# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001752724-23-022142
**Filing Date:** 2023-2
**Character Count:** 34362
**Document Hash:** d64b94ed3090a6fd56e2cfdd73961cda
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-022142.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001752724-23-022142

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**PERIOD START**: 20230331

**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:** 23616612

**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

### Philotimo Focused Growth and Income Fund (Series ID: S000071684)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000227130 | Philotimo Focused Growth and Income Fund | PHLOX           |

## Nport-Ex

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**PHILOTIMO FOCUSED GROWTH AND INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;**PHILOTIMO FOCUSED GROWTH AND INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;**PHILOTIMO FOCUSED GROWTH AND INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;**PHILOTIMO FOCUSED GROWTH AND INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;**PHILOTIMO FOCUSED GROWTH AND INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;**PHILOTIMO FOCUSED GROWTH AND INCOME FUND** |  |
| **Schedule of Investments** | **Schedule of Investments** |  |  | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  |  |  |  | | **Shares** | **Fair Value** |
| 24.54% | CORPORATE BONDS |  |  |  |  |  |  |
|  | Bank of America Corp Medium Term Sr . . . . | Bank of America Corp Medium Term Sr . . . . | Bank of America Corp Medium Term Sr . . . . | Bank of America Corp Medium Term Sr . . . . |  | 500000 | $489096 |
|  | Bank of America Corp 03/05/18 VAR | Bank of America Corp 03/05/18 VAR | Bank of America Corp 03/05/18 VAR | &nbsp;&nbsp;. . . . . . | 1000000 | 1000000 | 996236 |
|  | BACR Float 05/16/24 . . . . . | . . . . | . . . . . . . . . | . . . . . . . . . | . .250,000 | . .250,000 | 249959 |
|  | Barclays Bank PLC, 11/22/2028 | Barclays Bank PLC, 11/22/2028 | . . . . | . . . . . | . 115,000. | . 115,000. | 108434 |
|  | Blackstone Private Cre 01/15/2025 2..70% . . | Blackstone Private Cre 01/15/2025 2..70% . . | Blackstone Private Cre 01/15/2025 2..70% . . | Blackstone Private Cre 01/15/2025 2..70% . . |  | 500000 | 461945 |
|  | C 0..776 10/30/24 . . . . . . | . . . | . . . . . . . 1,000,000. . . . . | . . . . . . . 1,000,000. . . . . | . . . . . . . 1,000,000. . . . . | . . . . . . . 1,000,000. . . . . | . .958,159 |
|  | COF 12/06/2024 1..343% . . | . . . . | . . . . . . . | . . . . . . . | . 500,000. . . | . 500,000. . . | 479030 |
|  | Citigroup Global Markets, 3/19/2041 | Citigroup Global Markets, 3/19/2041 | Citigroup Global Markets, 3/19/2041 | . . . . . . . |  | 120000 | 63396 |
|  | Continental Resources, Inc.. 04/15/13 . . . . . . | Continental Resources, Inc.. 04/15/13 . . . . . . | Continental Resources, Inc.. 04/15/13 . . . . . . | Continental Resources, Inc.. 04/15/13 . . . . . . |  | 611000 | 609521 |
|  | ACAFP 5 12/07/23 . . . . . . . | . . . | . . . | . . . . . . | .1,000,000. . | .1,000,000. . | 1001006 |
|  | EPR 03/16/15 4..5 . . . . . . . . . | . . . | . . . . . . . | . . . . . . . | .1,000,000. . . . | .1,000,000. . . . | 948607 |
|  | EZCorp, Inc.., 2..875%, 7/1/2024 . . . . . . . . | EZCorp, Inc.., 2..875%, 7/1/2024 . . . . . . . . | EZCorp, Inc.., 2..875%, 7/1/2024 . . . . . . . . | EZCorp, Inc.., 2..875%, 7/1/2024 . . . . . . . . | .1,424,000. . | .1,424,000. . | 1505453 |
|  | FHLB 5..35 03/30/2026 . . . | . . . . | . . . . . . . . | . . . . . . . . | 1,000,000. . . | 1,000,000. . . | 999145 |
|  | FHLMC 5..45 12/23/25 . . . . | . . . . | . . . . . . . . . . .1,000,000 | . . . . . . . . . . .1,000,000 | . . . . . . . . . . .1,000,000 | . . . . . . . . . . .1,000,000 | 1003598 |
