# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001752724-23-022138
**Filing Date:** 2023-2
**Character Count:** 39056
**Document Hash:** ca6e10f8da38b5858f1df3f35dc1fd06
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-022138.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001752724-23-022138

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**PERIOD START**: 20230331

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22172
- **FILM NUMBER:** 23616610

**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

### OTG Latin America Fund (Series ID: S000064941)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000210276 | Class A Shares | OTGAX           |

## Nport-Ex

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTG Latin America Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTG Latin America Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTG Latin America Fund** |  |  |  |  |
| **Schedule of Investments** | **Schedule of Investments** |  | **december 31, 2022 (unaudited)** | **december 31, 2022 (unaudited)** | **december 31, 2022 (unaudited)** | **december 31, 2022 (unaudited)** | **december 31, 2022 (unaudited)** |
|  |  |  | **Shares** | **Shares** | **Shares** | | **Fair Value** |
| 3.03% | CORPORATE BONDS |  |  |  |  |  |  |
| 0.62% | COLUMBIA |  |  |  |  |  |  |
|  | Banco GNB Sudameris SA, VAR%, | Banco GNB Sudameris SA, VAR%, |  |  |  | .$. | 88495 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4/3/2027 . . . . . . . . . . . . . . | &nbsp;&nbsp;. . . . . . . . | &nbsp;&nbsp;. . . . . . . . | 100,000. . . . | 100,000. . . . | .$. | 88495 |
| 0.10% | MEXICO |  |  |  |  |  |  |
|  | Unifin Financiera SA, 7..25%, 9/27/2023 | Unifin Financiera SA, 7..25%, 9/27/2023 |  | 200000 | 200000 |  | 7750 |
|  | Unifin Financiera SA, 7..375%, 2/12/2026 . . . | Unifin Financiera SA, 7..375%, 2/12/2026 . . . | Unifin Financiera SA, 7..375%, 2/12/2026 . . . | 200000 | 200000 |  | 6900 |
|  |  |  |  |  |  |  | 14650 |
| 2.31% | PERU |  |  |  |  |  |  |
|  | Peru Lng S..R..L.., 5..375%, 3/22/2030 . . . | Peru Lng S..R..L.., 5..375%, 3/22/2030 . . . | &nbsp;&nbsp;. . . . | 300000 | 300000 |  | 251023 |
|  | Volcan Cia Minea SAA, 4..375%, 2/11/2026 . . | Volcan Cia Minea SAA, 4..375%, 2/11/2026 . . | Volcan Cia Minea SAA, 4..375%, 2/11/2026 . . |  | 95000 |  | 82052 |
|  |  |  |  |  |  |  | 333075 |
| 3.03% | TOTAL CORPORATE BONDS . . . . . . . . . . . . . | TOTAL CORPORATE BONDS . . . . . . . . . . . . . | TOTAL CORPORATE BONDS . . . . . . . . . . . . . | TOTAL CORPORATE BONDS . . . . . . . . . . . . . | TOTAL CORPORATE BONDS . . . . . . . . . . . . . |  | 436220 |
| 85.58% | COMMON STOCKS |  |  |  |  |  |  |
| 43.98% | BRAZIL |  |  |  |  |  |  |
|  | Ambev S..A.. ADR . . . . . . . . . . | . . . . . . . | . . . . . .93,000. | . . . . . .93,000. | . . . . . .93,000. |  | 252960 |
|  | Atacadao SA . . . . . . . . . . . . . | &nbsp;&nbsp;. . . . . | . . . . . 108,140. . . . | . . . . . 108,140. . . . | . . . . . 108,140. . . . |  | 302724 |
|  | Banco Bradesco S..A.. ADR . | . . . . . . . | . . . . .200,579. . | . . . . .200,579. . | . . . . .200,579. . |  | 577668 |
|  | Banco BTG Pactual SA-Unit | . . . . . . . . | . . . . .54,400. | . . . . .54,400. | . . . . .54,400. |  | 246666 |
|  | Banco Santander (Brasil) S..A.. . . . . . . . | Banco Santander (Brasil) S..A.. . . . . . . . | . . . . .39,000. | . . . . .39,000. | . . . . .39,000. |  | 208231 |
|  | Companhia Brasileira de Distribuicao ADR | Companhia Brasileira de Distribuicao ADR | Companhia Brasileira de Distribuicao ADR |  | 80900 |  | 250790 |
|  | EDP - Energias do Brasil SA(A) . . . . . . | EDP - Energias do Brasil SA(A) . . . . . . | &nbsp;&nbsp;. . . . | &nbsp;&nbsp;. . . . | 52,600. . |  | 207122 |
|  | Gerdau S..A.. ADR . . . . . . . . | . . . . . . . . . . . | . . . . . . . . . . . | . | 60,750. . . |  | 336555 |
|  | Hapvida Participacoes e |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Investimentos S..A..(A) . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;Investimentos S..A..(A) . . . . . . . . . . | . . . . . . . .150,000 | . . . . . . . .150,000 | . . . . . . . .150,000 |  | 144325 |
|  | Itau Unibanco Holdings S..A.. ADR . . . . | Itau Unibanco Holdings S..A.. ADR . . . . | . . . . . |  | 96100 |  | 452631 |
|  | JBS SA . . . . . . . . . . . . . . . . . | . . . . . | . . . . . | . . . . . | 51,000. . . | . . | 212413 |
|  | JBS SA-Sponsored ADR . . . | . . . . . . . | . . . . . . . |  | 14500 |  | 123250 |
|  | MRV Engenharia . . . . . . . . . . | . . . . . . . | . . . . .199,500. . | . . . . .199,500. . | . . . . .199,500. . |  | 287173 |
|  | NU Holdings LTD(A) . . . . . . . . | . . . . . . . . | . . . . . . | . . . . . . | 49700 |  | 202279 |
|  | Pagseguro Digital Ltd..(A) . . . . . . . . | Pagseguro Digital Ltd..(A) . . . . . . . . | . . . . . . | . . . . . . | .13,500. . |  | 117990 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1** |  |  |  |  |  |

