0001752724-24-031467.txt : 20240221 0001752724-24-031467.hdr.sgml : 20240221 20240221132228 ACCESSION NUMBER: 0001752724-24-031467 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240221 DATE AS OF CHANGE: 20240221 PERIOD START: 20240930 FILER: COMPANY DATA: COMPANY CONFORMED NAME: World Funds Trust CENTRAL INDEX KEY: 0001396092 ORGANIZATION NAME: 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: 24658024 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 0001396092 S000066697 Clifford Capital Focused Small Cap Value Fund C000214940 Super Institutional Class FSVQX C000214941 Institutional Class FSVVX C000214942 Investor Class FSVRX NPORT-P 1 primary_doc.xml NPORT-P false 0001396092 XXXXXXXX S000066697 C000214940 C000214942 C000214941 World Funds Trust 811-22172 0001396092 5493007BOSPYEMKSSY03 8730 Stony Point Parkway Suite 205 Richmond 23235 800-673-0550 Clifford Capital Focused Small Cap Value Fund S000066697 549300EJ0LQ9QG70HN20 2024-09-30 2023-12-31 N 8429052.33 2610.11 8431662.44 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 2365.60000000 N COMPASS MINERALS N/A Compass Minerals International, Inc. 20451N101 7760.00000000 NS USD 196483.20000000 2.330302018115 Long EC CORP US N 1 N N N Default N/A KLX Energy Services Holdings, Inc. 48253L205 26540.00000000 NS USD 298840.40000000 3.544264279156 Long EC CORP US N 1 N N N Default N/A Qurate Retail, Inc., Series V 74915M308 6150.00000000 NS USD 221154.00000000 2.622899120710 Long EP CORP US N 1 N N N STERICYCLE INC N/A Stericycle, Inc. 858912108 6620.00000000 NS USD 328087.20000000 3.891133004133 Long EC CORP US N 1 N N N Default N/A Douglas Elliman Inc 25961D105 84030.00000000 NS USD 247888.50000000 2.939971823634 Long EC CORP US N 1 N N N FEDER-GVT OB-IS N/A Federated Inst'l Prime Obligations Fund 60934N203 244722.47200000 NS USD 244852.49000000 2.903964570953 Long STIV RF US N 1 N N N Default N/A Pitney Bowes, Inc. 724479100 96600.00000000 NS USD 425040.00000000 5.040998771293 Long EC CORP US N 1 N N N Default N/A Thermon Group Holdings, Inc. 88362T103 9720.00000000 NS USD 316580.40000000 3.754661696347 Long EC CORP US N 1 N N N CVB FINANCIAL N/A CVB Financial Corp. 126600105 20600.00000000 NS USD 415914.00000000 4.932763888019 Long EC CORP US N 1 N N N Default N/A DXC Technology Co. 23355L106 12160.00000000 NS USD 278099.20000000 3.298272457880 Long EC CORP US N 1 N N N COMMUNI TRUST BA N/A Community Trust Bancorp, Inc. 204149108 6570.00000000 NS USD 288160.20000000 3.417596494766 Long EC CORP US N 1 N N N HNI CORP N/A HNI Corp. 404251100 5840.00000000 NS USD 244287.20000000 2.897260199140 Long EC CORP US N 1 N N N COMMERCIAL VEHIC N/A Commercial Vehicle Group, Inc. 202608105 32110.00000000 NS USD 225091.10000000 2.669593352458 Long EC CORP US N 1 N N N WESTERN UNION N/A The Western Union Co. 959802109 23920.00000000 NS USD 285126.40000000 3.381615452812 Long EC CORP US N 1 N N N BIG LOTS INC N/A Big Lots, Inc. 089302103 20590.00000000 NS USD 160396.10000000 1.902306942923 Long EC CORP US N 1 N N N Default N/A Liberty Energy, Inc. 53115L104 16310.00000000 NS USD 295863.40000000 3.508956888459 Long EC CORP US N 1 N N N Default N/A Sealed Air Corp. 81211K100 6300.00000000 NS USD 230076.00000000 2.728714552287 Long EC CORP US N 1 N N N Default N/A Winmark Corp. 974250102 510.00000000 NS USD 212950.50000000 2.525605140331 Long EC CORP US N 1 N N N Default N/A WW International, Inc. 98262P101 24360.00000000 NS USD 213150.00000000 2.527971221770 Long EC CORP US N 1 N N N URBAN OUTFITTER N/A Urban Outfitters, Inc. 917047102 5520.00000000 NS USD 197008.80000000 2.336535664252 Long EC CORP US N 1 N N N HANCOCK HLDG CO N/A Hancock Whitney Corp. 410120109 4470.00000000 NS USD 217197.30000000 2.575972431837 Long EC CORP US N 1 N N N WESTAMERICA BANC N/A Westamerica Bancorp 957090103 6040.00000000 NS USD 340716.40000000 4.040916040277 Long EC CORP US N 1 N N N Default N/A Perdoceo Education Corp. 71363P106 11710.00000000 NS USD 205627.60000000 2.438755126444 Long EC CORP US N 1 N N N NCR CORP N/A NCR Atleos Corp. 63001N106 14075.00000000 NS USD 341881.75000000 4.054737158097 Long EC CORP US N 1 N N N STEELCASE INC-A N/A Steelcase, Inc. 858155203 17010.00000000 NS USD 229975.20000000 2.727519058507 Long EC CORP US N 1 N N N Default N/A Millicom International Cellualar S.A. L6388F110 16680.00000000 NS USD 300240.00000000 3.560863615408 Long EC CORP US N 1 N N N EVERTEC INC N/A Evertec, Inc. 30040P103 7070.00000000 NS USD 289445.80000000 3.432843784481 Long EC CORP PR N 1 N N N GLACIER BANCORP N/A Glacier Bancorp, Inc. 37637Q105 5440.00000000 NS USD 224780.80000000 2.665913176666 Long EC CORP US N 1 N N N FORWARD AIR CORP N/A Forward Air Corp. 349853101 3690.00000000 NS USD 231990.30000000 2.751418260050 Long EC CORP US N 1 N N N VOXX INTERNATION N/A Voxx International Corp. 91829F104 18660.00000000 NS USD 199288.80000000 2.363576594985 Long EC CORP US N 1 N N N DEFAULT ISSUER N/A Fresh Del Monte Produce, Inc. G36738105 9890.00000000 NS USD 259612.50000000 3.079019135875 Long EC CORP KY N 1 N N N REYMOLDS CONSUMER PRODUCTS INC N/A Reynolds Consumer Products, Inc. 76171L106 8890.00000000 NS USD 238607.60000000 2.829899817478 Long EC CORP US N 1 N N N 2024-02-05 World Funds Trust Ann MacDonald Ann MacDonald Principal Financial Officer XXXX NPORT-EX 2 282.htm CFS_282_20231231_20240215192916366.pdf

