to the name change for the LDR Real Estate Value-Opportunity Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 418 on Form N-1A filed on October 3, 2022.](http://www.sec.gov/Archives/edgar/data/1396092/000138713122010243/ex99-e7.htm) |
| (f) | Not applicable. |
| (g)(1) | [Custody Agreement dated July 30, 2008 between the Registrant and UMB Bank, N.A., is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 241 on Form N-1A filed on October 4, 2017.](http://www.sec.gov/Archives/edgar/data/1396092/000120928617000606/e2205_exg1.htm) |
| (g)(2) | [Amended Appendix B and revised Appendix C to the Custody Agreement, dated July 30, 2008, between the Registrant and UMB Bank, N.A., to include the Union Street Partners Value Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 88 on Form N-1A filed on August 15, 2014.](http://www.sec.gov/Archives/edgar/data/1396092/000120928614000426/e1480_exg9.htm) |
| (g)(3) | [Amended Appendix B and revised Appendix C to the Custody Agreement, dated July 30, 2008, between the Registrant and UMB Bank, N.A., to include the Perkins Discovery Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 88 on Form N-1A filed on August 15, 2014.](http://www.sec.gov/Archives/edgar/data/1396092/000120928614000426/e1480_exg9.htm) |
| (g)(4) | [Amended Appendix B and revised Appendix C to the Custody Agreement, dated August 15, 2014 between the Registrant and UMB Bank, N.A., to include the LDR Real Estate Value-Opportunity Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 418 on Form N-1A filed on October 3, 2022.](http://www.sec.gov/Archives/edgar/data/1396092/000138713122010243/ex99-g4.htm) |
| (g)(5) | [Amended Exhibit A to the Custody Agreement between the Registrant and Fifth Third Bank on behalf of certain portfolio series is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 409 on Form N-1A filed on April 18, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122004919/ex99-g5.htm). |
| (g)(6) | [Amended Appendix B and revised Appendix C to the Custody Agreement dated June 15, 2008 between the Registrant and UMB Bank, N.A., to include the OTG Latin America Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No 365 on Form N-1A filed on July 29, 2020.](http://www.sec.gov/Archives/edgar/data/1396092/000138713120006843/ex99-g7.htm) |
| (h)(1) | [Fund Services Agreement dated December 1, 2015 between the Registrant and Commonwealth Fund Services, Inc. is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 157 on Form N-1A filed on February 23, 2016.](http://www.sec.gov/Archives/edgar/data/1396092/000120928616000889/e1832_exh19.htm) |
| (h)(2) | [Amendment No. 1 and Exhibit A to the Fund Services Agreement dated December 1, 2015 between the Registrant and Commonwealth Fund Services, Inc. on behalf of the Union Street Partners Value Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 275 on Form N-1A filed on January 29, 2018.](http://www.sec.gov/Archives/edgar/data/1396092/000120928618000037/e2285_exh2.htm) |

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| | |
|:---|:---|
| (h)(3) | [Exhibit A to the Fund Services Agreement dated December 1, 2015 between the Registrant and Commonwealth Fund Services, Inc. on behalf of the Perkins Discovery Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 190 on Form N-1A filed on July 29, 2016.](http://www.sec.gov/Archives/edgar/data/1396092/000120928616001216/e1936_exh3.htm) |
| (h)(4) | [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the LDR Real Estate Value-Opportunity Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 418 on Form N-1A filed on October 3, 2022.](http://www.sec.gov/Archives/edgar/data/1396092/000138713122010243/ex99-h4.htm) |
| (h)(5) | [Amended Fund Services Agreement dated August 29, 2019 between the Registrant and Commonwealth Fund Services, Inc. on behalf of the Clifford Capital Partners Fund, Clifford Capital Focused Small Cap Value Fund and the Clifford Capital International Value Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 409 on Form N-1A filed on April 18, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122004919/ex99-h5.htm). |
| (h)(6) | [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the Cboe Vest US Large Cap 10% Buffer Strategies Fund, Cboe Vest US Large Cap 20% Buffer Strategies Fund, Cboe Vest S&P 500<sup>®</sup> Dividend Aristocrats Target Income Fund and Cboe Vest Bitcoin Strategy Managed Volatility Fund, Cboe Vest US Large Cap 10% Buffer Strategies VI Fund, Cboe Vest US Large Cap 20% Buffer Strategies VI Fund (the "Cboe Vest Family of Funds") is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 409 on Form N-1A filed on April 18, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122004919/ex99-h6.htm). |
| (h)(7) | [Fund Services Agreement dated August 29, 2019 between the Registrant and Commonwealth Fund Services, Inc. on behalf of the Applied Finance Funds is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 349 on Form N-1A filed on January 28, 2020.](http://www.sec.gov/Archives/edgar/data/1396092/000138713120000581/ex99-h12.htm) |
| (h)(8) | [Fund Services Agreement dated June 1, 2021 between the Registrant and Commonwealth Fund Services, Inc. on behalf of the OTG Latin America Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 404 on Form N-1A filed on January 28, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122000964/ex99-h11.htm). |
| (h)(9) | [Fund Services Agreement dated February 20, 2019 between the Registrant and Commonwealth Fund Services, Inc. on behalf of the Rule One Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 334 on Form N-1A filed on March 27, 2019.](http://www.sec.gov/Archives/edgar/data/1396092/000120928619000218/e2517_exh18.htm) |
| (h)(10) | [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the Philotimo Focused Growth and Income Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 384 on Form N-1A filed on April 30, 2021.](http://www.sec.gov/Archives/edgar/data/1396092/000138713121005148/ex99-h15.htm) |
| (h)(11) | [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the Curasset Funds is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 401 on Form N-1A filed on October 20, 2021.](http://www.sec.gov/Archives/edgar/data/1396092/000138713121010159/ex99-h15.htm) |
| (h)(12) | [Expense Limitation Agreement between the Registrant and Union Street Partners, LLC with respect to the shares of the Union Street Partners Value Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 419 on Form N-1A filed on January 27, 2023.](https://www.sec.gov/Archives/edgar/data/1396092/000138713123000861/ex99-h12.htm) |
| (h)(13) | [Expense Limitation Agreement between the Registrant and Perkins Capital Management, Inc. with respect to shares of the Perkins Discovery Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 413 on Form N-1A filed on July 29, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122008182/ex99-h13.htm). |

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| | |
|:---|:---|
| (h)(14) | [Interim Expense Limitation Agreement between Registrant and LDR Capital Management, LLC with respect to the LDR Real Estate Value-Opportunity Fund (formerly known as the REMS Real Estate Value-Opportunity Fund) is herein incorporated by reference from the Registrant's Post-Effective Amendment No 411 on Form N-1A filed on April 29, 2022.](http://www.sec.gov/Archives/edgar/data/1396092/000138713122005551/ex99-h15.htm) |
| (h)(15) | [Expense Limitation Agreement between the Registrant and LDR Capital Management, LLC with respect to the LDR Real Estate Value-Opportunity Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 418 on Form N-1A filed on October 3, 2022.](http://www.sec.gov/Archives/edgar/data/1396092/000138713122010243/ex99-h15.htm) |
| (h)(16) | [Amended Expense Limitation Agreement between the Registrant and Applied Finance Advisors, LLC with respect to the Applied Finance Funds is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 404 on Form N-1A filed on January 28, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122000964/ex99-h19.htm). |
| (h)(17) | [Amended Expense Limitation Agreement between the Registrant and Cboe Vest Financial LLC, with respect to the Cboe Vest US Large Cap 10% Buffer Strategies Fund, Cboe Vest US Large Cap 20% Buffer Strategies Fund, Cboe Vest S&P 500<sup>®</sup> Dividend Aristocrats Target Income Fund and Cboe Vest Bitcoin Strategy Managed Volatility Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 409 on Form N-1A filed on April 18, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122004919/ex99-h16.htm). |
| (h)(18) | [Interim Expense Limitation Agreement between the Registrant and MSC Capital, Ltd. with respect to the OTG Latin America Fund is herein incorporated by reference form the Registrant's Post-Effective No. 410 on Form N-1A filed on April 29, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122005482/ex99-h17.htm). |
| (h)(19) | [Expense Limitation Agreement between the Registrant and MSC Capital, Ltd. with respect to the OTG Latin America Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 409 on Form N-1A filed on April 18, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122004919/ex99-h17.htm). |
| (h)(20) | [Expense Limitation Agreement between the Registrant and Rule One Partners, LLC with respect to the Rule One Fund is herein incorporated by reference form the Registrant's Post-Effective No. 410 on Form N-1A filed on April 29, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122005482/ex99-h19.htm). |
| (h)(21) | [Expense Limitation Agreement between the Registrant and Clifford Capital Partners, LLC with respect to the Clifford Capital Partners Fund, Clifford Capital Focused Small Cap Value Fund and Clifford Capital International Value Fund. (Filed herewith)](ex99-h21.htm) |
| (h)(22) | [Expense Limitation Agreement between the Registrant and Kanen Wealth Management, LLC with respect to the Philotimo Focused Growth and Income Fund is herein incorporated by reference form the Registrant's Post-Effective No. 410 on Form N-1A filed on April 29, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122005482/ex99-h21.htm). |
| (h)(23) | [Expense Limitation Agreement between Registrant and Curasset Capital Management, LLC with respect to the Curasset Funds is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 404 on Form N-1A filed on January 28, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122000964/ex99-h27.htm). |
| (h)(24) | [Expense Limitation Agreement between Registrant and Cboe Vest Financial, LLC with respect to the Cboe Vest VI Funds is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 409 on Form N-1A filed on April 18, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122004919/ex99-h22.htm). |
| (h)(25) | [Shareholder Services Plan, dated December 21, 2016 (Schedule A amended August 29, 2019), with respect to Institutional Class Shares and Investor Class Shares to the Applied Finance Funds is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 349 on Form N-1A filed on January 28, 2020.](http://www.sec.gov/Archives/edgar/data/1396092/000138713120000581/ex99-h31.htm) |
| (h)(26) | [Amended Shareholder Services Plan with respect to the Cboe Vest US Large Cap 10% Buffer Strategies Fund, Cboe Vest US Large Cap 20% Buffer Strategies Fund, Cboe Vest S&P 500<sup>®</sup> Dividend Aristocrats Target Income Fund and Cboe Vest Bitcoin Strategy Managed Volatility Fund, Institutional Class Shares, Investor Class Shares, Class A Shares and Class C Shares is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 409 on Form N-1A filed on April 18, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122004919/ex99-h24.htm). |