|  | FEDERAL REALTY INV TRST 06/01/2023 | FEDERAL REALTY INV TRST 06/01/2023 | FEDERAL REALTY INV TRST 06/01/2023 | FEDERAL REALTY INV TRST 06/01/2023 |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2..75% . . . . . . . . . . . . . . . | . . | . . . . . . . 1,000,000. . . . . . . | . . . . . . . 1,000,000. . . . . . . | . . . . . . . 1,000,000. . . . . . . | . . . . . . . 1,000,000. . . . . . . | 988854 |
|  | F 6..95 11/20/24 NOTZ . . . . | . . . . | . . . . . . . . . . . 1,000,000 | . . . . . . . . . . . 1,000,000 | . . . . . . . . . . . 1,000,000 | . . . . . . . . . . . 1,000,000 | 991737 |
|  | General Electric 5..750% 02/15/2023 . . . . . . | General Electric 5..750% 02/15/2023 . . . . . . | General Electric 5..750% 02/15/2023 . . . . . . | General Electric 5..750% 02/15/2023 . . . . . . |  | 150000 | 149829 |
|  | Goldman Sachs Group, Inc, 7..00% | Goldman Sachs Group, Inc, 7..00% | Goldman Sachs Group, Inc, 7..00% |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/04/2032 . . . . . . . . | . . . | &nbsp;&nbsp;. . . | &nbsp;&nbsp;. . . . | .1,000,000. . . . | .1,000,000. . . . | . 1,001,944. . |
|  | HSBC 11/22/24 VAR % . . . . | . . . . | . . . . . . . . . . . | . . . . . . . . . . . | . . . . . . . . . . . | 500000 | 476231 |
|  | HSBC USA, Inc.., 1/30/2030 | &nbsp;&nbsp;. . | . . . | . . . . . | . 145,000. . . | . 145,000. . . | 133183 |
|  | Microchip Technology, Inc.. 08/15/21 | Microchip Technology, Inc.. 08/15/21 | Microchip Technology, Inc.. 08/15/21 | . . . . . . . | 1000000 | 1000000 | 949628 |
|  | Morgan Stanley, 3/31/2035 | . . . . | . . . | . . . . . | . . . . . | . 95,000. . | 57855 |
|  | Party City Holdings, Inc.. 6,125%, 8/15/2023 | Party City Holdings, Inc.. 6,125%, 8/15/2023 | Party City Holdings, Inc.. 6,125%, 8/15/2023 | Party City Holdings, Inc.. 6,125%, 8/15/2023 | 1000000 | 1000000 | 50000 |
|  | WFC 6 11/14/27 . . . . . . . . | . . . | . . . . . . | . . . . . . | .1,000,000. . . . <u>.</u> | .1,000,000. . . . <u>.</u> | <u>1,000,741</u>. . |
| 24.54% | TOTAL CORPORATE BONDS . | TOTAL CORPORATE BONDS . | . . . . | . . . . . . . . . . . | . | . . . . . | 15,673,584. . . . . |
| 72.97% | COMMON STOCKS |  |  |  |  |  |  |
| 5.04% | COMMUNICATION SERVICES | COMMUNICATION SERVICES |  |  |  |  | 3221750 |
|  | AT&T, Inc.. . . . . . . . . . . . . . . . . . . . . . . . | AT&T, Inc.. . . . . . . . . . . . . . . . . . . . . . . . | AT&T, Inc.. . . . . . . . . . . . . . . . . . . . . . . . | AT&T, Inc.. . . . . . . . . . . . . . . . . . . . . . . . |  | .175,000. . . . . . | 3221750 |
| 21.29% | CONSUMER DISCRETIONARY | CONSUMER DISCRETIONARY |  |  |  |  |  |
|  | Ainsworth Game Technology Limited(A) . . . . | Ainsworth Game Technology Limited(A) . . . . | Ainsworth Game Technology Limited(A) . . . . | Ainsworth Game Technology Limited(A) . . . . | 2500409 | 2500409 | 1847111 |
|  | Caesars Entertainment, Inc..(A) . . . . . . . . . . | Caesars Entertainment, Inc..(A) . . . . . . . . . . | Caesars Entertainment, Inc..(A) . . . . . . . . . . | Caesars Entertainment, Inc..(A) . . . . . . . . . . | . | .60,000. | 2496000 |
|  | Camping World Holdings, Inc.. - Class A . . . . | Camping World Holdings, Inc.. - Class A . . . . | Camping World Holdings, Inc.. - Class A . . . . | Camping World Holdings, Inc.. - Class A . . . . |  | 2600 | 58032 |
|  | CarParts..Com, Inc..(A) . . . . . . . . . . . . . . . . . | CarParts..Com, Inc..(A) . . . . . . . . . . . . . . . . . | CarParts..Com, Inc..(A) . . . . . . . . . . . . . . . . . | CarParts..Com, Inc..(A) . . . . . . . . . . . . . . . . . | CarParts..Com, Inc..(A) . . . . . . . . . . . . . . . . . | .657,932. . . | 4118654 |
|  | Inspired Entertainment, Inc.. . . . . . . . . . . . | Inspired Entertainment, Inc.. . . . . . . . . . . . | Inspired Entertainment, Inc.. . . . . . . . . . . . | Inspired Entertainment, Inc.. . . . . . . . . . . . | . 340,442. . | . 340,442. . | 4313400 |
|  | One Group Hospitality, Inc.. (A) . . . . . . . . . . | One Group Hospitality, Inc.. (A) . . . . . . . . . . | One Group Hospitality, Inc.. (A) . . . . . . . . . . | One Group Hospitality, Inc.. (A) . . . . . . . . . . | . | 121,554. . | 765790 |
|  |  |  |  |  |  |  | 13598987 |
|  |  |  | **1** |  |  |  |  |