---

QUARTERLY REPORT

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTG Latin America Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTG Latin America Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTG Latin America Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTG Latin America Fund** |  |  |
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **Schedule of Investments - continued** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2022 (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2022 (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2022 (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2022 (unaudited)** |
|  |  |  |  | **Shares** | **Shares** | **Fair Value** |
|  | Petroleo Brasileiro S..A.. ADR | . . . . | &nbsp;&nbsp;. . . . . | . | .59,550. . | $634208 |
|  | Sendas Distribuidora S/A .. .. .. .. .. .. .. .. | Sendas Distribuidora S/A .. .. .. .. .. .. .. .. | .. .. .. .. .. .. .. .. |  | 12444 | 227850 |
|  | Suzaano Papel E Celul . . . . | . . . . . | . . . . . . . . . | . . . . . . . . . | 56900 | 525756 |
|  | Vale S..A.. ADR . . . . . . . . . . . . | . . . . | . . . . . . . 60,300. . . | . . . . . . . 60,300. . . | . . . . . . . 60,300. . . | 1023291 |
|  |  |  |  |  |  | 6333882 |
| 12.02% | CHILE |  |  |  |  |  |
|  | Banco De Credito Inversion | . . . . . . | . . . . . . . .7,703 | . . . . . . . .7,703 | . . . . . . . .7,703 | 221474 |
|  | Cencosud SA . . . . . . . . . . . | . . . | . . . . . . . 105,000. . . . . | . . . . . . . 105,000. . . . . | . . . . . . . 105,000. . . . . | 172679 |
|  | Colbun SA . . . . . . . . . . . . . . | . . . | . . . . . . 3,035,509. . . . . . | . . . . . . 3,035,509. . . . . . | . . . . . . 3,035,509. . . . . . | 312408 |
|  | Enel Chile SA . . . . . . . . . . . . . | Enel Chile SA . . . . . . . . . . . . . | . . . . . 2,500,000. . . . . | . . . . . 2,500,000. . . . . | . . . . . 2,500,000. . . . . | . 114,913. . |
|  | Itau Corpbanca . . . . . . . . . . . | . . . | . . . . . 107,668,957. . . . . . | . . . . . 107,668,957. . . . . . | . . . . . 107,668,957. . . . . . | 237360 |
|  | SMU SA . . . . . . . . . . . . . . . | . . . | . . . . . 2,904,500. . . . . . .397,744. | . . . . . 2,904,500. . . . . . .397,744. | . . . . . 2,904,500. . . . . . .397,744. | . . . . . 2,904,500. . . . . . .397,744. |
|  | Sociedad Mariz Saam SA . . | . . . . . . | . . . . . .877,601. . | . . . . . .877,601. . | . . . . . .877,601. . | 99094 |
|  | Sociedad Quimica y Minera de Chile SA . . . | Sociedad Quimica y Minera de Chile SA . . . | Sociedad Quimica y Minera de Chile SA . . . |  | 2200 | 175648 |
|  |  |  |  |  |  | 1731320 |
| 4.38% | COLOMBIA |  |  |  |  |  |
|  | Bancolumbia S..A.. Spons ADR . . . . | Bancolumbia S..A.. Spons ADR . . . . | . . . . . . . . 9,000 | . . . . . . . . 9,000 | . . . . . . . . 9,000 | 256860 |
|  | Cementos Argos S..A.. . . . . . . . . . | Cementos Argos S..A.. . . . . . . . . . | &nbsp;&nbsp;. . . . . | . | 202,462. . . . | 150343 |
|  | Grupo Aval Acciones y Valores S..A.. . . . . . . . | Grupo Aval Acciones y Valores S..A.. . . . . . . . | Grupo Aval Acciones y Valores S..A.. . . . . . . . | 1899000 | 1899000 | 223274 |
|  |  |  |  |  |  | 630477 |
| 12.64% | MEXICO |  |  |  |  |  |
|  | Alpek SA de CV . . . . . . . . . . | . . . . . . . . . . 143,200. . . . | . . . . . . . . . . 143,200. . . . | . . . . . . . . . . 143,200. . . . | . . . . . . . . . . 143,200. . . . | 209437 |
|  | America Movil SAB de CV . | . . . . . | . . . . . . . 8,500. . | . . . . . . . 8,500. . | . . . . . . . 8,500. . | 154700 |
|  | American Movil SAB de C-Ser L . . . . . . . . | American Movil SAB de C-Ser L . . . . . . . . | American Movil SAB de C-Ser L . . . . . . . . | . . 241,000 | . . 241,000 | 217669 |
|  | Cemex SAB-Spons ADR(A) . | . . . . | . . . . . . .58,000. . . | . . . . . . .58,000. . . | . . . . . . .58,000. . . | 234900 |
|  | Fomento Economico Mexicano S..A..B.. de | Fomento Economico Mexicano S..A..B.. de | Fomento Economico Mexicano S..A..B.. de |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;C..V.. ADR . . . . . . . . . . . . | . . . . . . . . . . | . . . . . . . . . . | . . . . . . . . . . | 37,952. . . . | . . 296,718 |
|  | Fomento Economico MEX-SP ADR | Fomento Economico MEX-SP ADR | . . . . . . . . |  | 2750 | 214830 |
|  | Genetera S..A..B de C..V . . . . | . . . . . . . . . . . . | . . . . . . . . . . . . |  | 5000 | 5640 |
|  | Grupo Financiero Banorte-O | . . . . . | . . . . . . .37,800. | . . . . . . .37,800. | . . . . . . .37,800. | 272038 |
|  | Sitios LatinoAmerica SAB de C..V..(A) | Sitios LatinoAmerica SAB de C..V..(A) | . . . . . . . . |  | 8500 | 4013 |
|  | Wal-Mart DE Mexico S..A..B.. de C..V.. . . . . . . . . | Wal-Mart DE Mexico S..A..B.. de C..V.. . . . . . . . . | Wal-Mart DE Mexico S..A..B.. de C..V.. . . . . . . . . |  | 59600 | 210671 |
|  |  |  |  |  |  | 1820616 |
|  |  | **2** |  |  |  |  |

