# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001752724-23-022144
**Filing Date:** 2023-2
**Character Count:** 21473
**Document Hash:** b5a3744a00083a2a152305aa454524b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-022144.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001752724-23-022144

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**PERIOD START**: 20230930

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22172
- **FILM NUMBER:** 23616614

**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           |

## Nport-Ex

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Clifford Capital Focused Small Cap Value Fund** | **Clifford Capital Focused Small Cap Value Fund** | **Clifford Capital Focused Small Cap Value Fund** | **Clifford Capital Focused Small Cap Value Fund** | **Clifford Capital Focused Small Cap Value Fund** |
| **Schedule of Investments** | **Schedule of Investments** |  | **december 31, 2022 (unaudited)** | **december 31, 2022 (unaudited)** | **december 31, 2022 (unaudited)** |
| 102.92% | COMMON STOCKS |  |  | **Shares** | **Fair Value** |
| 102.92% | COMMON STOCKS |  |  |  |  |
| 2.65% | COMMUNICATIONS SERVICES |  |  |  | <u>$283922</u> |
|  | Millicom Internatinal Cellular S.A. . . | . | . . | 22480 | <u>$283922</u> |
| 22.21% | CONSUMER DISCRETIONARY |  |  |  |  |
|  | Big Lots, Inc. . . . . . . . . . . . | . | . . | 21110 | 310317 |
|  | Perdoceo Education Corp.(A) . . . . | . | . . | 24510 | 340689 |
|  | Qurate Retail, Inc. - Class A . . . . | . | . . | 54760 | 89259 |
|  | Qurate Retail, Inc. - PFD V . . . . . | . | . . | 8430 | 288812 |
|  | Urban Outfitters, Inc.(A) . . . . . . | . | . . | 14510 | 346064 |
|  | VOXX International Corp.(A) . . . . | . | . . | 37440 | 313747 |
|  | Winmark Corp. . . . . . . . . . . | . | . . | 2160 | 509393 |
|  | WW International, Inc.(A) . . . . . . | . | . . | 48030 | 185396 |
|  |  |  |  |  | 2383676 |
| 6.18% | CONSUMER STAPLES |  |  |  |  |
|  | Fresh Del Monte Produce, Inc. . . . | . | . . | 12680 | 332089 |
|  | Reynolds Consumer Products, Inc. . | . | . . | 11040 | 330979 |
|  |  |  |  |  | 663068 |
| 7.49% | ENERGY | . | . . | 22610 | 391379 |
|  | KLX Energy Services Holdings, Inc.(A) | . | . . | 22610 | 391379 |
|  | Liberty Energy, Inc. . . . . . . . . | . | . . | 25750 | 412258 |
|  |  |  |  |  | 803637 |
| 20.28% | FINANCIALS |  |  |  |  |
|  | Community Trust Bancorp, Inc. . . . | . | . . | 8630 | 396376 |
|  | CVB Financial Corp. . . . . . . . | . | . . | 18690 | 481268 |
|  | First Hawaiian, Inc. . . . . . . . . | . | . . | 16270 | 423671 |
|  | Hancock Whitney Corp. . . . . . . | . | . . | 8430 | 407928 |
|  | Westamerica Bancorp. . . . . . . | . | . . | 7910 | 466769 |
|  |  |  |  |  | 2176011 |
| 4.51% | HEALTHCARE |  |  |  |  |
|  | NextGen Healthcare, Inc.(A) . . . . | . | . . | 25750 | 483585 |

