World Funds Trust (Form: 485BPOS, Received: 06/30/2020 06:40:20)

Exhibit 99.(p)(6)

CODE OF ETHICS

Introduction

This is the Code of Ethics (the “Code”) of Real Estate Management Services Group, LLC ( “REMS”). REMS’s policies on Insider Trading and Personal Securities Transactions are included in the Code.

General Principles

REMS is a fiduciary for its investment advisory clients. Because of this fiduciary relationship, it is generally improper for REMS or its employees to:

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use for their own benefit (or the benefit of anyone other than the client) information about REMS’s trading or recommendations for client accounts; or

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take advantage of investment opportunities that would otherwise be available for REMS’s clients.

As a matter of business policy, REMS strives to avoid even the appearance that REMS, its employees or others receive any improper benefit from information about client trading, client accounts or from our relationships with our clients and with the brokerage community.

All employees will be expected to read, understand, and abide by these Policies and to follow all related procedures to uphold the standards of set forth by REMS.

REMS treats violations of this Code (including violations of the spirit of the Code) very seriously. If you violate either the letter or the spirit of this Code, REMS may take disciplinary measures against you, including, without limitation, reducing compensation, demotion, requiring unwinding of the trade, requiring disgorgement of trading gains, suspending or terminating employment, written memo, suspension of trading activity or any combination of the foregoing.

REMS views protecting its clients’ private information as a top priority and, pursuant to the requirements of the Gramm-Leach-Bliley Act (the “GLBA”), REMS has instituted policies and procedures to ensure that client information is kept private and secure. The Privacy section and the related procedures contained herein, are designed to comply with applicable privacy laws, including the GLBA, and to protect nonpublic personal information of REMS’ clients.

Improper trading activity can constitute a violation of this Code. Nevertheless, you can also violate this Code by failing to file required reports, or by making inaccurate or misleading reports or statements concerning trading activity or securities accounts.

These terms have special meanings in this Code of Ethics

Supervised Person

This term includes employees, directors, officers, and partners of REMS, as well as any other person occupying a similar status or performing similar functions. REMS may also include in this category temporary workers, consultants, independent contractors and anyone else designated by the CCO. For purposes of the Code, such ‘outside individuals’ will generally only be included in the definition of a supervised person if their duties include access to certain types of information, which would put them in a position of sufficient knowledge to necessitate their inclusion under the Code. The CCO shall make the final determination as to which of these are considered Supervised Persons. The term “Employee” as used herein shall include Supervised Persons.

Revised: September 30, 2019

Access Person

An employee or other person (i) who has access to nonpublic information regarding any client’s purchase or sale of securities, is involved in making securities recommendations to clients, or has access to such recommendations that are nonpublic, (ii) includes each member of the family/household (as defined below) of such person that is directly employed by REMS, and (iii) each person to whom such person contributes support. For purposes of this Code, all Supervised Persons and employees are collectively referred to as ‘Access Person’.

Advisory Client

Any person to whom or entity to which REMS serves as an investment adviser, renders investment advice to or makes any investment decisions for a fee is considered to be a client.

Beneficial Ownership

Means any opportunity, directly or indirectly, to profit or share in the profit from any transaction in securities. Beneficial Ownership is a very broad concept.

Chief Compliance Officer

The person appointed by REMS as specified in Exhibit A. For purposes of reviewing the CCO’s own transactions and reports under this Code, the functions of the CCO are performed by an executive officer of REMS, or alternate staff member, and shall be clearly denoted in REMS’s compliance files.

Securities

Anything that is considered a “security” under the Investment Company Act of 1940, except:

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Direct obligations of the U.S. Government.

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Money market instructions - Bankers’ acceptances, bank certificates of deposit, commercial paper and high quality short- term debt obligations, including repurchase agreements.

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Shares of money markets funds

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Shares of open-end investment companies that are registered under the Investment Company Act (mutual funds).

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Unit investment trust if the unit investment trust is invested exclusively in unaffiliated mutual funds.

This is a very broad definition of security. If you have any question or doubt about whether an investment is a considered a security or a Covered Security under this Code, ask the CCO.

Members of your Family/Household include

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Your spouse or domestic partner (unless they do not live in the same household as you and you do not contribute in any way to their support).

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Your children under the age of 18.

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Your children who are 18 or older (unless they do not live in the same household as you and you do not contribute in any way to their support).

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Any of the people who live in your household: your stepchildren, grandchildren, parents, stepparents, grandparents, brothers, sisters, parents-in-law, sons-in-law, daughters-in-law, brothers-in-law, and sisters-in-law, including adoptive relationships.

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Any of the above to whom you provide investment advice whether they live in the same household or not.

Revised: September 30, 2019

There are several reasons why this Code covers transactions in which members of Family/Household have Beneficial Ownership. First, the SEC regards any benefit to a person that is supported financially as indirectly benefiting you, because it could reduce the amount that you might otherwise contribute to that person’s support. Second, members of a household could, in some circumstances, learn of information regarding REMS’s trading or recommendations for client accounts, and they must not be allowed to benefit from that information.

Guidelines for Professional Standards

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All employees must at all times reflect the professional standards expected of those engaged in the investment advisory business, and shall act within the spirit and the letter of the federal, state and local laws and regulations pertaining to investment advisers and the general conduct of business. These standards require all personnel to be judicious, accurate, objective, and reasonable in dealing with both clients and other parties so that their pe rsonal integrity is unquestionable.

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All employees are required to report any violation of the Code, by any person, to the CCO or other appropriate person of REMS immediately. Such reports will be held in confidence.

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Employees must place the interests of advisory clients first. All employees must scrupulously avoid serving their own personal interests ahead of the interests of REMS’s advisory clients. In addition, Employees must work diligently to ensure that no client is preferred over any other client.

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All employees are naturally prohibited from engaging in any practice that defrauds or misleads any client or the Mutual Funds, or engaging in any manipulative or deceitful practice with respect to clients or securities or the Mutual Funds, employing any device, scheme or artifice to defraud the Mutual Fund or making any untrue statement of a material fact to the Mutual Funds or omitting to state a material fact necessary in order to make the statements made to the Mutual Funds, in light of the circumstances under which they are made, not misleading.

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No employee may serve on the board of directors of any publicly traded company without prior written permission by the CCO, or designee.

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Employees must conduct all personal securities transactions in full compliance with this Code. Doubtful situations always should be resolved in favor of advisory clients and in cooperation with the CCO. Technical compliance with the Code’s provisions shall not automatically insulate from scrutiny any securities transactions or actions that could indicate a violation of REMS’s fiduciary duties.

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Personal transactions in securities by employees must be accomplished to avoid even the appearance of a conflict of interest on the part of such personnel with the interests of REMS’s clients. Likewise, employees must avoid actions or activities that allow (or appear to allow) a person to profit or benefit from his or her position with REMS at the expense of clients, or that otherwise bring into question the person’s independence or judgment.

