# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001752724-23-057107
**Filing Date:** 2023-3
**Character Count:** 31545
**Document Hash:** f32db67f8346c93c7c120b9d437d4e9d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-057107.hdr.sgml**: 20230315

**ACCESSION NUMBER**: 0001752724-23-057107

**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**: 20231031

**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:** 23734329

**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

### Cboe Vest US Large Cap 20% Buffer Strategies Fund (Series ID: S000055568)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000174909 | Class A Shares             | ENGAX           |
| C000174910 | Class C Shares             | ENGCX           |
| C000174911 | Investor Class Shares      | ENGLX           |
| C000174912 | Institutional Class Shares | ENGIX           |
| C000195359 | Class Y Shares             | ENGYX           |

## Nport-Ex

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CBOE VEST US LARGE CAP 20% BUFFER FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CBOE VEST US LARGE CAP 20% BUFFER FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CBOE VEST US LARGE CAP 20% BUFFER FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CBOE VEST US LARGE CAP 20% BUFFER FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CBOE VEST US LARGE CAP 20% BUFFER FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CBOE VEST US LARGE CAP 20% BUFFER FUND** |  |
| **Schedule of Investments** | **Schedule of Investments** |  |  | **January 31, 2023 (unaudited)** | **January 31, 2023 (unaudited)** | **January 31, 2023 (unaudited)** | **January 31, 2023 (unaudited)** |
|  |  |  |  |  | **Shares** | **Shares** | **Fair Value** |
| 0.79% | MONEY MARKET FUND | MONEY MARKET FUND |  |  |  |  |  |
|  | Federated Treasury Obligations Fund - | Federated Treasury Obligations Fund - | Federated Treasury Obligations Fund - |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Institutional Class 4.19%(A) . . . . . . | &nbsp;&nbsp;&nbsp;Institutional Class 4.19%(A) . . . . . . | &nbsp;&nbsp;&nbsp;Institutional Class 4.19%(A) . . . . . . |  |  | 443878 | $<u>443878</u> |
| 101.71% | PURCHASED OPTIONS | PURCHASED OPTIONS |  |  |  |  |  |
|  |  | **Number** |  |  |  |  |  |
|  |  | **of** | **Notional** | **Exercise** | **Exercise** | &nbsp;&nbsp;**Expiration** |  |
| 96.90% | **Description** | **Contracts** | **Amount** | **Price** | **Price** | &nbsp;&nbsp;**Date** | **Value** |
| 96.90% | CALL OPTIONS |  |  |  |  |  |  |
|  | SPDR S&P 500 |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 380 | $15446240 | $0.02 | 0.02 | &nbsp;&nbsp;02/20/25 | $15092292 |
|  | SPDR S&P 500 |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 69 | 2804712 | 0.02 | 0.02 | &nbsp;&nbsp;02/21/24 | 2767922 |
|  | SPDR S&P 500 |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 380 | 15446240 | 0.02 | 0.02 | &nbsp;&nbsp;05/16/24 | 15185617 |
|  | SPDR S&P 500 |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 102 | 4146096 | 0.01 | 0.01 | &nbsp;&nbsp;11/16/23 | 4104485 |
|  | SPDR S&P 500 |  |  |  |  |  | <u>17453764</u> |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 439 | 17844472 | 0.01 | 0.01 | &nbsp;&nbsp;11/22/24 | <u>17453764</u> |
|  | TOTAL CALL OPTIONS PURCHASED . . . | TOTAL CALL OPTIONS PURCHASED . . . | TOTAL CALL OPTIONS PURCHASED . . . | . . . . . . . . . . | . . . . . . . . . . | . . . . . . . . . . | <u>54604080</u> |
| 4.81% | PUT OPTIONS |  |  |  |  |  |  |
|  | SPDR S&P 500 |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | $4552576 | $391.50 | 391.50 | &nbsp;&nbsp;01/18/24 | $225478 |
|  | SPDR S&P 500 |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | 4552576 | 446.59 | 446.59 | &nbsp;&nbsp;02/16/23 | 441396 |
|  | SPDR S&P 500 |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | 4552576 | 435.61 | 435.61 | &nbsp;&nbsp;03/16/23 | 311550 |
|  | SPDR S&P 500 |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | 4552576 | 391.85 | 391.85 | &nbsp;&nbsp;05/18/23 | 104308 |
|  | SPDR S&P 500 |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | 4552576 | 379.19 | 379.19 | &nbsp;&nbsp;06/22/23 | 95659 |
|  | SPDR S&P 500 |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | 4552576 | 394.76 | 394.76 | &nbsp;&nbsp;07/20/23 | 151377 |
|  | SPDR S&P 500 |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | 4552576 | 426.64 | 426.64 | &nbsp;&nbsp;08/17/23 | 291460 |
|  | SPDR S&P 500 |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | 4552576 | 377.38 | 377.38 | &nbsp;&nbsp;09/21/23 | 138749 |
|  | SPDR S&P 500 |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | 4552576 | 368.49 | 368.49 | &nbsp;&nbsp;10/19/23 | 130723 |
|  | SPDR S&P 500 |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | 4552576 | 395.44 | 395.44 | &nbsp;&nbsp;11/16/23 | 212002 |
|  | SPDR S&P 500 |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | 4552576 | 386.22 | 386.22 | &nbsp;&nbsp;12/21/23 | 202522 |

