# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001752724-23-057102
**Filing Date:** 2023-3
**Character Count:** 68205
**Document Hash:** 60028d32477583a600dfa69bc534ea51
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-057102.hdr.sgml**: 20230315

**ACCESSION NUMBER**: 0001752724-23-057102

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230315

**DATE AS OF CHANGE**: 20230315

**PERIOD START**: 20230430

**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:** 23734326

**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

### Applied Finance Explorer Fund (Series ID: S000049148)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000154944 | Investor Class      | AFDVX           |
| C000154945 | Institutional Class | AFDZX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**APPLIED FINANCE EXPLORER FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**APPLIED FINANCE EXPLORER FUND** |  |
| **Schedule of Investments** | **Schedule of Investments** | **January 31, 2023 (unaudited)** | **January 31, 2023 (unaudited)** |
| 93.95% | COMMON STOCKS | **Shares** | **Fair Value** |
| 93.95% | COMMON STOCKS |  |  |
| 3.45% | COMMUNICATION SERVICES |  |  |
|  | Cars.com, Inc. (A) . . . . . . . . . . . . | 215940 | $3692574 |
|  | John Wiley & Sons Inc. . . . . . . . . . | 50706 | 2322335 |
|  | Sinclair Broadcast Group, Inc., Class A . . | 114814 | 2368613 |
|  | Tegna, Inc. . . . . . . . . . . . . . . | 119860 | 2388810 |
|  | Ziff Davis, Inc. (A) . . . . . . . . . . . . | 29397 | 2630444 |
|  |  |  | 13402776 |
| 11.11% | CONSUMER DISCRETIONARY |  |  |
|  | Academy Sports and Outdoors, Inc. . . . | 70246 | 4103771 |
|  | Asbury Automotive Group, Inc. (A) . . . . | 16558 | 3642760 |
|  | Caleres, Inc. . . . . . . . . . . . . . | 125708 | 3270922 |
|  | Designer Brands, Inc. . . . . . . . . . | 219010 | 2257993 |
|  | Everi Holdings, Inc. (A) . . . . . . . . . | 153444 | 2665322 |
|  | Golden Entertainment, Inc. (A) . . . . . . | 63252 | 2498454 |
|  | Group I Automotive, Inc. . . . . . . . . | 18142 | 3879667 |
|  | Malibu Boats, Inc. Class A (A) . . . . . . | 45170 | 2736850 |
|  | MarineMax, Inc. (A) . . . . . . . . . . . | 77172 | 2411625 |
|  | Meritage Home Corp. (A) . . . . . . . . | 31696 | 3413342 |
|  | Patrick Industries, Inc. . . . . . . . . . | 45276 | 3213238 |
|  | Rent-A-Center, Inc. . . . . . . . . . . | 113082 | 3040775 |
|  | Sonic Automotive, Inc. Class A . . . . . | 44145 | 2371028 |
|  | Taylor Morrison Home Corp. (A) . . . . . | 102141 | 3656648 |
|  |  |  | 43162395 |
| 3.53% | CONSUMER STAPLES |  |  |
|  | Bellrings Brands, Inc. (A) . . . . . . . . | 71480 | 2027173 |
|  | Performance Food Group Co. (A) . . . . . | 47542 | 2915275 |
|  | SpartanNash Co. . . . . . . . . . . . | 77554 | 2456911 |
|  | Sprouts Farmers Market, Inc. (A) . . . . . | 72273 | 2309122 |
|  | The Andersons, Inc. . . . . . . . . . . | 50000 | 1839000 |
|  | United Natural Foods, Inc. (A) . . . . . . | 52329 | 2177933 |
|  |  |  | 13725414 |
| 5.04% | ENERGY |  |  |
|  | Antero Resources Corp. (A) . . . . . . . . . . . . . . | 65588 | 1891558 |
|  | CNX Resources Corporation. (A) . . . . . | 121343 | 2030068 |
|  | Comstock Resources, Inc.(A) . . . . . . | 113152 | 1374797 |
|  | CONSOL Energy, Inc. . . . . . . . . . | 35966 | 2079914 |
|  | Earthstone Energy, Inc. (A) . . . . . . . . | 116698 | 1622102 |

