# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001752724-23-057098
**Filing Date:** 2023-3
**Character Count:** 35463
**Document Hash:** 4298d41e0ede4506ce8468a213d35a61
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-057098.hdr.sgml**: 20230315

**ACCESSION NUMBER**: 0001752724-23-057098

**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:** 23734320

**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 Select Fund (Series ID: S000054258)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000170411 | Investor Class      | AFVLX           |
| C000170412 | Institutional Class | AFVZX           |

## Nport-Ex

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**APPLIED FINANCE SELECT FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**APPLIED FINANCE SELECT FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**APPLIED FINANCE SELECT FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**APPLIED FINANCE SELECT FUND** |  |  |
| **Schedule of Investments** | **Schedule of Investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**January 31, 2023 (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**January 31, 2023 (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**January 31, 2023 (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**January 31, 2023 (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**January 31, 2023 (unaudited)** |
| 93.92% | &nbsp;&nbsp;COMMON STOCKS | **Shares** | **Shares** | **Shares** | **Fair Value** | **Fair Value** |
| 93.92% | &nbsp;&nbsp;COMMON STOCKS |  |  |  |  |  |
| 13.58% | &nbsp;&nbsp;CONSUMER DISCRETIONARY |  |  |  |  |  |
|  | &nbsp;&nbsp;Aptiv PLC (A) . . . . . . . . . . . . . . . . . . . | . . . . .93,974. . . $ | . . . . .93,974. . . $ | . . . . .93,974. . . $ | 10627520 | 10627520 |
|  | &nbsp;&nbsp;Darden Restaurants, Inc.. . . . . . . . . . . . . . . . . | &nbsp;&nbsp;Darden Restaurants, Inc.. . . . . . . . . . . . . . . . . |  | 59111 |  | 8746655 |
|  | &nbsp;&nbsp;LKQ Corp.. . . . . . . . . . . . . . . . . . | . . . .162,725. . . . | . . . .162,725. . . . | . . . .162,725. . . . | . 9,594,266. . | . 9,594,266. . |
|  | &nbsp;&nbsp;Lowe's Cos.., Inc.. . . . . . . . . . . . . . . . . . | . . . . |  | 43,590. . |  | 9077617 |
|  | &nbsp;&nbsp;Target Corp.. . . . . . . . . . . . . . . . | &nbsp;&nbsp;. . . .51,515. . . | &nbsp;&nbsp;. . . .51,515. . . | &nbsp;&nbsp;. . . .51,515. . . | . | 8,867,792. . . |
|  | &nbsp;&nbsp;The Walt Disney Co.. (A) . . . . . . . . . . | &nbsp;&nbsp;. . . . | &nbsp;&nbsp;. . . . | 70,026. . . |  | 7597121 |
|  |  |  |  |  | 54510971 | 54510971 |
| 8.06% | &nbsp;&nbsp;CONSUMER STAPLES |  |  |  |  |  |
|  | &nbsp;&nbsp;Constellation Brands, Inc.. - Class A . . . | &nbsp;&nbsp;. . . |  | 28547 |  | 6609201 |
|  | &nbsp;&nbsp;CVS Health Corp.. . . . . . . . . . . . . . . | . . . . . .65,633. . | . . . . . .65,633. . | . . . . . .65,633. . |  | 5790143 |
|  | &nbsp;&nbsp;Tyson Foods, Inc.. - Class A . . . . . . . | . . . . | . . . . | 98,854. . |  | 6499651 |
|  | &nbsp;&nbsp;Walgreens Boots Alliance, Inc.. . . . . . | . . . .177,023. | . . . .177,023. | . . . .177,023. |  | 6525068 |