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REMS has adopted Insider Trading Policies, which set parameters for the establishment, maintenance, and enforcement of policies and procedures to detect and prevent the misuse of material non-public information.

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Employees are prohibited from accepting compensation for investment related services from outside sources without the specific prior written permission of the CCO or other appropriate personnel.

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When any employee faces a conflict or potential conflict between their personal interest and the interests of clients, they are required to immediately report the conflict to the CCO for instruction regarding how to proceed.

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The recommendations and actions of REMS are confidential and private matters. Accordingly, we have adopted a Privacy Policy to prohibit the transmission, distribution, or communication of any information regarding securities transactions in client accounts or other non-public information, except to broker/dealers or other bona fide service providers in the ordinary course of business. In addition, no information obtained during the course of employment regarding particular securities (including internal reports and recommendations) may be transmitted, distributed, or communicated to anyone who is not affiliated with REMS, without the prior written approval of REMS management or the CCO.

Revised: September 30, 2019

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No employee may solicit or accept gifts or gratuities from clients, brokers, vendors or other persons in connection with the employee’s activities at or on behalf of the Firm. Notwithstanding the foregoing general prohibition, an employee may accept gifts of a nominal value (i.e., gifts whose reasonable value is no more than $250 in the form of promotional items such as pens, mugs, T-shirts, or similar items) and an employee may accept customary business meals, entertainment (e.g., sporting events, concerts), and similar items in an amount of $500* without prior written approval from the CCO. If an employee receives any gift that might be prohibited under this Code, the Employee must return the gift and inform the CCO.

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No employee may give on their own behalf or on behalf of REMS any gift which has a nominal value in excess of $250 (i.e., gifts whose reasonable value is no more than $250 in the form of promotional items such as pens, mugs, T-shirts, or similar items) or customary business meals, entertainment (e.g., sporting events, concerts), and similar items in an amount of $500* without prior written approval from the CCO or where prior approval is impractical prompt notification to the CCO after the event.

*The value of meals and entertainment over $500 will be evaluated as to reasonability based upon location, number of attendees and other relevant factors.

Personal Trading Policies

General Information

The following policies and procedures apply to all brokerage accounts or other account that can hold a Reportable Security owned or controlled by an employee, those accounts owned or controlled by members of the employee’s immediate family, including any relative by blood or marriage living in the same household, and any account in which the employee has any beneficial interest, such as a trust account and certain investment pools in which you might participate. These accounts are collectively referred to as “Covered Accounts.” Any account in question should be addressed with the CCO immediately to determine if it is a Covered Account. Accounts managed by a third-party under an investment management contract are typically not considered Covered Accounts and should be discussed with the CCO to determine whether the account is a Covered Account.

Reporting Requirements

The reports described below must be filed, even if you have no holdings, transactions, or accounts to list in the reports.

1.	Initial Holdings Reports

No later than 10 calendar days after you become an employee (or within 10 days of the adoption of this Code if you were already an employee at the time of its adoption), you must file an Initial Holdings Report with the CCO.

The Initial Holdings Report requires you to list all Covered Accounts and Covered Securities owned or controlled by you, or members of your Family/Household of which you may reasonably be assumed to have or should have knowledge of. It also requires you to list all brokers, dealers and banks where you maintained an account in which any security (not just Covered Securities) may be deemed to be in any way real estate related and is held for the direct or indirect benefit of you or a member of your Family/Household on the date you became an employee (or on the date this Code was adopted, if you were already an employee on such date).

Revised: September 30, 2019

Each Employee shall instruct the broker of record for the Covered Account(s) to send duplicate confirmations and brokerage statements to REMS, c/o the CCO. If the Employee does not have duplicate statements sent, copies must be provided to the CCO within 30 days of receipt. Each Employee must notify the CCO of any updates or changes to his or her covered accounts within 10 days of such update or change.

The Initial Holdings Report also requires confirmation that you have read and understand this Code and that you understand that it applies to each Employee and members of their Family/Household.

Each Employee is responsible for notifying the CCO of any new accounts opened by the Employee or by a member of their Family/Household during the year which would meet the reporting requirements for the Initial Holdings Report and ensure that the CCO is provided duplicate copies of confirmations and brokerage statements from the broker of record.

2.	Annual Certification

Each Employee must file an Annual Certification with the CCO. The CCO shall forward the document to Employees. The certification must be signed and returned to the CCO within 10 days from receipt.

The Annual Certification requires the Employee to verify that the list of accounts previously provided to the CCO contains all accounts which may contain securities deemed to be in any way real estate related in which the Employee (or a member of their Family/Household) had Beneficial Ownership as of December 31 of the prior year of which you may reasonably be assumed to have or should have knowledge of. The Annual Certification also requires confirmation that each Employee has read and understands this Code, has complied with its requirements, and understands that it applies to you and members of your Family/Household.

Review and Recordkeeping

The CCO shall review and compare all reported transactions with:

the transactions of the Employee indicated on his or her confirmations and account statements; and

the transactions of clients of REMS.

If the CCO suspects that an Employee has violated these Procedures, the alleged violation shall be investigated, and, as a part of that investigation, the Employee shall have an opportunity to explain why the violation occurred or did not occur.

If the CCO concludes that an Employee has violated these Procedures, a report of such violation shall be submitted, including scope and results of the investigation of such violation, and a recommendation on what steps should be taken to address such violation, including recommending sanctions if warranted, to the chief executive officer of the Investment Adviser.

After reviewing the report of the CCO and any other relevant information, the Managing Director and/or other officers designated to review violations of these Procedures, shall as he or she deems appropriate, impose a sanction, which may include a letter of censure, forfeiture of profits, suspension, and/or termination of employment

All material violations of this Code and any sanctions imposed with respect thereto shall be reported periodically to the board of directors of the Funds.

REMS reserves the right to require the employee to reverse, cancel or freeze, at the employee’s expense, any transaction or position in a specific security if REMS believes the transaction or position violates its policies or appears improper. REMS will keep all such information confidential except as required to enforce this policy or to participate in any investigation concerning violations of applicable law.

Revised: September 30, 2019

Exceptions from Reporting

Permitted Exceptions

Purchases and sales of the following Securities are exempt from the restrictions:

Certain Debt Instruments. Any transaction in the following:

bankers’ acceptances,

bank certificates of deposit,

commercial paper,

repurchase agreements,

securities that are direct obligations of U.S. Government, and

No Knowledge or Control. Securities Transactions where the employee has no knowledge of the transaction before it is completed, or where the transaction is effected in an account over which such person has no direct or indirect influence or control (for example, Securities Transactions effected for an employee by a trustee of a blind trust, or discretionary trades involving an investment partnership or investment club, in connection with which the employee is neither consulted nor advised of the trade before it is executed);

Certain Corporate Actions. Any acquisition of Securities through stock dividends, dividend reinvestments stock splits, reverse stock splits, mergers, consolidations, spin-offs, or other similar corporate reorganizations or distributions generally applicable to all holders of the same class of Securities;

Mutual Funds. Any purchase or sales of a Security issued by any non-affiliated registered open-end investment companies (preclearance is required for REMS Mutual Funds);

The exercise of rights that were received pro rata with other security holders, to the extent such rights were acquired from such issuer, and sales of such rights so acquired;

Other non-volitional events such as assignment of options or exercise of an option at expiration; and

Commodities and Currency transactions.