---

QUARTERLY REPORT

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;**PHILOTIMO FOCUSED GROWTH AND INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;**PHILOTIMO FOCUSED GROWTH AND INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;**PHILOTIMO FOCUSED GROWTH AND INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;**PHILOTIMO FOCUSED GROWTH AND INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;**PHILOTIMO FOCUSED GROWTH AND INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;**PHILOTIMO FOCUSED GROWTH AND INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;**PHILOTIMO FOCUSED GROWTH AND INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;**PHILOTIMO FOCUSED GROWTH AND INCOME FUND** |
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **Schedule of Investments - continued** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2022 (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2022 (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2022 (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2022 (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2022 (unaudited)** |  |
|  |  |  |  |  | | **Shares** | **Fair Value** | **Fair Value** |
| 11.67% | FINANCIALS |  |  |  |  |  |  |  |
|  | EZCorp, Inc..(A) . . . . . . . . . . . . . . . . . . | EZCorp, Inc..(A) . . . . . . . . . . . . . . . . . . | EZCorp, Inc..(A) . . . . . . . . . . . . . . . . . . | . . .500,328. . . .$. 4,077,673 | . . .500,328. . . .$. 4,077,673 | . . .500,328. . . .$. 4,077,673 | . . .500,328. . . .$. 4,077,673 |  |
|  | SCS Group PLC . . . . . . . . . | . . . . . . . . | . . . . . . . . | . | . 1,054,860. . . . . | . 1,054,860. . . . . | 2053200 |  |
|  | U..S.. Global Investors, Inc.. - A | . . . . . . . . | . . . . . . . . | . . | . | 456,885. . | 1320398 |  |
|  |  |  |  |  |  |  | 7451270 |  |
| 5.94% | INDUSTRIALS |  |  |  |  |  |  |  |
|  | Aqua Metals, Inc . . . . . . . . . . . | . . . . | . . . . .117,107. . . . | . . . . .117,107. . . . | . . . . .117,107. . . . | . . . . .117,107. . . . | 146384 |  |
|  | Orion Energy Systems, Inc.. . . . . . . . | Orion Energy Systems, Inc.. . . . . . . . | . . . . 554,357. . . | . . . . 554,357. . . | . . . . 554,357. . . | . . . . 554,357. . . | 1008930 |  |
|  | Radiant Logistics, Inc..(A) . . . . . . . . . . . | Radiant Logistics, Inc..(A) . . . . . . . . . . . | . . . . .517,752. . | . . . . .517,752. . | . . . . .517,752. . | . . . . .517,752. . | 2635358 |  |
|  |  |  |  |  |  |  | 3790671 |  |
| 8.39% | INFORMATION TECHNOLOGY | INFORMATION TECHNOLOGY |  |  |  |  |  |  |