---

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| | |
|:---|:---|
| (h)(27) | [Amended Shareholder Services Plan with respect to the LDR Real Estate Value-Opportunity Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 418 on Form N-1A filed on October 3, 2022.](http://www.sec.gov/Archives/edgar/data/1396092/000138713122010243/ex99-h27.htm) |
| (h)(28) | [Shareholder Services Plan, dated February 20, 2019, with respect to the OTG Latin America Fund Class A Shares and Class C Shares is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 334 on Form N-1A filed on March 27, 2019.](http://www.sec.gov/Archives/edgar/data/1396092/000120928619000218/e2517_exh47.htm) |
| (h)(29) | [Shareholder Services Plan with respect to the Philotimo Focused Growth and Income Fund Institutional Shares is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 384 on Form N-1A filed on April 30, 2021.](http://www.sec.gov/Archives/edgar/data/1396092/000138713121005148/ex99-h35.htm) |
| (h)(30) | [Shareholder Services Plan with respect to the Curasset Funds Class A, Investor Class and Institutional Class is herein incorporated by reference from the Registrant's Post-Effective Amendment No 401 on Form N-1A filed on October 20, 2021.](http://www.sec.gov/Archives/edgar/data/1396092/000138713121010159/ex99-h36.htm) |
| (h)(31) | [Shareholder Services Plan with respect to the Cboe Vest VI Funds Class I and Class Y is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 409 on Form N-1A filed on April 18, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122004919/ex99-h29.htm). |
| (h)(32) | [Shareholder Services Plan with respect to the Clifford Capital Partners Fund, Clifford Capital Focused Small Cap Value Fund and Clifford Capital International Value Fund for the Investor and Institutional Shares is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 409 on Form N-1A filed on April 18, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122004919/ex99-h30.htm). |
| (i)(1) | [Opinion and Consent of Legal Counsel for Union Street Partners Value Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 241 on Form N-1A filed on October 4, 2017.](http://www.sec.gov/Archives/edgar/data/1396092/000120928617000606/e2205_exi1.htm) |
| (i)(2) | [Consent of Legal Counsel for Union Street Partners Value Fund was filed as an exhibit to the Registrant's Post-Effective Amendment No. 419 on Form N-1A filed on January 27, 2023.](https://www.sec.gov/Archives/edgar/data/1396092/000138713123000861/ex99-i2.htm) |
| (i)(3) | [Opinion and Consent of Legal Counsel for Perkins Discovery Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 241 on Form N-1A filed on October 4, 2017.](http://www.sec.gov/Archives/edgar/data/1396092/000120928617000606/e2205_exi3.htm) |
| (i)(4) | [Consent of Legal Counsel for Perkins Discovery Fund was filed as an exhibit to the Registrant's Post-Effective Amendment No. 413 on Form N-1A filed on July 29, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122008182/ex99-i4.htm). |
| (i)(5) | [Consent of Legal Counsel for Applied Finance Funds was filed as an exhibit to the Registrant's Post-Effective Amendment No. 417 on Form N-1A filed on August 29, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122009301/ex99-i5.htm). |
| (i)(6) | [Opinion and Consent of Legal Counsel for Applied Finance Core Fund (formerly Toreador Core Fund) is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 117 on Form N-1A filed on May 8, 2015.](http://www.sec.gov/Archives/edgar/data/1396092/000120928615000245/e1624_ex_i9.htm) |
| (i)(7) | [Opinion of Legal Counsel for Applied Finance Core Fund (formerly Toreador Core Fund) is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 117 on Form N-1A filed on May 8, 2015.](http://www.sec.gov/Archives/edgar/data/1396092/000120928615000245/e1624_ex_i10.htm) |
| (i)(8) | [Opinion and Consent of Counsel regarding tax matters for the reorganization of the Applied Finance Core Fund (formerly Toreador Core Fund) from the Unified Series Trust into World Funds Trust is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 129 on Form N-1A filed on August 6, 2015.](http://www.sec.gov/Archives/edgar/data/1396092/000120928615000450/e1702_exi13.htm) |

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| | |
|:---|:---|
| (i)(9) | [Opinion and Consent of Legal Counsel for Applied Finance Explorer Fund (formerly Toreador Explorer Fund) is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 115 on Form N-1A filed on April 29, 2015.](http://www.sec.gov/Archives/edgar/data/1396092/000120928615000226/e1627_exi10.htm) |
| (i)(10) | [Opinion and Consent of Legal Counsel for Applied Finance Select Fund (formerly Toreador Select Fund) is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 183 on Form N-1A filed on June 30, 2016.](http://www.sec.gov/Archives/edgar/data/1396092/000120928616001163/e1916_exi15.htm) |
| (i)(11) | [Opinion and Consent of Counsel regarding tax matters for the reorganization of the Applied Finance Dividend Fund into the Applied Finance Core Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 369 on Form N-1A filed on August 28, 2020.](http://www.sec.gov/Archives/edgar/data/1396092/000138713120008020/ex99-i14.htm) |
| (i)(12) | [Opinion of Legal Counsel for the Applied Finance Core Fund and Applied Finance Dividend Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 369 on Form N-1A filed on August 28, 2020.](http://www.sec.gov/Archives/edgar/data/1396092/000138713120008020/ex99-i15.htm) |
| (i)(13) | [Opinion and Consent of Legal Counsel for Clifford Capital Partners Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 155 on Form N-1A filed on February 8, 2016.](http://www.sec.gov/Archives/edgar/data/1396092/000120928616000860/e1826_exi26.htm) |
| (i)(14) | [Consent of Legal Counsel for Clifford Capital Partners Fund, Clifford Capital Focused Small Cap Value Fund and the Clifford Capital Partners International Value Fund. (Filed herewith)](ex99-i14.htm) |
| (i)(15) | [Opinion and Consent of Legal Counsel for Clifford Capital Focused Small Cap Value Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 349 on Form N-1A filed on January 28, 2020.](http://www.sec.gov/Archives/edgar/data/1396092/000138713120000581/ex99-i25.htm) |
| (i)(16) | [Opinion and Consent of Legal Counsel for Clifford Capital International Value Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 409 on Form N-1A filed on April 18, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122004919/ex99-i21.htm). |
| (i)(17) | [Opinion and Consent of Legal Counsel for the Cboe Vest Funds is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 195 on Form N-1A filed on August 23, 2016.](http://www.sec.gov/Archives/edgar/data/1396092/000120928616001276/e1964_exi27.htm) |
| (i)(18) | [Opinion and Consent of Legal Counsel for Cboe Vest Enhanced Growth Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 203 on Form N-1A filed on December 12, 2016.](http://www.sec.gov/Archives/edgar/data/1396092/000120928616001460/e2018_exi28.htm) |
| (i)(19) | [Opinion and Consent of Legal Counsel for Cboe Vest Bitcoin Strategy Managed Volatility Fund is herein incorporated by reference from the Registrant's Post-Effective No. 394 on Form N-1A filed on August 6, 2021.](http://www.sec.gov/Archives/edgar/data/1396092/000138713121008182/ex99-i23.htm) |
| (i)(20) | [Consent of Legal Counsel for the Cboe Vest Funds was filed as an exhibit to the Registrant's Post-Effective No. 407 on Form N-1A filed on February 28, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122002595/ex99-i25.htm). |
| (i)(21) | [Opinion and Consent of Legal Counsel for Cboe Vest S&P 500<sup>®</sup> Dividend Aristocrats Target Income Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 230 on Form N-1A filed on July 25, 2017.](http://www.sec.gov/Archives/edgar/data/1396092/000120928617000419/e2147_exi32.htm) |
| (i)(22) | [Opinion and Consent of Legal Counsel for the Cboe Vest Funds with respect to the Class Y Shares is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 285 on Form N-1A filed on February 27, 2018.](http://www.sec.gov/Archives/edgar/data/1396092/000120928618000110/e2310_exi35.htm) |
| (i)(23) | [Opinion and Consent of Legal Counsel for OTG Latin America Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 328 on Form N-1A filed on February 27, 2019.](http://www.sec.gov/Archives/edgar/data/1396092/000120928619000121/e2502_exi37.htm) |

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| | |
|:---|:---|
| (i)(24) | [Opinion and Consent of Legal Counsel for the OTG Latin America Fund with respect to the addition of Institutional Class Shares is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 418 on Form N-1A filed on October 3, 2022.](http://www.sec.gov/Archives/edgar/data/1396092/000138713122010243/ex99-i24.htm) |
| (i)(25) | [Opinion and Consent of Legal Counsel for Rule One Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 334 on Form N-1A filed on March 27, 2019.](http://www.sec.gov/Archives/edgar/data/1396092/000120928619000218/e2517_exi39.htm) |
| (i)(26) | [Consent of Legal Counsel for the Rule One Fund was filed as an exhibit to the Registrant's Post-Effective Amendment No. 410 on Form N-1A filed on April 29, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122005482/ex99-i31.htm). |
| (i)(27) | [Opinion and Consent of Legal Counsel for the Philotimo Focused Growth and Income Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 384 on Form N-1A filed on April 30, 2021.](http://www.sec.gov/Archives/edgar/data/1396092/000138713121005148/ex99-i32.htm) |
| (i)(28) | [Consent of Legal Counsel for the Philotimo Focused Growth and Income Fund was filed as an exhibit to the Registrant's Post-Effective Amendment No 415 on Form N-1A file on July 29, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122008214/ex-i28.htm). |
| (i)(29) | [Opinion and Consent of Legal Counsel for the Union Street Partners Value Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 385 on For N-1A filed on April 30, 2021.](http://www.sec.gov/Archives/edgar/data/1396092/000138713121005157/ex99-i35.htm) |
| (i)(30) | [Opinion and Consent of Legal Counsel for the Curasset Funds is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 401 on Form N-1A filed on October 20, 2021.](http://www.sec.gov/Archives/edgar/data/1396092/000138713121010159/ex99-i36.htm) |
| (i)(31) | [Opinion and Consent of Legal Counsel for the Cboe Vest VI Funds is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 408 on Form N-1A on March 7, 2022.](http://www.sec.gov/Archives/edgar/data/1396092/000138713122003253/ex99-i36.htm) |
| (i)(32) | [Consent of Legal Counsel for the LDR Real Estate Value-Opportunity Fund (formerly known as the REMS Real Estate Value-Opportunity Fund) was filed as an exhibit to the Registrant's Post-Effective Amendment No. 411 on Form N-1A filed on April 29, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122005551/ex99-i16.htm). |
| (j)(1) | [Consent of Independent Registered Public Accounting firm for Union Street Partners Value was filed as an exhibit to the Registrant's Post-Effective Amendment No. 419 on Form N-1A filed on January 27, 2023.](https://www.sec.gov/Archives/edgar/data/1396092/000138713123000861/ex99-j1.htm) |
| (j)(2) | [Consent of Independent Registered Public Accounting firm for Perkins Discovery Fund was filed as an exhibit to the Registrant's Post-Effective Amendment No. 413 on Form N-1A filed on July 29, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122008182/ex99-j2.htm). |
| (j)(3) | [Consent of Independent Registered Public Accounting firm for the LDR Real Estate Value-Opportunity Fund (formerly known as the REMS Real Estate Value-Opportunity Fund) was filed as an exhibit to the Registrant's Post-Effective Amendment No. 411 on Form N-1A filed on April 29, 2022.](http://www.sec.gov/Archives/edgar/data/1396092/000138713122005551/ex99-j3.htm) |
| (j)(4) | [Consent of Independent Registered Public Accounting firm for the Applied Finance Funds was filed as an exhibit to the Registrant's Post-Effective Amendment No. 417 on Form N-1A Filed on August 29, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122009301/ex99-i5.htm). |
| (j)(5) | [Consent of Independent Registered Public Accounting firm for Clifford Capital Partners Fund, Clifford Capital Focused Small Cap Value Fund and the Clifford Capital International Value Fund. (Filed herewith)](ex99-j5.htm) |
| (j)(6) | [Consent of Independent Registered Public Accounting firm for the Cboe Vest US Large Cap 10% Buffer Strategies Fund, Cboe Vest US Large Cap 20% Buffer Strategies Fund, Cboe Vest S&P 500<sup>®</sup> Dividend Aristocrats Target Income Fund and Cboe Vest Bitcoin Strategy Managed Volatility Fund was filed as an exhibit to the Registrant's Post-Effective Amendment No. 407 on Form N-1A filed on February 28, 2022.](http://www.sec.gov/Archives/edgar/data/1396092/000138713122002595/ex99-j6.htm) |