---

**1**

QUARTERLY REPORT

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Clifford Capital Focused Small Cap Value Fund** | **Clifford Capital Focused Small Cap Value Fund** | **Clifford Capital Focused Small Cap Value Fund** | **Clifford Capital Focused Small Cap Value Fund** |
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
| 21.33% | INDUSTRIALS |  | **Shares** | **Fair Value** |
| 21.33% | INDUSTRIALS |  |  |  |
|  | Commercial Vehicle Group, Inc.(A) . . | . . | 68090 | $463693 |
|  | HNI Corp. . . . . . . . . . . . . | . . . | 10980 | 312161 |
|  | Pitney Bowes, Inc. . . . . . . . . . | . . | 112070 | 425866 |
|  | Steelcase, Inc. . . . . . . . . . . | . . . | 33850 | 239320 |
|  | Stericycle, Inc.(A) . . . . . . . . . . | . . | 7970 | 397623 |
|  | Thermon Group Holdings, Inc.(A) . . . | . . | 22410 | 449993 |
|  |  |  |  | 2288656 |
| 14.95% | INFORMATION TECHNOLOGY |  |  |  |
|  | DXC Technology Co.(A) . . . . . . . | . . | 17320 | 458980 |
|  | Western Union Co./The . . . . . . | . . . | 24700 | 340119 |
|  | EVERTEC, Inc. . . . . . . . . . . | . . . | 11170 | 361685 |
|  | NCR Corp.(A) . . . . . . . . . . . | . . . | 18950 | 443620 |
|  |  |  |  | 1604403 |
| 3.32% | MATERIALS |  |  | 356290 |
|  | Compass Minerals International, Inc. . | . . | 8690 | 356290 |
| 102.92% | TOTAL COMMON STOCKS . . . . . . . . . . . . . . | TOTAL COMMON STOCKS . . . . . . . . . . . . . . | TOTAL COMMON STOCKS . . . . . . . . . . . . . . | 11043248 |
| 2.25% | MONEY MARKET FUNDS |  |  |  |
|  | Federated Institutional Prime Obligations | Federated Institutional Prime Obligations |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fund Institutional Class 4.36%(B) . . | . . | 241576 | 241600 |
| 105.17% | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | 11284848 |
| -5.17% | Liabilities in excess of other assets . . . . . . . . . . . | Liabilities in excess of other assets . . . . . . . . . . . | Liabilities in excess of other assets . . . . . . . . . . . | (554539) |
| 100.00% | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | $<u>10730309</u> |

---

(A)Non-income producing

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

**2**

QUARTERLY REPORT

**Clifford Capital Focused Small Cap Value Fund**

---

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

---

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Level 1** |  | **Level 2** |  | **Level 3** | |
|  | **Quoted** |  | |  | | |
|  | **Quoted** |  | |  | | |
|  | **Prices** |  | **Other**<br>**Significant**<br>**Observable**<br>**Inputs** |  | <br>**Significant**<br>**Unobservable**<br>**Inputs** | <br>**Total** |
| Common Stocks . . . . . . | $11043248 | $ | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $ | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $11043248 |
| Money Market Funds . . . . | 241600 |  |  |  |  | 241600 |
| Total Investments . . . . . . | $11284848 | $ | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $ | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $11284848 |

---

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

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

At December 31, 2022 the cost of investments for Federal income tax purposes has been estimated since the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purpose is $10,745,317 and the related tax-based net unrealized appreciation (depreciation) consists of:

---

| | |
|:---|:---|
| Gross unrealized appreciation . . . . | $1417513 |
| Gross unrealized depreciation . . . . | (877982) |
| Net unrealized appreciation . . . . . | $<u>539531</u> |