 

Clifford Capital Focused Small Cap Value Fund

 

 

Schedule of Investments

 

december 31, 2023 (unaudited)

 

 

 

 

 

Shares

 

Value

94.16%

COMMON STOCK

 

 

 

 

 

 

3.56%

COMMUNICATION SERVICES

 

 

 

 

 

 

 

Millicom International Cellualar S.A.(A)

.

. .

16,680

$

300,240

 

14.10%

CONSUMER DISCRETIONARY

 

 

 

 

 

 

 

Big Lots, Inc.(A) . . . . . . . . . .

.

. .

20,590

 

160,396

 

 

Perdoceo Education Corp. . . . . .

.

.

11,710

 

205,628

 

 

Urban Outfitters, Inc.(A) . . . . . . .

.

.

5,520

 

197,009

 

 

Voxx International Corp.(A) . . . . .

.

. .

18,660

 

199,289

 

 

Winmark Corp. . . . . . . . . . .

.

. .

510

 

212,950

 

 

WW International, Inc.(A) . . . . . .

.

. .

24,360

 

213,150

 

 

 

 

 

 

 

1,188,422

 

5.91%

CONSUMER STAPLES

 

 

 

 

 

 

 

Fresh Del Monte Produce, Inc. . . .

.

. .

9,890

 

259,612

 

 

Reynolds Consumer Products, Inc. .

.

. .

8,890

 

238,608

 

 

 

 

 

 

 

498,220

 

7.05%

ENERGY

 

 

 

 

 

 

 

KLX Energy Services Holdings, Inc.(A)

.

. .

26,540

 

298,841

 

 

Liberty Energy, Inc. . . . . . . . .

.

. .

16,310

 

295,864

 

 

 

 

 

 

 

594,705

 

28.50%

FINANCIALS

 

 

 

 

 

 

 

Community Trust Bancorp, Inc. . . .

.

. .

6,570

 

288,160

 

 

CVB Financial Corp. . . . . . . . .