Prohibited and Restricted Transactions

Employees are restricted from purchasing real estate related securities without pre-clearance from the firm’s Managing Director.

Neither the employee nor any family or household member may acquire any Beneficial Ownership in an Initial Public Offering (“IPO”) without first seeking written approval from the Managing Director.

Purchases and sales of restricted securities issued by public companies are generally prohibited, unless the Managing Director determines that the contemplated transaction will raise no actual, potential, or apparent conflict of interest.

Any employee wishing to purchase or sell a security obtained through a private placement, including purchase of any interest in a hedge fund, must first seek approval by the Managing Director. In addition, if an Employee who owns a security in a private company knows that REMS is about to engage in an IPO, she/he must disclose this information to the Managing Director.

Case-by-Case Exemptions

Because no written policy can provide for every possible contingency, the CCO may consider granting additional exemptions from the Prohibitions on Trading on a case-by-case basis. Any request for such consideration must be submitted by the Employee in writing to the CCO. Exceptions will only be granted in those cases in which the CCO determines that granting the request will create no actual, potential, or apparent conflict of interest.

Revised: September 30, 2019

Pre-clearance

With respect to real estate related securities and transactions of REMS advised fund shares, the employee and members of their family or household are prohibited from engaging in any transaction for any account in which the employee or a family or household member has any Beneficial Ownership, unless you obtain, in advance of the transaction, pre-clearance for that transaction. Pre-clearance is obtained by email to the Managing Director. Reasons supporting the acquisition of any limited offering or IPO must be stated in the email.

If pre-clearance is obtained, the approval is valid for the day on which it is granted and the following business day. In no event will pre-clearance be granted for any Security if REMS has a buy or sell order pending for that same security or a closely related security (such as an option relating to that security, or a related convertible or exchangeable security).

The pre-clearance requirements do not apply to the following categories of transactions:

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Securities not directly related to the real estate industry and outside of REMS’ mandate to its client base.

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Transactions in Securities issued or guaranteed by any national government, that is a member of the Organization for Economic Cooperation and Development, or any agency, or authority thereof.

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Transactions that occur by operation of law or under any other circumstance in which neither the Employee nor any family or household member exercises any discretion to buy or sell or makes recommendations to a person who exercises such discretion.

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Purchases of Securities pursuant to an automatic dividend reinvestment plan.

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Purchases pursuant to the exercise of rights issued pro rata to all holders of the class of Securities held by the Employee (or Family/Household member) and received from the issuer.

Blackout Period

The blackout period described below applies to employees of REMS who are most likely to have access to information about which securities will be purchased or sold on behalf of client accounts. It is designed to prevent front running and various other activities that create conflicts with the interests of clients.

No employee (including any member of the Family/Household of such employee) may purchase or sell any Covered Security which may be deemed to be related to real estate within the two calendar days immediately before or after a calendar day on which any client account managed by REMS purchases or sells that Covered Security (or any closely related security, such as an option or a related convertible or exchangeable security), unless the employee had no actual knowledge that the Covered Security (or any closely related security) was being considered for purchase or sale or was in fact purchased or sold for any client account. Note that the total blackout period is 5 days (the day of the client trade, plus two days before and two days after).

REMS recognizes that certain situations may occur entirely in good faith and will not take disciplinary measures in such instances if it appears that the employee acted in good faith and in the best interests of REMS’s clients. The above notes are not intended to specify instances of compliance and non-compliance with the Blackout Period restrictions, but rather are provided for clarification purposes to help ensure that any apparent or real conflicts that may arise between compliance with the Blackout Period and the pursuit of clients’ interests are always resolved in favor of the clients’ interests.

Revised: September 30, 2019

The blackout requirements do not apply to the following categories of transactions:

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Transactions that occur by operation of law or under any other circumstance in which neither the employee nor any member of his or her Family/Household exercises any discretion to buy or sell or makes recommendations to a person who exercises such discretion.

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Purchases of Securities pursuant to an automatic dividend reinvestment plan.

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Purchases pursuant to the exercise of rights issued pro rata to all holders of the class of Securities held by the employee (or Family/Household member) and received by the Employee (or Family/Household member) from the issuer.

Insider Trading

The purpose of these policies and procedures (the “Insider Trading Policies”) is to educate employees regarding insider trading, and to detect and prevent insider trading by any person associated with REMS. The term “insider trading” is not defined in the securities laws, but generally, it refers to the use of material, non-public information to trade in securities or the communication of material, non-public information to others.

Prohibited Activities

All employees of REMS, including contract, temporary, or part-time personnel, or any other person associated with REMS are prohibited from the following activities:

trading or recommending trading in securities for any account (personal or client) while in possession of material, non-public information about the issuer of the securities; or

communicating material, non-public information about the issuer of any securities to any other person.

The activities described above are not only violations of these Insider Trading Policies, but also may be violations of applicable law.

Reporting of Material, Non-Public Information

Any employee who possesses or believes that she/he may possess material, non-public information about any issuer of securities must report the matter immediately to the CCO. The CCO will review the matter and provide further instructions regarding appropriate handling of the information to the reporting individual.

Definitions

Material Information

“Material information” generally includes:

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any information that a reasonable investor would likely consider important in making his or her investment decision; or

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any information that is reasonably certain to have a substantial effect on the price of a company’s securities.

Examples of material information include the following: dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments.

Non-Public Information

Information is “non-public” until it has been effectively communicated to the market and the market has had time to “absorb” the information. For example, information found in a report filed with the Securities and Exchange Commission, or appearing in Dow Jones, Reuters Economic Services, The Wall Street Journal, or other publications of general circulation would be considered public.

Revised: September 30, 2019

Insider Trading

While the law concerning “insider trading” is not static, it generally prohibits: (1) trading by an insider while in possession of material, non-public information; (2) trading by non-insiders while in possession of material, non-public information, where the information was either disclosed to the non-insider in violation of an insider’s duty to keep it confidential or was misappropriated; and (3) communicating material, non-public information to others.

Insiders

The concept of “insider” is broad, and includes all employees of a company. In addition, any person may be a temporary insider if she/he enters into a special, confidential relationship with a company in the conduct of a company’s affairs and as a result has access to information solely for use in REMS’s business purposes. Any person associated with the Adviser may become a temporary insider for a company it advises or for which it performs other services. Temporary insiders may also include the following: a company’s attorneys, accountants, consultants, bank lending officers and the employees of such organizations.