---

**1**

QUARTERLY REPORT

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**APPLIED FINANCE EXPLORER FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**APPLIED FINANCE EXPLORER FUND** |  |
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **January 31, 2023 (unaudited)** | **January 31, 2023 (unaudited)** |
|  | &nbsp;&nbsp;EQT Corp. . . . . . . . . . . . . . . | **Shares** | **Fair Value** |
|  | &nbsp;&nbsp;EQT Corp. . . . . . . . . . . . . . . | 49124 | $1604881 |
|  | &nbsp;&nbsp;Northern Oil and Gas, Inc. . . . . . . . | 79403 | 2661589 |
|  | &nbsp;&nbsp;PBF Energy Inc. . . . . . . . . . . . . | 59182 | 2485052 |
|  | &nbsp;&nbsp;PDC Energy, Inc. . . . . . . . . . . . | 33396 | 2261911 |
|  | &nbsp;&nbsp;SM Energy Co. . . . . . . . . . . . . | 47899 | 1574440 |
|  |  |  | 19586312 |
| 20.88% | &nbsp;&nbsp;FINANCIALS |  |  |
|  | &nbsp;&nbsp;Arbor Realty Trust, Inc. . . . . . . . . . | 233598 | 3487618 |
|  | &nbsp;&nbsp;Blackstone Mortgage Trust Inc. . . . . . | 100745 | 2401761 |
|  | &nbsp;&nbsp;Cadence Bank . . . . . . . . . . . . | 101714 | 2601844 |
|  | &nbsp;&nbsp;Cathay General Bancorp. . . . . . . . | 54101 | 2378280 |
|  | &nbsp;&nbsp;CNO Financial Group, Inc. . . . . . . . | 103820 | 2674403 |
|  | &nbsp;&nbsp;Customers Bancorp, Inc. (A) . . . . . . . | 74142 | 2251692 |
|  | &nbsp;&nbsp;Donnelly Financial Solutions, Inc. (A) . . . | 89405 | 4077762 |
|  | &nbsp;&nbsp;Encore Capital Group, Inc. . . . . . . . | 58772 | 3274776 |
|  | &nbsp;&nbsp;Enova International, Inc. (A) . . . . . . . | 86247 | 3937176 |
|  | &nbsp;&nbsp;Federated Investors Inc. . . . . . . . . | 45000 | 1768500 |
|  | &nbsp;&nbsp;Hancock Whitney Corp. . . . . . . . . | 67226 | 3460794 |
|  | &nbsp;&nbsp;Jackson Financial Inc.Com . . . . . . . | 64836 | 2855377 |
|  | &nbsp;&nbsp;Lakeland Bancorp, Inc. . . . . . . . . . | 56493 | 1088620 |
|  | &nbsp;&nbsp;Navient Corp. . . . . . . . . . . . . . | 189654 | 3597736 |
|  | &nbsp;&nbsp;Open Lending Corp. (A) . . . . . . . . . | 89258 | 782793 |
|  | &nbsp;&nbsp;Pathward Financial, Inc. . . . . . . . . | 67786 | 3363541 |
|  | &nbsp;&nbsp;PennyMac Financial Services, Inc. . . . . | 60904 | 4106148 |
|  | &nbsp;&nbsp;Preferred Bank/Los Angeles . . . . . . | 47236 | 3359897 |
|  | &nbsp;&nbsp;QCR Holdings, Inc. . . . . . . . . . . | 46816 | 2460649 |
|  | &nbsp;&nbsp;Radian Group, Inc. . . . . . . . . . . . | 122140 | 2699294 |
|  | &nbsp;&nbsp;Rithm Capital Corp. . . . . . . . . . . | 317633 | 2988926 |
|  | &nbsp;&nbsp;SLM Corp. . . . . . . . . . . . . . . | 181333 | 3186021 |
|  | &nbsp;&nbsp;Steward Information Services Corp. . . . | 64161 | 3064971 |
|  | &nbsp;&nbsp;StoneX Group, Inc. (A) . . . . . . . . . | 36451 | 3203314 |
|  | &nbsp;&nbsp;Valley National Bancorp . . . . . . . . | 206342 | 2451343 |
|  | &nbsp;&nbsp;Victory Capital Holdings, Inc. . . . . . . | 106311 | 3151058 |
|  | &nbsp;&nbsp;Virtus Investment Partners, Inc. . . . . . | 14527 | 3121562 |
|  | &nbsp;&nbsp;WSFS Financial Corp. . . . . . . . . . | 68278 | 3298510 |
|  |  |  | 81094366 |
| 12.39% | &nbsp;&nbsp;HEALTH CARE |  |  |
|  | &nbsp;&nbsp;AMN Healthcare Services, Inc. (A) . . . . | 24763 | 2373286 |
|  | &nbsp;&nbsp;Catalyst Pharmaceuticals, Inc (A) . . . . . | 131377 | 2035030 |
|  | &nbsp;&nbsp;Collegium Pharmaceutical, Inc (A) . . . . | 116534 | 3272275 |
|  | &nbsp;&nbsp;Corcept Therapeautics, Inc (A) . . . . . . | 114019 | 2606474 |
|  | &nbsp;&nbsp;The Ensign Group, Inc. . . . . . . . . . | 35910 | 3348607 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2** |  |  |