---

**1**

QUARTERLY REPORT

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CBOE VEST US LARGE CAP 20% BUFFER FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CBOE VEST US LARGE CAP 20% BUFFER FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CBOE VEST US LARGE CAP 20% BUFFER FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CBOE VEST US LARGE CAP 20% BUFFER FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CBOE VEST US LARGE CAP 20% BUFFER FUND** |  |
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **Schedule of Investments - continued** | | **January 31, 2023 (unaudited)** | **January 31, 2023 (unaudited)** | **January 31, 2023 (unaudited)** |
|  |  | **Number** | |  |  |  |
|  |  | **of** | | **Exercise** | **Expiration** |  |
|  | **Description** | **Contracts** | <br>**Notional**<br>**Amount** | **Price** | **Date** | **Value** |
|  | SPDR S&P 500 |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | $4552576 | $444.70 | 04/20/23 | $<u>409486</u> |
|  |  |  |  |  |  | $<u>2714710</u> |
| 101.71% | TOTAL PURCHASED OPTIONS . . . . . . | TOTAL PURCHASED OPTIONS . . . . . . | TOTAL PURCHASED OPTIONS . . . . . . | . . . . . . . . . . | . . . . . . . . . . | <u>57318790</u> |
| 102.49% | TOTAL INVESTMENTS . . . . . . . . . . | TOTAL INVESTMENTS . . . . . . . . . . | TOTAL INVESTMENTS . . . . . . . . . . | . . . . . . . . . . | . . . . . . . . . . | 57762668 |
| (2.49%) | Liabilities, in excess of other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | Liabilities, in excess of other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | Liabilities, in excess of other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | Liabilities, in excess of other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | Liabilities, in excess of other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | (1404910) |
| 100.00% | NET ASSETS . . . . . . . . . . . . . . | NET ASSETS . . . . . . . . . . . . . . | NET ASSETS . . . . . . . . . . . . . . | . . . . . . . . . . | . . . . . . . . . . | $<u>56357758</u> |