Penalties for Insider Trading

The legal consequences for trading on or communicating material, non-public information are severe, both for individuals involved in such unlawful conduct and their employers. An employee may be subject to some or all of the penalties below even if he/she does not personally benefit from the violation. Penalties may include:

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civil injunctions

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jail sentences

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revocation of applicable securities-related registrations and licenses

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fines for the person who committed the violation of up to three times the profit gained or loss avoided, whether or not the person actually benefited; and

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fines for the Employee or other controlling person of up to the greater of $1,000,000 or three times the amount of the profit gained or loss avoided.

In addition, REMS’s management will impose serious sanctions on any person who violates the Insider Trading Policies. These sanctions may include suspension or dismissal of the person or persons involved.

Sanctions

All disciplinary responses to violations of the Code shall be recommended by the CCO to the Managing Director of REMS for approval and administration. Determinations regarding appropriate disciplinary responses will be administered on a case-by-case basis.

Certification

Upon REMS’ adoption of this Code and annually thereafter, all employees are required to certify in writing his or her understanding and continuing acceptance of, as well as agreement to abide by, the guidelines and polices set forth herein. Additionally, any change or modification to the Code will be distributed to all Employees and they will be required to certify in writing their receipt, understanding, and acceptance of the change(s).

Political and Charitable Contributions

Employees making political contributions of more than $150, in cash or services under the below circumstances must report each such contribution to the CCO at compliance@remsgroup.com, who will compile and report thereon as required under relevant regulations. In accordance with Rule 206(4)-5 under the Investment Advisers Act of 1940:

Revised: September 30, 2019

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Where REMS and/or its employees have made a political contribution of more than $150 to an elected official of a state or local government entity who is in a position to influence the selection of REMS for government contracts, REMS and its employees will be prohibited from providing advisory services, for compensation (either directly or through a pooled investment vehicle) to that government entity for two years.

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REMS and/or its employees are prohibited from soliciting or coordinating campaign contributions from others — a practice referred to as “bundling” — for an elected official who is in a position to influence the selection of REMS. REMS and/or its employees are also prohibited from the solicitation and coordination of payments to political parties in the state or locality where REMS is seeking business.

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REMS and/or its employees are prohibited from paying a third-party, such as a solicitor or placement agent, to solicit a government client on behalf of REMS, unless that third-party is an SEC-registered investment adviser or broker-dealer subject to the restrictions under Rule 206(4)-5 under the Investment Advisers Act of 1940.

Confidentiality

As an essential part of employment, REMS’ employees will have access to Trade Secrets, Client Nonpublic Personal Information and Company Confidential Information which are the sole and exclusive property of REMS.

Trade Secrets

Those special and unique items which are not commonly known by or available to the public and which information REMS and REMS’ Clients derive substantial economic value. The Company considers its proprietary Value, Yield-Advantage analysis of public real estate companies, including but not limited to its Risk Control Monitor, stock selection screens, company financial models and related portfolio structuring and trading practices as fundamentally distinct from other investment groups and examples of REMS’ Trade Secrets.

Client Nonpublic Personal Information

Information with respect to current and former individual Clients and prospective Clients required to be maintained in confidence and protected by REMS including any personally identifiable financial information provided to REMS in subscription/new client documents or otherwise by the Client or its representatives that is not publicly available, any list that is derived using any personally identifiable financial information that is not publicly available, account balances and investment information, and the identity of the Client as a REMS client or a fund investor; and in particular encompasses social security numbers, personal cell phone numbers, home email addresses, net worth and investments, and credit information.

REMS views protecting its clients’ private information as a top priority and, pursuant to the requirements of the Gramm-Leach-Bliley Act (the “GLBA”), REMS has instituted the herein described policies and procedures to ensure that client information is kept private and secure.

Company Confidential Information

Information (in any form or media whatsoever) regarding REMS’ Clients, prospective Clients, terms of contracts with Clients, planning and financial information of REMS or its Clients, marketing strategies, REMS’ finances and strategic planning, employee compensation or other employment practices, logos, trade names, service marks, internal forms and procedures, or other business information relating to REMS which REMS determines to have value to its business.

Revised: September 30, 2019

Employees may use the Trade Secrets, Client Nonpublic Personal Information and Company Confidential Information solely for the benefit of REMS and its Clients in the course of employee’s duties with REMS. Any disclosures by an employee to a third-party outside of the employees duties and responsibilities must be by expressly authorized by either REMS’ President or Managing Director. Employees will not, directly or indirectly, while employee is in REMS’ employ or at any time thereafter, disclose to any person, or improperly use or exploit, any Trade Secret, Client Nonpublic Personal Information or Confidential Information which was disclosed to employee or came within Employee’s knowledge while at REMS. This encompasses any such disclosure for employee’s own personal benefit, or the benefit of any entity to which employee is then employed or engaged or may become employed or engaged, or other third-party where the disclosure is not authorized by REMS.

Upon separation from the Company for any reason, employees shall promptly deliver to REMS all property belonging to the company, including, without limitation, all Company Confidential Information and Trade Secrets in the employee’s possession, custody or control. REMS may use all legal avenues available to enforce this section.

Privacy Policy

This Privacy Policy applies to all nonpublic personally identifiable information of our former, current and prospective clients.

Overview of the Guidelines for Protecting Client Information

In Regulation S-P, the Securities and Exchange Commission (the “SEC”) published guidelines, pursuant to section 501(b) of the GLBA, that address the steps a financial institution should take in order to protect client information. The overall security standards that must be upheld are:

Ensure the security and confidentiality of client records and information;

Protect against any anticipated threats or hazards to the security or integrity of client records and information; and

Protect against unauthorized access to or use of client records or information that could result in substantial harm or inconvenience to any client.

Employee Responsibility

Each Employee has a duty to protect the nonpublic personal information of clients collected by REMS.

No Employee is authorized to disclose or use the nonpublic information of clients on behalf of REMS.

Each Employee has a duty to ensure that nonpublic personal information of REMS’ clients is shared only with Employees and others in a way that is consistent with REMS’ Privacy Notice and the procedures contained in this Policy.

Every employee has a duty to ensure that access to nonpublic personal information of REMS’ clients is limited as provided in the Privacy Notice and this Policy.

No Employee is authorized to sell, on behalf of REMS or otherwise, nonpublic information of REMS’ clients.

Employees with questions concerning the collection and sharing of, or access to, nonpublic personal information of REMS’ clients must look to REMS’ CCO for guidance.

Revised: September 30, 2019

Violations of these policies and procedures will be addressed in a manner consistent with other Company disciplinary guidelines.

Information Practices

REMS collects nonpublic personal information about clients from various sources. These sources and examples of types of information collected include:

Product and service applications or other forms, such as client surveys, agreements, etc – information typically gathered: name, address, age, social security number or taxpayer ID number, assets and income;

Transactions - account balance, types of transactions and investments;

Other third-party sources.