---

QUARTERLY REPORT

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**APPLIED FINANCE EXPLORER FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**APPLIED FINANCE EXPLORER FUND** |  |
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **January 31, 2023 (unaudited)** | **January 31, 2023 (unaudited)** |
|  | Innoviva, Inc.(A) . . . . . . . . . . . . | **Shares** | **Fair Value** |
|  | Innoviva, Inc.(A) . . . . . . . . . . . . | 197171 | $2494213 |
|  | Ironwood Pharmaceuticals, Inc. (A) . . . . | 238881 | 2751909 |
|  | Medpace Holdings, Inc. (A) . . . . . . . | 15998 | 3536678 |
|  | NextGen Healthcare, Inc. (A) . . . . . . . | 104277 | 1983348 |
|  | Owens & Minor, Inc (A) . . . . . . . . . | 95516 | 1885486 |
|  | Patterson Companies, Inc. . . . . . . . | 79051 | 2386550 |
|  | Premier, Inc. Class A . . . . . . . . . . | 75566 | 2520882 |
|  | Prestige Consumer Healthcare, Inc. (A) . . | 41974 | 2760210 |
|  | Select Medical Holdings Corp. . . . . . | 80000 | 2325600 |
|  | Tenet Healthcare Corp. (A) . . . . . . . | 51504 | 2824994 |
|  | United Therapeutics Corp. (A) . . . . . . | 12600 | 3315942 |
|  | Veradigm Inc. (A) . . . . . . . . . . . . | 157305 | 2817333 |
|  | VIR Biotechnology, Inc. (A) . . . . . . . . . . . . . . . | 96851 | 2861947 |
|  |  |  | 48100764 |
| 12.25% | INDUSTRIAL |  |  |
|  | Atlas Air Worldwide Holdings (A) . . . . . | 28772 | 2940786 |
|  | Avis Budget Group, Inc. (A) . . . . . . . | 11457 | 2291858 |
|  | Beacon Roofing Supply, Inc. (A) . . . . . | 41081 | 2336687 |
|  | Builders FirstSource, Inc. (A) . . . . . . . | 41304 | 3291929 |
|  | Encore Wire Corp. . . . . . . . . . . . . . . . . . . . . . | 17113 | 2762552 |
|  | Genco Shipping & Trading Ltd. . . . . . | 136872 | 2482858 |
|  | GMS, Inc. (A) . . . . . . . . . . . . . . | 48275 | 2863673 |
|  | GrafTech International Ltd. . . . . . . . | 181476 | 1186853 |
|  | Herc Holdings, Inc. . . . . . . . . . . | 19383 | 3010568 |
|  | Hillenbrand, Inc. . . . . . . . . . . . | 52947 | 2481096 |
|  | Marten Transport Ltd. . . . . . . . . . | 117500 | 2595575 |
|  | Matson, Inc. . . . . . . . . . . . . . | 27615 | 1825904 |
|  | Mueller Industries, Inc. . . . . . . . . . | 38881 | 2548650 |
|  | PGT Innovations, Inc (A) . . . . . . . . . | 105010 | 2278717 |
|  | Schneider National, Inc. . . . . . . . . | 82803 | 2194279 |
|  | UFP Industries, Inc. . . . . . . . . . . | 25082 | 2346421 |
|  | Veritiv Corp.(A) . . . . . . . . . . . . . | 24119 | 3015840 |
|  | Werner Enterprises, Inc. . . . . . . . . | 55421 | 2603124 |
|  | WESCO International, Inc. (A) . . . . . . | 16868 | 2513501 |
|  |  |  | 47570871 |
| 8.75% | INFORMATION TECHNOLOGY |  |  |
|  | Consensus Cloud Solutions(A) . . . . . . | 47594 | 2797099 |
|  | CSG Systems International, Inc (A) . . . . | 41171 | 2456674 |
|  | Diodes, Inc. (A) . . . . . . . . . . . . . | 33755 | 3010608 |
|  | ePlus Inc. (A) . . . . . . . . . . . . . . | 45033 | 2241743 |