---

QUARTERLY REPORT

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTG Latin America Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTG Latin America Fund** |  |  |  |  |
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  |  | **Shares** | | &nbsp;&nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;&nbsp;**Fair Value** |
| 8.31% | PERU |  |  |  |  |  |
|  | Alicorp S..A..A.. . . . . . . . . . . . . . . . . | . . . . 142,155. . . | . . . . 142,155. . . | . $. . | . $. . | 252728 |
|  | Banco BBVA Peru SA . . . . . . . . . . | . . . . . . .345,988. . | . . . . . . .345,988. . |  |  | 154005 |
|  | Cementos Pascasmayo S..A..A.. . . . . . . . | . . . . 150,000. | . . . . 150,000. |  |  | 156055 |
|  | Ferreyros SA . . . . . . . . . . . . . . . . . | . . . . 268,133. . . . . . | . . . . 268,133. . . . . . | . . . . 268,133. . . . . . |  | 157487 |
|  | Inretail Peru Corp.. . . . . . . . . . . . . | . . . . . .7,229. | . . . . . .7,229. | . . . | . . . | 238629 |
|  | Intercorp Financial Services . . . . . . . . | . . . . .10,099. | . . . . .10,099. |  |  | 237326 |
|  |  |  |  |  |  | 1196230 |
| 0.56% | SPAIN |  |  |  |  |  |
|  | Banco Santander S..A.. ADR . . . . . . . | . . . . . 1,272. . | . . . . . 1,272. . |  |  | 3752 |
|  | Codere Online Luxembourg, S..A..(A) . . . . | . . . . | 30000 |  |  | 77400 |
|  |  |  |  |  |  | 81152 |
| 3.69% | UNITED STATES |  |  |  |  |  |
|  | Globant S..A..(A) . . . . . . . . . . . . . . . . . . | . . . . . . 720. . | . . . . . . 720. . |  |  | 121075 |
|  | Mercadolibre Inc..(A) . . . . . . . . . . . . . . . . . . . | Mercadolibre Inc..(A) . . . . . . . . . . . . . . . . . . . | . . . 180 |  |  | 152323 |
|  | Microsoft Corp.. . . . . . . . . . . . . . . . . . | . . . . . . 495. . | . . . . . . 495. . |  |  | 118711 |
|  | Qualcomm Inc.. . . . . . . . . . . . . . . . | . . . . . . 1,275. . | . . . . . . 1,275. . | &nbsp;&nbsp;. . | &nbsp;&nbsp;. . | 140174 |
|  |  |  |  |  |  | 532283 |
| 85.58% | TOTAL COMMON STOCKS . . . . . . . . . . . . . . | TOTAL COMMON STOCKS . . . . . . . . . . . . . . | TOTAL COMMON STOCKS . . . . . . . . . . . . . . | 12325960 | 12325960 | 12325960 |
| 9.56% | MONEY MARKET FUNDS |  |  |  |  |  |
|  | Morgan Stanley Institutional Liquidity Fund . . | Morgan Stanley Institutional Liquidity Fund . . |  |  |  |  |
|  | Institutional Class 4..11%\*\* . . . . . . . . . . | . . . .1,376,640. . . | . . . .1,376,640. . . |  |  | 1376640 |
| 98.17% | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | 14138820 | 14138820 | 14138820 |
| 1.83% | Other assets, net of liabilities . . . . . . . . . . . . . . . . . . . . | Other assets, net of liabilities . . . . . . . . . . . . . . . . . . . . | Other assets, net of liabilities . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;. . .263,391. . . . . | &nbsp;&nbsp;. . .263,391. . . . . | &nbsp;&nbsp;. . .263,391. . . . . |
| 100.00% | NET ASSETS . . . . . . . . . . . . . . . . . . . . | NET ASSETS . . . . . . . . . . . . . . . . . . . . | NET ASSETS . . . . . . . . . . . . . . . . . . . . |  | <u>$14402211</u> | <u>$14402211</u> |

---

(A)Non-income producing

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

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

**3**

QUARTERLY REPORT

**OTG Latin America Fund**

---

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

---

In accordance with U. .S. . GAAP, "fair value" is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. . Various inputs are used in determining the value of a Fund's investments.. U..S.. GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. . Level 1 includes quoted prices in active markets for identical securities.. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc..).. Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)..

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities..

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Level 1** | **Level 2** |  | **Level 3** | |
|  |  | <br>**Quoted**<br>**Prices** | **Other**<br>**Significant**<br>**Observable**<br>**Inputs** |  | <br>**Significant**<br>**Unobservable**<br>**Inputs** | <br>**Total** |
| .. .. .. ..Corporate Bonds .. .. .. | .. .. .. .. .. $ |  | $436220 | $ | $— | $436220 |
| Common Stocks . . . . . . . | . . . 12,325,960. . . | . . . 12,325,960. . . |  |  |  | 12325960 |
| Money Market Funds . . . . | . . . . 1,376,640. | . . . . 1,376,640. |  |  |  | 1376640 |
| Total Investments . . . |  |  |  |  |  |  |
| Total Investments . . . | . . .$13,702,600. . . | . . .$13,702,600. . . | $436220 | $ | $— | $14138820 |

---

The Fund held no Level 3 securities at any time during the period..

There were no transfers into or out of Levels 1 and 2 during the period ended December 31, 2022..