Disclosure of Information to Non-affiliated Third Parties

REMS has a “do not share” policy. We do not disclose nonpublic personal information to nonaffiliated third parties, except under one of the GLBA privacy exceptions, as described below. Since REMS currently operates under a “do not share” policy, it does not need to provide the right for its clients to opt out of information sharing with nonaffiliated third parties, as long as such entities are exempted as described below. If our information sharing practices change in the future, we will implement opt out policies and procedures, and we will make appropriate disclosures to our clients.

Types of Permitted Disclosures – The Exceptions.

Regulation S-P contains several exceptions that permit REMS Group, LLC to disclose client information (the “Exceptions”). For example, REMS Group, LLC is permitted under certain circumstances to provide information to non-affiliated third parties to perform services on REMS’ behalf. In addition, there are several “ordinary course” exceptions which allow REMS Group, LLC to disclose information that is necessary to effect, administer, or enforce a transaction that a client has requested or authorized. A more detailed description of these Exceptions is set forth below.

Service Providers

REMS may from time to time have relationships with non-affiliated third parties that require it to share client information in order for the third-party to carry out services for REMS. These nonaffiliated third parties would typically represent situations where REMS Group, LLC or its employees offer products or services jointly with another financial institution, thereby requiring REMS to disclose client information to that third-party.

Every nonaffiliated third-party that falls under this exception is required to enter into an agreement that will include the confidentiality provisions required by Regulation S-P, which ensure that each such nonaffiliated third-party uses and re-discloses client nonpublic personal information only for the purpose(s) for which it was originally disclosed.

Processing and Servicing Transactions

REMS may also share information when it is necessary to effect, administer, or enforce a transaction for our clients or pursuant to written client requests. In this context, “Necessary to effect, administer, or enforce a transaction” means that the disclosure is required, or is a usual, appropriate, or acceptable method:

To carry out the transaction or the product or service business of which the transaction is a part, and record, service, or maintain the consumer’s account in the ordinary course of providing the financial service or financial product;

To administer or service benefits or claims relating to the transaction, product or service of which it is a part;

Revised: September 30, 2019

To provide a confirmation, statement, or other record of the transaction, or information on the status or value of the financial service or financial product to the consumer or the consumer’s agent or broker; or

To accrue or recognize incentives or bonuses associated with the transaction that are provided by REMS or any other party.

3.	Sharing as Permitted or Required by Law

REMS may disclose information to nonaffiliated third parties as required or allowed by law. This may include, for example, disclosures in connection with a subpoena or similar legal process, a fraud investigation, recording of deeds of trust and mortgages in public records, an audit, or examination.

REMS has taken the appropriate steps to ensure that it is sharing client data only within the Exceptions noted above. REMS has achieved this by understanding how REMS shares data with its clients, their agents, service providers, parties related to transactions in the ordinary course or joint marketers.

Mutual Funds’ records are subject to the same standards on security and safeguarding.

Privacy Notice

REMS Group, LLC has developed a Privacy Notice, as required under Regulation S-P, to be delivered to clients initially and on an annual basis. The notice discloses REMS’ information collection and sharing practices and other required information and has been formatted and drafted to be clear and conspicuous. The notice will be revised as necessary any time information practices change. A copy of REMS Group, LLC’s Privacy Notice is included as Appendix B.

Privacy Notice Delivery

●

Initial Privacy Notice - As regulations require, all new clients receive an initial Privacy Notice at the time when the client relationship is established, for example on execution of the agreement for services.

●

Annual Privacy Notice - REMS Group, LLC will deliver its annual Privacy Notice in conjunction with the annual offer of its Form ADV Part 2.

Revised Privacy Notice

Regulation S-P requires that REMS amend its Privacy Policy and distribute a revised disclosure to clients if there is a change in REMS’ collection, sharing, or security practices.

Service on a Board of Directors

Employees shall not serve on the board of directors of publicly traded companies without the prior authorization of the CCO. Any such approval may only be made if it is determined that such board service will be consistent with the interests of the clients and of REMS, and that such person serving as a director will be isolated from those making investment decisions with respect to such company by appropriate procedures. A director of a private company may be required to resign, either immediately or at the end of the current term, if REMS goes public during his or her term as director.

Reporting Violations

Employees must report known or suspected violations of REMS’s Code of Ethics promptly to the CCO. If the CCO is involved in the violation or is unreachable, employees may report directly to REMS’ Management. All reports of violations will be treated confidentially to the extent permitted by law and investigated promptly and appropriately. Persons may report violations of the Code of Ethics on an anonymous basis. Examples of violations that must be reported are (but are not limited to):

Revised: September 30, 2019

●

noncompliance with applicable laws, rules, and regulations;

●

fraud or illegal acts involving any aspect of REMS’ business;

●

material misstatements in regulatory filings, internal books and records, clients records or reports;

●

activity that is harmful to clients, including fund shareholders; and deviations from required controls and procedures that safeguard clients and REMS.

No retribution will be taken against a person for reporting, in good faith, a violation or suspected violation of this Code of Ethics or a violation of any of REMS’ policies or procedures.

Retaliation against an individual who reports a violation is prohibited and constitutes a further violation of the Code.

Annual Reporting Package

The CCO will send out annually, to all employees compliance documents to include:

Annual Personal Securities Holdings Form,

Annual Certification of Compliance with the Personal Securities Transactions Disclosure Requirements and Code of Ethics,

Outside Business Activities Reporting Form,

Acknowledgement of Receipt and Acceptance of the Compliance Manual, and

Pay to Play Certification.

These documents must be returned to the CCO within 30 days of receipt.

In addition to the above code of ethics, REMS Group, LLC and its employees are subject to the Code of Ethics for the Funds and will comply with all provisions of said Code.

Revised: September 30, 2019

As filed with the Securities and Exchange Commission on June 29, 2020
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. (361)	☒

and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940	☒
Amendment No. (362)	☒

WORLD FUNDS TRUST
(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

☒		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.

