# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001396092-25-000130
**Filing Date:** 2025-12
**Character Count:** 47764
**Document Hash:** 461dcc3fe13de6e9c81bc2abf23177fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001396092-25-000130.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001396092-25-000130

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**PERIOD START**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** World Funds Trust
- **CENTRAL INDEX KEY:** 0001396092

**ORGANIZATION NAME:**
- **EIN:** 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:** 251551919

**BUSINESS ADDRESS:**
- **STREET 1:** 8730 STONY POINT PARKWAY
- **STREET 2:** SUITE 205
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23235
- **BUSINESS PHONE:** 804-267-7400

**MAIL ADDRESS:**
- **STREET 1:** 8730 STONY POINT PARKWAY
- **STREET 2:** SUITE 205
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23235

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Abacus World Funds Trust
- **DATE OF NAME CHANGE:** 20070410

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Richmond

  - **State:** VA

  - **Foreign country:** US

  - **Zip / Postal Code:** 23235

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

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

- **a. Name of Series:** Applied Finance Explorer Fund

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

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

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

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2025-10-31

**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:** $921617892.85

**Total Liabilities:** $1107489.71

**Net Assets:** $920510403.14

**Cash Not Reported:** $384389.68

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000154945 | 9.23%                | -0.08%               | -2.37%               |
| Class ID C000154944 | 9.22%                | -0.13%               | -2.36%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $898203.11               | $77398319.61                               |
| Month 2  | $8382989.70              | $-10906282.80                              |
| Month 3  | $0.00                    | $-22454445.99                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMERICAN ASSETS                    | American Assets Trust Inc              | CUSIP: 024013104<br>LEI: N/A | Long             | EC               | CORP              | US        |    156119 | NS      | $2983434.09   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Newmark Group, Inc.                    | CUSIP: 65158N102<br>LEI: N/A | Long             | EC               | CORP              | US        |    550499 | NS      | $9815397.17   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Brick Partners Inc           | Green Brick Partners, Inc.             | CUSIP: 392709101<br>LEI: N/A | Long             | EC               | CORP              | US        |     76371 | NS      | $4944258.54   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| PennyMac Mortgage Investment Trust | PennyMac Mortgage Investment Trust     | CUSIP: 70931T103<br>LEI: N/A | Long             | EC               | CORP              | US        |    498194 | NS      | $5998255.76   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| GREENBRIER COS                     | Greenbrier Cos., Inc./The              | CUSIP: 393657101<br>LEI: N/A | Long             | EC               | CORP              | US        |    137314 | NS      | $5735605.78   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Permian Resources Corp.                | CUSIP: 71424F105<br>LEI: N/A | Long             | EC               | CORP              | US        |    370699 | NS      | $4655979.44   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Atmus Filtration Technologie           | CUSIP: 04956D107<br>LEI: N/A | Long             | EC               | CORP              | US        |    138668 | NS      | $6306620.64   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | PennyMac Financial Services, Inc.      | CUSIP: 70932M107<br>LEI: N/A | Long             | EC               | CORP              | US        |     52585 | NS      | $6615718.85   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Ryerson Holding Corp.                  | CUSIP: 783754104<br>LEI: N/A | Long             | EC               | CORP              | US        |    130222 | NS      | $2872697.32   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | CATALYST PHARMACEUTICALS INC           | CUSIP: 14888U101<br>LEI: N/A | Long             | EC               | CORP              | US        |    266124 | NS      | $5660457.48   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Collegium Pharmaceutical, Inc.         | CUSIP: 19459J104<br>LEI: N/A | Long             | EC               | CORP              | US        |    165208 | NS      | $5947488.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCORP INC/THE                    | The Bancorp, Inc.                      | CUSIP: 05969A105<br>LEI: N/A | Long             | EC               | CORP              | US        |    121423 | NS      | $7937421.51   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Alight Inc                             | CUSIP: 01626W101<br>LEI: N/A | Long             | EC               | CORP              | US        |    740000 | NS      | $2131200.