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|:---|:---|
| (j)(7) | [Consent of Independent Registered Public Accounting firm for the OTG Latin America Fund was filed as an exhibit to the Registrant's Post-Effective Amendment No. 418 on Form N-1A filed on October 3, 2022.](http://www.sec.gov/Archives/edgar/data/1396092/000138713122010243/ex99-i24.htm) |
| (j)(8) | [Consent of Independent Registered Public Accounting firm for Rule One Fund was filed as an exhibit to the Registrant's Post-Effective Amendment No. 410 on Form N-1A filed on April 29, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122005482/ex99-j8.htm). |
| (j)(9) | [Consent of Independent Registered Public Accounting firm for Philotimo Focused Growth and Income Fund was filed as an exhibit to the Registrant's Post-Effective Amendment No 415 on Form N-1A filed on July 29, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122008214/ex-j9.htm). |
| (k) | Not applicable. |
| (l) | Not applicable. |
| (m)(1) | [Amended Schedule A to the Distribution Plan Pursuant to Rule 12b-1 for Union Street Partners Value Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 100 on Form N-1A filed on October 31, 2014.](http://www.sec.gov/Archives/edgar/data/1396092/000120928614000601/e1534_exm16.htm) |
| (m)(2) | [Fixed Compensation Plan pursuant to Rule 12b-1 for Perkins Discovery Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 78 on Form N-1A filed on July 29, 2014.](http://www.sec.gov/Archives/edgar/data/1396092/000120928614000356/e1453_exm6.htm) |
| (m)(3) | [Distribution Plan Pursuant to Rule 12b-1, dated August 31, 2019, for the Investor Class Shares of the Applied Finance Funds is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 349 on Form N-1A filed on January 28, 2020.](http://www.sec.gov/Archives/edgar/data/1396092/000138713120000581/ex99-m4.htm) |
| (m)(4) | [Distribution Plan Pursuant to Rule 12b-1 for the Platform Class Shares of the LDR Real Estate Value-Opportunity Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 418 on Form N-1A filed on October 3, 2022.](http://www.sec.gov/Archives/edgar/data/1396092/000138713122010243/ex99-m4.htm) |
| (m)(5) | [Distribution Plan Pursuant to Rule 12b-1, dated February 23, 2022, for the Clifford Capital Partners Fund, Clifford Capital Focused Small Cap Value Fund and Clifford Capital International Value Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 409 on Form N-1A filed on April 18, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122004919/ex99-m5.htm). |
| (m)(6) | [Amended Distribution Plan Pursuant to Rule 12b-1 for the Cboe Vest US Large Cap 10% Buffer Strategies Fund, Cboe Vest US Large Cap 20% Buffer Strategies Fund, Cboe Vest S&P 500<sup>®</sup> Dividend Aristocrats Target Income Fund and Cboe Vest Bitcoin Strategy Managed Volatility Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 409 on Form N-1A filed on April 18, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122004919/ex99-m6.htm). |
| (m)(7) | [Distribution Plan Pursuant to Rule 12b-1, dated February 20, 2019 for the OTG Latin America Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 334 on Form N-1A filed on March 27, 2019.](http://www.sec.gov/Archives/edgar/data/1396092/000120928619000218/e2517_exm17.htm) |
| (m)(8) | [Distribution Plan Pursuant to Rule 12b-1 for the Curasset Funds is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 401 on Form N-1A filed on October 20, 2021.](http://www.sec.gov/Archives/edgar/data/1396092/000138713121010159/ex99-m12.htm) |
| (m)(9) | [Distribution Plan Pursuant to Rule 12b-1 for the Cboe Vest VI Funds is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 409 on Form N-1A filed on April 18, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122004919/ex99-m9.htm). |

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| | |
|:---|:---|
| (m)(10) | [Distribution Plan Pursuant to Rule 12b-1 for the Philotimo Focused Growth and Income Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 419 on Form N-1A filed on January 27, 2023.](https://www.sec.gov/Archives/edgar/data/1396092/000138713123000861/ex99-m10.htm) |
| (n)(1) | [Rule 18f-3 Multi-Class Plan for the Union Street Partners Value Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 275 on Form N-1A filed on January 29, 2018.](http://www.sec.gov/Archives/edgar/data/1396092/000120928618000037/e2285_exn1.htm) |
| (n)(2) | [Rule 18f-3 Multi-Class Plan for the Applied Finance Funds is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 349 on Form N-1A filed on January 28, 2020.](http://www.sec.gov/Archives/edgar/data/1396092/000138713120000581/ex99-n3.htm) |
| (n)(3) | [Rule 18f-3 Multi-Class Plan for the Clifford Capital Partners, Clifford Capital Focused Small Cap Value Fund and Clifford Capital International Value Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 409 on Form N-1A filed on April 18, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122004919/ex99-n3.htm). |
| (n)(4) | [Amended Rule 18f-3 Multi-Class Plan for the Cboe Vest US Large Cap 10% Buffer Strategies Fund, Cboe Vest US Large Cap 20% Buffer Strategies Fund, Cboe Vest S&P 500<sup>®</sup> Dividend Aristocrats Target Income Fund and Cboe Vest Bitcoin Strategy Managed Volatility Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 409 on Form N-1A filed on April 18, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122004919/ex99-n4.htm). |
| (n)(5) | [Rule 18f-3 Multi-Class Plan for the OTG Latin America is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 416 on Form N-1A filed on August 4, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122008380/ex99-n5.htm). |
| (n)(6) | [Rule 18f-3 Multi-Class Plan for the Curasset Funds is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 404 on Form N-1A filed on January 28, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122000964/ex99-n7.htm). |
| (n)(7) | [Rule 18f-3 Multi-Class Plan for the Cboe Vest VI Funds is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 409 on Form N-1A filed on April 18, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122004919/ex99-n7.htm). |
| (n)(8) | [Rule 18f-3 Multi-Class Plan for the LDR Real Estate Value-Opportunity Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 418 on Form N-1A filed on October 3, 2022.](http://www.sec.gov/Archives/edgar/data/1396092/000138713122010243/ex99-n8.htm) |
| (o) | Reserved. |
| (p)(1) | [Code of Ethics for the Registrant is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 237 on Form N-1A filed on August 28, 2017.](http://www.sec.gov/Archives/edgar/data/1396092/000120928617000490/e2177_exp1.htm) |
| (p)(2) | [Code of Ethics for Union Street Partners, LLC. is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 241 on Form N-1A filed on October 4, 2017](http://www.sec.gov/Archives/edgar/data/1396092/000120928617000606/e2205_exp2.htm). |
| (p)(3) | [Code of Ethics for McGinn Investment Management, Inc. is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 413 on Form N-1A filed on July 29, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122008182/ex99-p3.htm). |
| (p)(4) | [Code of Ethics for Perkins Capital Management, Inc. is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 241 on Form N-1A filed on October 4, 2017.](http://www.sec.gov/Archives/edgar/data/1396092/000120928617000606/e2205_exp4.htm) |
| (p)(5) | [Code of Ethics for LDR Capital Management, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 413 on Form N-1A filed on July 29, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122008182/ex99-p5.htm). |
| (p)(6) | [Code of Ethics for Applied Finance Advisors, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 363 on Form N-1A filed on July 29, 2020.](http://www.sec.gov/Archives/edgar/data/1396092/000138713120006840/ex99-p7.htm) |

---

---

| | |
|:---|:---|
| (p)(7) | [Code of Ethics for MSC Capital, Ltd. Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 414 on Form N-1A filed on July 29, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122008211/ex99-p7.htm). |
| (p)(8) | [Code of Ethics for Clifford Capital Partners, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 413 on Form N-1A filed on July 29, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122008182/ex99-p8.htm). |
| (p)(9) | [Code of Ethics for Cboe Vest Financial LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 413 on Form N-1A filed on July 29, 2022](http://www.sec.gov/Archives/edgar/data/1396092/000138713122008182/ex99-p9.htm). |
| (p)(10) | [Code of Ethics for Rule One Partners, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 334 on Form N-1A filed on March 27, 2019.](http://www.sec.gov/Archives/edgar/data/1396092/000120928619000218/e2517_exp17.htm) |
| (p)(11) | [Code of Ethics for Kanen Wealth Management, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 384 on Form N-1A filed on April 30, 2021](http://www.sec.gov/Archives/edgar/data/1396092/000138713121005148/ex99-p14.htm). |
| (p)(12) | [Code of Ethics for Curasset Capital Management, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 401 on Form N-1A filed on October 20, 2021.](http://www.sec.gov/Archives/edgar/data/1396092/000138713121010159/ex99-p14.htm) |
| (q) | [Powers of Attorney are herein incorporated by reference from the Registrant's Post-Effective Amendment No. 241 on Form N-1A filed on October 4, 2017.](http://www.sec.gov/Archives/edgar/data/1396092/000120928617000606/e2205_exq.htm) |

---

**Item 29. Persons Controlled By or Under Common Control With Registrant**

None.

**Item 30. Indemnification**

See Article VIII, Section 2 of the Registrant's Agreement and Declaration of Trust and the section titled "Indemnification of Trustees, Officers, Employees and Other Agents" in the Registrant's By-Laws.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended ("Securities Act"), may be permitted to trustees, officers and controlling persons of the Registrant by the Registrant pursuant to the Declaration of Trust or otherwise, the Registrant is aware that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and, therefore, is unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by trustees, officers or controlling persons of the Registrant in connection with the successful defense of any act, suit or proceeding) is asserted by such trustees, officers or controlling persons in connection with the shares being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issues.

**Item 31. Business and other Connections of the Investment Adviser**

The list required by this Item 31 as to any other business, profession, vocation or employment of a substantial nature in which each of the investment advisers and sub-advisers, and each director, officer or partner of such investment advisers or sub-advisers, is or has been engaged within the last two fiscal years for his or her own account or in the capacity of director, officer, employee, partner or trustee, is incorporated herein by reference to Schedules A and D of each investment adviser's or sub-adviser's Form ADV listed opposite such investment adviser's or sub-adviser's name below, which is currently on file with the SEC as required by the Investment Advisers Act of 1940, as amended.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Name of Investment Adviser / Sub-Adviser | &nbsp;&nbsp;Form ADV File No. |
| &nbsp;&nbsp;Union Street Partners, LLC | &nbsp;&nbsp;801-72120 |
| &nbsp;&nbsp;McGinn Investment Management, Inc. | &nbsp;&nbsp;801-40578 |
| &nbsp;&nbsp;Perkins Capital Management, Inc. | &nbsp;&nbsp;801-22888 |
| &nbsp;&nbsp;LDR Capital Management, LLC | &nbsp;&nbsp;801-75986 |
| &nbsp;&nbsp;Applied Finance Advisors, LLC | &nbsp;&nbsp;801-66461 |
| &nbsp;&nbsp;OTG Asset Management, Ltd. | &nbsp;&nbsp;801-119113 |
| &nbsp;&nbsp;Clifford Capital Partners, LLC | &nbsp;&nbsp;801-78911 |
| &nbsp;&nbsp;Cboe Vest Financial LLC | &nbsp;&nbsp;801-77463 |
| &nbsp;&nbsp;Rule One Partners, LLC | &nbsp;&nbsp;801-114860 |
| &nbsp;&nbsp;Kanen Wealth Management, LLC | &nbsp;&nbsp;801-116998 |
| &nbsp;&nbsp;Curasset Capital Management, LLC | &nbsp;&nbsp;801-122383 |