---

\*Effective 7 day yield as of January 31, 2023

(2.17%) OPTIONS WRITTEN

(1.46%) CALL OPTIONS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of**<br>**Contracts** | <br>**Notional**<br>**Amount** | <br>**Exercise**<br>**Price** | <br>&nbsp;&nbsp;**Expiration**<br>&nbsp;&nbsp;&nbsp;&nbsp;**Date** | <br>**Value** |
| SPDR S&P 500 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | $(4552576) | $439.09 | &nbsp;&nbsp;01/18/24 $ | (188234) |
| SPDR S&P 500 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ETF Trust . . . | 55 | (2235640) | 482.91 | &nbsp;&nbsp;02/16/23 | (4) |
| SPDR S&P 500 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ETF Trust . . . | 87 | (3536376) | 479.01 | &nbsp;&nbsp;03/16/23 | (245) |
| SPDR S&P 500 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | (4562576) | 441.20 | &nbsp;&nbsp;05/18/23 | (33211) |
| SPDR S&P 500 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | (4562576) | 436.08 | &nbsp;&nbsp;06/22/23 | (65589) |
| SPDR S&P 500 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | (4562576) | 451.96 | &nbsp;&nbsp;07/20/23 | (37886) |
| SPDR S&P 500 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | (4562576) | 483.94 | &nbsp;&nbsp;08/17/23 | (9911) |
| SPDR S&P 500 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | (4562576) | 436.83 | &nbsp;&nbsp;09/21/23 | (124426) |
| SPDR S&P 500 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | (4562576) | 437.37 | &nbsp;&nbsp;10/19/23 | (144024) |
| SPDR S&P 500 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | (4562576) | 460.68 | &nbsp;&nbsp;11/16/23 | (73672) |
| SPDR S&P 500 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | (4562576) | 489.40 | &nbsp;&nbsp;04/20/23 | (776) |
| SPDR S&P 500 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | (4562576) | 444.94 | &nbsp;&nbsp;12/21/23 | (144599) |
| TOTAL CALL OPTIONS WRITTEN . . . . . . . . . . | TOTAL CALL OPTIONS WRITTEN . . . . . . . . . . | TOTAL CALL OPTIONS WRITTEN . . . . . . . . . . | TOTAL CALL OPTIONS WRITTEN . . . . . . . . . . | . . . . . | (822577) |
| (Premiums received: 292,795) | (Premiums received: 292,795) |  |  |  |  |

---

**2**

QUARTERLY REPORT

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CBOE VEST US LARGE CAP 20% BUFFER FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CBOE VEST US LARGE CAP 20% BUFFER FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CBOE VEST US LARGE CAP 20% BUFFER FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CBOE VEST US LARGE CAP 20% BUFFER FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CBOE VEST US LARGE CAP 20% BUFFER FUND** |  |
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **Schedule of Investments - continued** | **Schedule of Investments - continued** | &nbsp;&nbsp;**January 31, 2023 (unaudited)** | &nbsp;&nbsp;**January 31, 2023 (unaudited)** | &nbsp;&nbsp;**January 31, 2023 (unaudited)** |
|  |  | **Number** |  |  |  |  |
|  |  | **of** | **Notional** | **Exercise** | **Expiration** |  |
| (0.71%) | **Description** | **Contracts** | **Amount** | **Price** | **Date** | **Value** |
| (0.71%) | PUT OPTIONS |  |  |  |  |  |
|  | SPDR S&P 500 |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | $(4552576) | $313.20 | 01/18/24 | $(63421) |
|  | SPDR S&P 500 |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | (4552576) | 357.27 | 02/16/23 | (1686) |
|  | SPDR S&P 500 |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | (4552576) | 348.50 | 03/16/23 | (8348) |
|  | SPDR S&P 500 |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | (4552576) | 313.48 | 05/18/23 | (14182) |
|  | SPDR S&P 500 |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | (4552576) | 303.35 | 06/22/23 | (17943) |
|  | SPDR S&P 500 |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | (4552576) | 315.81 | 07/20/23 | (29502) |
|  | SPDR S&P 500 |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | (4552576) | 341.31 | 08/17/23 | (57503) |
|  | SPDR S&P 500 |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | (4552576) | 301.91 | 09/21/23 | (34654) |
|  | SPDR S&P 500 |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | (4552576) | 294.80 | 10/19/23 | (35179) |
|  | SPDR S&P 500 |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | (4552576) | 316.36 | 11/16/23 | (56610) |
|  | SPDR S&P 500 |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | (4552576) | 355.77 | 04/20/23 | (26991) |
|  | SPDR S&P 500 |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;ETF Trust . . . | 112 | (4552576) | 308.98 | 12/21/23 | (55349) |
|  | TOTAL PUT OPTIONS WIRTTEN . . . . . . | TOTAL PUT OPTIONS WIRTTEN . . . . . . | TOTAL PUT OPTIONS WIRTTEN . . . . . . | . . . . | . . . . . . | $<u>(401368</u>) |
|  | (Premiums received: 493,399) | (Premiums received: 493,399) |  |  |  |  |
| (2.17%) | TOTAL OPTIONS WRITTEN . . . . . . . . | TOTAL OPTIONS WRITTEN . . . . . . . . | TOTAL OPTIONS WRITTEN . . . . . . . . | . . . . | . . . . . . | $<u>(1223945</u>) |
|  | (Premiums received: 786,194) | (Premiums received: 786,194) |  |  |  |  |
|  | (Premiums received: 786,194) | (Premiums received: 786,194) |  |  |  |  |

---

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).