---

**3**

QUARTERLY REPORT

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**APPLIED FINANCE EXPLORER FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**APPLIED FINANCE EXPLORER FUND** |  |
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **January 31, 2023 (unaudited)** | **January 31, 2023 (unaudited)** |
|  | Ichor Holdings, Ltd. (A) . . . . . . . . . | **Shares** | **Fair Value** |
|  | Ichor Holdings, Ltd. (A) . . . . . . . . . | 75822 | $2562784 |
|  | Insight Enterprises, Inc. (A) . . . . . . . | 25894 | 2918772 |
|  | MaxLinear, Inc. (A) . . . . . . . . . . . | 73895 | 3044474 |
|  | NETGEAR, Inc. (A) . . . . . . . . . . . | 115217 | 2300883 |
|  | Progress Software Corp. . . . . . . . . | 51773 | 2746040 |
|  | ScanSource, Inc.(A) . . . . . . . . . . . | 72823 | 2398061 |
|  | SMART Global Holdings, Inc. (A) . . . . . | 162072 | 2786018 |
|  | Synaptics, Inc. (A) . . . . . . . . . . . | 19581 | 2448212 |
|  | Ultra Clean Holdings, Inc. (A) . . . . . . | 68027 | 2289109 |
|  |  |  | 34000477 |
| 6.37% | MATERIALS |  |  |
|  | AdvanSix, Inc. . . . . . . . . . . . . | 59818 | 2586530 |
|  | Boise Cascade Co. . . . . . . . . . . | 34197 | 2563749 |
|  | Cleanwater Paper Corp. (A) . . . . . . . | 55670 | 2149419 |
|  | Commercial Metals Co. . . . . . . . . | 64343 | 3491895 |
|  | Element Solutions, Inc. . . . . . . . . . | 119716 | 2451784 |
|  | Enact Holdings, Inc. . . . . . . . . . . | 93819 | 2359548 |
|  | Ryerson Holding Corp. . . . . . . . . . | 81155 | 3097686 |
|  | Tronox Holdings PLC-A . . . . . . . . | 150067 | 2573649 |
|  | Warrior Met Coal, Inc. . . . . . . . . . | 91444 | 3463899 |
|  |  |  | 24738159 |
| 6.93% | REAL ESTATE |  |  |
|  | Brandywine Realty Trust . . . . . . . . | 149858 | 983068 |
|  | Corecivic, Inc. (A) . . . . . . . . . . . . | 202801 | 2157803 |
|  | DiamondRock Hospitality Co. . . . . . . | 276290 | 2660673 |
|  | Kite Realty Group Trust . . . . . . . . | 144980 | 3146066 |
|  | Newmark Group, Inc., Class A . . . . . | 260978 | 2236581 |
|  | Office Properties Income Trust . . . . . | 149143 | 2559294 |
|  | Paramount Group, Inc. . . . . . . . . . | 222031 | 1432100 |
|  | Piedmont Office Realty . . . . . . . . | 249700 | 2646820 |
|  | Service Properties Trust . . . . . . . . | 349643 | 3115319 |
|  | Tanger Factory Outlet Centers, Inc. . . . | 141926 | 2712206 |
|  | The Macerich Co. . . . . . . . . . . . | 237569 | 3264198 |
|  |  |  | 26914128 |
| 3.25% | UTILITIES |  |  |
|  | Brookfield Infrastructure Corp. . . . . . | 69973 | 3094206 |
|  | Montauk Renewables Inc (A) . . . . . . | 150000 | 1666500 |

---

**4**

QUARTERLY REPORT

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**APPLIED FINANCE EXPLORER FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**APPLIED FINANCE EXPLORER FUND** |  |
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **January 31, 2023 (unaudited)** | **January 31, 2023 (unaudited)** |
|  | New Jersey Resources Corp. . . . . . . | **Shares** | **Fair Value** |
|  | New Jersey Resources Corp. . . . . . . | 90749 | $4530190 |
|  | Otter Tail Corp. . . . . . . . . . . . . | 51724 | 3318095 |
|  |  |  | 12608991 |
| 93.95% | TOTAL COMMON STOCKS . . . . . . . . . . . . . . | TOTAL COMMON STOCKS . . . . . . . . . . . . . . | <u>364904653</u> |
| 0.07% | EXCHANGE TRADED FUNDS |  |  |
| 0.07% | SMALL CAP |  |  |
|  | iShares Russell 2000 ETF . . . . . . . | 900 | 172332 |
|  | iShares Russell 2000 Growth ETF . . . . | 500 | 117980 |
|  |  |  | 290312 |
| 0.07% | TOTAL EXCHANGE TRADED FUNDS . . . . . . . . . . | TOTAL EXCHANGE TRADED FUNDS . . . . . . . . . . | 290312 |
| 5.45% | MONEY MARKET FUND |  |  |
|  | Federated Treasury Obligations Fund - |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Institutional 4.19% (B) . . . . . . . . . | 21130118 | 21130118 |
|  | TOTAL MONEY MARKET FUND . . . . . . . . . . . . | TOTAL MONEY MARKET FUND . . . . . . . . . . . . | 21130118 |
| 99.47% | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | 386325083 |
| 0.53% | Other assets, net of Liabilities . . . . . . . . . . . . . . | Other assets, net of Liabilities . . . . . . . . . . . . . . | 2072195 |
| 100.00% | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | <u>$388397278</u> |

---

(A)Non-income producing

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

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

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).

**5**

QUARTERLY REPORT

**APPLIED FINANCE EXPLORER FUND**

---

| | |
|:---|:---|
| **Schedule of Investments - continued** | **January 31, 2023 (unaudited)** |

---

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 January 31, 2023:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Level 1** |  | **Level 2** |  | **Level 3** |  |
|  |  |  | **Other** |  |  |  |
|  |  |  | **Significant** |  | **Significant** |  |
|  |  |  | **Observable** |  | **Unobservable** |  |
| Common Stocks . . . . | **Quoted Prices** |  | **Inputs** |  | **Inputs** | **Total** |
| Common Stocks . . . . | $364904653 | $ | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $ | $— | $364904653 |
| Exchange Traded Fund . | 290312 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 290312 |
| Money Market Fund . . . | 21130118 |  |  |  |  | 21130118 |
| Total Investments . . . . | $386325083 | $ | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $ | $— | $386325083 |

---

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 January 31, 2023.