|  | &nbsp;&nbsp;Walmart, Inc.. . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;Walmart, Inc.. . . . . . . . . . . . . . . . . . . . . | .48,128. . . . | .48,128. . . . |  | .6924175 |
|  |  |  |  |  | 32348238 | 32348238 |
| 4.83% | &nbsp;&nbsp;ENERGY |  |  |  |  |  |
|  | &nbsp;&nbsp;Chevron Corp.. . . . . . . . . . . . . . . | &nbsp;&nbsp;. . . . | &nbsp;&nbsp;. . . . | 36,745. . . . |  | .6,394,365. |
|  | &nbsp;&nbsp;ConocoPhillips . . . . . . . . . . . . . . . . . . . .50,603. . . . | &nbsp;&nbsp;ConocoPhillips . . . . . . . . . . . . . . . . . . . .50,603. . . . | &nbsp;&nbsp;ConocoPhillips . . . . . . . . . . . . . . . . . . . .50,603. . . . | &nbsp;&nbsp;ConocoPhillips . . . . . . . . . . . . . . . . . . . .50,603. . . . | &nbsp;&nbsp;ConocoPhillips . . . . . . . . . . . . . . . . . . . .50,603. . . . | 6166988 |
|  | &nbsp;&nbsp;Valero Energy Corp.. . . . . . . . . . . . . | &nbsp;&nbsp;. . . . . | . 48,908. | . 48,908. |  | 6848587 |
|  |  |  |  |  | 19409940 | 19409940 |
| 11.39% | &nbsp;&nbsp;FINANCIALS |  |  |  |  |  |
|  | &nbsp;&nbsp;The Allstate Corp.. . . . . . . . . . . . . . | &nbsp;&nbsp;. . . . |  | .44,452. . . |  | 5710748 |
|  | &nbsp;&nbsp;Ameriprise Financial, Inc.. . . . . . . . . . | . . . . | . . . . | 21,514. . |  | 7532482 |
|  | &nbsp;&nbsp;Bank of America Corp.. . . . . . . . . . . | . . . .176,306. . . | . . . .176,306. . . | . . . .176,306. . . |  | 6255337 |
|  | &nbsp;&nbsp;Capital One Financial Corp.. . . . . . . . . | . . . . .52,889 | . . . . .52,889 | . . . . .52,889 |  | 6293791 |
|  | &nbsp;&nbsp;JPMorgan Chase & Co.. . . . . . . . . . . . . | &nbsp;&nbsp;. . . . . | &nbsp;&nbsp;. . . . . | 46919 |  | 6566783 |
|  | &nbsp;&nbsp;MetLife, Inc.. . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;. . . . | &nbsp;&nbsp;. . . . | 93,000. . . . |  | 6790860 |
|  | &nbsp;&nbsp;The Travelers Cos.., Inc.. . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;The Travelers Cos.., Inc.. . . . . . . . . . . . . . . . . . |  | 34539 |  | 6601094 |
|  |  |  |  |  | 45751095 | 45751095 |
| 12.06% | &nbsp;&nbsp;HEALTH CARE |  |  |  |  |  |
|  | &nbsp;&nbsp;Danaher Corp.. . . . . . . . . . . . . . . | &nbsp;&nbsp;. . . . 25,603. . . . | &nbsp;&nbsp;. . . . 25,603. . . . | &nbsp;&nbsp;. . . . 25,603. . . . |  | .6,768,921. |
|  | &nbsp;&nbsp;McKesson Corp.. . . . . . . . . . . . . . . . . . | . . . . |  | 19,573. . |  | 7411904 |
|  | &nbsp;&nbsp;Merck & Co.., Inc.. . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;Merck & Co.., Inc.. . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;Merck & Co.., Inc.. . . . . . . . . . . . . . . . . . . | 72,352. . . . |  | 7771328 |
|  | &nbsp;&nbsp;Pfizer, Inc.. . . . . . . . . . . . . . . . . . . . . | . . . . .124,109. . . . | . . . . .124,109. . . . | . . . . .124,109. . . . |  | 5480653 |
|  | &nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.. (A) . . . | &nbsp;&nbsp;. . . |  | 9000 |  | 6826230 |
|  | &nbsp;&nbsp;Stryker Corp.. . . . . . . . . . . . . . . . . . | . . . . . | . . . . . | 28,614. . . . |  | 7262519 |
|  | &nbsp;&nbsp;Thermo Fisher Scientific, Inc.. . . . . . . . | . . . . .12,085 | . . . . .12,085 | . . . . .12,085 |  | 6892438 |
|  |  |  |  |  | 48413993 | 48413993 |
|  | **1** |  |  |  |  |  |