---

**Item 32. Principal Underwriters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Foreside
 Fund Services, LLC (the "Distributor") serves as principal underwriter for
 the following investment companies registered under the Investment Company Act of 1940,
 as amended:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. AB
 Active ETFs, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ABS
 Long/Short Strategies Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Absolute
 Shares Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Adaptive
 Core ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AdvisorShares
 Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. AFA
 Multi-Manager Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. AGF
 Investments Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. AIM
 ETF Products Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Alexis
 Practical Tactical ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Alpha
 Intelligent – Large Cap Growth ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Alpha
 Intelligent – Large Cap Value ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. AlphaCentric
 Prime Meridian Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. American
 Century ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Amplify
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Applied
 Finance Core Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Applied
 Finance Explorer Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Applied
 Finance Select Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. ARK
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. ARK
 Venture Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. ASYMmetric
 ETFs Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. B.A.D.
 ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Bitwise
 Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Bluestone
 Community Development Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. BondBloxx
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. Bramshill
 Multi-Strategy Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. Bridgeway
 Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Brinker
 Capital Destinations Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. Brookfield
 Real Assets Income Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. Build
 Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. Calamos
 Convertible and High Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. Calamos
 Convertible Opportunities and Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. Calamos
 Dynamic Convertible and Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. Calamos
 Global Dynamic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. Calamos
 Global Total Return Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. Calamos
 Strategic Total Return Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. Carlyle
 Tactical Private Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. Cboe
 Vest Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. Cboe
 Vest S&P 500® Dividend Aristocrats Target Income Fund, Series of World Funds
 Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. Cboe
 Vest US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. Cboe
 Vest US Large Cap 10% Buffer VI Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41. Cboe
 Vest US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42. Cboe
 Vest US Large Cap 20% Buffer VI Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43. Center
 Coast Brookfield MLP & Energy Infrastructure Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44. Changebridge
 Capital Long/Short ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45. Changebridge
 Capital Sustainable Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46. Clifford
 Capital Focused Small Cap Value Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47. Clifford
 Capital International Value Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48. Clifford
 Capital Partners Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49. Cliffwater
 Corporate Lending Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50. Cliffwater
 Enhanced Lending Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51. Cohen
 & Steers Infrastructure Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52. Convergence
 Long/Short Equity ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53. CornerCap
 Small-Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54. CrossingBridge
 Pre-Merger SPAC ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55. Curasset
 Capital Management Core Bond Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56. Curasset
 Capital Management Limited Term Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57. Davis
 Fundamental ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58. Defiance
 Daily Short Digitizing the Economy ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59. Defiance
 Digital Revolution ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60. Defiance
 Hotel, Airline, and Cruise ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61. Defiance
 Next Gen Connectivity ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62. Defiance
 Next Gen H2 ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63. Defiance
 Quantum ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64. Direxion
 Shares ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65. Dividend
 Performers ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66. Dodge
 & Cox Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67. DoubleLine
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68. DoubleLine
 Opportunistic Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69. DoubleLine
 Yield Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70. Eaton
 Vance NextShares Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71. Eaton
 Vance NextShares Trust II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72. EIP
 Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73. Ellington
 Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74. ETF
 Opportunities Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75. Evanston
 Alternative Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76. Exchange
 Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77. Fiera
 Capital Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78. FlexShares
 Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79. Forum
 Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80. Forum
 Funds II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81. Forum
 Real Estate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82. Goose
 Hollow Tactical Allocation ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83. Grayscale
 Future of Finance ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84. Grizzle
 Growth ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85. Guinness
 Atkinson Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86. Harbor
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87. Horizon
 Kinetics Blockchain Development ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88. Horizon
 Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89. IDX
 Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90. Innovator
 ETFs Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91. Ironwood
 Institutional Multi-Strategy Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92. Ironwood
 Multi-Strategy Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93. John
 Hancock Exchange-Traded Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94. Kelly
 Strategic ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95. LDR
 Real Estate Value-Opportunity Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96. LifeGoal
 Conservative Wealth Builder ETF, Series of Northern Lights Fund Trust II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97. LifeGoal
 Home Down Payment ETF, Series of Northern Lights Fund Trust II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98. LifeGoal
 Wealth Builder ETF, Series of Northern Lights Fund Trust II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99. Mairs
 & Power Balanced Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100. Mairs
 & Power Growth Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101. Mairs
 & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102. Mairs
 & Power Small Cap Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103. Manor
 Investment Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104. Merk
 Stagflation ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105. Milliman
 Variable Insurance Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106. Mindful
 Conservative ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107. Moerus
 Worldwide Value Fund, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108. Mohr
 Growth ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109. Mohr
 Sector Navigator ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110. Morgan
 Creek-Exos Active SPAC Arbitrage ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111. Morningstar
 Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112. OTG
 Latin American Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113. Overlay
 Shares Core Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114. Overlay
 Shares Foreign Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115. Overlay
 Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116. Overlay
 Shares Large Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117. Overlay
 Shares Municipal Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118. Overlay
 Shares Short Term Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119. Overlay
 Shares Small Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120. Palmer
 Square Opportunistic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121. Partners
 Group Private Income Opportunities, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122. Performance
 Trust Mutual Funds, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123. Perkins
 Discovery Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124. Philotimo
 Focused Growth and Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125. Plan
 Investment Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126. PMC
 Funds, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127. Point
 Bridge America First ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128. Preferred-Plus
 ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129. Putnam
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130. Quaker
 Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131. Rareview
 Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132. Rareview
 Inflation/Deflation ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133. Rareview
 Systematic Equity ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134. Rareview
 Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135. Renaissance
 Capital Greenwich Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136. Revere
 Sector Opportunity ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137. Reynolds
 Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138. RiverNorth
 Enhanced Pre-Merger SPAC ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139. RiverNorth
 Patriot ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140. RMB
 Investors Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141. Robinson
 Opportunistic Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142. Robinson
 Tax Advantaged Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143. Roundhill
 Ball Metaverse ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144. Roundhill
 Cannabis ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145. Roundhill
 IO Digital Infrastructure ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146. Roundhill
 MEME ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147. Roundhill
 Sports Betting & iGaming ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148. Roundhill
 Video Games ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149. Rule
 One Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150. Securian
 AM Balanced Stabilization Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151. Securian
 AM Equity Stabilization Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152. Securian
 AM Real Asset Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153. SHP
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154. Six
 Circles Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155. Sound
 Shore Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156. Sparrow
 Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157. Spear
 Alpha ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158. STF
 Tactical Growth & Income ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159. STF
 Tactical Growth ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160. Strategy
 Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161. Swan
 Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162. Syntax
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163. Teucrium
 Agricultural Strategy No K-1 ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164. The
 Community Development Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165. The
 Finite Solar Finance Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166. The
 Private Shares Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167. The
 SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168. Third
 Avenue Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169. Third
 Avenue Variable Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170. Tidal
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171. Tidal
 Trust II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172. TIFF
 Investment Program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173. Timothy
 Plan High Dividend Stock Enhanced ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174. Timothy
 Plan High Dividend Stock ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175. Timothy
 Plan International ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176. Timothy
 Plan US Large/Mid Cap Core ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177. Timothy
 Plan US Large/Mid Core Enhanced ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178. Timothy
 Plan US Small Cap Core ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179. Total
 Fund Solution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180. Touchstone
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181. TrueShares
 Eagle Global Renewable Energy Income ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182. TrueShares
 ESG Active Opportunities ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183. TrueShares
 Low Volatility Equity Income ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184. TrueShares
 Structured Outcome (April) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185. TrueShares
 Structured Outcome (August) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186. TrueShares
 Structured Outcome (December) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187. TrueShares
 Structured Outcome (February) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188. TrueShares
 Structured Outcome (January) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189. TrueShares
 Structured Outcome (July) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190. TrueShares
 Structured Outcome (June) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191. TrueShares
 Structured Outcome (March) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192. TrueShares
 Structured Outcome (May) ETF, Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193. TrueShares
 Structured Outcome (November) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194. TrueShares
 Structured Outcome (October) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195. TrueShares
 Structured Outcome (September) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196. TrueShares
 Technology, AI & Deep Learning ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197. U.S.
 Global Investors Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198. Union
 Street Partners Value Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199. Variant
 Alternative Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200. Variant
 Impact Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201. VictoryShares
 Developed Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202. VictoryShares
 Dividend Accelerator ETF, Series of Victory Portfolios II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203. VictoryShares
 Emerging Markets Value Momentum ETF, Series of Victory Portfolios II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204. VictoryShares
 International High Div Volatility Wtd ETF, Series of Victory Portfolios II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205. VictoryShares
 International Value Momentum ETF, Series of Victory Portfolios II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206. VictoryShares
 International Volatility Wtd ETF, Series of Victory Portfolios II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207. VictoryShares
 NASDAQ Next 50 ETF, Series of Victory Portfolios II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208. VictoryShares
 Protect America ETF, Series of Victory Portfolios II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209. VictoryShares
 Top Veteran Employers ETF, Series of Victory Portfolios II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210. VictoryShares
 US 500 Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211. VictoryShares
 US 500 Volatility Wtd ETF, Series of Victory Portfolios II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212. VictoryShares
 US Discovery Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213. VictoryShares
 US EQ Income Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214. VictoryShares
 US Large Cap High Div Volatility Wtd ETF, Series of Victory Portfolios II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215. VictoryShares
 US Multi-Factor Minimum Volatility ETF, Series of Victory Portfolios II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216. VictoryShares
 US Small Cap High Div Volatility Wtd ETF, Series of Victory Portfolios II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217. VictoryShares
 US Small Cap Volatility Wtd ETF, Series of Victory Portfolios II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218. VictoryShares
 US Small Mid Cap Value Momentum ETF, Series of Victory Portfolios II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219. VictoryShares
 US Value Momentum ETF, Series of Victory Portfolios II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220. VictoryShares
 USAA Core Intermediate-Term Bond ETF, Series of Victory Portfolios II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221. VictoryShares
 USAA Core Short-Term Bond ETF, Series of Victory Portfolios II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222. VictoryShares
 WestEnd US Sector ETF, Series of Victory Portfolios II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223. Walthausen
 Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224. West
 Loop Realty Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225. WisdomTree
 Digital Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226. WisdomTree
 Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227. WST
 Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228. XAI
 Octagon Floating Rate & Alternative Income Term Trust

---

| | |
|:---|:---|
| Item 32(b) | The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is Three Canal Plaza, Suite 100, Portland, Maine 04101. |

---

---

| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with Underwriter | Position with Registrant |
| Teresa Cowan | 111 E. Kilbourn Ave, Suite 2200, Milwaukee, WI 53202 | President/Manager |  |
| Chris Lanza | Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President |  |
| Kate Macchia | Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President |  |
| Nanette K. Chern | Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President and Chief Compliance Officer |  |
| Kelly B. Whetstone | Three Canal Plaza, Suite 100, Portland, ME 04101 | Secretary |  |
| Susan L. LaFond | 111 E. Kilbourn Ave, Suite 2200, Milwaukee, WI 53202 | Treasurer |  |

---

---

| | |
|:---|:---|
| Item 32(c) | Not applicable. |

---

**Item 33. Location of Accounts and Records** 

**The accounts, books or other documents of the Registrant required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules promulgated thereunder are kept in several locations:**

a) Commonwealth
 Fund Services, Inc., 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235 (records relating to its function as transfer
 agent to the Funds).

b) Foreside
 Fund Services, LLC, Three Canal Plaza, Suite 100, Portland, Maine 04101 (records relating to its function as distributor to
 certain Funds of the Trust).

c) Union
 Street Partners LLC, 1421 Prince Street, Suite 400 Alexandria, Virginia 22314. (records relating to its function as investment
 adviser to the Union Street Partners Value Fund).

d) McGinn
 Investment Management, Inc., 277 South Washington Street, Alexandria, Virginia 22314 (records relating to its function as
 sub-adviser to the Union Street Partners Value Fund).

e) Perkins
 Capital Management, Inc., 730 East Lake Street, Wayzata, Minnesota 55391-1769 (records relating to its function as investment
 adviser to the Perkins Discovery Fund).

f) LDR
 Capital Management, LLC, 410 Park Avenue, Suite 910 New York, New York 10022 (records relating to its function as the investment
 adviser to LDR Real Estate Value-Opportunity Fund).

g) Applied
 Finance Advisors, LLC, 17806 IH 10, Suite 300, San Antonio, Texas 78257 (records relating to its function as the
 investment adviser to the Applied Finance Funds).

h) OTG
 Asset Management, Ltd., Montenegro #1439 Torre Infrabol Piso 6, La Paz, Bolivia (records relating to its function as the investment
 adviser to the OTG Latin America Fund).

i) Clifford
 Capital Partners, LLC, 395 S. Main Street, #203 Alpine, Utah 84020 (records relating to its function as the investment adviser
 to the Clifford Capital Partners Fund, the Clifford Capital Focused Small Cap Value Fund and
 the Clifford Capital International Value Fund).

j) Cboe
 Vest Financial LLC, 8350 Broad Street, Suite 240, McLean, Virginia 22102 (records relating to its function as the investment
 adviser to the Cboe Vest Family of Funds).

k) Rule
 One Partners, LLC, 891 Bear Creek Road, Moreland, Georgia 30259, (records relating to its function as the investment adviser
 to the Rule One Fund).

l) Kanen
 Wealth Management, LLC, 5850 Coral Ridge Drive, Suite 309, Coral Springs, Florida 33076 (records relating to its function
 as the investment adviser to the Philotimo Focused Growth and Income Fund).

m) Curasset
 Capital Management, LLC, 50 Park Place, Suite 1004, Newark, New Jersey 07102 (records relating to its function as the investment
 adviser to the Curasset Funds).