At January 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 $356,201,481 and the related tax-based net unrealized appreciation (depreciation) consists of:

---

| | |
|:---|:---|
| Gross unrealized appreciation . . . . | $46154920 |
| Gross unrealized depreciation . . . . | <u>(16031318</u>) |
| Net unrealized appreciation . . . . . | <u>$30123602</u> |

---

**6**

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:** Applied Finance Explorer Fund

- **b. EDGAR series identifier (if any):** S000049148

- **c. LEI of Series:** 549300JZELJIII4L7K33

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

- **a. Date of fiscal year-end:** 2023-04-30

- **b. Date as of which information is reported:** 2023-01-31

**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:** $388763642.55

**Total Liabilities:** $366364.07

**Net Assets:** $388397278.48

**Cash Not Reported:** $1938863.48

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000154945 | 5.13%                | -5.88%               | 9.26%                |
| Class ID C000154944 | 5.16%                | -5.94%               | 9.25%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $15905350.66                               |
| Month 2  | $-621463.48              | $-20588996.30                              |
| Month 3  | $0.00                    | $31811703.02                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Earthstone Energy Inc          | EARTHSTONE ENERGY INC-A                                 | CUSIP: 27032D304<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    116698 | NS      | $1622102.20   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Andersons Inc/The              | ANDERSON INC/THE                                        | CUSIP: 034164103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50000 | NS      | $1839000.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKSTONE MOR-A               | Blackstone Mortgage Trust Inc                           | CUSIP: 09257W100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100745 | NS      | $2401760.80   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | Navient Corp.                                           | CUSIP: 63938C108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    189654 | NS      | $3597736.38   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | CORCEPT THERAPEAUTICS INC                               | CUSIP: 218352102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    114019 | NS      | $2606474.34   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | Builders FirstSource, Inc.                              | CUSIP: 12008R107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41304 | NS      | $3291928.80   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMERCIAL METAL               | Commercial Metals Co                                    | CUSIP: 201723103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64343 | NS      | $3491894.61   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | RYERSON HOLDING CORP                                    | CUSIP: 783754104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     81155 | NS      | $3097686.35   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | COLLEGIUM PHARMACEUTICAL INC                            | CUSIP: 19459J104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    116534 | NS      | $3272274.72   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| WERNER ENT                     | Werner Enterprises Inc                                  | CUSIP: 950755108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55421 | NS      | $2603124.37   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| PRESTIGE BRANDS                | Prestige Consumer Healthcare Inc.                       | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41974 | NS      | $2760210.24   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ISHARES S&P 100                | iShares Russell 2000 ETF                                | CUSIP: 464287655<br>LEI: N/A                  | Long             | EC               | RF                | US        |       900 | NS      | $172332.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA                | PIEDMONT OFFICE REALTY                                  | CUSIP: 720190206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    249700 | NS      | $2646820.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | BELLRINGS BRAND INC.                                    | CUSIP: 07831C103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     71480 | NS      | $2027172.80   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| JACKSON FINANCIAL INC COM CL A | JACKSON FINANCIAL INC COM CL A                          | CUSIP: 46817M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64836 | NS      | $2855377.44   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | Sprouts Farmers Market, Inc.                            | CUSIP: 85208M102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72273 | NS      | $2309122.35   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| RENT-A-CENTER                  | UPLOAD GROUP, INC.                                      | CUSIP: 76009N100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    113082 | NS      | $3040774.98   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | VICTORY CAPITAL HOLD-CLASS A                            | CUSIP: 92645B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    106311 | NS      | $3151058.04   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED NATURAL                 | United Natural Foods Inc                                | CUSIP: 911163103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52329 | NS      | $2177932.98   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | Caleres, Inc.                                           | CUSIP: 129500104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    125708 | NS      | $3270922.16   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| SCANSOURCE INC                 | ScanSource Inc                                          | CUSIP: 806037107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72823 | NS      | $2398061.39   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| MALIBU BOATS-A                 | Malibu Boats, Inc. Class A                              | CUSIP: 56117J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45170 | NS      | $2736850.30   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO FINANCIAL GR               | CNO Financial Group Inc                                 | CUSIP: 12621E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    103820 | NS      | $2674403.20   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| LAKELAND BANCORP               | Lakeland Bancorp Inc                                    | CUSIP: 511637100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56493 | NS      | $1088620.11   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | QCR HOLDINGS INC                                        | CUSIP: 74727A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46816 | NS      | $2460648.96   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | Veradigm Inc                                            | CUSIP: 01988P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    157305 | NS      | $2817332.55   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| NETGEAR INC                    | NETGEAR Inc                                             | CUSIP: 64111Q104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    115217 | NS      | $2300883.49   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | GMS INC                                                 | CUSIP: 36251C103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48275 | NS      | $2863673.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| RADIAN GROUP INC               | Radian Group Inc.                                       | CUSIP: 750236101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    122140 | NS      | $2699294.00   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTRA CLEAN HOLD               | Ultra Clean Holdings Inc                                | CUSIP: 90385V107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     68027 | NS      | $2289108.55   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDROCK HOSP               | DiamondRock Hospitality Co                              | CUSIP: 252784301<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    276290 | NS      | $2660672.70   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | Federated Treasury Obligations Fund Institutional Class | CUSIP: 60934N500<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  21130118 | NS      | $21130117.82  | 5.