---

QUARTERLY REPORT

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**APPLIED FINANCE SELECT FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**APPLIED FINANCE SELECT FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**APPLIED FINANCE SELECT FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**APPLIED FINANCE SELECT FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**APPLIED FINANCE SELECT FUND** |  |
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **January 31, 2023 (unaudited)** | **January 31, 2023 (unaudited)** | **January 31, 2023 (unaudited)** | **January 31, 2023 (unaudited)** | **January 31, 2023 (unaudited)** |
| 8.39% | INDUSTRIAL |  |  | **Shares** | **Shares** | **Fair Value** |
| 8.39% | INDUSTRIAL |  |  |  |  |  |
|  | Cummins, Inc.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. |  |  |  | 23588 | $5886150 |
|  | Quanta Services, Inc.. . . . . . . . . . . . . . . . | Quanta Services, Inc.. . . . . . . . . . . . . . . . | . . | . . | 37,248. . | 5668773 |
|  | Roper Technologies, Inc.. . . . . . . . . . . | Roper Technologies, Inc.. . . . . . . . . . . | . | . | &nbsp;&nbsp;11,403. . . | 4866230 |
|  | Union Pacific Corp.. . . . . . . . . . . . . . | Union Pacific Corp.. . . . . . . . . . . . . . | . | . | &nbsp;&nbsp;24,228. . . . | . 4947115 |
|  | United Rentals, Inc.. (A) . . . . . . . . . . . . | United Rentals, Inc.. (A) . . . . . . . . . . . . | &nbsp;&nbsp;. | &nbsp;&nbsp;. | .15,000. . . | 6614250 |
|  | Westinghouse Air Brake |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Technologies Corp.. . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;Technologies Corp.. . . . . . . . . . . . . . . . . . | . |  | 55000 | 5709550 |
|  |  |  |  |  |  | 33692068 |
| 26.25% | INFORMATION TECHNOLOGY |  |  |  |  |  |
|  | Alphabet, Inc.. - Class A (A) . . . . . . . . . . . . | Alphabet, Inc.. - Class A (A) . . . . . . . . . . . . | . | . 71,420. | . 71,420. | 7059153 |
|  | Apple, Inc.. . . . . . . . . . . . . . . . . . . . . . | Apple, Inc.. . . . . . . . . . . . . . . . . . . . . . | . . | . . | &nbsp;&nbsp;77,909. . . . | .11241490 |
|  | Cisco Systems, Inc.. . . . . . . . . . . . . . . | Cisco Systems, Inc.. . . . . . . . . . . . . . . | &nbsp;&nbsp;. 237,133. . . . | &nbsp;&nbsp;. 237,133. . . . | &nbsp;&nbsp;. 237,133. . . . | .11541263 |
|  | Fiserv, Inc.. (A) . . . . . . . . . . . . . . . . . . | Fiserv, Inc.. (A) . . . . . . . . . . . . . . . . . . | . .103,093. . . | . .103,093. . . | . .103,093. . . | 10,997,961. . |
|  | HP, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . | HP, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . | . . 344,645. . . . . | . . 344,645. . . . . | . . 344,645. . . . . | 10042955 |
|  | Intel Corp.. . . . . . . . . . . . . . . . . . . . . | Intel Corp.. . . . . . . . . . . . . . . . . . . . . | Intel Corp.. . . . . . . . . . . . . . . . . . . . . | . 354,807. . . . | . 354,807. . . . | .10,026,846. . |
|  | International Business Machines Corp.. . . . |  |  |  | 82776 | 11152410 |
|  | KLA Corp.. . . . . . . . . . . . . . . . . . . | KLA Corp.. . . . . . . . . . . . . . . . . . . | . .33,108. . . | . .33,108. . . | . .33,108. . . | .12,994,228. . . . |
|  | Mastercard, Inc.. - Class A . . . . . . . . . . . . | Mastercard, Inc.. - Class A . . . . . . . . . . . . | . | . 31,447. | . 31,447. | 11654258 |
|  | Meta Platforms, Inc.. (A) . . . . . . . . . . . . . . | Meta Platforms, Inc.. (A) . . . . . . . . . . . . . . | . .58,345. . | . .58,345. . | . .58,345. . | 8691655 |
|  |  |  |  |  |  | <u>105402219</u> |
| 2.36% | MATERIALS |  |  |  |  |  |
|  | Celanese Corp.. Class A . . . . . . . . . . . . . | Celanese Corp.. Class A . . . . . . . . . . . . . | Celanese Corp.. Class A . . . . . . . . . . . . . | Celanese Corp.. Class A . . . . . . . . . . . . . | .46,000. . | 5667200 |
|  | CF Industries Holdings, Inc.. .. .. .. .. .. .. .. .. .. .. .. .. .. |  |  |  | 44888 | 3802014 |
|  |  |  |  |  |  | 9469214 |
| 2.43% | REAL ESTATE |  |  |  |  |  |
|  | Host Hotels & Resorts, Inc.. . . . . . . . . . . . | Host Hotels & Resorts, Inc.. . . . . . . . . . . . | . | .518,113. | .518,113. | 9766430 |
| 2.03% | TELECOMMUNICATION SERVICES |  |  |  |  |  |
|  | Verizon Communications, Inc.. . . . . . . . . . | Verizon Communications, Inc.. . . . . . . . . . | . | .196410 | .196410 | 8164764 |
| 2.54% | UTILITIES |  |  |  |  |  |
|  | DTE Energy Co.. . . . . . . . . . . . . . . . . . . . | DTE Energy Co.. . . . . . . . . . . . . . . . . . . . | DTE Energy Co.. . . . . . . . . . . . . . . . . . . . | . .42,702. . | . .42,702. . | 4969232 |
|  | Public Service Enterprise Group, Inc.. . . . . . | Public Service Enterprise Group, Inc.. . . . . . |  |  | 84753 | 5248753 |
|  |  |  |  |  |  | 10217985 |
| 93.92% | TOTAL COMMON STOCKS . . . . . . . . . . . . . . . . . . . . . | TOTAL COMMON STOCKS . . . . . . . . . . . . . . . . . . . . . | TOTAL COMMON STOCKS . . . . . . . . . . . . . . . . . . . . . | TOTAL COMMON STOCKS . . . . . . . . . . . . . . . . . . . . . | TOTAL COMMON STOCKS . . . . . . . . . . . . . . . . . . . . . | .<u>377,146,917</u>. . . . . . . |