**Item 34. Management Services**

There are no management-related service contracts not discussed in Parts A or B of this Form.

**Item 35. Undertakings** 

Not applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended (the "Securities Act"), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) of the Securities Act and has duly caused this Post-Effective Amendment No. 420 to the Registrant's Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Richmond, Commonwealth of Virginia on the 27<sup>th</sup> day of January, 2023.

WORLD FUNDS TRUST

---

| |
|:---|
| By: /s/ Karen M. Shupe |
| Karen M. Shupe |
| Treasurer and Principal Executive Officer |

---

Pursuant to the requirements of the Securities Act, this Post-Effective Amendment No. 420 to the Registration Statement on Form N-1A has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Signature | Title | Date |
| \*David J. Urban | Trustee | January 27, 2023 |
| \*Mary Lou H. Ivey | Trustee | January 27, 2023 |
| \*Theo H. Pitt, Jr. | Trustee | January 27, 2023 |
| /s/ Karen M. Shupe | Treasurer and Principal Executive Officer | January 27, 2023 |
| /s/ Ann T. MacDonald | Assistant Treasurer and Principal Financial Officer | January 27, 2023 |

---

---

| | | |
|:---|:---|:---|
| \*By: | /s/ Karen M. Shupe | January 27, 2023 |

---

\*Attorney-in-fact pursuant to Powers of Attorney

EXHIBITS

---

| | |
|:---|:---|
| (d)(7) | [Investment Advisory Agreement between the Registrant and Clifford Capital Partners, LLC with respect to the Clifford Capital Partners Fund, the Clifford Focused Small Cap Value Fund and the Clifford Capital International Value Fund.](ex99-d7.htm) |
| (h)(21) | [Expense Limitation Agreement between the Registrant and Clifford Capital Partners, LLC with respect to the Clifford Capital Partners Fund, Clifford Capital Focused Small Cap Value Fund and Clifford Capital International Value Fund.](ex99-h21.htm) |
| (i)(14) | [Consent of Legal Counsel for Clifford Capital Partners Fund, Clifford Capital Focused Small Cap Value Fund and the Clifford Capital Partners International Value Fund.](ex99-i14.htm) |
| (j)(5) | [Consent of Independent Registered Public Accounting firm for Clifford Capital Partners Fund, Clifford Capital Focused Small Cap Value Fund and the Clifford Capital International Value Fund.](ex99-j5.htm) |

---

## Ex-99.D7

[World Funds Trust 485BPOS](clifford-485bpos_012723.htm)

**Exhibit 99.(d)(7)** 

**INVESTMENT ADVISORY AGREEMENT** 

THIS INVESTMENT ADVISORY AGREEMENT (the "Agreement") is made by and between World Funds Trust (the "Trust"), a Delaware statutory trust registered as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and Clifford Capital Partners, LLC (the "Adviser"), an Illinois limited liability company with its principal place of business in Alpine, Utah. This Agreement is made effective as to each Fund (defined below) as of the date set forth on the set of schedules to this Agreement identified as "Schedule A" and then numerically designated (e.g., Schedule A-1) attached hereto as of the "Effective Date" noted on each Schedule A with respect to each of the Funds.

WITNESSETH

WHEREAS, the Board of Trustees (the "Board") of the Trust has selected the Adviser to act as investment adviser to the series portfolios of the Trust set forth on Schedule A to this Agreement (each, a "Fund" and collectively, the "Funds", as such schedule may be amended from time to time upon mutual agreement of the parties, and to provide certain related services, as more fully set forth below, and to perform such services under the terms and conditions hereinafter set forth;

NOW, THEREFORE, in consideration of the mutual covenants and benefits set forth herein, the Trust and the Adviser do hereby agree as follows:

1. <u>THE ADVISER'S SERVICES</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Discretionary Investment Management Services</u>. The Adviser shall act
as investment adviser with respect to each Fund. In such capacity, the Adviser shall, subject to the supervision of the Board,
regularly provide each Fund with investment research, advice and supervision and shall furnish continuously an investment program
for each Fund, consistent with the respective investment objectives and policies of each Fund. The Adviser shall determine, from
time to time, what securities shall be purchased for each Fund, what securities shall be held or sold by each Fund and what portion
of each Fund's assets shall be held uninvested in cash, subject always to the provisions of the Trust's Agreement and
Declaration of Trust ("Declaration of Trust"), as amended and supplemented (the "Declaration of Trust"),
Bylaws and its registration statement on Form N-1A (the "Registration Statement") under the 1940 Act, and under the
Securities Act of 1933, as amended (the "1933 Act"), as filed with the Securities and Exchange Commission (the "Commission"),
and with the investment objectives, policies and restrictions of each Fund, as each of the same shall be from time to time in effect.
To carry out such obligations, and to the extent not prohibited by any of the foregoing, the Adviser shall exercise full discretion
and act for each Fund in the same manner and with the same force and effect as each Fund itself might or could do with respect
to purchases, sales or other transactions, as well as with respect to all other such things necessary or incidental to the furtherance
or conduct of such purchases, sales or other transactions. No reference in this Agreement to the Adviser having full discretionary
authority over each Fund's investments shall in any way limit the right of the Board, in its sole discretion, to establish
or revise policies in connection with the management of a Fund's assets or to otherwise exercise its right to control the
overall management of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Compliance.</u> The Adviser agrees to comply with
the requirements of the 1940 Act, the Investment Advisers Act of 1940, as amended (the "Advisers Act"), the 1933 Act,
the Securities Exchange Act of 1934, as amended (the "1934 Act"), and the respective rules and regulations thereunder,
as applicable, as well as with all other applicable federal and state laws, rules and regulations that relate to the services
and relationships described hereunder and to the conduct of its business as a registered investment adviser. The Adviser also
agrees to comply with the objectives, policies and restrictions set forth in the Registration Statement, as amended or supplemented,
of each Fund, and with any policies, guidelines, instructions and procedures approved by the Board and provided to the Adviser.
In selecting each Fund's portfolio securities and performing the Adviser's obligations hereunder, the Adviser shall
use its best efforts to cause the Fund to comply with the diversification and source of income requirements of Subchapter M of
the Internal Revenue Code of 1986, as amended (the "Code"), for qualification as a regulated investment company. The
Adviser shall maintain compliance procedures that it reasonably believes are adequate to ensure its compliance with the foregoing.
No supervisory activity undertaken by the Board shall limit the Adviser's full responsibility for any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Recordkeeping</u>. The Adviser agrees to preserve any Trust records that
it creates or possesses that are required to be maintained under the 1940 Act and the rules thereunder ("Fund Books and Records")
for the periods prescribed by Rule 31a-2 under the 1940 Act. In compliance with the requirements of Rule 31a-3 under the 1940 Act,
the Adviser agrees that all such records are the property of the Trust and will surrender promptly to the Trust any of such records
upon the Trust's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Holdings Information and Pricing</u>. The Adviser shall provide regular
reports regarding Fund holdings, and shall, on its own initiative, furnish the Trust and its Board from time to time with whatever
information the Adviser believes is appropriate for this purpose, and at the request of the Board, such information and reports
requested by the Board. The Adviser agrees to notify the Trust as soon as practicable if the Adviser reasonably believes that the
value of any security held by a Fund may not reflect fair value. The Adviser agrees to provide any pricing information of which
the Adviser is aware to the Trust, its Board and/or any Fund pricing agent to assist in the determination of the fair value of
any Fund holdings for which market quotations are not readily available or as otherwise required in accordance with the 1940 Act
or the Trust's valuation procedures for the purpose of calculating the Fund net asset value in accordance with procedures
and methods established by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Cooperation with Agents of the Trust</u>. The Adviser agrees to cooperate
with and provide reasonable assistance to the Trust, any Trust custodian or foreign sub-custodians, any Trust pricing agents and
all other agents and representatives of the Trust with respect to such information regarding each Fund as such entities may reasonably
request from time to time in the performance of their obligations, provide prompt responses to reasonable requests made by such
persons and use appropriate interfaces established by such persons so as to promote the efficient exchange of information and compliance
with applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Delegation of Authority</u>. Any of the duties, responsibilities and obligations
of the Adviser specified in this Section 1 and throughout the remainder of this Agreement with respect to one or more Funds may
be delegated by the Adviser, at the Adviser's expense, to an appropriate party (a "Sub-Adviser"), subject to
such approval by the Board and shareholders of the applicable Funds to the extent required by the 1940 Act. The Adviser shall oversee
the performance of delegated duties by any Sub-Adviser and shall furnish the Board with periodic reports concerning the performance
of delegated responsibilities by such Sub- Adviser. The retention of a Sub-Adviser by the Adviser pursuant to this Paragraph 1(f)
shall in no way reduce the responsibilities and obligations of the Adviser under this Agreement and the Adviser shall be responsible
to the Trust for all acts or omissions of any Sub-Adviser to the same extent the Adviser would be liable hereunder. Insofar as
the provisions of this Agreement impose any restrictions, conditions, limitations or requirements on the Adviser, the Adviser shall
take measures through its contract with, or its oversight of, the Sub-Adviser that attempt to impose similar (insofar as the circumstances
may require) restrictions, conditions, limitations or requirements on the Sub-Adviser.

2. <u>CODE OF ETHICS</u>. The Adviser has adopted a written code of ethics ("Adviser's Code
 of Ethics") that it reasonably believes complies with the requirements of Rule 17j-1
 under the 1940 Act, which it has provided to the Trust. The Adviser has adopted procedures
 reasonably designed to ensure compliance with the Adviser's Code of Ethics. Upon request,
 the Adviser shall provide the Trust with a copy of the Adviser's Code of Ethics, as
 in effect from time to time, and any proposed amendments thereto that the Chief Compliance
 Officer ("CCO") of the Trust determines should be presented to the Board, and
 (ii) certification that it has adopted procedures reasonably necessary to prevent Access
 Persons from engaging in any conduct prohibited by the Adviser's Code of Ethics. Annually,
 the Adviser shall furnish a written report to the Board, which complies with the requirements
 of Rule 17j-1, concerning the Adviser's Code of Ethics. The Adviser shall respond to
 requests for information from the Trust as to violations of the Adviser's Code of Ethics
 by Access Persons and the sanctions imposed by the Adviser. The Adviser shall notify the
 Trust as soon as practicable after it becomes aware of any material violation of the Adviser's
 Code of Ethics, whether or not such violation relates to a security held by any Fund.

3. <u>INFORMATION AND REPORTING</u>. The Adviser shall provide the Trust and its respective officers
with such periodic reports concerning the obligations the Adviser has assumed under this Agreement as the Trust may from time to
time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notification of Breach / Compliance Reports</u>. The Adviser shall notify
the Trust's CCO promptly upon detection of: (i) any material failure to manage any Fund in accordance with its investment
objectives and policies or any applicable law; or (ii) any material breach of any of each Fund's or the Adviser's policies,
guidelines or procedures with respect to the Fund. In addition, the Adviser shall respond to quarterly requests for information
concerning the Fund's compliance with its investment objectives and policies, applicable law, including, but not limited
to the 1940 Act and Subchapter M of the Code, and the Fund's policies, guidelines or procedures as applicable to the Adviser's
obligations under this Agreement. The Adviser agrees to correct any such failure promptly and to take any action that the Board
may reasonably request in connection with any such breach. Upon request, the Adviser shall also provide the officers of the Trust
with supporting certifications in connection with such certifications of Fund financial statements and disclosure controls pursuant
to the Sarbanes- Oxley Act. The Adviser will promptly notify the Trust in the event: (x) the Adviser is served or otherwise receives
notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board, or
body, involving the affairs of the Trust (excluding class action suits in which a Fund is a member of the plaintiff class by reason
of the Fund's ownership of shares in the defendant) or the compliance by the Adviser with the federal or state securities
laws; or (y) of an actual change in control of the Adviser resulting in an "assignment" (as defined in Section 15)
that has occurred or is otherwise proposed to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Board and Filings Information</u>. The Adviser will also provide the
Trust with any information reasonably requested regarding its management of each Fund required for any meeting of the Board, or
for any shareholder report required by the 1940 Act, Registration Statement or any amendment thereto, proxy statement, prospectus
supplement, or other form or document to be filed by the Trust with the Commission. The Adviser will make its officers and employees
available to meet with the Board from time to time on a reasonable basis on due notice to review its investment management services
to each Fund in light of current and prospective economic and market conditions and shall furnish to the Board such information
as may reasonably be necessary in order for the Board to evaluate this Agreement or any proposed amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Transaction Information</u>. The Adviser shall furnish to the Trust such
information concerning portfolio transactions as may be necessary to enable the Trust or its designated agent to perform such compliance
testing on each Fund and the Adviser's services as the Trust may, in its sole discretion, determine to be appropriate. The
provision of such information by the Adviser to the Trust or its designated agent in no way relieves the Adviser of its own responsibilities
under this Agreement.