|  | Data I/O Corp..(A) . . . . . . . . . . . . . . | Data I/O Corp..(A) . . . . . . . . . . . . . . | &nbsp;&nbsp;. | . . | . | .327,401. . . | . 1,299,782. |  |
|  | eGain Corp..(A) . . . . . . . . . . . . . . . | eGain Corp..(A) . . . . . . . . . . . . . . . | . . | . . | . 449,680. . . . | . 449,680. . . . | .4,060,610. |  |
|  |  |  |  |  |  |  | 5360392 |  |
| 1.92% | INTERNET & DIRECT MARKETING | INTERNET & DIRECT MARKETING |  |  |  |  |  |  |
|  | CDON AB(A) . . . . . . . . . . . . . . | . . . . . . . . .70,449. . . . . | . . . . . . . . .70,449. . . . . | . . . . . . . . .70,449. . . . . | . . . . . . . . .70,449. . . . . | . . . . . . . . .70,449. . . . . | 1228065 |  |
| 9.43% | SPECIALITY RETAIL |  |  |  |  |  |  |  |
|  | Build-A-Bear Workshop, Inc.. . . . . . . | Build-A-Bear Workshop, Inc.. . . . . . . | . . . .252,600. . . | . . . .252,600. . . | . . . .252,600. . . | . . . .252,600. . . | 6021984 |  |
| 9.29% | UTILILTIES |  |  |  |  |  |  |  |
|  | Energy Transfer Equity LP . . . | . . . . . . | . . . . .250,000. . | . . . . .250,000. . | . . . . .250,000. . | . . . . .250,000. . | 2967500 |  |
|  | Mammoth Energy Service, Inc.. . . . . . | Mammoth Energy Service, Inc.. . . . . . | . . . . .50,484. | . . . . .50,484. | . . . . .50,484. | . . . . .50,484. | 436687 |  |
|  | Star Group LP . . . . . . . . . . . . . | . . . . | . . . . .209,734. . . . | . . . . .209,734. . . . | . . . . .209,734. . . . | . . . . .209,734. . . . | 2527295 |  |
|  |  |  |  |  |  |  | 5931481 |  |
| 72.97% | TOTAL COMMON STOCKS . | . . . . . . . . | . . . . . | . . . . . . . . | . . . . . . . . | . . . . . . . . | .46,604,602. . . . . . |  |
| 2.45% | PREFERRED STOCKS |  |  |  |  |  |  |  |
|  | Fossil Group, Inc.. 7..000%, 11/30/2026 | Fossil Group, Inc.. 7..000%, 11/30/2026 | . . . | . . |  | 98903 | 1567613 |  |
| 0.20% | WARRANTS |  |  |  |  |  |  |  |
|  | Lazydays Holdings, Inc.. Warrant $11..50 | Lazydays Holdings, Inc.. Warrant $11..50 |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;exercise price expires 3/15/2023 . . | &nbsp;&nbsp;&nbsp;&nbsp;exercise price expires 3/15/2023 . . | . . | . . . | . . . | 240936 | 125287 |  |
| 100.16% | TOTAL INVESTMENTS . . . . . | . . . . . . . . | . . . . | . . . . . . . . | . . . . . . . . | . . . . . . . . | .63,971,085. . . . . . . | .63,971,085. . . . . . . |
| -0.16% | Liabilities in excess of other assets . . . | Liabilities in excess of other assets . . . | . . . . . | . . . | . . . . . . | . . . . . . | . .(103231). . . |  |
| 100.00% | . . . . . . . . . . . . . .NET ASSETS | . . . . . . . | . . . . . . . . . | . . . . . . . . . | . . . . . . . . . | . . . . . . . . . | <u>$. 63,867,854</u>. . . . . . . . . | . . |