At December 31, 2022, the cost of investment for Federal income tax purposes has been estimated since the final tax characteristics cannot be determined until fiscal year end.. Cost of securities for Federal income tax purpose is $15,442,019 and the related tax-based net unrealized appreciation (depreciation) consists of:

---

| | | |
|:---|:---|:---|
| Gross unrealized appreciation . | . . $ | 937865 |
| Gross unrealized depreciation . | . . | (2241064) |
| Net unrealized appreciation . . . |  |  |
| Net unrealized appreciation . . . | . .<u>$. (1,303,199</u>) | . .<u>$. (1,303,199</u>) |

---

**4**

QUARTERLY REPORT

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Richmond

  - **State:** VA

  - **Foreign country:** US

  - **Zip / Postal Code:** 23235

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

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

- **a. Name of Series:** OTG LATIN AMERICA FUND

- **b. EDGAR series identifier (if any):** S000064941

- **c. LEI of Series:** 549300LQRNK52V834D50

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

- **a. Date of fiscal year-end:** 2023-03-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $14386887.49

**Total Liabilities:** $15323.54

**Net Assets:** $14402211.03

**Cash Not Reported:** $134238.44

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000210276 | 8.94%                | 1.30%                | -2.12%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $691144.19               | $539064.09                                 |
| Month 2  | $34589.36                | $20057.09                                  |
| Month 3  | $85672.77                | $-442078.61                                |