4. <u>BROKERAGE</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Principal Transactions</u>. In connection with purchases or sales of securities for the account
of a Fund, neither the Adviser nor any of its directors,
officers or employees will act as a principal or agent or receive any commission except as permitted by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Placement of Orders.</u> The Adviser shall place all orders for the purchase
and sale of portfolio securities for each Fund's account with brokers or dealers selected by the Adviser. The Adviser will
not execute transactions with a broker dealer which is an "affiliated person" of the Trust except in accordance with
procedures adopted by the Board. The Adviser shall use its best efforts to seek to execute portfolio transactions at prices which
are advantageous to each Fund and at commission rates which are reasonable in relation to the benefits received. In selecting brokers
or dealers qualified to execute a particular transaction, brokers or dealers may be selected who also provide brokerage and research
services (as those terms are defined in Section 28(e) of the 1934 Act) to each Fund and/or the other accounts over which the Adviser
or its affiliates exercise investment discretion. The Adviser is authorized to pay a broker or dealer who provides such brokerage
and research services a commission for executing a portfolio transaction for each Fund which is in excess of the amount of commission
another broker or dealer would have charged for effecting that transaction if the Adviser determines in good faith that such amount
of commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer.
This determination may be viewed in terms of either that particular transaction or the overall responsibilities which the Adviser
and its affiliates have with respect to accounts over which they exercise investment discretion. The Board shall periodically review
the commissions paid by each Fund to determine if the commissions paid over representative periods of time were reasonable in relation
to the benefits received by each Fund.

5. <u>CUSTODY</u>. Nothing in this Agreement shall permit the Adviser to take or receive physical
possession of cash, securities or other investments of a Fund.

6. <u>ALLOCATION OF CHARGES AND EXPENSES</u>. The Adviser will bear its own costs of providing services
hereunder. Other than as herein specifically indicated or otherwise agreed to in a separate signed writing, the Adviser shall not
be responsible for a Fund's expenses, including a Fund's ordinary operating expenses, brokerage and other expenses
incurred in placing orders for the purchase and sale of securities and other investment instruments.

7. <u>REPRESENTATIONS, WARRANTIES AND COVENANTS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Properly Registered</u>. The Adviser is registered with the Commission
as an investment adviser under the Advisers Act, and will remain so registered for the duration of this Agreement. The Adviser
is not prohibited by the Advisers Act or the 1940 Act from performing the services contemplated by this Agreement, and to the best
knowledge of the Adviser, there is no proceeding or investigation pending or threatened that is reasonably likely to result in
the Adviser being prohibited from performing the services contemplated by this Agreement. The Adviser agrees to promptly notify
the Trust of the occurrence of any event that would disqualify the Adviser from serving as an investment adviser to an investment
company. The Adviser is in compliance in all material respects with all applicable federal and state law in connection with its
investment management operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>ADV Disclosure</u>. The Adviser has provided the Board with a copy of
its Form ADV and will, promptly after amending its Form ADV, furnish a copy of such amendments to the Trust. The information contained
in the Adviser's Form ADV is accurate and complete in all material respects and does not omit to state any material fact
necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Fund Disclosure Documents</u>. The Adviser has reviewed and will in the
future review the Registration Statement and any amendments or supplements thereto, the annual or semi- annual reports to shareholders,
other reports filed with the Commission and any marketing material of a Fund (collectively the "Disclosure Documents")
and represents and warrants that with respect to disclosure about the Adviser, the manner in which the Adviser manages the Fund
or information relating directly or indirectly to the Adviser, such Disclosure Documents contain or will contain, as of the date
thereof, no untrue statement of any material fact and do not and will not omit any statement of material fact which was required
to be stated therein or necessary to make the statements contained therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Use of the Names "Clifford Capital", "Clifford Capital Partners".</u> The Adviser has the right to use the names "Clifford Capital", "Clifford Capital Partners"
or any derivation thereof in connection with its services to the Trust and, subject to the terms set forth in Section 8 of this
Agreement, the Trust shall have the right to use the name "Clifford Capital", "Clifford Capital Partners"
in connection with the management and operation of each Fund. The Adviser is not aware of any actions, claims, litigation or proceedings
existing or threatened that would adversely affect or prejudice the rights of the Adviser or the Trust to use the name "Clifford
Capital", "Clifford Capital Partners" that it has not otherwise disclosed to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Insurance</u>. The Adviser maintains errors and omissions insurance coverage
in the amount disclosed to the Trust in connection with the Board's approval of the Agreement and shall provide prior written
notice to the Trust: (i) of any material changes in its insurance policies or insurance coverage; or (ii) if any material claims
will be made on its insurance policies. Furthermore, the Adviser shall, upon reasonable request, provide the Trust with any information
it may reasonably require concerning the amount of or scope of such insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Detrimental Agreement</u>. The Adviser represents and warrants that
it has no arrangement or understanding with any party, other than the Trust, that would influence the decision of the Adviser with
respect to its selection of securities for a Fund and its management of the assets of the Fund, and that all selections shall be
done in accordance with what is in the best interest of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Conflicts</u>. The Adviser shall act honestly, in good faith and in the
best interests of its clients and the Fund. The Adviser maintains a Code of Ethics which defines the standards by which the Adviser
conducts its operations consistent with its fiduciary duties and other obligations under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Representations</u>. The representations and warranties in this Section
7 shall be deemed to be made on the date this Agreement is executed and at the time of delivery of the quarterly compliance report
required by Section 3(a), whether or not specifically referenced in such report.

8. <u>THE NAMES "Clifford Capital", "Clifford Capital Partners"</u>. The Adviser
 grants to the Trust a license to use the names "Clifford Capital", "Clifford
 Capital Partners" (the "Name") as part of the name of any Fund during the
 term of this Agreement. The foregoing authorization by the Adviser to the Trust to use the
 Name as part of the name of any Fund is not exclusive of the right of the Adviser itself
 to use, or to authorize others to use, the Name; the Trust acknowledges and agrees that,
 as between the Trust and the Adviser, the Adviser has the right to use, or authorize others
 to use, the Name. The Trust shall: (i) only use the Name in a manner consistent with uses
 approved by the Adviser; (ii) use its best efforts to maintain the quality of the services
 offered using the Name; and (iii) adhere to such other specific quality control standards
 as the Adviser may from time to time promulgate. At the request of the Adviser, the Trust
 will (i) submit to the Adviser representative samples of any promotional materials using
 the Name, and (ii) change the name of any Fund within three months of its receipt of the
 Adviser's request, or such other shorter time period as may be required under the terms
 of a settlement agreement or court order, so as to eliminate all reference to the Name and
 will not thereafter transact any business using the Name in the name of any Fund. As soon
 as practicable following the termination of this Agreement, but in no event longer than three
 months, the Trust shall cease the use of the Name and any related logos or any confusingly
 similar name and/or logo in connection with the marketing or operation of the Funds.

9. <u>ADVISER'S COMPENSATION</u>. Each Fund shall pay to the Adviser, as compensation for the
Adviser's services hereunder, a fee, determined as described in <u>Schedule A</u> that is attached hereto and made a part
hereof. Such fee shall be computed daily and paid not less than monthly in arrears by each Fund. The method for determining net
assets of a Fund for purposes hereof shall be the same as the method for determining net assets for purposes of establishing the
offering and redemption prices of Fund shares as described in the Fund's Registration Statement. In the event of termination
of this Agreement, the fee provided in this Section shall be computed on the basis of the period ending on the last business day
on which this Agreement is in effect subject to a pro rata adjustment based on the number of days elapsed in the current month
as a percentage of the total number of days in such month.

10. <u>INDEPENDENT CONTRACTOR</u>. In the performance of its duties hereunder, the Adviser is and shall
be an independent contractor and, unless otherwise expressly provided herein or otherwise authorized in writing, shall have no
authority to act for or represent the Trust or any Fund in any way or otherwise be deemed to be an agent of the Trust or any Fund.
If any occasion should arise in which the Adviser gives any advice to its clients concerning the shares of a Fund, the Adviser
will act solely as investment counsel for such clients and not in any way on behalf of the Fund.

11. <u>ASSIGNMENT AND AMENDMENTS</u>. This Agreement shall automatically terminate, without the payment
of any penalty, in the event of its "assignment" (as defined in Section 15). This Agreement may not be added to or
changed orally and may not be modified or rescinded except by a writing signed by the parties hereto and in accordance with the
requirements of the 1940 Act, when applicable.

12. <u>DURATION AND TERMINATION</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective as of the date executed with respect
to a particular Fund and shall remain in full force and effect continually thereafter, subject to renewal as provided in Section
12(a)(ii) hereof and unless terminated automatically as set forth in Section 11 hereof or until terminated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Either party hereto may, at any time on sixty (60) days' prior written
notice to the other, terminate this Agreement, without payment of any penalty. With respect to a Fund, termination may be authorized
by action of the Board or by an "affirmative vote of a majority of the outstanding voting securities of the Fund" (as
defined in Section 15); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. This Agreement shall automatically terminate two years from the date of
its execution with respect to a particular Fund unless the terms of such contract and any renewal thereof is specifically approved
at least annually thereafter by (i) a majority vote of the Trustees, including a majority vote of such Trustees who are not parties
to the Agreement or "interested persons" (as defined in Section 15) of the Trust or the Adviser, at an in-person meeting
called for the purpose of voting on such approval, or (ii) the vote of a majority of the outstanding voting securities of each
Fund; provided, however, that if the continuance of this Agreement is submitted to the shareholders of each Fund for their approval
and such shareholders fail to approve such continuance of this Agreement as provided herein, the Adviser may continue to serve
hereunder as to each Fund in a manner consistent with the 1940 Act and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of termination of this Agreement for any reason, the Adviser
shall, immediately upon notice of termination or on such later date as may be specified in such notice, cease all activity on behalf
of the Fund and with respect to any of its assets, except as otherwise required by any fiduciary duties of the Adviser under applicable
law. In addition, the Adviser shall deliver the Fund Books and Records to the Trust by such means and in accordance with such schedule
as the Trust shall direct and shall otherwise cooperate, as reasonably directed by the Trust, in the transition of portfolio asset
management to any successor of the Adviser.

13. <u>NOTICE</u>. Any notice or other communication required by or permitted
to be given in connection with this Agreement shall be in writing, and shall be delivered in person or sent by first-class mail,
postage prepaid, to the respective parties at their last known address, or by e-mail or fax to a designated contact of the other
party or such other address as the parties may designate from time to time. Oral instructions may be given if authorized by the
Board and preceded by a certificate from the Trust's Secretary so attesting. Notices to the Trust shall be directed to Commonwealth
Companies, 8730 Stony Point Parkway, Suite 205, Richmond, VA, 23235 Attention: President; and notices to the Adviser shall be directed
to 395 S. Main Street, #203, Alpine, Utah 84004, Attention: President.