**3**

QUARTERLY REPORT

**CBOE VEST US LARGE CAP 20% BUFFER 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** |  |
| PURCHASED OPTIONS . . | **Quoted Prices** | **Inputs** | **Inputs** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| PURCHASED OPTIONS . . | $— | $57318790 | $— | $57318790 |
| MONEY MARKET FUND . . | $443878 |  |  | $443878 |
| TOTAL INVESTMENTS . . . | 443878 | 57318790 |  | 57762668 |
| OPTIONS WRITTEN . . . . |  |  |  |  |
| OPTIONS WRITTEN . . . . | $— | $(1223945) | $— | $(1223945) |

---

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 July 31, 2022 the cost of investments for Federal income tax purposes has been estimated since the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purpose is $56,439,889 and the related tax-based net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation . . . .

Gross unrealized depreciation . . . .

Net unrealized appreciation . . . . .

$2,370,455 (2,271,621)

$98,834

**4**

QUARTERLY REPORT

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Richmond

  - **State:** VA

  - **Foreign country:** US

  - **Zip / Postal Code:** 23235

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

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

- **a. Name of Series:** Cboe Vest US Large Cap 20% Buffer Strategies Fund

- **b. EDGAR series identifier (if any):** S000055568

- **c. LEI of Series:** 549300TEUS5B7G402L88

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

- **a. Date of fiscal year-end:** 2023-10-31

- **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:** $59003932.05

**Total Liabilities:** $2646173.63

**Net Assets:** $56357758.42

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000174912 | 2.42%                | -2.21%               | 2.74%                |
| Class ID C000174911 | 2.49%                | -2.27%               | 2.82%                |
| Class ID C000195359 | 2.54%                | -2.16%               | 2.69%                |
| Class ID C000174910 | 2.33%                | -2.28%               | 2.51%                |
| Class ID C000174909 | 2.40%                | -2.35%               | 2.74%                |

**Monthly Gains & Losses**

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

**Designated Index Information**

- **Index Name:** S&P 500 (TR)