---

(A)Non-income producing

(B)Effective 7 day yield as of December 31, 2022

**2**

QUARTERLY REPORT

**PHILOTIMO FOCUSED GROWTH AND INCOME FUND**

---

| | |
|:---|:---|
| **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** |

---

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

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

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Level 1** | **Level 2** |  | **Level 3** | |
|  |  |  | <br>**Quoted**<br>**Prices** | **Other**<br>**Significant**<br>**Observable**<br>**Inputs** |  | <br>**Significant**<br>**Unobservable**<br>**Inputs** | <br>**Total** |
| COMMON STOCKS . . . . . . .$46,604,602. | COMMON STOCKS . . . . . . .$46,604,602. | COMMON STOCKS . . . . . . .$46,604,602. | COMMON STOCKS . . . . . . .$46,604,602. | $— | $ | $— | $46604602 |
| CORPORATE BONDS . . . | . | . . |  | 15673584 |  |  | 15673584 |
| PREFERRED STOCKS . . . | . | . .1,567,613 | . .1,567,613 |  |  |  | 1567613 |
| WARRANTS . . . . . . . . . . . . . . .— | WARRANTS . . . . . . . . . . . . . . .— | WARRANTS . . . . . . . . . . . . . . .— | WARRANTS . . . . . . . . . . . . . . .— | 125287 |  |  | 125287 |
| TOTAL INVESTMENTS . . |  |  |  |  |  |  |  |
| TOTAL INVESTMENTS . . | . $.48,172,214. | . $.48,172,214. | . $.48,172,214. | $15798871 | $ | $— | $63971085 |

---

The Fund held no Level 3 securities at any time during the period..

There were no transfers into or out of Levels 1 and 2 during the period ended December 31, 2022..

At December 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 $65,207,024 and the related tax-based net unrealized appreciation (depreciation) consists of:

---

| | | |
|:---|:---|:---|
| Gross unrealized appreciation | &nbsp;&nbsp;. $. | 5641627 |
| Gross unrealized depreciation | &nbsp;&nbsp;. . | (6877566) |
| Net unrealized appreciation . . . |  |  |
| Net unrealized appreciation . . . | . .<u>$. (1,235,939</u>) | . .<u>$. (1,235,939</u>) |

---

**3**

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:** Philotimo Focused Growth & Income