.

.

20,600

 

415,914

 

 

Evertec, Inc. . . . . . . . . . . .

.

. .

7,070

 

289,446

 

 

Glacier Bancorp, Inc. . . . . . . .

.

. .

5,440

 

224,781

 

 

Hancock Whitney Corp. . . . . . .

.

. .

4,470

 

217,198

 

 

NCR Atleos Corp.(A) . . . . . . . .

.

. .

14,075

 

341,882

 

 

Westamerica Bancorp . . . . . . .

.

.

6,040

 

340,716

 

 

The Western Union Co. . . . . . .

.

. .

23,920

 

285,126

 

 

 

 

 

 

 

2,403,223

 

23.74%

INDUSTRIALS

 

 

 

 

 

 

 

Commercial Vehicle Group, Inc.(A) . .

.

.

32,110

 

225,091

 

 

Forward Air Corp. . . . . . . . . .

.

.

3,690

 

231,990

 

 

HNI Corp. . . . . . . . . . . . .

.

. .

5,840

 

244,287

 

1

QUARTERLY REPORT

 

Clifford Capital Focused Small Cap Value Fund

 

 

Schedule of Investments - continued

December 31, 2023 (unaudited)

 

 

 

 

Shares

 

Value

 

Pitney Bowes, Inc. . . . . . . . . .

. .

96,600

$

425,040

 

Steelcase, Inc. . . . . . . . . . .

. . .

17,010

 

229,975

 

Stericycle, Inc.(A) . . . . . . . . . .

. .

6,620

 

328,087

 

Thermon Group Holdings, Inc.(A) . . .

. .

9,720

 

316,581

 

 

 

 

 

2,001,051

3.30%

INFORMATION TECHNOLOGY

 

 

 

 

 

 

DXC Technology Co.(A) . . . . . . .

. .

12,160

 

278,099

5.06%

MATERIALS

 

 

 

 

 

 

Compass Minerals International, Inc. .

. .

7,760

 

196,483

 

Sealed Air Corp. . . . . . . . . .

. . .

6,300

 

230,076

 

 

 

 

 

426,559

2.94%

REAL ESTATE

 

 

 

 

 

 

Douglas Elliman Inc(A) . . . . . . .

. . .

84,030

 

247,889

94.16%

TOTAL COMMON STOCK . . . . .

. . . .

. . . . . .

$

7,938,408

2.62%

PREFERRED STOCK

 

 

 

 

 

2.62%

CONSUMER DISCRETIONARY

 

 

 

 

 

 

Qurate Retail, Inc., Series V 8.000% .

. .

6,150

 

221,154

2.62%

TOTAL PREFERRED STOCK . . . .

. . . .

. . . . . .

$

221,154

2.90%

MONEY MARKET FUND

 

 

 

 

 

 

Federated Institutional Prime Obligations

 

 

 

 

 

Fund 5.450%(B) . . . . . . . . .

. .

244,722

 

244,852

99.68%

TOTAL INVESTMENTS . . . . . .

. . . .

. . . . . .

$

8,404,414

0.32%

Assets net of liabilities . . . . . . . . . . . . . . . . .

 

27,248

100.00%

NET ASSETS . . . . . . . . . . .

. . . .

. . . . . .

$

8,431,662

(A)Non-income producing

(B)Effective 7 day yield as of December 31,2023

2

QUARTERLY REPORT

Clifford Capital Focused Small Cap Value Fund

Schedule of Investments - continued

December 31, 2023 (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, 2023:

 

 

 

 

Level 2

 

 

Level 3

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

Significant

 

 

Significant

 

 

 

 

Quoted

Observable

 

Unobservable

 

 

 

 

Prices

 

Inputs

 

 

Inputs

 

Total

Common Stocks . . . . . .

$

7,938,408

$

—

$

—

$

7,938,408

Preferred Stocks . . . . . .

 

221,154

 

—

 

 

—

 

221,154

Money Market Funds . . . .

 

244,852

 

—

 

 

—

 

244,852

Total Investments . . . . . .

$

8,404,414

$

—

$

—

$

8,404,414

 

 

 

 

 

 

 

 

 

 

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, 2023.

At December 31, 2023 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 $6,643,040 and the related tax-based net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation . . .

$

1,986,395

 

Gross unrealized depreciation . . .

 

(225,021)

Net unrealized appreciation . . . .

$

1,761,374

 

3

QUARTERLY REPORT