Summary: DGHM MicroCap Value Fund	3

Additional Information about the Fund’s Principal Investment Strategies	10

Additional Information about the Fund’s Principal Risks	12

General Information	15

Investing In the Fund	20

Other Important Investment Information	30

How to Get More Information	35

Shareholder Fees (fees paid directly from your investment)	Institutional Class	Investor Class
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of amount purchased or redeemed, whichever is lower)	None	None
Redemption Fee (on shares redeemed within 60 days of purchase)	1.00%	1.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees	1.00%	1.00%
Distribution and/or Service (12b-1) Fees	0.00%	0.25%
Other Expenses	0.50%	0.50%
Shareholder Services Plan	0.07%	0.25%
Total Annual Fund Operating Expenses⁽¹⁾	1.57%	2.00%
Fee Waivers and/or Expense Reimbursements⁽¹⁾⁽²⁾	(0.38%)	(0.56%)
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements⁽¹⁾⁽²⁾	1.19%	1.44%

Share Class	1 Year	3 Years	5 Years	10 Years
Institutional Class	$121	$459	$819	$1,835
Investor Class	$147	$573	$1,026	$2,282

Average Annual Total Return as of December 31, 2019
	1 Year	5 Years	10 Years	Since Inception (12/18/1991)¹
Institutional Class Return Before Taxes	23.15%	9.21%	12.86%	12.34%
Institutional Class Return After Taxes on Distribution¹	22.57%	8.00%	12.24%	12.12%
Institutional Class Return After Taxes on Distribution and Sale of Fund Shares²	13.98%	6.83%	10.55%	11.20%
Investor Class Return before Taxes³	22.77%	8.88%	12.55%	12.05%
Russell 2000^® Value Index (reflects no deduction for fees, expenses or taxes)	22.39%	6.99%	10.56%	N/A
Russell Microcap^® Value Index (reflects no deduction for fees, expenses or taxes)	21.28%	7.70%	11.55%	N/A

Average Annual Total Returns Periods Ended December 31, 2019	Past 1 Year	Past 3 Years	Past 5 Years	Past 10 Years
DGHM MicroCap Value Composite	24.90%	10.13%	11.91%	15.34%
Russell Microcap® Value Index^*	21.28%	6.80%	8.91%	12.97%
Russell 2000® Value Index^**	22.39%	5.79%	8.33%	11.74%

DGHM MICROCAP VALUE FUND
FINANCIAL HIGHLIGHTS
SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD


	Institutional Class Shares

	Year ended			Years ended February 28,						Period June 1, 2016^(B)
	February 29, 2020			2019			2018			to February 28, 2017
Net asset value, beginning of period	$	11.81		$	11.82		$	12.20		$	10.00
Investment activities
Net investment income (loss) ^(A)		0.06			0.04			0.02			0.02
Net realized and unrealized gain (loss) on investments		(0.48	)		0.28			1.08			2.22
Total from investment activities		(0.42	)		0.32			1.10			2.24

Distributions
Net investment income		(0.03	)		(0.05	)		(0.04	)		(0.04	)
Net realized gains		(0.18	)		(0.28	)		(1.44	)		—
Total distributions		(0.21	)		(0.33	)		(1.48	)		(0.04	)
Paid-in capital from redemption fees		—			—	^(C)		—			—
Net asset value, end of period	$	11.18		$	11.81		$	11.82		$	12.20

Total Return		(3.62	%)		2.87	%		8.50	%		22.36	%**
Ratios/Supplemental Data
Ratio to average net assets
Expenses, gross		1.57	%		1.51	%		1.70	%		1.58	%*
Expenses, net of management fee waivers		1.19	%		1.19	%		1.19	%		1.19	%*
Net investment income (loss)		0.50	%		0.23	%		0.15	%		0.29	%*
Portfolio turnover rate		35.17	%		35.97	%		50.99	%		34.16	%**
Net assets, end of period (000's)	$	44,303		$	43,559		$	24,106		$	22,931

^(A)	Per share amounts calculated using the average number of shares outstanding throughout the period.
^(B)	Inception date
^(C)	Less than $0.01 per share.
*	Annualized
**	Not Annualized


	Investor Class Shares

	Year ended			Years ended February 28,						Period July 11, 2016 ^(B)
	February 29, 2020			2019			2018			to February 28, 2017
Net asset value, beginning of period	$	11.83		$	11.83		$	12.22		$	10.41
Investment activities
Net investment income (loss) ^(A)		0.03			0.02			(0.02	)		—
Net realized and unrealized gain (loss) on investments		(0.49	)		0.28			1.07			1.81
Total from investment activities		(0.46	)		0.30			1.05			1.81

Distributions
Net investment income		(0.04	)		(0.02	)		—			—
Net realized gains		(0.18	)		(0.28	)		(1.44	)		—
Total distributions		(0.22	)		(0.30	)		(1.44	)		—
Paid-in capital from redemption fees		—			—	^(C)		—			—
Net asset value, end of period	$	11.15		$	11.83		$	11.83		$	12.22

Total Return		(4.00	%)		2.69	%		8.05	%		17.39	%**
Ratios/Supplemental Data
Ratio to average net assets
Expenses, gross		2.00	%		2.03	%		2.03	%		2.29	%*
Expenses, net of management fee waivers		1.48	%		1.50	%		1.50	%		1.50	%*
Net investment income (loss)		0.22	%		0.06	%		(0.16	%)		(0.05	%)*
Portfolio turnover rate		35.17	%		35.97	%		50.99	%		34.16	%**
Net assets, end of period (000's)	$	164		$	246		$	339		$	198

By telephone:	1-800-653-2839

By mail:	[Name of Fund]
	c/o Commonwealth Fund Services, Inc.
	8730 Stony Point Parkway, Suite 205
	Richmond, Virginia 23235

By e-mail:	mail@ccofva.com

On the Internet:	http://www.dghmfunds.com

Summary: DGHM V2000 SmallCap Value Fund	3

Additional Information about the Fund’s Principal Investment Strategies	10

Additional Information about the Fund’s Principal Risks	11

General Information	15

Investing In the Fund	20

Other Important Investment Information	31

How to Get More Information	36

Year of Redemption After Purchase	Contingent Deferred Sales Charge
During 1^st year	1.00%
After First Year and all Subsequent Years	None

				Institutional Class Shares
	Year ended			Years ended February 28,									Year ended
	February 29, 2020			2019			2018			2017			February 29, 2016
Net asset value, beginning of year	$	12.34		$	13.11		$	13.44		$	10.24		$	11.48
Investment activities
Net investment income (loss) ^(A)		0.09			0.08			0.13			0.08			0.08
Net realized and unrealized gain (loss) on investments		(1.03	)		(0.18	)		0.27			3.19			(1.27	)
Total from investment activities		(0.94	)		(0.10	)		0.40			3.27			(1.19	)

Distributions
Net investment income		(0.26	)		(0.09	)		(0.19	)		(0.07	)		(0.05	)
Net realized gains		(1.02	)		(0.58	)		(0.54	)		—			—
Total distributions		(1.28	)		(0.67	)		(0.73	)		(0.07	)		(0.05	)

Net asset value, end of year	$	10.12		$	12.34		$	13.11		$	13.44		$	10.24

Total Return		(8.75	%)		(0.28	%)		2.77	%		31.97	%		(10.38	%)
Ratios/Supplemental Data
Ratio to average net assets
Expenses, gross		1.56	%		1.29	%		1.30	%		1.28	%		1.70	%
Expenses, net of all waivers		0.98	%		0.98	%		0.98	%		0.98	%		0.98	%
Net investment income (loss)		0.79	%		0.65	%		0.93	%		0.67	%		0.74	%
Portfolio turnover rate		42.42	%		38.91	%		51.15	%		36.01	%		38.37	%
Net assets, end of year (000's)	$	13,069		$	51,926		$	51,365		$	60,791		$	21,687