- **b. EDGAR series identifier (if any):** S000071684

- **c. LEI of Series:** 5493003CD8K6JW8BZH38

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

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $64395942.51

**Total Liabilities:** $528088.31

**Net Assets:** $63867854.20

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000227130 | 8.18%                | 7.21%                | -2.08%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $229531.96               | $4443496.14                                |
| Month 2  | $216915.18               | $4230038.85                                |
| Month 3  | $-953086.24              | $-552061.63                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Default          | EGAIN CORP                               | CUSIP: 28225C806<br>LEI: N/A | Long             | EC               | CORP              | US        |    449680 | NS      | $4060610.40   | 6.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | F 6.95 11/20/24 NOTZ                     | CUSIP: 34540TB68<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $991737.00    | 1.55%             | 2024-11-20      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Default          | Radiant Logistics, Inc.                  | CUSIP: 75025X100<br>LEI: N/A | Long             | EC               | CORP              | US        |    517752 | NS      | $2635357.68   | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | FHLMC 5.45 12/23/25                      | CUSIP: 3134GY5U2<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1003598.00   | 1.57%             | 2025-12-23      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Default          | ONE GROUP HOSPITALITY                    | CUSIP: 88338K103<br>LEI: N/A | Long             | EC               | CORP              | US        |    121554 | NS      | $765790.20    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | CAESARS ENTERTAINMENT INC                | CUSIP: 12769G100<br>LEI: N/A | Long             | EC               | CORP              | US        |     60000 | NS      | $2496000.00   | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | CDON                                     | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | SE        |     70449 | NS      | $1228064.99   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | INSPIRED ENTERTAINMENT INC               | CUSIP: 45782N108<br>LEI: N/A | Long             | EC               | CORP              | US        |    340442 | NS      | $4313400.14   | 6.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | MICROCHIP TECHNOLOGY INC 08/15/21        | CUSIP: 595017BB9<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $949628.00    | 1.49%             | 2024-02-15      | Fixed         | 0.97%                 | No            |                  2 | On Loan: No      |
| AT&T INC         | AT&T Inc.                                | CUSIP: 00206R102<br>LEI: N/A | Long             | EC               | CORP              | US        |    175000 | NS      | $3221750.00   | 5.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | BANK OF AMERICA CORP MEDIUM TERM SR      | CUSIP: 06048WZ37<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $489095.50    | 0.77%             | 2029-11-02      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| DATA I/O CORP    | Data I/O Corp                            | CUSIP: 237690102<br>LEI: N/A | Long             | EC               | CORP              | US        |    327401 | NS      | $1299781.97   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | WFC 6 11/14/27                           | CUSIP: 95001DCM0<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000741.00   | 1.57%             | 2027-11-14      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| Default          | C 0.776 10/30/24                         | CUSIP: 172967MT5<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $958159.00    | 1.50%             | 2024-10-30      | Floating      | 0.78%                 | No            |                  2 | On Loan: No      |
| Default          | CONTINENTAL RESOURCES INC 04/15/13       | CUSIP: 212015AL5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    611000 | PA      | $609521.38    | 0.95%             | 2023-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Default          | PARTY CITY HOLDINGS INC 08/19/2015 6.125 | CUSIP: UV4601331<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $50000.00     | 0.08%             | 2023-08-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Default          | MAMMOTH ENERGY SERVICE INC               | CUSIP: 56155L108<br>LEI: N/A | Long             | EC               | CORP              | US        |     50484 | NS      | $436686.60    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | ScS Group P.L.C.                         | CUSIP: 138664775<br>LEI: N/A | Long             | EC               | CORP              | GB        |   1054860 | NS      | $2053199.61   | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP INC-A     | EZCORP Inc                               | CUSIP: 302301106<br>LEI: N/A | Long             | EC               | CORP              | US        |    500328 | NS      | $4077673.20   | 6.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | BANK OF AMERICA CORP 03/05/18 VAR        | CUSIP: 06051GHF9<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $996236.00    | 1.56%             | 2024-03-05      | Floating      | 3.55%                 | No            |                  2 | On Loan: No      |