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ENACT HOLDINGS INC             | ENACT HOLDINGS INC                                      | CUSIP: 29249E109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     93819 | NS      | $2359547.85   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | SCHNEIDER NATIONAL                                      | CUSIP: 80689H102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     82803 | NS      | $2194279.50   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | Enova International, Inc.                               | CUSIP: 29357K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     86247 | NS      | $3937175.55   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | CONSENSUS CLOUD SOLUTIONS                               | CUSIP: 20848V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47594 | NS      | $2797099.25   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | COMSTOCK RESOURCES                                      | CUSIP: 205768302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    113152 | NS      | $1374796.80   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CUSTOMERS BANCOR               | Customers Bancorp Inc                                   | CUSIP: 23204G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     74142 | NS      | $2251692.54   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | GRAFTECH INTERNATIONAL LTD                              | CUSIP: 384313508<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    181476 | NS      | $1186853.04   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | SPARTANNASH CO                                          | CUSIP: 847215100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     77554 | NS      | $2456910.72   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| SINCLAIR BROAD-A               | Sinclair Broadcast Group, Inc. Class A                  | CUSIP: 829226109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    114814 | NS      | $2368612.82   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | DONNELLY FINANCIAL SOLUTION                             | CUSIP: 25787G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     89405 | NS      | $4077762.05   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NextGen Healthcare, Inc.       | NEXTGEN HEALTHCARE INC                                  | CUSIP: 65343C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    104277 | NS      | $1983348.54   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | PATTERSON CAOMPANIES INC                                | CUSIP: 703395103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     79051 | NS      | $2386549.69   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | ANTERO RESOURCES CORP                                   | CUSIP: 03674X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     65588 | NS      | $1891557.92   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| TAYLOR MORRISO-A               | Taylor Morrison Home Corp.                              | CUSIP: 87724P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    102141 | NS      | $3656647.80   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| VIRTUS INVEST                  | Virtus Investment Partners, Inc.                        | CUSIP: 92828Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14527 | NS      | $3121561.76   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| J2 GLOBAL INC                  | ZIFF DAVIS INC                                          | CUSIP: 48123V102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29397 | NS      | $2630443.56   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | GENCO SHIPPING                                          | CUSIP: Y2685T131<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    136872 | NS      | $2482858.08   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| AMN HEALTHCARE                 | AMN Healthcare Services, Inc.                           | CUSIP: 001744101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24763 | NS      | $2373285.92   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | EQT CORP                                                | CUSIP: 26884L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49124 | NS      | $1604881.08   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ENCORE CAPITAL G               | Encore Capital Group, Inc.                              | CUSIP: 292554102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58772 | NS      | $3274775.84   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | NORTHERN OIL AND GAS INC                                | CUSIP: 665531307<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     79403 | NS      | $2661588.56   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | UFPI Industries Inc                                     | CUSIP: 90278Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25082 | NS      | $2346421.10   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| INNOVIVA INC                   | Innoviva, Inc.                                          | CUSIP: 45781M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    197171 | NS      | $2494213.15   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | CARS.COM INC                                            | CUSIP: 14575E105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    215940 | NS      | $3692574.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | TEGNA Inc.                                              | CUSIP: 87901J105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    119860 | NS      | $2388809.80   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| MARINEMAX INC                  | MarineMax Inc                                           | CUSIP: 567908108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     77172 | NS      | $2411625.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | SLM CORP                                                | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    181333 | NS      | $3186020.81   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| SONIC AUTOMOTIVE INC CL A      | SONIC AUTOMOTIVE INC CL A                               | CUSIP: 83545G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44145 | NS      | $2371027.95   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| TANGER FACTORY                 | Tanger Factory Outlet Centers, Inc.                     | CUSIP: 875465106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    141926 | NS      | $2712205.86   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| BEACON ROOFING S               | Beacon Roofing Supply Inc                               | CUSIP: 073685109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41081 | NS      | $2336687.28   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | VALLEY NATIONAL BANCORP                                 | CUSIP: 919794107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    206342 | NS      | $2451342.96   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| MATSON INC                     | Matson Inc                                              | CUSIP: 57686G105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27615 | NS      | $1825903.80   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| BRANDYWINE RLTY                | Brandywine Realty Trust                                 | CUSIP: 105368203<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    149858 | NS      | $983068.48    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ENSIGN GROUP INC               | Ensign Group, Inc./The                                  | CUSIP: 29358P101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35910 | NS      | $3348607.50   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | PREFERRED BANK/LOS ANGELES                              | CUSIP: 740367404<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47236 | NS      | $3359896.68   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| KITE REALTY GROU               | Kite Realty Group Trust                                 | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    144980 | NS      | $3146066.