- **Index Identifier:** 500TR

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SPDR S&P 500 ETF | PUT SPDR S&P 500 ETF 01/17/2024 P391.5                  | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |       112 | NS      | $225477.66    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | PUT SPDR S&P 500 ETF 09/20/2023 P301.91                 | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |      -112 | NS      | $-34654.36    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | PUT SPDR S&P 500 ETF 08/16/2023 P341.31                 | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |      -112 | NS      | $-57502.56    | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | PUT SPDR S&P 500 ETF 04/19/2023 P444.7                  | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |       112 | NS      | $409485.89    | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | CALL SPDR S&P 500 ETF 04/19/2023 C489.4                 | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |      -112 | NS      | $-775.66      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | CALL SPDR S&P 500 ETF 05/17/2023 C441.22                | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |      -112 | NS      | $-33210.61    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | PUT SPDR S&P 500 ETF 03/15/2023 P435.61                 | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |       112 | NS      | $311550.05    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | PUT SPDR S&P 500 ETF 07/19/2023 P315.81                 | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |      -112 | NS      | $-29501.98    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | PUT SPDR S&P 500 ETF 06/21/2023 P303.35                 | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |      -112 | NS      | $-17942.77    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | PUT SPDR S&P 500 ETF 10/18/2023 P294.8                  | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |      -112 | NS      | $-35178.90    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | PUT SPDR S&P 500 ETF 12/20/2023 P308.98                 | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |      -112 | NS      | $-55348.75    | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | CALL SPDR S&P 500 ETF 08/16/2023 C483.94                | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |      -112 | NS      | $-9911.24     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | CALL SPDR S&P 500 ETF 02/20/2024 C0.02                  | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |        69 | NS      | $2767921.72   | 4.91%             |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | CALL SPDR S&P 500 ETF 06/21/2023 C436.08                | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |      -112 | NS      | $-65589.45    | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | CALL SPDR S&P 500 ETF 10/18/2023 C437.37                | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |      -112 | NS      | $-144024.05   | -0.26%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | PUT SPDR S&P 500 ETF 02/15/2023 P446.59                 | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |       112 | NS      | $441395.58    | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | PUT SPDR S&P 500 ETF 07/19/2023 P394.76                 | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |       112 | NS      | $151377.09    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | PUT SPDR S&P 500 ETF 03/15/2023 P348.5                  | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |      -112 | NS      | $-8347.79     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | PUT SPDR S&P 500 ETF 05/17/2023 P313.48                 | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |      -112 | NS      | $-14182.49    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | PUT SPDR S&P 500 ETF 02/15/2023 P357.27                 | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |      -112 | NS      | $-1685.58     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | CALL SPDR S&P 500 ETF 03/15/2023 C479.01                | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |       -87 | NS      | $-244.81      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | CALL SPDR S&P 500 ETF 11/15/2023 C460.68                | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |      -112 | NS      | $-73672.39    | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | CALL SPDR S&P 500 ETF 12/20/2023 C444.94                | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |      -112 | NS      | $-144599.10   | -0.26%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | CALL SPDR S&P 500 ETF 11/21/2024 C0.01                  | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |       439 | NS      | $17453763.84  | 30.97%            |  |  |  | No            |                  2 | On Loan: No      |
| Default          | Federated Treasury Obligations Fund Institutional Class | CUSIP: 60934N500<br>LEI: N/A | Long             | STIV             | RF                | US        |    443878 | NS      | $443877.71    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P 500 ETF | PUT SPDR S&P 500 ETF 09/20/2023 P377.38                 | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |       112 | NS      | $138749.39    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | CALL SPDR S&P 500 ETF 01/17/2024 C439.09                | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |      -112 | NS      | $-188234.26   | -0.33%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | PUT SPDR S&P 500 ETF 11/15/2023 P316.36                 | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |      -112 | NS      | $-56610.46    | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | PUT SPDR S&P 500 ETF 06/21/2023 P379.19                 | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |       112 | NS      | $95658.85     | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | CALL SPDR S&P 500 ETF 07/19/2023 C451.96                | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |      -112 | NS      | $-37885.81    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | PUT SPDR S&P 500 ETF 01/17/2024 P313.2                  | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |      -112 | NS      | $-63420.81    | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | PUT SPDR S&P 500 ETF 04/19/2023 P355.77                 | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |      -112 | NS      | $-26990.88    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | PUT SPDR S&P 500 ETF 10/18/2023 P368.49                 | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |       112 | NS      | $130723.21    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | CALL SPDR S&P 500 ETF 09/20/2023 C436.83                | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |      -112 | NS      | $-124426.07   | -0.22%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | CALL SPDR S&P 500 ETF 11/15/2023 C0.01                  | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |       102 | NS      | $4104484.98   | 7.28%             |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | CALL SPDR S&P 500 ETF 02/19/2025 C0.02                  | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |       380 | NS      | $15092292.15  | 26.78%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | PUT SPDR S&P 500 ETF 05/17/2023 P391.85                 | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |       112 | NS      | $104307.51    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | CALL SPDR S&P 500 ETF 05/15/2024 C0.02                  | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |       380 | NS      | $15185617.23  | 26.95%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | CALL SPDR S&P 500 ETF 02/15/2023 C482.91                | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |       -55 | NS      | $-3.85        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | PUT SPDR S&P 500 ETF 08/16/2023 P426.64                 | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |       112 | NS      | $291460.23    | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | PUT SPDR S&P 500 ETF 11/15/2023 P395.44                 | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |       112 | NS      | $212002.03    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF | PUT SPDR S&P 500 ETF 12/20/2023 P386.22                 | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               | CORP              | US        |       112 | NS      | $202521.99    | 0.36%             |  |  |  | No            |                  2 | 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