---

**2**

QUARTERLY REPORT

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**APPLIED FINANCE SELECT FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**APPLIED FINANCE SELECT FUND** |  |
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**January 31, 2023 (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**January 31, 2023 (unaudited)** |
| 5.94% | MONEY MARKET FUNDS | **Shares** | &nbsp;&nbsp;**Fair Value** |
| 5.94% | MONEY MARKET FUNDS |  |  |
|  | Federated Treasury Obligations Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class 4..19%\*\* . . . . . . . | . . . . 23,847,703. . | $&nbsp;&nbsp;<u>23847703</u> |
| 99.86% | TOTAL INVESTMENTS . . . . . . . . . . . . | . . . . . . . . . . . . . . 400,994,620. . . . . . . | . . . . . . . . . . . . . . 400,994,620. . . . . . . |
| 0.14% | Other assets, net of liabilities . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. . . . . . . . . . . .. .. . .558,413. . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. . . . . . . . . . . .. .. . .558,413. . . . |
| 100.00% | NET ASSETS |  |  |
| 100.00% | NET ASSETS | . . . . . . . . . . .<u>$</u> | <u>401,553,033</u>. . . . . . . . |

---

(A)Non-income producing

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

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

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

The following is a summary of the inputs used to value the Fund's investments as of January 31, 2023:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Level 1** |  | **Level 2** |  | **Level 3** |  |
|  |  |  |  |  | **Other** |  |  |  |
|  |  |  |  |  | **Significant** |  | **Significant** |  |
|  |  |  | **Quoted** |  | **Observable** |  | **Unobservable** |  |
| Common Stocks . . . . . | . | . | **Prices** |  | **Inputs** |  | **Inputs** | **Total** |
| Common Stocks . . . . . | . | . | $.377,146,917. . | $ | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $ | $— | $377146917 |
| Money Market Funds . . | . | . . 23,847,703 | . . 23,847,703 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 23847703 |
| Total Investments . . . . . | Total Investments . . . . . | . | $400,994,620. . | $ | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $ | $— | $400994620 |

---

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..

**3**

QUARTERLY REPORT

**APPLIED FINANCE SELECT FUND**

---

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

---

At January 31, 2023, the cost of investment 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 $323,093,740 and the related tax-based net unrealized appreciation (depreciation) consists of:

---

| | |
|:---|:---|
| Gross unrealized appreciation . . . . | . .$89,182,598. . |
| Gross unrealized depreciation . . . . | . . <u>(11,281,718</u>. .) |
| Net unrealized appreciation . . . . . . . | . . $.77,900,880. |