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | CORECIVIC INC.                                          | CUSIP: 21871N101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    202801 | NS      | $2157802.64   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| EPLUS INC                      | ePlus Inc.                                              | CUSIP: 294268107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45033 | NS      | $2241742.74   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | PennyMac Financial Services, Inc.                       | CUSIP: 70932M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60904 | NS      | $4106147.68   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | ELEMENT SOLUTIONS INC                                   | CUSIP: 28618M106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    119716 | NS      | $2451783.68   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | SMART Global Holdings, Inc.                             | CUSIP: G8232Y101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    162072 | NS      | $2786017.68   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | BROOKFIELD INFRASTRUCTURE-A                             | CUSIP: 11275Q107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     69973 | NS      | $3094206.06   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | Tenet Healthcare Corp.                                  | CUSIP: 88033G407<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51504 | NS      | $2824994.40   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEARWATER                     | Clearwater Paper Corp                                   | CUSIP: 18538R103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55670 | NS      | $2149418.70   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANSIX INC                   | AdvanSix Inc                                            | CUSIP: 00773T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59818 | NS      | $2586530.32   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSOL Energy Inc              | CONSOL ENERGY INC                                       | CUSIP: 20854L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35966 | NS      | $2079913.78   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | TRONOX HOLDINGS PLC-A                                   | CUSIP: G9087Q102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    150067 | NS      | $2573649.05   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| PROGRESS SOFTWAR               | Progress Software Corp                                  | CUSIP: 743312100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51773 | NS      | $2746039.92   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | OPEN LENDING CORP CL A                                  | CUSIP: 68373J104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     89258 | NS      | $782792.66    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SELECT MED HLDGS CORP          | SELECT MEDICAL HOLDINGS CORP                            | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     80000 | NS      | $2325600.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | HERC HOLDINGS INC                                       | CUSIP: 42704L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19383 | NS      | $3010567.56   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | WARRIOR MET COAL INC                                    | CUSIP: 93627C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     91444 | NS      | $3463898.72   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| AVIS BUDGET GROU               | Avis Budget Group, Inc.                                 | CUSIP: 053774105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11457 | NS      | $2291858.28   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | CATALYST PHARMACEUTICALS INC                            | CUSIP: 14888U101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    131377 | NS      | $2035029.73   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| STEWART INFO SVC               | Stewart Information Services Corp.                      | CUSIP: 860372101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64161 | NS      | $3064970.97   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| DEFAULT ISSUER                 | Ichor Holdings, Ltd.                                    | CUSIP: G4740B105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     75822 | NS      | $2562783.60   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED THERAPEUT               | United Therapeutics Corp                                | CUSIP: 91307C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12600 | NS      | $3315942.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | DESIGNER BRANDS INC                                     | CUSIP: 250565108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    219010 | NS      | $2257993.10   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | PATRICK INDS INC                                        | CUSIP: 703343103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45276 | NS      | $3213237.72   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| OWENS & MINOR                  | Owens & Minor Inc                                       | CUSIP: 690732102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     95516 | NS      | $1885485.84   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Ironwood Pharmaceuticals, Inc. | IRONWOOD PHARMACEUTICALS INC                            | CUSIP: 46333X108<br>LEI: 549300PC8MR6QHH6P296 | Long             | EC               | CORP              | US        |    238881 | NS      | $2751909.12   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | Service Properties Trust                                | CUSIP: 81761L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    349643 | NS      | $3115319.13   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| MACERICH CO                    | Macerich Co/The                                         | CUSIP: 554382101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    237569 | NS      | $3264198.06   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNAPTICS INC                  | Synaptics Inc.                                          | CUSIP: 87157D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19581 | NS      | $2448212.43   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| WILEY JOHN&SON-A               | John Wiley & Sons Inc                                   | CUSIP: 968223206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50706 | NS      | $2322334.80   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | RITHM CAPITAL CORP                                      | CUSIP: 64828T201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    317633 | NS      | $2988926.53   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| PGT INNOVATIONS INC            | PGT INNOVATIONS INC                                     | CUSIP: 69336V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    105010 | NS      | $2278717.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | PREMIER INC. CLASS A                                    | CUSIP: 74051N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     75566 | NS      | $2520881.76   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | Everi Holdings Inc.                                     | CUSIP: 30034T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    153444 | NS      | $2665322.28   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | PERFORMANCE FOOD GROUP CO                               | CUSIP: 71377A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47542 | NS      | $2915275.44   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CATHAY GEN BANCORP             | CATHAY GEN BANCORP                                      | CUSIP: 149150104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54101 | NS      | $2378279.96   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | CNX RESOURCES CORPORATION COM                           | CUSIP: 12653C108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    121343 | NS      | $2030068.39   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | MONTAUK RENEWABLES INC                                  | CUSIP: 61218C103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    150000 | NS      | $1666500.