---

**3**

QUARTERLY REPORT

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Richmond

  - **State:** VA

  - **Foreign country:** US

  - **Zip / Postal Code:** 23235

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

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

- **a. Name of Series:** Clifford Capital Partners Fund

- **b. EDGAR series identifier (if any):** S000052714

- **c. LEI of Series:** 549300W49IG2LD902575

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $116223280.90

**Total Liabilities:** $3229222.36

**Net Assets:** $112994058.54

**Cash Not Reported:** $1444081.41

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000165525 | 13.12%               | 4.72%                | -3.98%               |
| Class ID C000165524 | 13.18%               | 4.65%                | -3.99%               |
| Class ID C000214943 | 13.18%               | 4.72%                | -3.96%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $948761.83               | $10925546.65                               |
| Month 2  | $-417.28                 | $4782510.61                                |
| Month 3  | $537575.76               | $-5093177.33                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FEDER-GVT OB-IS  | Federated Institutional Prime Obligations Fund Institutional Class | CUSIP: 60934N203<br>LEI: N/A | Long             | STIV             | RF                | US        |   3911431 | NS      | $3910363.44   | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | PERDOCEO EDUCATION CORP                                            | CUSIP: 71363P106<br>LEI: N/A | Long             | EC               | CORP              | US        |    245600 | NS      | $3413840.00   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS    | Cisco Systems, Inc.                                                | CUSIP: 17275R102<br>LEI: N/A | Long             | EC               | CORP              | US        |     63100 | NS      | $3006084.00   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOZONE INC     | AutoZone, Inc.                                                     | CUSIP: 053332102<br>LEI: N/A | Long             | EC               | CORP              | US        |      1870 | NS      | $4611756.60   | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | GSK PLC-SPON ADR                                                   | CUSIP: 37733W204<br>LEI: N/A | Long             | EC               | CORP              | GB        |     92100 | NS      | $3236394.00   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MILLS IN | General Mills, Inc.                                                | CUSIP: 370334104<br>LEI: N/A | Long             | EC               | CORP              | US        |     55800 | NS      | $4678830.00   | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH  | Cardinal Health, Inc.                                              | CUSIP: 14149Y108<br>LEI: N/A | Long             | EC               | CORP              | US        |     77300 | NS      | $5942051.00   | 5.26%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON&JOHNSON  | Johnson & Johnson                                                  | CUSIP: 478160104<br>LEI: N/A | Long             | EC               | CORP              | US        |     15300 | NS      | $2702745.00   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| HNI CORP         | HNI Corp.                                                          | CUSIP: 404251100<br>LEI: N/A | Long             | EC               | CORP              | US        |     57100 | NS      | $1623353.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMUNI TRUST BA | Community Trust Bancorp, Inc.                                      | CUSIP: 204149108<br>LEI: N/A | Long             | EC               | CORP              | US        |     99600 | NS      | $4574628.00   | 4.05%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST HAWAIIA    | First Hawaiian, Inc.                                               | CUSIP: 32051X108<br>LEI: N/A | Long             | EC               | CORP              | US        |    176400 | NS      | $4593456.00   | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EXPRESS | American Express Co.                                               | CUSIP: 025816109<br>LEI: N/A | Long             | EC               | CORP              | US        |     27800 | NS      | $4107450.00   | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHLUMBERGER LTD | Schlumberger Ltd.                                                  | CUSIP: 806857108<br>LEI: N/A | Long             | EC               | CORP              | US        |     80400 | NS      | $4298184.00   | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | DXC TECHNOLOGY CO                                                  | CUSIP: 23355L106<br>LEI: N/A | Long             | EC               | CORP              | US        |    168800 | NS      | $4473200.00   | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYTHEON CO      | Raytheon Co.                                                       | CUSIP: 75513E101<br>LEI: N/A | Long             | EC               | CORP              | US        |     41500 | NS      | $4188180.00   | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPASS MINERALS | Compass Minerals International, Inc.                               | CUSIP: 20451N101<br>LEI: N/A | Long             | EC               | CORP              | US        |     80100 | NS      | $3284100.00   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| BIG LOTS INC     | Big Lots, Inc.                                                     | CUSIP: 089302103<br>LEI: N/A | Long             | EC               | CORP              | US        |    198900 | NS      | $2923830.00   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | Qurate Retail, Inc. Class A                                        | CUSIP: 74915M100<br>LEI: N/A | Long             | EC               | CORP              | US        |    466900 | NS      | $761047.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | LIBERTY OILFIELD SERVICES -A                                       | CUSIP: 53115L104<br>LEI: N/A | Long             | EC               | CORP              | US        |    180300 | NS      | $2886603.00   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| STERICYCLE INC   | Stericycle, Inc.                                                   | CUSIP: 858912108<br>LEI: N/A | Long             | EC               | CORP              | US        |     72900 | NS      | $3636981.00   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTAMERICA BANC | Westamerica Bancorp.                                               | CUSIP: 957090103<br>LEI: N/A | Long             | EC               | CORP              | US        |     63000 | NS      | $3717630.00   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| EBAY INC         | eBay Inc.                                                          | CUSIP: 278642103<br>LEI: N/A | Long             | EC               | CORP              | US        |     82300 | NS      | $3412981.00   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR CORP         | NCR Corp.                                                          | CUSIP: 62886E108<br>LEI: N/A | Long             | EC               | CORP              | US        |    189800 | NS      | $4443218.00   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | First Citizens BancShares, Inc.                                    | CUSIP: 31946M103<br>LEI: N/A | Long             | EC               | CORP              | US        |      5480 | NS      | $4155812.81   | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| KRAFT HEINZ CO/T | Kraft Heinz Co./The                                                | CUSIP: 500754106<br>LEI: N/A | Long             | EC               | CORP              | US        |    116900 | NS      | $4758999.00   | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | Sealed Air Corp.                                                   | CUSIP: 81211K100<br>LEI: N/A | Long             | EC               | CORP              | US        |     61800 | NS      | $3082584.00   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | HALEON PLC-ADR-W/I                                                 | CUSIP: 405552100<br>LEI: N/A | Long             | EC               | CORP              | GB        |    360500 | NS      | $2884000.00   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M CO            | 3M Co.                                                             | CUSIP: 88579Y101<br>LEI: N/A | Long             | EC               | CORP              | US        |     30700 | NS      | $3681544.00   | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | Pitney Bowes Inc.                                                  | CUSIP: 724479100<br>LEI: N/A | Long             | EC               | CORP              | US        |    947000 | NS      | $3598600.00   | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CVB FINANCIAL    | CVB Financial Corp.                                                | CUSIP: 126600105<br>LEI: N/A | Long             | EC               | CORP              | US        |    168800 | NS      | $4346600.00   | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERTEC INC      | EVERTEC, Inc.                                                      | CUSIP: 30040P103<br>LEI: N/A | Long             | EC               | CORP              | PR        |    112700 | NS      | $3649226.00   | 3.23%             |  |  |  | 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