---

**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:** Applied Finance Select Fund

- **b. EDGAR series identifier (if any):** S000054258

- **c. LEI of Series:** 549300CT708IAZ038H34

**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:** $401853022.91

**Total Liabilities:** $299989.91

**Net Assets:** $401553033.00

**Cash Not Reported:** $291905.69

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000170411 | 5.53%                | -4.91%               | 5.51%                |
| Class ID C000170412 | 5.56%                | -4.93%               | 5.55%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $19930738.71                               |
| Month 2  | $0.00                    | $-19869459.14                              |
| Month 3  | $0.00                    | $20795238.82                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MCKESSON CORP    | McKesson Corp.                                          | CUSIP: 58155Q103<br>LEI: N/A | Long             | EC               | CORP              | US        |     19573 | NS      | $7411903.64   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORP     | Chevron Corp.                                           | CUSIP: 166764100<br>LEI: N/A | Long             | EC               | CORP              | US        |     36745 | NS      | $6394364.90   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| HOST HOTELS & RE | Host Hotels & Resorts, Inc.                             | CUSIP: 44107P104<br>LEI: N/A | Long             | EC               | CORP              | US        |    518113 | NS      | $9766430.05   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | Federated Treasury Obligations Fund Institutional Class | CUSIP: 60934N500<br>LEI: N/A | Long             | STIV             | RF                | US        |  23847703 | NS      | $23847703.14  | 5.94%             |  |  |  | No            |                  1 | On Loan: No      |
| CELANESE CORP-A  | Celanese Corp. Class A                                  | CUSIP: 150870103<br>LEI: N/A | Long             | EC               | CORP              | US        |     46000 | NS      | $5667200.00   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINA | Capital One Financial Corp.                             | CUSIP: 14040H105<br>LEI: N/A | Long             | EC               | CORP              | US        |     52889 | NS      | $6293791.00   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ CORP         | LKQ Corp.                                               | CUSIP: 501889208<br>LEI: N/A | Long             | EC               | CORP              | US        |    162725 | NS      | $9594266.00   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | Aptiv PLC                                               | CUSIP: G6095L109<br>LEI: N/A | Long             | EC               | CORP              | US        |     93974 | NS      | $10627519.66  | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ROPER TECHNOLOGI | Roper Technologies, Inc.                                | CUSIP: 776696106<br>LEI: N/A | Long             | EC               | CORP              | US        |     11403 | NS      | $4866230.25   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC        | Apple Inc.                                              | CUSIP: 037833100<br>LEI: N/A | Long             | EC               | CORP              | US        |     77909 | NS      | $11241489.61  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| METLIFE INC      | MetLife Inc                                             | CUSIP: 59156R108<br>LEI: N/A | Long             | EC               | CORP              | US        |     93000 | NS      | $6790860.00   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INC-A | Mastercard Inc. Class A                                 | CUSIP: 57636Q104<br>LEI: N/A | Long             | EC               | CORP              | US        |     31447 | NS      | $11654258.20  | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| TRAVELERS COS IN | Travelers Cos., Inc./The                                | CUSIP: 89417E109<br>LEI: N/A | Long             | EC               | CORP              | US        |     34539 | NS      | $6601093.68   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS   | ConocoPhillips                                          | CUSIP: 20825C104<br>LEI: N/A | Long             | EC               | CORP              | US        |     50603 | NS      | $6166987.61   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM              | International Business Machines Corp.                   | CUSIP: 459200101<br>LEI: N/A | Long             | EC               | CORP              | US        |     82776 | NS      | $11152410.48  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA  | BANK OF AMERICA CORP                                    | CUSIP: 060505104<br>LEI: N/A | Long             | EC               | CORP              | US        |    176306 | NS      | $6255336.88   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | Allstate Corp./The                                      | CUSIP: 020002101<br>LEI: N/A | Long             | EC               | CORP              | US        |     44452 | NS      | $5710748.44   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE ENERGY CO    | DTE Energy Co.                                          | CUSIP: 233331107<br>LEI: N/A | Long             | EC               | CORP              | US        |     42702 | NS      | $4969231.74   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| UNION PAC CORP   | Union Pacific Corp.                                     | CUSIP: 907818108<br>LEI: N/A | Long             | EC               | CORP              | US        |     24228 | NS      | $4947115.32   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| HP INC           | HP Inc.                                                 | CUSIP: 40434L105<br>LEI: N/A | Long             | EC               | CORP              | US        |    344645 | NS      | $10042955.30  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORP  | CVS Health Corp.                                        | CUSIP: 126650100<br>LEI: N/A | Long             | EC               | CORP              | US        |     65633 | NS      | $5790143.26   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA-TENCOR CORP  | KLA Corp.                                               | CUSIP: 482480100<br>LEI: N/A | Long             | EC               | CORP              | US        |     33108 | NS      | $12994227.84  | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| FACEBOOK INC-A   | META PLATFORMS INC.                                     | CUSIP: 30303M102<br>LEI: N/A | Long             | EC               | CORP              | US        |     58345 | NS      | $8691654.65   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| WAL-MART STORES  | Walmart Inc.                                            | CUSIP: 931142103<br>LEI: N/A | Long             | EC               | CORP              | US        |     48128 | NS      | $6924175.36   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARM  | Regeneron Pharmaceuticals Inc                           | CUSIP: 75886F107<br>LEI: N/A | Long             | EC               | CORP              | US        |      9000 | NS      | $6826230.00   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS    | Cisco Systems, Inc.                                     | CUSIP: 17275R102<br>LEI: N/A | Long             | EC               | CORP              | US        |    237133 | NS      | $11541263.11  | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERIPRISE FINAN | Ameriprise Financial, Inc.                              | CUSIP: 03076C106<br>LEI: N/A | Long             | EC               | CORP              | US        |     21514 | NS      | $7532481.68   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC-C   | Alphabet Inc. Class A                                   | CUSIP: 02079K305<br>LEI: N/A | Long             | EC               | CORP              | US        |     71420 | NS      | $7059152.80   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| THERMO FISHER    | Thermo Fisher Scientific Inc.                           | CUSIP: 883556102<br>LEI: N/A | Long             | EC               | CORP              | US        |     12085 | NS      | $6892438.05   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| WALT DISNEY CO   | Walt Disney Co./The                                     | CUSIP: 254687106<br>LEI: N/A | Long             | EC               | CORP              | US        |     70026 | NS      | $7597120.74   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE   | JPMorgan Chase & Co.                                    | CUSIP: 46625H100<br>LEI: N/A | Long             | EC               | CORP              | US        |     46919 | NS      | $6566783.24   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORP     | Danaher Corp.                                           | CUSIP: 235851102<br>LEI: N/A | Long             | EC               | CORP              | US        |     25603 | NS      | $6768921.14   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| VALERO ENERGY    | Valero Energy Corp.                                     | CUSIP: 91913Y100<br>LEI: N/A | Long             | EC               | CORP              | US        |     48908 | NS      | $6848587.24   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| DARDEN RESTAURAN | Darden Restaurants, Inc.                                | CUSIP: 237194105<br>LEI: N/A | Long             | EC               | CORP              | US        |     59111 | NS      | $8746654.67   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANTA SERVICES  | Quanta Services, Inc.                                   | CUSIP: 74762E102<br>LEI: N/A | Long             | EC               | CORP              | US        |     37248 | NS      | $5668773.12   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION-A  | Constellation Brands, Inc. Class A                      | CUSIP: 21036P108<br>LEI: N/A | Long             | EC               | CORP              | US        |     28547 | NS      | $6609201.44   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CF INDUSTRIES HO | CF Industries Holdings, Inc.                            | CUSIP: 125269100<br>LEI: N/A | Long             | EC               | CORP              | US        |     44888 | NS      | $3802013.60   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| INTEL CORP       | Intel Corp.                                             | CUSIP: 458140100<br>LEI: N/A | Long             | EC               | CORP              | US        |    354807 | NS      | $10026845.82  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CUMMINS INC      | Cummins Inc.                                            | CUSIP: 231021106<br>LEI: N/A | Long             | EC               | CORP              | US        |     23588 | NS      | $5886149.52   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| STRYKER CORP     | Stryker Corp.                                           | CUSIP: 863667101<br>LEI: N/A | Long             | EC               | CORP              | US        |     28614 | NS      | $7262519.34   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| PFIZER INC       | Pfizer, Inc.                                            | CUSIP: 717081103<br>LEI: N/A | Long             | EC               | CORP              | US        |    124109 | NS      | $5480653.44   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNIC | Verizon Communications Inc.                             | CUSIP: 92343V104<br>LEI: N/A | Long             | EC               | CORP              | US        |    196410 | NS      | $8164763.70   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| WABTEC CORP      | Wabtec Corp/DE                                          | CUSIP: 929740108<br>LEI: N/A | Long             | EC               | CORP              | US        |     55000 | NS      | $5709550.00   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED RENTALS   | United Rentals, Inc.                                    | CUSIP: 911363109<br>LEI: N/A | Long             | EC               | CORP              | US        |     15000 | NS      | $6614250.00   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| PUB SERV ENTERP  | Public Service Enterprise Group Inc.                    | CUSIP: 744573106<br>LEI: N/A | Long             | EC               | CORP              | US        |     84753 | NS      | $5248753.29   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COS INC   | Lowe's Cos., Inc.                                       | CUSIP: 548661107<br>LEI: N/A | Long             | EC               | CORP              | US        |     43590 | NS      | $9077617.50   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| TYSON FOODS-A    | Tyson Foods, Inc. Class A                               | CUSIP: 902494103<br>LEI: N/A | Long             | EC               | CORP              | US        |     98854 | NS      | $6499650.50   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| FISERV INC       | Fiserv, Inc.                                            | CUSIP: 337738108<br>LEI: N/A | Long             | EC               | CORP              | US        |    103093 | NS      | $10997961.24  | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO       | Merck & Co., Inc.                                       | CUSIP: 58933Y105<br>LEI: N/A | Long             | EC               | CORP              | US        |     72352 | NS      | $7771328.32   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGET CORP      | Target Corp.                                            | CUSIP: 87612E106<br>LEI: N/A | Long             | EC               | CORP              | US        |     51515 | NS      | $8867792.10   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| WALGREENS BOOTS  | Walgreens Boots Alliance, Inc.                          | CUSIP: 931427108<br>LEI: N/A | Long             | EC               | CORP              | US        |    177023 | NS      | $6525067.78   | 1.62%             |  |  |  | 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