The Trust	3

The Fund	4

Investment Limitations	11

Portfolio Transactions	13

Description of Shares	15

Management and Other Service Providers	16

Additional Purchase and Redemption Information	32

Special Shareholder Services	34

Disclosure of Portfolio Holdings	36

Net Asset Value	39

Additional Tax Information	40

Financial Information	55

Appendix A – Description of Ratings	56

Appendix B – Proxy Voting Policies	61

Appendix C – Nominating and Corporate Governance Committee Charter World Funds Trust	73

	2020	2019	2018
MicroCap Value Fund	$50,365	$60,667	$35,952

NAME, AGE AND POSITION WITH THE TRUST	TERM OF OFFICE AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING THE PAST FIVE YEARS	NUMBER OF FUNDS IN FUND COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE DURING THE PAST 5 YEARS
David J. Urban (65) Trustee	Indefinite, Since June 2010	Dean, Jones College of Business, Middle Tennessee State University since July 2013.	30	ETF Opportunities Trust (registered investment company)
Mary Lou H. Ivey (62) Trustee	Indefinite, Since June 2010	Accountant, Harris, Hardy & Johnstone, P.C. (accounting firm), since 2008.	30	ETF Opportunities Trust (registered investment company)
Theo H. Pitt, Jr. (84) Trustee	Indefinite, Since August 2013	Senior Partner, Community Financial Institutions Consulting (bank consulting) since 1997 to present.	30	Independent Trustee of Chesapeake Investment Trust for the one series of that trust; Leeward Investment Trust for the one series of that trust; Hillman Capital Management Investment Trust for the one series of that trust; and Starboard Investment Trust for the 17 series of that trust; and ETF Opportunities Trust (all registered investment companies).

NAME, AGE AND POSITION(S) WITH THE TRUST	TERM OF OFFICE AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING THE PAST FIVE YEARS	NUMBER OF FUNDS IN FUND COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE
David A. Bogaert (56) President	Indefinite, Since August 2017	Managing Director of Business Development, Commonwealth Fund Services, Inc. (fund administration and transfer agency), October 2013 – present; Senior Vice President of Business Development and other positions for Huntington Asset Services, Inc. from 1986 to 2013.	N/A	N/A
Karen M. Shupe (56) Treasurer and Principal Executive Officer	Indefinite, Since June 2008	Managing Director of Fund Operations, Commonwealth Fund Services, Inc., 2003 to present.	N/A	N/A
Ann T. MacDonald (65) Assistant Treasurer and Principal Financial Officer	Indefinite, Since November 2015	Managing Director, Fund Administration and Fund Accounting, Commonwealth Fund Services, Inc., 2003 to present.	N/A	N/A
John H. Lively (51) Secretary	Indefinite, Since November 2013	Attorney, Practus, LLP^TM (law firm), May 2018 to present; Attorney, The Law Offices of John H. Lively & Associates, Inc. (law firm), March 2010 to May 2018.	N/A	N/A

Name of Person / Position	Aggregate Compensation from Fund	Pension or Retirement Benefits Accrued as Part of FundExpenses	Estimated Annual Benefits upon Retirement	Total Compensation from Fund and Fund Complex Paid to Trustees ^(*)(1)
David J. Urban, Trustee	$2,219	$0	$0	$2,219
Mary Lou H. Ivey, Trustee	$2,219	$0	$0	$2,219
Theo H. Pitt, Jr., Trustee	$2,219	$0	$0	$2,219

Name of Trustee	Dollar Range of Equity Securities in the MicroCap Value Fund	Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by the Trustees in Family of Investment Companies
David J. Urban	A	A
Mary Lou H. Ivey	A	A
Theo H. Pitt, Jr.	A	A

NAME & ADDRESS	PERCENT OF CLASS	TYPE OF OWNERSHIP
*DGHM MicroCap Value Fund Institutional Class*
SEI Private Trust Company C/O Compass Bank 1 Freedom Valley Drive Oaks, PA 19456	23.46%	Record
Charles Schwab & Co. Inc. 101 Montgomery Street San Francisco, CA 94104	28.42%	Record
UBS WM USA Omni Account M/F Attn: Department Manager 1000 Harbor Blvd. Weehawken, NJ 07086	9.53%	Record
National Financial Services LLC 499 Washington Blvd. Jersey City, NJ 07310	5.18%	Record
*DGHM MicroCap Value Fund Investor Class*
National Financial Services LLC 499 Washington Blvd. Jersey City, NJ 07310	5.73%	Record
National Financial Services LLC 499 Washington Blvd. Jersey City, NJ 07310	9.53%	Record
C.R. Tucker 1161 Johnson Drive Naperville, IL 60540	7.55%	Record

	Fiscal Year Ended February 29, 2020	Fiscal Year Ended February 28, 2019	Fiscal Year Ended February 28, 2018
Gross Advisory Fee Earned	$453,930	$377,914	$242,414
Waivers and Reimbursements	$173,837	$121,091	$123,556
Net Advisory Fee Received	$280,093	$256,823	$118,858

Name of Portfolio Manager	Dollar Range of Equity Securities in the MicroCap Value Fund
Bruce H. Geller	F
Jeffrey C. Baker	E
Peter A. Gulli	A
Douglas A. Chudy	B

Portfolio Management Team	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Portfolio Management Team	Number of Accounts	Total Assets^*	Number of Accounts	Total Assets^*	Number of Accounts	Total Assets^*
Bruce H. Geller	0	$0	12	$39	65	$1,230
Accounts where compensation is based upon account performance	0	$0	3	$20	16	$430

Portfolio Management Team	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Portfolio Management Team	Number of Accounts	Total Assets^*	Number of Accounts	Total Assets^*	Number of Accounts	Total Assets^*
Peter A. Gulli	0	$0	12	$39	65	$1,230
Accounts where compensation is based upon account performance	0	$0	3	$20	16	$430

Portfolio Management Team	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Portfolio Management Team	Number of Accounts	Total Assets*	Number of Accounts	Total Assets*	Number of Accounts	Total Assets^*
Jeffrey C. Baker	0	$0	12	$39	65	$1,230
Accounts where compensation is based upon account performance	0	$0	3	$20	16	$430

Portfolio Management Team	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Portfolio Management Team	Number of Accounts	Total Assets^*	Number of Accounts	Total Assets^*	Number of Accounts	Total Assets^*
Douglas A. Chudy	0	$0	12	$39	65	$1,230
Accounts where compensation is based upon account performance	0	$0	3	$20	16	$430

Fiscal Period Ended	Fees Paid for Transfer Agent Services	Fees Paid for Accounting Services	Fees Paid for Administrative Services
February 29, 2020	$24,073	$26,108	$37,035
February 28, 2019	$20,503	$25,000	$26,336
February 28, 2018	$18,351	$24,835	$17,497