14. <u>CONFIDENTIALITY</u>. The Adviser agrees on behalf of itself and its employees
to treat confidentially all records and other information relative to the Trust and its shareholders received by the Adviser in
connection with this Agreement, including any non-public personal information as defined in Regulation S-P, and that it shall not
use or disclose any such information except for the purpose of carrying out the terms of this Agreement; provided, however, that
the Adviser may disclose such information as required by law or in connection with any requested disclosure to a regulatory authority
with appropriate jurisdiction after prior notification to the Trust.

15. <u>CERTAIN DEFINITIONS</u>. For the purpose of this Agreement, the terms
"affirmative vote of a majority of the outstanding voting securities of the Fund," "assignment" and "interested
person" shall have their respective meanings as defined in the 1940 Act and rules and regulations thereunder, subject, however,
to such exemptions as may be granted by the Commission under the 1940 Act or any interpretations of the Commission staff.

16. <u>LIABILITY OF THE ADVISER</u>. Neither the Adviser nor its officers, directors,
employees, agents, affiliated persons or controlling persons or assigns shall be liable for any error of judgment or mistake of
law or for any loss arising out of any investment or for any act or omission in the execution of securities transactions of a Fund;
provided that nothing in this Agreement shall be deemed to protect the Adviser against any liability to a Fund or its shareholders
to which the Adviser would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance
of its duties or obligations hereunder or by reason of its reckless disregard of its duties or obligations hereunder.

17. <u>RELATIONS WITH THE TRUST</u>. It is understood that the Trustees, officers
and shareholders of the Trust are or may be or become interested persons of the Adviser as directors, officers or otherwise and
that directors, officers and stockholders of the Adviser are or may be or become interested persons of the Fund, and that the Adviser
may be or become interested persons of the Fund as a shareholder or otherwise.

18. <u>ENFORCEABILITY</u>. If any part, term or provision of this Agreement is
held to be illegal, in conflict with any law or otherwise invalid, the remaining portion or portions shall be considered severable
and not be affected, and the rights and obligations of the parties shall be construed and enforced as if the Agreement did not
contain the particular part, term or provision held to be illegal or invalid. This Agreement shall be severable as to each Fund.

19. <u>LIMITATION OF LIABILITY</u>. The Adviser is expressly put on notice of
the limitation of liability as set forth in the Declaration of Trust or other Trust organizational documents and agrees that the
obligations assumed by each Fund pursuant to this Agreement shall be limited in all cases to each Fund and each Fund's respective
assets, and the Adviser shall not seek satisfaction of any such obligation from shareholders or any shareholder of each Fund. In
addition, the Adviser shall not seek satisfaction of any such obligations from the Trustees of the Trust or any individual Trustee.
The Adviser understands that the rights and obligations of any Fund under the Declaration of Trust or other organizational document
are separate and distinct from those of any of and all other Funds.

20. <u>NON-EXCLUSIVE SERVICES.</u> The services of the Adviser to the Trust are
not deemed exclusive, and the Adviser shall be free to render similar services to others, to the extent that such service does
not affect the Adviser's ability to perform its duties and obligations hereunder.

21. <u>GOVERNING LAW</u>. This Agreement shall be governed by and construed to
be in accordance with the laws of the State of Delaware, without preference to choice of law principles thereof, and in accordance
with the applicable provisions of the 1940 Act. To the extent that the applicable laws of the State of Delaware, or any of the
provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control. Any question of interpretation
of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act
shall be resolved by reference to such term or provision of the 1940 Act and to any interpretations thereof, if any, by the United
States courts or in the absence of any controlling decision of any such court, by the Commission or its staff. In addition, where
the effect of a requirement of the 1940 Act, reflected in any provision of this Agreement, is revised by rule, regulation, order
or interpretation of the Commission or its staff, such provision shall be deemed to incorporate the effect of such revised rule,
regulation, order or interpretation.

22. <u>PARAGRAPH HEADINGS; SYNTAX</u>. All Section headings contained in this
Agreement are for convenience of reference only, do not form a part of this Agreement and will not affect in any way the meaning
or interpretation of this Agreement. Words used herein, regardless of the number and gender specifically used, will be deemed and
construed to include any other number, singular or plural, and any other gender, masculine, feminine, or neuter, as the contract
requires.

23. <u>COUNTERPARTS</u>. This Agreement may be executed in two or more counterparts,
each of which, when so executed, shall be deemed to be an original, but such counterparts shall together constitute but one and
the same instrument.

Signature Page to Follow

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed on their behalf by their duly authorized officers as of the dates noted on the Schedule As attached hereto.

WORLD FUNDS TRUST

/s/ David A. Bogaert

Signature

By: David A. Bogaert

Title: President

CLIFFORD CAPITAL PARTNERS, LLC

/s/ Roger A. Hill

Signature

By: Roger Hill

Title: Principal, Managing Director

**SCHEDULE A-1**

**Investment Advisory Agreement** **<br> between<br> World Funds Trust (the "Trust") and <br> Clifford Capital Advisors, LLC (the "Adviser")**

The Trust will pay to the Adviser as compensation for the Adviser's services rendered, a fee, computed daily at an annual rate based on the daily net assets of the respective Fund in accordance the following fee schedule:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Asset Breakpoint** | &nbsp;&nbsp;**Rate** | &nbsp;&nbsp;**Effective Date** |
| &nbsp;&nbsp;Clifford Capital Partners Fund |  | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;November 15, 2022 |

---

WORLD FUNDS TRUST

/s/ David A. Bogaert

Signature

By: David A. Bogaert

Title: President

CLIFFORD CAPITAL PARTNERS, LLC

/s/ Roger A. Hill

Signature

By: Roger Hill

Title: Principal, Managing Director

**SCHEDULE A-2**

**Investment Advisory Agreement** **<br> between<br> World Funds Trust (the "Trust") and <br> Clifford Capital Advisors, LLC (the "Adviser")**

The Trust will pay to the Adviser as compensation for the Adviser's services rendered, a fee, computed daily at an annual rate based on the daily net assets of the respective Fund in accordance the following fee schedule:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Asset Breakpoint** | &nbsp;&nbsp;**Rate** | &nbsp;&nbsp;**Effective Date** |
| &nbsp;&nbsp;Clifford Capital Focused Small Cap Value Fund |  | &nbsp;&nbsp;0.90% | &nbsp;&nbsp;November 15, 2022 |

---

WORLD FUNDS TRUST

/s/ David A. Bogaert

Signature

By: David A. Bogaert

Title: President

CLIFFORD CAPITAL PARTNERS, LLC

/s/ Roger A. Hill

Signature

By: Roger Hill

Title: Principal, Managing Director

**SCHEDULE A-3**

**Investment Advisory Agreement** **<br> between<br> World Funds Trust (the "Trust") and <br> Clifford Capital Advisors, LLC (the "Adviser")**

The Trust will pay to the Adviser as compensation for the Adviser's services rendered, a fee, computed daily at an annual rate based on the daily net assets of the respective Fund in accordance the following fee schedule:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Asset Breakpoint** | &nbsp;&nbsp;**Rate** | &nbsp;&nbsp;**Effective Date** |
| &nbsp;&nbsp;Clifford Capital International Value Fund |  | &nbsp;&nbsp;0.85% | &nbsp;&nbsp;November 15, 2022 |

---

WORLD FUNDS TRUST

/s/ David A. Bogaert

Signature

By: David A. Bogaert

Title: President

CLIFFORD CAPITAL PARTNERS, LLC

/s/ Roger A. Hill

Signature

By: Roger Hill

Title: Principal, Managing Director

## Ex-99.(H)(21)

[World Funds Trust 485BPOS](clifford-485bpos_012723.htm)

**Exhibit 99.(h)(21)**

**WORLD FUNDS TRUST**

**EXPENSE LIMITATION AGREEMENT**

**EXPENSE LIMITATION AGREEMENT**, effective as of the dates set forth on Schedule A by and between Clifford Capital Partners, LLC (the "Adviser") and World Funds Trust (the "Trust") ("Agreement"), on behalf of the series of the Trust set forth in "Schedule A" and then numerically designated (e.g., Schedule A-1) attached hereto (each a "Fund," and collectively, the "Funds") as of the "Effective Date" noted on each Schedule A with respect to each Fund

**WHEREAS,** the Trust is a Delaware statutory trust, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company of the series type, and each Fund is a series of the Trust;

**WHEREAS,** the Trust, with respect to each of the Funds, and the Adviser have entered into an Advisory Agreement ("Advisory Agreement"), pursuant to which the Adviser provides investment management services to each Fund for compensation based on the value of the daily net assets of each such Fund;

**WHEREAS**, the Trust and the Adviser have determined that it is appropriate and in the best interests of each Fund and its shareholders to maintain the expenses of each Fund at a level no greater than the level to which each such Fund would normally be subject in order to maintain each Fund's expense ratio at the Maximum Annual Operating Expense Limit (as hereinafter defined) specified in Schedule A hereto;

**NOW THEREFORE**, the parties hereto agree as follows:

1. Expense Limitation .

&nbsp;&nbsp;&nbsp;&nbsp;a. *Applicable Expense Limit*. To the extent that the aggregate expenses
of every character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser
(but excluding interest, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act, taxes,
acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized
in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course
of such Fund's business) ("Fund Operating Expenses"), exceed the Maximum Annual Operating Expense Limit, as defined in
Section 1.2 below, such excess amount (the "Excess Amount") shall be the liability of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;b. *Maximum Annual Operating Expense Limit*. The Maximum Annual Operating
Expense Limit with respect to each Fund shall be the amount specified in Schedule A based on a percentage of the daily net assets
of each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;c. *Method of Computation*. To determine the Adviser's liability with respect
to the Excess Amount, each month the Fund Operating Expenses for each Fund shall be annualized as of the last
day of the month. If the annualized Fund Operating Expenses for any month of a Fund exceed the Maximum Annual Operating Expense
Limit of such Fund, the Adviser shall first waive or reduce its investment advisory fee for such month by an amount sufficient
to reduce the annualized Fund Operating Expenses to an amount no higher than the Maximum Annual Operating Expense Limit. If the
amount of the waived or reduced investment advisory fee for any such month is insufficient to pay the Excess Amount, the Adviser
may also remit to the appropriate Fund or Funds an amount that, together with the waived or reduced investment advisory fee, is
sufficient to pay such Excess Amount.

&nbsp;&nbsp;&nbsp;&nbsp;d. *Year-End Adjustment*. If necessary, on or before the last day of the
first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the amount of the investment
advisory fees waived or reduced and other payments remitted by the Adviser to the Fund or Funds with respect to the previous fiscal
year shall equal the Excess Amount.