### Schedule of Portfolio Investments

| Name                          | Title                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Default                       | AMBEV SA ADR                             | CUSIP: 02319V103<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     93000 | NS      | $252960.00    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | JBS SA-SPONSORED ADR                     | CUSIP: 466110103<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     14500 | NS      | $123250.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | FOMENTO ECONOMICO MEX-SP ADR             | CUSIP: 344419106<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |      2750 | NS      | $214830.00    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | NU HOLDINGS LTD                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |     49700 | NS      | $202279.00    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| GRUPO FINANCIERO BANORTTE SAB | GRUPO FINANCIERO BANORTE-O               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |     37800 | NS      | $272038.18    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | HAPVIDA PARTICIPACOES E INVESTIMENTOS SA | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    150000 | NS      | $144325.02    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | BANCO SANTANDER BRASIL UNITS             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     39000 | NS      | $208231.45    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | GRUPO AVAL ACCIONES SA -PF               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CO        |   1899000 | NS      | $223273.52    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | SOCIEDAD MARIZ SAAM SA                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CL        |    877601 | NS      | $99094.17     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | GLOBANT S.A.                             | CUSIP: L44385109<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |       720 | NS      | $121075.20    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | INTERCORP FINANCIAL SERVICES             | CUSIP: P5626F128<br>LEI: N/A                  | Long             | EC               | CORP              | PA        |     10099 | NS      | $237326.50    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | ITAU UNIBANCO HOLDING S.A. ADR           | CUSIP: 465562106<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     96100 | NS      | $452631.00    | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | JBS SA                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     51000 | NS      | $212413.47    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | PAGSEGURO DIGITAL LTD                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |     13500 | NS      | $117990.00    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO GNB SUDAMERIS SA        | BANCO GNB SUDAMERIS SA 04/03/2027 VAR%   | CUSIP: P1265VAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $88494.50     | 0.61%             | 2027-04-03      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| Default                       | BANCO BRADESCO S.A. ADR                  | CUSIP: 059460303<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    200579 | NS      | $577667.52    | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | BANCO BTG PACTUAL SA-UNIT                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     54400 | NS      | $246666.23    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | ALPEK SA DE CV                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |    143200 | NS      | $209437.31    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | CODERE ONLINE LUXEMBOURG,S.A.            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |     30000 | NS      | $77400.00     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | SUZANO SA                                | CUSIP: 86959K105<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     56900 | NS      | $525756.00    | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | ATACADAO SA                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    108140 | NS      | $302724.40    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | UNIFIN FINANCIERA SA DE 7.375% 02/12/26  | CUSIP: P94461AE3<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    200000 | PA      | $6900.00      | 0.05%             | 2026-02-12      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Default                       | EDP - ENERGIAS DO BRASIL SA              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     52600 | NS      | $207122.30    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | INRETAIL PERU CORP                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | PE        |      7229 | NS      | $238629.29    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | AMERICAN MOVIL SAB DE C-SER L            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |    241000 | NS      | $217668.64    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | COLBUN S.A.                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CL        |   3035509 | NS      | $312407.82    | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| PETROBRAS SA-ADR              | Petroleo Brasileiro SA                   | CUSIP: 71654V408<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     59550 | NS      | $634207.50    | 4.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | CEMEX SAB-SPONS ADR                      | CUSIP: 151290889<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     58000 | NS      | $234900.00    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                | Microsoft Corp.                          | CUSIP: 594918104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       495 | NS      | $118710.90    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| SITIOS LATINOAMERICA SAB DE   | SITIOS LATINOAMERICA SAB DE              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |      8500 | NS      | $4013.03      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | BANCOLOMBIA S.A. SPONS ADR               | CUSIP: 05968L102<br>LEI: N/A                  | Long             | EC               | CORP              | CO        |      9000 | NS      | $256860.00    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | UNIFIN FINANCIERA SA DE 7.25% 9/27/23    | CUSIP: P94461AB9<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    200000 | PA      | $7750.00      | 0.05%             | 2023-09-27      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Default                       | WAL-MART DE MEXICO S.A.B. DE C.V.        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |     59600 | NS      | $210671.39    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | MRV ENGENHARIA                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    199500 | NS      | $287172.69    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| QUIMICA Y-SP ADR              | Sociedad Quimica y Minera de Chile SA    | CUSIP: 833635105<br>LEI: N/A                  | Long             | EC               | CORP              | CL        |      2200 | NS      | $175648.00    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | SMU SA                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CL        |   2904500 | NS      | $397744.44    | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | VOLCAN CIA MINERA S.A.A 4.375% 2-11-26   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | PE        |     95000 | PA      | $82052.33     | 0.57%             | 2026-02-11      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Mercadolibre Inc              | MERCADOLIBRE INC                         | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       180 | NS      | $152323.20    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | BANCO DE CREDITO INVERSION (BCI)         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CL        |      7703 | NS      | $221473.64    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | MORGAN STANLEY INST'L LIQ GOV'T FUND -1  | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1376640 | NS      | $1376640.39   | 9.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | CEMENTOS ARGOS SA                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CO        |    202462 | NS      | $150343.07    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | FOMENTO ECONOMICO MEXICANO, S.A.B.       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |     37952 | NS      | $296717.58    | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INC                  | QUALCOMM Inc                             | CUSIP: 747525103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1275 | NS      | $140173.50    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | SENDAS DISTRIBUIDORA S/A                 | CUSIP: 81689T104<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     12444 | NS      | $227849.64    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | CENCOSUD SA                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CL        |    105000 | NS      | $172679.04    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | ALICORP S.A.A.                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | PE        |    142155 | NS      | $252728.26    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | GENTERA S.A.B. DE C.V.                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |      5000 | NS      | $5639.80      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO SANTAN-ADR              | Banco Santander SA                       | CUSIP: 05964H105<br>LEI: N/A                  | Long             | EC               | CORP              | ES        |      1272 | NS      | $3752.40      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ENEL CHILE SA                 | ENEL CHILE SA                            | CUSIP: N/A<br>LEI: 549300YN5CWCAUV0PB53       | Long             | EC               | CORP              | CL        |   2500000 | NS      | $114913.06    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | CIA BRASILEIRA DE DISTRIBUICAO ADR       | CUSIP: 20440T300<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     80900 | NS      | $250790.00    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | CEMENTOS PACASMAYO S.A.A.                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | PE        |    150000 | NS      | $156054.52    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | FERREYCORP S.A.A.                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | PE        |    268133 | NS      | $157486.53    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| VALE SA-SP ADR                | Vale SA                                  | CUSIP: 91912E105<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     60300 | NS      | $1023291.00   | 7.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | ITAU CORPBANCA                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CL        | 107668957 | NS      | $237360.39    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | PERU LNG S.R.L. 5.375% 3/22/30           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | PE        |    300000 | PA      | $251022.59    | 1.74%             | 2030-03-22      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GERDAU SA-ADR                 | Gerdau SA                                | CUSIP: 373737105<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     60750 | NS      | $336555.00    | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICA-SPON ADR              | America Movil SAB de CV                  | CUSIP: 02364W105<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |      8500 | NS      | $154700.00    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                       | BANCO BBVA PERU                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | PE        |    345988 | NS      | $154005.14    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** World Funds Trust

**Signature:** Ann MacDonald

**Name of Signer:** Ann MacDonald

**Title:** Principal Financial Officer