NAME, AGE AND POSITION(S) WITH THE TRUST	TERM OF OFFICE AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING THE PAST FIVE YEARS	NUMBER OF FUNDS IN FUND COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE
David A. Bogaert (56) President	Indefinite, Since August 2017	Managing Director of Business Development, Commonwealth Fund Services, Inc. (fund administration and transfer agency), October 2013 – present; Senior Vice President of Business Development and other positions for Huntington Asset Services, Inc. from 1986 to 2013.	N/A	N/A
Karen M. Shupe (56) Treasurer and Principal Executive Officer	Indefinite, Since June 2008	Managing Director of Fund Operations, Commonwealth Fund Services, Inc., 2003 to present.	N/A	N/A
Ann T. MacDonald (65) Assistant Treasurer and Principal Financial Officer	Indefinite, Since November 2015	Managing Director, Fund Administration and Fund Accounting, Commonwealth Fund Services, Inc., 2003 to present.	N/A	N/A
John H. Lively (51) Secretary	Indefinite, Since November 2013	Attorney, Practus, LLP^TM (law firm), May 2018 to present; Attorney, The Law Offices of John H. Lively & Associates, Inc. (law firm), March 2010 to May 2018.	N/A	N/A

Name of Person / Position	Aggregate Compensation from Fund	Pension or Retirement Benefits Accrued as Part of FundExpenses	Estimated Annual Benefits upon Retirement	Total Compensation from Fund and Fund Complex Paid to Trustees ^(*)(1)
David J. Urban, Trustee	$1,562	$0	$0	$1,562
Mary Lou H. Ivey, Trustee	$1,562	$0	$0	$1,562
Theo H. Pitt, Jr., Trustee	$1,562	$0	$0	$1,562

Name of Trustee	Dollar Range of Equity Securities in the V2000 SmallCap Value Fund	Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by the Trustees in Family of Investment Companies
David J. Urban	A	A
Mary Lou H. Ivey	A	A
Theo H. Pitt, Jr.	A	A

	Fiscal Year Ended February 29, 2020	Fiscal Year Ended February 28, 2019	Fiscal Year Ended February 28, 2018
Gross Advisory Fee Earned	$205,083	$422,119	$470,739
Waivers and Reimbursements	$148,660	$161,666	$191,223
Net Advisory Fee Received	$56,423	$260,453	$279,516

(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.

(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.

(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.

(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.

(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.

(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.

(d)(3)		Investment Advisory Agreement between the Registrant and Perkins Capital Management, Inc. with respect to the Perkins Discovery Fund. (Filed herewith)

(d)(4)		Investment Advisory Agreement between the Registrant and Dalton, Greiner, Hartman, Maher & Co., LLC with respect to the DGHM V2000 SmallCap 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.

(d)(5)		Investment Advisory Agreement between the Registrant and Dalton, Greiner, Hartman, Maher & Co., LLC with respect to the DGHM MicroCap Value Fund is herein incorporated by reference from the Registrant’s Post-Effective Amendment No. 175 on Form N-1A filed on May 31, 2016.

(d)(6)		Amended and Restated Investment Advisory Agreement between the Registrant and Applied Finance Advisors, LLC with respect to the Applied Finance Core Fund, Applied Finance Dividend Fund, Applied Finance Explorer Fund and Applied Finance Select Fund (collectively, the “Applied Finance Funds”) (formerly known as the Toreador Funds) is herein incorporated by reference from the Registrant’s Post-Effective Amendment No. 349 on Form N-1A filed on January 28, 2020.

(d)(7)		Investment Advisory Agreement between the Registrant and Mission Institutional Advisors, LLC dba Mission Funds Advisers with respect to the Mission-Auour Risk-Managed Global Equity Fund is herein incorporated by reference from the Registrant’s Post-Effective Amendment No. 275 on Form N-1A filed on January 29, 2018.

(d)(8)		Investment Sub-Advisory Agreement between Mission Institutional Advisors, LLC and Auour Investment, LLC with respect to the Mission-Auour Risk-Managed Global Equity Fund is herein incorporated by reference from the Registrant’s Post-Effective Amendment No. 275 on Form N-1A filed on January 29, 2018.

(d)(9)		Investment Advisory Agreement between the Registrant and Real Estate Management Services Group, LLC with respect to the REMS International Real Estate Value-Opportunity Fund and the REMS Real Estate Value-Opportunity Fund is herein incorporated by reference from the Registrant’s Post-Effective Amendment No. 323 on Form N-1A filed on January 28, 2019.

(d)(10)		Investment Advisory Agreement between the Registrant and Real Estate Management Services Group, LLC with respect to the REMS Real Estate Income 50/50 Fund is herein incorporated by reference from the Registrant’s Post-Effective Amendment No. 87 on Form N-1A filed on August 15, 2014.

(d)(11)		Investment Advisory Agreement between the Registrant and Clifford Capital Partners, LLC with respect to the 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.

(d)(12)		Investment Advisory Agreement between the Registrant and Clifford Capital Partners, LLC with respect to the 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.

(d)(13)		Amended Investment Advisory Agreement between the Registrant and Cboe Vest Financial LLC, with respect to the Cboe Vest S&P 500^®Buffer Strategy Fund, Cboe Vest S&P 500^® Enhanced Growth Strategy Fund, and Cboe Vest S&P 500^® Dividend Aristocrats Target Income Fund. (collectively the “Cboe Vest Family of Funds”) is herein incorporated by reference from the Registrant’s Post-Effective Amendment No. 355 on Form N-1A filed on February 28, 2020.

(d)(14)		Investment Advisory Agreement between the Registrant and Systelligence, LLC with respect to The E-Valuator Very Conservative (0%-15%) RMS Fund, The E-Valuator Conservative (15%-30%) RMS Fund, The E-Valuator Conservative/Moderate (30%-50%) RMS Fund, The E-Valuator Moderate (50%-70%) RMS Fund, The E-Valuator Growth (70%-85%) RMS Fund, The E-Valuator Aggressive Growth (85%-99%) RMS Fund (“collectively “The E-Valuator Funds”). (Filed herewith)

(d)(15)		Amended Investment Advisory Agreement between the Registrant and Secure Investment Management, LLC, with respect to the SIM U.S. Core Managed Volatility Fund, SIM Global Core Managed Volatility Fund, SIM Global Moderate Managed Volatility Fund, SIM Global Equity Fund and SIM Income Fund (“the SIM Funds”) is herein incorporated by reference from the Registrant’s Post-Effective Amendment No. 306 on Form N-1A filed on July 30, 2018.

(d)(16)		Investment Advisory Agreement between the Registrant and Strategic Asset Management, Ltd. with respect to 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.

(d)(17)		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.

(e)(1)		Principal Underwriter Agreement dated February 18, 2016 between the Registrant and First Dominion Capital Corp is herein incorporated by reference from the Registrant’s Post-Effective Amendment No. 157 on Form N-1A filed on February 23, 2016.