| BUILD-A-BEAR WOR | Build-A-Bear Workshop Inc.               | CUSIP: 120076104<br>LEI: N/A | Long             | EC               | CORP              | US        |    252600 | NS      | $6021984.00   | 9.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | U.S. GLOBAL INVESTORS INC-A              | CUSIP: 902952100<br>LEI: N/A | Long             | EC               | CORP              | US        |    456885 | NS      | $1320397.65   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | BARCLAYS BANK PLC MED 11/22/2028         | CUSIP: 06746XWR0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    115000 | PA      | $108433.50    | 0.17%             | 2028-11-22      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Default          | EPR 03/16/15 4.5                         | CUSIP: 26884UAB5<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $948607.00    | 1.49%             | 2025-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Default          | CARPARTS.COM INC                         | CUSIP: 14427M107<br>LEI: N/A | Long             | EC               | CORP              | US        |    657932 | NS      | $4118654.32   | 6.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | ORION ENERGY SYSTEMS INC                 | CUSIP: 686275108<br>LEI: N/A | Long             | EC               | CORP              | US        |    554357 | NS      | $1008929.74   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | COF 1.343 12/06/24                       | CUSIP: 14040HCK9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $479030.00    | 0.75%             | 2024-12-06      | Floating      | 1.34%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER  | Energy Transfer Equity LP                | CUSIP: 29273V100<br>LEI: N/A | Long             | EC               | CORP              | US        |    250000 | NS      | $2967500.00   | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | MS Float 03/31/35                        | CUSIP: 61760QFV1<br>LEI: N/A | Long             | DBT              | CORP              | US        |     95000 | PA      | $57855.00     | 0.09%             | 2035-03-31      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Default          | HSBC 11/22/24 VAR %                      | CUSIP: 404280CW7<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $476230.50    | 0.75%             | 2024-11-22      | Floating      | 1.16%                 | No            |                  2 | On Loan: No      |
| Default          | BACR FLOAT 05/16/24                      | CUSIP: 06738EBC8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $249958.50    | 0.39%             | 2024-05-16      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| Default          | EZPW 2 07/08                             | CUSIP: 302301AF3<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1424000 | PA      | $1505452.80   | 2.36%             | 2024-07-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Default          | GENERAL ELECTRIC 5.750 02/15/2023        | CUSIP: 36966R5T9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    150000 | PA      | $149828.70    | 0.23%             | 2023-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Default          | CAMPING WORLD HOLDINGS INC-A             | CUSIP: 13462K109<br>LEI: N/A | Long             | EC               | CORP              | US        |      2600 | NS      | $58032.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | ACAFP 5 12/07/23                         | CUSIP: 22533AHJ9<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1001006.00   | 1.57%             | 2023-12-07      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Default          | FHLB 5.35 03/30/2026                     | CUSIP: 3130AUAA2<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $999145.00    | 1.56%             | 2026-03-30      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Default          | BLACKSTONE PRIVATE CRE 01/15/2025 2.70%  | CUSIP: 09261HAP2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $461944.50    | 0.72%             | 2025-01-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Default          | LAZYDAYS HOLDINGS INC WT EXP             | CUSIP: 52110H118<br>LEI: N/A | Long             | EC               | CORP              | US        |    240936 | NS      | $125286.72    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | HSBC USD INC MEDIUM TERM TRANCHE TR      | CUSIP: 40435U3E2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    145000 | PA      | $133182.50    | 0.21%             | 2030-01-30      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Default          | STAR GROUP LP                            | CUSIP: 85512C105<br>LEI: N/A | Long             | EC               | CORP              | US        |    209734 | NS      | $2527294.70   | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | Fifth Third Banksafe Trust               | CUSIP: 316775907<br>LEI: N/A | Long             | STIV             | RF                | US        |   4685645 | NS      | $4685644.96   | 7.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | AQUA METALS INC                          | CUSIP: 03837J101<br>LEI: N/A | Long             | EC               | CORP              | US        |    117107 | NS      | $146383.75    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | AINSWORTH GAME TECHNOLOGY LT             | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | CORP              | SE        |   2500409 | NS      | $1847110.67   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | GOLDMAN SACHS GROUP INC SER N TRACHE     | CUSIP: 38150APV1<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1001944.00   | 1.57%             | 2032-11-04      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Default          | FOSL 7 11/30/26                          | CUSIP: 34988V304<br>LEI: N/A | Long             | EP               | CORP              | US        |     98903 | NS      | $1567612.55   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | FEDERAL REALTY INV TRST 06/01/2023 2.75% | CUSIP: 313747AT4<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $988854.00    | 1.55%             | 2023-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Default          | CITIGROUP GLOBAL MKTS HLDGS 03/19/41     | CUSIP: 17328YRF3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    120000 | PA      | $63396.00     | 0.10%             | 2041-03-19      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-08

**Name of Applicant:** World Funds Trust

**Signature:** Ann MacDonald

**Name of Signer:** Ann MacDonald

**Title:** Principal Financial Officer