2. Reimbursement of Fee Waivers and Expense Reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;a. *Reimbursement.* If, during any fiscal month in which the Advisory Agreement
is still in effect, the estimated aggregate Fund Operating Expenses of such Fund for the fiscal month are less than the Maximum
Annual Operating Expense Limit for that month, the Adviser shall be entitled to reimbursement by such Fund, in whole or in part
as provided below, of the sum of all investment advisory fees waived or reduced and other payments remitted by the Adviser with
respect to a particular class of such Fund pursuant to Section 1 hereof, for a three year period following the date such waiver
or reduction was made or payment was remitted by the Adviser ("Reimbursement Amount"), less any reimbursement previously
paid by such Fund to the Adviser, pursuant to this Section 2.a, with respect to such waivers, reductions, and payments. The Reimbursement
Amount shall not include any additional charges or fees whatsoever, including, e.g., interest accruable on the Reimbursement Amount.
To the extent any reimbursement is made pursuant to this Section 2.a., such reimbursement shall not cause the Fund Operating Expenses
to exceed the Maximum Annual Operating Expense Limit that was in place at the time the Adviser waived or reduced its advisory fees
or reimburse other expenses of the Fund or the expense limitation in effect at the time the Adviser seeks reimbursement of such
fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;b. *Method of Computation*. To determine each Fund's accrual, if any, to reimburse the Adviser
for the Reimbursement Amount, each month the Fund Operating Expenses of each Fund shall be annualized as of the last day of the
month. If the annualized Fund Operating Expenses of a Fund for any month are less than the Maximum Annual Operating Expense Limit
of such Fund, such Fund shall accrue into its net asset value an amount payable to the Adviser sufficient to increase the annualized
Fund Operating Expenses of that Fund to an amount no greater than the Maximum Annual Operating Expense Limit of that Fund, provided
that such amount paid to the Adviser will in no event exceed the total Reimbursement Amount. For accounting purposes, amounts accrued
pursuant to this Section 2 shall be a liability of the Fund for purposes of determining the Fund's net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;c. *Payment and Year-End Adjustment*. Amounts accrued pursuant to this
Agreement shall be payable to the Adviser as of the last day of each month. If necessary, on or before the last day of the first
month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating
Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year)
do not exceed the Maximum Annual Operating Expense Limit.

&nbsp;&nbsp;&nbsp;&nbsp;d. *Limitation of Liability*. The Adviser shall look only to the assets
of the Fund for which it waived or reduced fees or remitted payments for reimbursement under this Agreement and for payment of
any claim hereunder, and neither the Fund, nor any of the Trust's trustees, officers, employees, agents, or shareholders,
whether past, present or future shall be personally liable therefor.

3. Term and Termination of Agreement.

This Agreement with respect to each of the Funds shall continue in effect until the expiration date set forth on Schedule A (the "Expiration Date"). With regard to the Operating Expense Limits, the Trust's Board of Trustees and the Advisor may terminate or modify this Agreement prior to the Expiration Date only by mutual written consent. This Agreement shall terminate automatically upon the termination of the Advisory Agreement; provided, however, that the obligation of the Trust to reimburse the Adviser with respect to the Fund shall survive the termination of this Agreement unless the Trust and the Adviser agree otherwise.

4. Miscellaneous.

&nbsp;&nbsp;&nbsp;&nbsp;a. *Captions*. The captions in this Agreement are included for convenience
of reference only and in no other way define or delineate any of the provisions hereof or otherwise affect their construction or
effect.

&nbsp;&nbsp;&nbsp;&nbsp;b. *Interpretation*. Nothing herein contained shall be deemed to require
the Trust or the Funds to take any action contrary to the Trust's Agreement and Declaration of Trust or by-laws, as amended from
time to time, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve
or deprive the Trust's Board of Trustees of its responsibility for and control of the conduct of the affairs of the Trust or the
Funds. The parties to this Agreement acknowledge and agree that all litigation arising hereunder, whether direct or indirect, and
of any and every nature whatsoever shall be satisfied solely out of the assets of the affected Fund and that no Trustee, officer
or holder of shares of beneficial interest of the Fund shall be personally liable for any of the foregoing liabilities. The Trust's
Agreement and Declaration of Trust is on file with the Secretary of State of the State of Delaware. The Agreement and Declaration
of Trust and by-laws describe in detail the respective responsibilities and limitations on liability of the Trustees, officers,
and holders of shares of beneficial interest.

&nbsp;&nbsp;&nbsp;&nbsp;c. *Definitions*. Any question of interpretation of any term or provision of this Agreement, including but not limited to
the investment advisory fee, the computations of net asset values, and the allocation of expenses, having a counterpart in or otherwise
derived from the terms and provisions of the Advisory Agreement or the 1940 Act, shall have the same meaning as and be resolved
by reference to such Advisory Agreement or the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;d. *Enforceability*. Any term or provision of this Agreement which is invalid
or unenforceable in any jurisdiction shall, as to such jurisdiction be ineffective to the extent of such invalidity or unenforceability
without rendering invalid or unenforceable the remaining terms or provisions of this Agreement or affecting the validity or enforceability
of any of the terms or provisions of this Agreement in any other jurisdiction.

**IN WITNESS WHEREOF,** the parties hereto have caused this instrument to be signed on their behalf by their duly authorized officers as of the dates noted on the Schedules as attached hereto.

---

| | |
|:---|:---|
| **WORLD FUNDS TRUST** | **WORLD FUNDS TRUST** |
| On behalf of the | On behalf of the |
| Funds Noted on the Schedules to this Agreement | Funds Noted on the Schedules to this Agreement |
| By: | /s/ David A. Bogaert |
| Name: | David A. Bogaert |
| Title: | President |

---

---

| | |
|:---|:---|
| CLIFFORD CAPITAL PARTNERS, LLC | CLIFFORD CAPITAL PARTNERS, LLC |
| By: | /s/ Roger A. Hill |
| Name: | Roger Hill |
| Title: | Principal, Managing Director |

---

**SCHEDULE A-1**<br> **to the**<br> **EXPENSE LIMITATION AGREEMENT (the "Agreement")**<br> **between**<br> **WORLD FUNDS TRUST (the "Trust")**<br> **and**<br> **Clifford Capital Partners, LLC**

This Agreement relates to the following Funds of the Trust:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Maximum Annual<br> Operating Expense<br> Limit** | &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;**Expiration Date** |
| &nbsp;&nbsp;Clifford Capital Partners Fund - Investor Class | &nbsp;&nbsp;0.90% | &nbsp;&nbsp;November 15, 2022 | &nbsp;&nbsp;January 31, 2024 |
| &nbsp;&nbsp;Clifford Capital Partners Fund - Institutional Class | &nbsp;&nbsp;0.90% | &nbsp;&nbsp;November 15, 2022 | &nbsp;&nbsp;January 31, 2024 |
| &nbsp;&nbsp;Clifford Capital Partners Fund, Super Institutional Shares | &nbsp;&nbsp;0.82% | &nbsp;&nbsp;November 15, 2022 | &nbsp;&nbsp;January 31, 2024 |

---

**ACCEPTED and AGREED:**

WORLD FUNDS TRUST

On behalf of the

Funds noted on this Schedules to the Agreement

---

| | |
|:---|:---|
| By: | /s/ David A. Bogaert |
| Name: | David A. Bogaert |
| Title: | President |
| Date: | November 15, 2022 |

---

CLIFFORD CAPITAL PARTNERS, LLC

---

| | |
|:---|:---|
| By: | /s/ Roger A. Hill |
| Name: | Roger Hill |
| Title: | Principal, Managing Director |
| Date: | November 15, 2022 |

---

**SCHEDULE A-2**<br> **to the**<br> **EXPENSE LIMITATION AGREEMENT (the "Agreement")**<br> **between**<br> **WORLD FUNDS TRUST (the "Trust")**<br> **and**<br> **Clifford Capital Partners, LLC**

This Agreement relates to the following Funds of the Trust:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Maximum Annual<br> Operating Expense<br> Limit** | &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;**Expiration Date** |
| &nbsp;&nbsp;Clifford Capital Focused Small Cap Value Fund - Investor Class | &nbsp;&nbsp;1.05% | &nbsp;&nbsp;November 15, 2022 | &nbsp;&nbsp;January 31, 2024 |
| &nbsp;&nbsp;Clifford Capital Focused Small Cap Value Fund - Institutional Class | &nbsp;&nbsp;1.05% | &nbsp;&nbsp;November 15, 2022 | &nbsp;&nbsp;January 31, 2024 |
| &nbsp;&nbsp;Clifford Capital Focused Small Cap Value Fund - Super Institutional Class | &nbsp;&nbsp;0.97% | &nbsp;&nbsp;November 15, 2022 | &nbsp;&nbsp;January 31, 2024 |

---

**ACCEPTED and AGREED:**

WORLD FUNDS TRUST

On behalf of the

Funds noted on this Schedules to the Agreement

---

| | |
|:---|:---|
| By: | /s/ David A. Bogaert |
| Name: | David A. Bogaert |
| Title: | President |
| Date: | November 15, 2022 |

---

CLIFFORD CAPITAL PARTNERS, LLC

---

| | |
|:---|:---|
| By: | /s/ Roger A. Hill |
| Name: | Roger Hill |
| Title: | Principal, Managing Director |
| Date: | November 15, 2022 |

---

**SCHEDULE A-3**<br> **to the**<br> **EXPENSE LIMITATION AGREEMENT (the "Agreement")**<br> **between**<br> **WORLD FUNDS TRUST (the "Trust")**<br> **and**<br> **Clifford Capital Partners, LLC**

This Agreement relates to the following Funds of the Trust:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Maximum Annual<br> Operating Expense<br> Limit** | &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;**Expiration Date** |
| &nbsp;&nbsp;Clifford Capital International Value Fund - Investor Class | &nbsp;&nbsp;1.05% | &nbsp;&nbsp;November 15, 2022 | &nbsp;&nbsp;January 31, 2024 |
| &nbsp;&nbsp;Clifford Capital International Value Fund - Institutional Class | &nbsp;&nbsp;1.05% | &nbsp;&nbsp;November 15, 2022 | &nbsp;&nbsp;January 31, 2024 |
| &nbsp;&nbsp;Clifford Capital International Value Fund, Super Institutional Shares | &nbsp;&nbsp;0.97% | &nbsp;&nbsp;November 15, 2022 | &nbsp;&nbsp;January 31, 2024 |

---

**ACCEPTED and AGREED:**

WORLD FUNDS TRUST

On behalf of the

Funds noted on this Schedules to the Agreement

---

| | |
|:---|:---|
| By: | /s/ David A. Bogaert |
| Name: | David A. Bogaert |
| Title: | President |
| Date: | November 15, 2022 |

---

CLIFFORD CAPITAL PARTNERS, LLC

---

| | |
|:---|:---|
| By: | /s/ Roger A. Hill |
| Name: | Roger Hill |
| Title: | Principal, Managing Director |
| Date: | November 15, 2022 |

---

## Ex-99.(I)(14)

[World Funds Trust 485BPOS](clifford-485bpos_012723.htm)

**Exhibit 99.(i)(14)**

![(graphic)](ex99i14001.jpg)

JOHN H. LIVELY, Managing Partner

john.lively@practus.com

11300 Tomahawk Creek Pkwy., Suite 310

Leawood, KS 66211

(913) 660-0778

January 27, 2023

World Funds Trust

8730 Stony Point Parkway, Suite 205

Richmond, VA 23235

Ladies and Gentlemen:

We hereby consent to the use of our name and to the reference to our firm under the caption "Legal Counsel" in the Statement of Additional Information for the Clifford Capital Partners Fund, the Clifford Capital Focused Small Cap Value Fund and the Clifford Capital International Value Fund, each a series portfolio of the World Funds Trust (the "Trust"), which is included in Post-Effective Amendment No. 420 to the Trust's Registration Statement under the Securities Act of 1933, as amended (No. 333-148723), and Amendment No. 421 to the Trust's Registration Statement under the Investment Company Act of 1940, as amended (No. 811-22172), on Form N-1A.

If you have any questions concerning the foregoing, please contact the undersigned at (913) 660-0778 or <u>John.Lively@practus.com</u>.

---

| |
|:---|
| Regards, |
| /s/ John H. Lively |
| On behalf of Practus, LLP |

---

![(graphic)](ex99i14002.jpg)

## Ex-99.Ji)(5)

[World Funds Trust 485BPOS](clifford-485bpos_012723.htm)

**Exhibit 99.(j)(5)**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated November 29, 2022, relating to the financial statements and financial highlights of Clifford Capital Partners Fund, Clifford Capital Focused Small Cap Value Fund and Clifford Capital International Value Fund, each a series of World Funds Trust, for the year or perod ended September 30, 2022, and to the references to our firm under the headings "Financial Highlights" and "Fund Service Providers" in the Prospectus and "Independent Registered Public Accounting Firm" and "Financial Statements" in the Statement of Additional Information.

![](cohensig.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

January 26, 2023