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | BOISE CASCADE                                           | CUSIP: 09739D100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34197 | NS      | $2563749.09   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERATED INV-B                | Federated Investors Inc                                 | CUSIP: 314211103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45000 | NS      | $1768500.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| DIODES INC                     | Diodes Inc.                                             | CUSIP: 254543101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33755 | NS      | $3010608.45   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| ASBURY AUTO GRP                | Asbury Automotive Group, Inc.                           | CUSIP: 043436104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16558 | NS      | $3642760.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | ISHARES RUSSELL 2000 GROWTH                             | CUSIP: 464287648<br>LEI: N/A                  | Long             | EC               | RF                | US        |       500 | NS      | $117980.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | WSFS FINANCIAL CORP                                     | CUSIP: 929328102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     68278 | NS      | $3298510.18   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| MUELLER INDS                   | Mueller Industries, Inc.                                | CUSIP: 624756102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38881 | NS      | $2548649.55   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDPACE HOLDINGS               | Medpace Holdings, Inc.                                  | CUSIP: 58506Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15998 | NS      | $3536677.86   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc               | STONEX GROUP INC                                        | CUSIP: 861896108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36451 | NS      | $3203313.88   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| ARBOR REALTY TRU               | Arbor Realty Trust Inc                                  | CUSIP: 038923108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    233598 | NS      | $3487618.14   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | ACADEMY SPORTS AND OUTDOORS INC                         | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     70246 | NS      | $4103771.32   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| VERITIV CORP                   | Veritiv Corp                                            | CUSIP: 923454102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24119 | NS      | $3015839.76   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | CADENCE BANK                                            | CUSIP: 12740C103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    101714 | NS      | $2601844.12   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO INTL                     | WESCO International Inc                                 | CUSIP: 95082P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16868 | NS      | $2513500.68   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| HANCOCK HLDG CO                | Hancock Whitney Corp.                                   | CUSIP: 410120109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67226 | NS      | $3460794.48   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | Insight Enterprises, Inc.                               | CUSIP: 45765U103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25894 | NS      | $2918771.68   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA                | SM ENERGY COMPANY                                       | CUSIP: 78454L100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47899 | NS      | $1574440.13   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| PBF ENERGY INC-A               | PBF Energy Inc. Class A                                 | CUSIP: 69318G106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59182 | NS      | $2485052.18   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | NEWMARK GROUP INC. CLASS A                              | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    260978 | NS      | $2236581.46   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| VIR BIOTECHNOLOGY INC          | VIR BIOTECHNOLOGY INC                                   | CUSIP: 92764N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     96851 | NS      | $2861947.05   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Encore Wire Corp               | ENCORE WIRE CORP                                        | CUSIP: 292562105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17113 | NS      | $2762551.59   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG SYSTEMS INTL               | CSG Systems International Inc                           | CUSIP: 126349109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41171 | NS      | $2456673.57   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | OFFICE PROPERTIES INCOME TRUST                          | CUSIP: 67623C109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    149143 | NS      | $2559293.88   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | ATLAS AIR WORLDWIDE HOLDINGS                            | CUSIP: 049164205<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28772 | NS      | $2940786.12   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| HILLENBRAND INC                | Hillenbrand Inc                                         | CUSIP: 431571108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52947 | NS      | $2481096.42   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | MAXLINEAR INC.                                          | CUSIP: 57776J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     73895 | NS      | $3044474.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | GROUP I AUTOMOTIVE INC                                  | CUSIP: 398905109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18142 | NS      | $3879666.70   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | PATHWARD FINANCIAL INC                                  | CUSIP: 59100U108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67786 | NS      | $3363541.32   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | GOLDEN ENTERTAINMENT INC.                               | CUSIP: 381013101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     63252 | NS      | $2498454.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| PDC ENERGY INC                 | PDC Energy Inc                                          | CUSIP: 69327R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33396 | NS      | $2261911.08   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | PARAMOUNT GROUP INC.                                    | CUSIP: 69924R108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    222031 | NS      | $1432099.95   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | OTTER TAIL CORP                                         | CUSIP: 689648103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51724 | NS      | $3318094.60   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| MERITAGE HOMES C               | Meritage Homes Corp.                                    | CUSIP: 59001A102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31696 | NS      | $3413342.24   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                        | NEW JERSEY RESOURCES CORP                               | CUSIP: 646025106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     90749 | NS      | $4530190.08   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| MARTEN TRANSPORT               | Marten Transport, Ltd.                                  | CUSIP: 573075108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    117500 | NS      | $2595575.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-10

**Name of Applicant:** World Funds Trust

**Signature:** Ann MacDonald

**Name of Signer:** Ann MacDonald

**Title:** Principal Financial Officer