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Builders FirstSource, Inc.             | CUSIP: 12008R107<br>LEI: N/A | Long             | EC               | CORP              | US        |     44480 | NS      | $5167241.60   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG SYSTEMS INTL                   | CSG Systems International, Inc.        | CUSIP: 126349109<br>LEI: N/A | Long             | EC               | CORP              | US        |    119223 | NS      | $9331584.21   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JACKSON FINANCIAL INC COM CL A     | Jackson Financial, Inc.                | CUSIP: 46817M107<br>LEI: N/A | Long             | EC               | CORP              | US        |     88150 | NS      | $8886401.50   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR CORP                           | NCR Atleos Corp.                       | CUSIP: 63001N106<br>LEI: N/A | Long             | EC               | CORP              | US        |    198483 | NS      | $7324022.70   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Harmony Biosciences Holdings           | CUSIP: 413197104<br>LEI: N/A | Long             | EC               | CORP              | US        |    127823 | NS      | $3651903.11   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Consensus Cloud Solutions, Inc.        | CUSIP: 20848V105<br>LEI: N/A | Long             | EC               | CORP              | US        |    108472 | NS      | $3180399.04   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | SUPERNUS PHARMACEUTICALS INC           | CUSIP: 868459108<br>LEI: N/A | Long             | EC               | CORP              | US        |    167126 | NS      | $9213656.38   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DOUGLAS EMMETT                     | Douglas Emmett, Inc.                   | CUSIP: 25960P109<br>LEI: N/A | Long             | EC               | CORP              | US        |    389116 | NS      | $5035161.04   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Andersons Inc/The                  | The Andersons, Inc.                    | CUSIP: 034164103<br>LEI: N/A | Long             | EC               | CORP              | US        |    149968 | NS      | $6945018.08   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | DANA INC.                              | CUSIP: 235825205<br>LEI: N/A | Long             | EC               | CORP              | US        |    416417 | NS      | $8453265.10   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | New Jersey Resources Corp.             | CUSIP: 646025106<br>LEI: N/A | Long             | EC               | CORP              | US        |    108080 | NS      | $4787944.00   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| MFA Financial, Inc.                | MFA Financial, Inc.                    | CUSIP: 55272X607<br>LEI: N/A | Long             | EC               | CORP              | US        |    666811 | NS      | $5994630.89   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDNAX INC                         | MEDNAX Inc                             | CUSIP: 58502B106<br>LEI: N/A | Long             | EC               | CORP              | US        |    410000 | NS      | $6957700.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| INNOVIVA INC                       | Innoviva, Inc.                         | CUSIP: 45781M101<br>LEI: N/A | Long             | EC               | CORP              | US        |    250000 | NS      | $4550000.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Performance Food Group Co.             | CUSIP: 71377A103<br>LEI: N/A | Long             | EC               | CORP              | US        |     84136 | NS      | $8139316.64   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Patrick Industries, Inc.               | CUSIP: 703343103<br>LEI: N/A | Long             | EC               | CORP              | US        |     82526 | NS      | $8613238.68   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| ASBURY AUTO GRP                    | Asbury Automotive Group, Inc.          | CUSIP: 043436104<br>LEI: N/A | Long             | EC               | CORP              | US        |     21000 | NS      | $4926600.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| G III APPAREL                      | G-III Apparel Group Ltd                | CUSIP: 36237H101<br>LEI: N/A | Long             | EC               | CORP              | US        |    164220 | NS      | $4409307.00   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD NATL BANCORP                   | Old National Bancorp                   | CUSIP: 680033107<br>LEI: N/A | Long             | EC               | CORP              | US        |    257113 | NS      | $5252818.59   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI WORLDWIDE IN                   | ACI Worldwide Inc                      | CUSIP: 004498101<br>LEI: N/A | Long             | EC               | CORP              | US        |    132613 | NS      | $6316357.19   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Sabra Health Care REIT, Inc.           | CUSIP: 78573L106<br>LEI: N/A | Long             | EC               | CORP              | US        |    362257 | NS      | $6455419.74   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| COMFORT SYSTEMS                    | Comfort Systems USA Inc                | CUSIP: 199908104<br>LEI: N/A | Long             | EC               | CORP              | US        |     17782 | NS      | $17169943.56  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| CUSTOMERS BANCOR                   | Customers Bancorp, Inc.                | CUSIP: 23204G100<br>LEI: N/A | Long             | EC               | CORP              | US        |    125197 | NS      | $8403222.64   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Warrior Met Coal, Inc.                 | CUSIP: 93627C101<br>LEI: N/A | Long             | EC               | CORP              | US        |    142548 | NS      | $9670456.32   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Array Technologies Inc                 | CUSIP: 04271T100<br>LEI: N/A | Long             | EC               | CORP              | US        |    806080 | NS      | $6980652.80   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMERCIAL METAL                   | Commercial Metals Co.                  | CUSIP: 201723103<br>LEI: N/A | Long             | EC               | CORP              | US        |    140523 | NS      | $8341445.28   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Herc Holdings, Inc.                    | CUSIP: 42704L104<br>LEI: N/A | Long             | EC               | CORP              | US        |     46055 | NS      | $6542112.75   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ARBOR REALTY TRU                   | Arbor Realty Trust, Inc.               | CUSIP: 038923108<br>LEI: N/A | Long             | EC               | CORP              | US        |    634359 | NS      | $6400682.31   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Alpha Metallurgical Resources          | CUSIP: 020764106<br>LEI: N/A | Long             | EC               | CORP              | US        |     51967 | NS      | $9003802.42   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Hilton Grand Vacations Inc             | CUSIP: 43283X105<br>LEI: N/A | Long             | EC               | CORP              | US        |    140888 | NS      | $5839807.60   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| EMPIRE STATE REA                   | Empire State Realty Trust              | CUSIP: 292104106<br>LEI: N/A | Long             | EC               | CORP              | US        |    506842 | NS      | $3745562.38   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | SkyWest, Inc.                          | CUSIP: 830879102<br>LEI: N/A | Long             | EC               | CORP              | US        |     75409 | NS      | $7577096.32   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| ON ASSIGNMENT                      | ASGN INC                               | CUSIP: 00191U102<br>LEI: N/A | Long             | EC               | CORP              | US        |    113954 | NS      | $5100581.04   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| STERLING CONSTRU                   | Sterling Infrastructure, Inc.          | CUSIP: 859241101<br>LEI: N/A | Long             | EC               | CORP              | US        |     46205 | NS      | $17460869.50  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | ONE Gas Inc                            | CUSIP: 68235P108<br>LEI: N/A | Long             | EC               | CORP              | US        |     82823 | NS      | $6641576.37   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | TXNM Energy Inc                        | CUSIP: 69349H107<br>LEI: N/A | Long             | EC               | CORP              | US        |    126991 | NS      | $7213088.80   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | ANI Pharmaceuticals, Inc.              | CUSIP: 00182C103<br>LEI: N/A | Long             | EC               | CORP              | US        |     77956 | NS      | $7062813.60   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | BRIGHTVIEW HOLDINGS INC,               | CUSIP: 10948C107<br>LEI: N/A | Long             | EC               | CORP              | US        |    366850 | NS      | $4519592.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NETGEAR INC                        | Netgear, Inc.                          | CUSIP: 64111Q104<br>LEI: N/A | Long             | EC               | CORP              | US        |    225289 | NS      | $7822034.08   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| HANCOCK HLDG CO                    | Hancock Whitney Corp.                  | CUSIP: 410120109<br>LEI: N/A | Long             | EC               | CORP              | US        |    118768 | NS      | $6782840.48   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| APOLLO COML REAL EST FIN INC       | APOLLO COML REAL EST FIN INC           | CUSIP: 03762U105<br>LEI: N/A | Long             | EC               | CORP              | US        |    500000 | NS      | $4895000.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Axos Financial, Inc.                   | CUSIP: 05465C100<br>LEI: N/A | Long             | EC               | CORP              | US        |     99451 | NS      | $7755188.98   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | BellRing Brands, Inc.                  | CUSIP: 07831C103<br>LEI: N/A | Long             | EC               | CORP              | US        |    115347 | NS      | $3475405.11   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| LANNETT CO INC                     | Lantheus Holdings, Inc.                | CUSIP: 516544103<br>LEI: N/A | Long             | EC               | CORP              | US        |     63139 | NS      | $3642488.91   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| HURON CONSULTING                   | Huron Consulting Group Inc             | CUSIP: 447462102<br>LEI: N/A | Long             | EC               | CORP              | US        |     45563 | NS      | $7492379.72   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA                    | SM Energy Co.                          | CUSIP: 78454L100<br>LEI: N/A | Long             | EC               | CORP              | US        |    128560 | NS      | $2685618.40   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED THERAPEUT                   | United Therapeutics Corp.              | CUSIP: 91307C102<br>LEI: N/A | Long             | EC               | CORP              | US        |     19993 | NS      | $8905481.99   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Genco Shipping & Trading Ltd.          | CUSIP: Y2685T131<br>LEI: N/A | Long             | EC               | CORP              | US        |    451237 | NS      | $7689078.48   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| XEROX CORP                         | Xerox Holdings Corp.                   | CUSIP: 98421M106<br>LEI: N/A | Long             | EC               | CORP              | US        |    440256 | NS      | $1461649.92   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| WILEY JOHN&SON-A                   | John Wiley & Sons, Inc. Class A        | CUSIP: 968223206<br>LEI: N/A | Long             | EC               | CORP              | US        |    154902 | NS      | $5711236.74   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Navient Corp.                          | CUSIP: 63938C108<br>LEI: N/A | Long             | EC               | CORP              | US        |    458786 | NS      | $5610952.78   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Preferred Bank                         | CUSIP: 740367404<br>LEI: N/A | Long             | EC               | CORP              | US        |     53757 | NS      | $4851569.25   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO FINANCIAL GR                   | CNO Financial Group, Inc.              | CUSIP: 12621E103<br>LEI: N/A | Long             | EC               | CORP              | US        |    193031 | NS      | $7725100.62   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | F&G Annuities & Life Inc               | CUSIP: 30190A104<br>LEI: N/A | Long             | EC               | CORP              | US        |    113563 | NS      | $3367142.95   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | OSI Systems, Inc.                      | CUSIP: 671044105<br>LEI: N/A | Long             | EC               | CORP              | US        |     33301 | NS      | $9272996.46   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ADEIA INC                          | Adeia, Inc.                            | CUSIP: 00676P107<br>LEI: N/A | Long             | EC               | CORP              | US        |    341035 | NS      | $5811236.40   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| RYMAN HOSPITALIT                   | Ryman Hospitality Properties, Inc.     | CUSIP: 78377T107<br>LEI: N/A | Long             | EC               | CORP              | US        |     57247 | NS      | $4975336.77   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Par Pacific Holdings, Inc.         | Par Pacific Holdings, Inc.             | CUSIP: 69888T207<br>LEI: N/A | Long             | EC               | CORP              | US        |    199126 | NS      | $7961057.48   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Verra Mobility Corp.                   | CUSIP: 92511U102<br>LEI: N/A | Long             | EC               | CORP              | US        |    233157 | NS      | $5411573.97   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Peabody Energy Corp                    | CUSIP: 704551100<br>LEI: N/A | Long             | EC               | CORP              | US        |    287001 | NS      | $7869567.42   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Sezzle Inc                             | CUSIP: 78435P105<br>LEI: N/A | Long             | EC               | CORP              | US        |     70346 | NS      | $4611180.30   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | SLM Corp.                              | CUSIP: 78442P106<br>LEI: N/A | Long             | EC               | CORP              | US        |    244540 | NS      | $6565899.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Option Care Health, Inc.               | CUSIP: 68404L201<br>LEI: N/A | Long             | EC               | CORP              | US        |    200000 | NS      | $5206000.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERATED INV-B                    | Federated Hermes, Inc.                 | CUSIP: 314211103<br>LEI: N/A | Long             | EC               | CORP              | US        |    136146 | NS      | $6600358.08   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | API Group Corp.                        | CUSIP: 00187Y100<br>LEI: N/A | Long             | EC               | CORP              | US        |    205751 | NS      | $7575751.82   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| SALLY BEAUTY HOL                   | Sally Beauty Holdings Inc              | CUSIP: 79546E104<br>LEI: N/A | Long             | EC               | CORP              | US        |    457929 | NS      | $6919307.19   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Insight Enterprises, Inc.              | CUSIP: 45765U103<br>LEI: N/A | Long             | EC               | CORP              | US        |     48617 | NS      | $4861700.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| INNOVATIVE INDUS                   | Innovative Industrial Properties Inc   | CUSIP: 45781V101<br>LEI: N/A | Long             | EC               | CORP              | US        |    120424 | NS      | $6039263.60   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL SEAWAYS INC          | International Seaways, Inc.            | CUSIP: Y41053102<br>LEI: N/A | Long             | EC               | CORP              | US        |    144115 | NS      | $7383011.45   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERDIGITAL INC                   | InterDigital, Inc.                     | CUSIP: 45867G101<br>LEI: N/A | Long             | EC               | CORP              | US        |     31766 | NS      | $11498021.36  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Apple Hospitality Reit Inc             | CUSIP: 03784Y200<br>LEI: N/A | Long             | EC               | CORP              | US        |    400000 | NS      | $4476000.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| MAXIMUS, Inc.                      | MAXIMUS, Inc.                          | CUSIP: 577933104<br>LEI: N/A | Long             | EC               | CORP              | US        |     78306 | NS      | $6508794.72   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Prog Holdings, Inc.                    | CUSIP: 74319R101<br>LEI: N/A | Long             | EC               | CORP              | US        |    207497 | NS      | $6002888.21   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Pathward Financial, Inc.               | CUSIP: 59100U108<br>LEI: N/A | Long             | EC               | CORP              | US        |     95243 | NS      | $6482238.58   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Southwest Gas Holdings, Inc.           | CUSIP: 844895102<br>LEI: N/A | Long             | EC               | CORP              | US        |     81943 | NS      | $6514468.50   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Rocket Cos Inc Class A                 | CUSIP: 77311W101<br>LEI: N/A | Long             | EC               | CORP              | US        |    539759 | NS      | $8992384.94   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Donnelley Financial Solutions          | CUSIP: 25787G100<br>LEI: N/A | Long             | EC               | CORP              | US        |    107832 | NS      | $4954880.40   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Janus International Group              | CUSIP: 47103N106<br>LEI: N/A | Long             | EC               | CORP              | US        |    769856 | NS      | $7390617.60   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | ADTALEM GLOBAL EDUCATION INC           | CUSIP: 00737L103<br>LEI: N/A | Long             | EC               | CORP              | US        |     47432 | NS      | $4649284.64   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Phinia Inc                             | CUSIP: 71880K101<br>LEI: N/A | Long             | EC               | CORP              | US        |    135083 | NS      | $7012158.53   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Otter Tail Corp.                       | CUSIP: 689648103<br>LEI: N/A | Long             | EC               | CORP              | US        |     91945 | NS      | $7099992.90   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Rithm Capital Corp.                    | CUSIP: 64828T201<br>LEI: N/A | Long             | EC               | CORP              | US        |    523321 | NS      | $5740831.37   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| KB HOME                            | KB Home                                | CUSIP: 48666K109<br>LEI: N/A | Long             | EC               | CORP              | US        |     83673 | NS      | $5222868.66   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| HILLENBRAND INC                    | Hillenbrand, Inc.                      | CUSIP: 431571108<br>LEI: N/A | Long             | EC               | CORP              | US        |    251858 | NS      | $7958712.80   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Group 1 Automotive, Inc.               | CUSIP: 398905109<br>LEI: N/A | Long             | EC               | CORP              | US        |     14811 | NS      | $5887964.94   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Enova International, Inc.              | CUSIP: 29357K103<br>LEI: N/A | Long             | EC               | CORP              | US        |     77427 | NS      | $9257946.39   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Frontdoor, Inc.                        | CUSIP: 35905A109<br>LEI: N/A | Long             | EC               | CORP              | US        |    125304 | NS      | $8323944.72   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Waystar Holding Corp                   | CUSIP: 946784105<br>LEI: N/A | Long             | EC               | CORP              | US        |    118965 | NS      | $4264895.25   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ENACT HOLDINGS INC                 | Enact Holdings, Inc.                   | CUSIP: 29249E109<br>LEI: N/A | Long             | EC               | CORP              | US        |    177080 | NS      | $6325297.60   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| SINCLAIR BROAD-A                   | Sinclair, Inc.                         | CUSIP: 829242106<br>LEI: N/A | Long             | EC               | CORP              | US        |    334556 | NS      | $4570034.96   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Federated Treasury Obligations Fund    | CUSIP: 60934N500<br>LEI: N/A | Long             | STIV             | RF                | US        |   8160092 | NS      | $8160091.58   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Civitas Resources, Inc.                | CUSIP: 17888H103<br>LEI: N/A | Long             | EC               | CORP              | US        |    160265 | NS      | $4620439.95   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| J2 GLOBAL INC                      | Ziff Davis, Inc.                       | CUSIP: 48123V102<br>LEI: N/A | Long             | EC               | CORP              | US        |    171785 | NS      | $5823511.50   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Monarch Casino & Resort Inc            | CUSIP: 609027107<br>LEI: N/A | Long             | EC               | CORP              | US        |     52000 | NS      | $4683640.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT PARTNERS - A                   | PJT Partners Inc                       | CUSIP: 69343T107<br>LEI: N/A | Long             | EC               | CORP              | US        |     42077 | NS      | $6779025.47   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| SCANSOURCE INC                     | ScanSource, Inc.                       | CUSIP: 806037107<br>LEI: N/A | Long             | EC               | CORP              | US        |    150259 | NS      | $6446862.44   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| TAYLOR MORRISO-A                   | Taylor Morrison Home Corp.             | CUSIP: 87724P106<br>LEI: N/A | Long             | EC               | CORP              | US        |    116264 | NS      | $6890967.28   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Victory Capital Holdings, Inc. Class A | CUSIP: 92645B103<br>LEI: N/A | Long             | EC               | CORP              | US        |    119170 | NS      | $7420715.90   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| HILLMAN SOLUTIONS CORP             | Hillman Solutions Corp.                | CUSIP: 431636109<br>LEI: N/A | Long             | EC               | CORP              | US        |    829197 | NS      | $7645196.34   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Tenet Healthcare Corp.                 | CUSIP: 88033G407<br>LEI: N/A | Long             | EC               | CORP              | US        |     37704 | NS      | $7785498.96   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| RADIAN GROUP INC                   | Radian Group, Inc.                     | CUSIP: 750236101<br>LEI: N/A | Long             | EC               | CORP              | US        |    211816 | NS      | $7189035.04   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc                   | StoneX Group, Inc.                     | CUSIP: 861896108<br>LEI: N/A | Long             | EC               | CORP              | US        |    103328 | NS      | $9497909.76   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ARMOUR RESIDENTI                   | Armour Residential REIT, Inc.          | CUSIP: 042315705<br>LEI: N/A | Long             | EC               | CORP              | US        |    380850 | NS      | $6177387.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Amphastar Pharmaceuticals, Inc.        | CUSIP: 03209R103<br>LEI: N/A | Long             | EC               | CORP              | US        |    175516 | NS      | $4475658.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | NMI Holdings, Inc. Class A             | CUSIP: 629209305<br>LEI: N/A | Long             | EC               | CORP              | US        |    181202 | NS      | $6601188.86   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Halozyme Therapeutics Inc              | CUSIP: 40637H109<br>LEI: N/A | Long             | EC               | CORP              | US        |     92701 | NS      | $6043178.19   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Middlesex Water Co                     | CUSIP: 596680108<br>LEI: N/A | Long             | EC               | CORP              | US        |     78434 | NS      | $4507601.98   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | CarGurus Inc                           | CUSIP: 141788109<br>LEI: N/A | Long             | EC               | CORP              | US        |    202746 | NS      | $7120439.52   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Cars.com, Inc.                         | CUSIP: 14575E105<br>LEI: N/A | Long             | EC               | CORP              | US        |    421024 | NS      | $4521797.76   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ENSIGN GROUP INC                   | The Ensign Group, Inc.                 | CUSIP: 29358P101<br>LEI: N/A | Long             | EC               | CORP              | US        |     40544 | NS      | $7301974.40   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Columbia Banking System, Inc.          | CUSIP: 197236102<br>LEI: N/A | Long             | EC               | CORP              | US        |    284134 | NS      | $7614791.20   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Amneal Pharmaceuticals Inc             | CUSIP: 03168L105<br>LEI: N/A | Long             | EC               | CORP              | US        |    606953 | NS      | $6567231.46   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| OWENS & MINOR                      | Owens & Minor Inc                      | CUSIP: 690732102<br>LEI: N/A | Long             | EC               | CORP              | US        |    399411 | NS      | $1585661.67   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| TANGER FACTORY                     | Tanger Factory Outlet Centers, Inc.    | CUSIP: 875465106<br>LEI: N/A | Long             | EC               | CORP              | US        |    248264 | NS      | $8083475.84   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Gulfport Energy Corp                   | CUSIP: 402635502<br>LEI: N/A | Long             | EC               | CORP              | US        |     39494 | NS      | $7346278.94   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| MURPHY OIL CORP                    | Murphy Oil Corp.                       | CUSIP: 626717102<br>LEI: N/A | Long             | EC               | CORP              | US        |    150012 | NS      | $4245339.60   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Dynex Capital Inc                      | CUSIP: 26817Q886<br>LEI: N/A | Long             | EC               | CORP              | US        |    417651 | NS      | $5529699.24   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Antero Resources Corp.                 | CUSIP: 03674X106<br>LEI: N/A | Long             | EC               | CORP              | US        |    164401 | NS      | $5081634.91   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| HERITAGE INSURAN                   | Heritage Insurance Holdings Inc        | CUSIP: 42727J102<br>LEI: N/A | Long             | EC               | CORP              | US        |    255266 | NS      | $6031935.58   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Dorian LPG Ltd.                        | CUSIP: Y2106R110<br>LEI: N/A | Long             | EC               | CORP              | US        |    207272 | NS      | $5979797.20   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Element Solutions, Inc.                | CUSIP: 28618M106<br>LEI: N/A | Long             | EC               | CORP              | US        |    267802 | NS      | $7155669.44   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDROCK HOSP                   | DiamondRock Hospitality Co.            | CUSIP: 252784301<br>LEI: N/A | Long             | EC               | CORP              | US        |    703104 | NS      | $5498273.28   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| RENT-A-CENTER                      | Upbound Group, Inc.                    | CUSIP: 76009N100<br>LEI: N/A | Long             | EC               | CORP              | US        |    169517 | NS      | $3285239.46   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| K12 INC                            | Stride, Inc.                           | CUSIP: 86333M108<br>LEI: N/A | Long             | EC               | CORP              | US        |     54895 | NS      | $3735055.80   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Diebold Nixdorf Inc                    | CUSIP: 253651202<br>LEI: N/A | Long             | EC               | CORP              | US        |    105388 | NS      | $6233700.20   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp.              | SL Green Realty Corp.                  | CUSIP: 78440X887<br>LEI: N/A | Long             | EC               | CORP              | US        |    104124 | NS      | $5346767.40   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | HCI Group Inc                          | CUSIP: 40416E103<br>LEI: N/A | Long             | EC               | CORP              | US        |     50331 | NS      | $10268027.31  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TEREX CORP                         | Terex Corp.                            | CUSIP: 880779103<br>LEI: N/A | Long             | EC               | CORP              | US        |    136165 | NS      | $6266313.30   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Weatherford International plc          | CUSIP: G48833118<br>LEI: N/A | Long             | EC               | CORP              | US        |     71785 | NS      | $5289836.65   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                            | Penguin Solutions Inc                  | CUSIP: 706915105<br>LEI: N/A | Long             | EC               | CORP              | US        |    234421 | NS      | $5220555.67   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIF WATER SRVC                   | California Water Service Group         | CUSIP: 130788102<br>LEI: N/A | Long             | EC               | CORP              | US        |    123577 | NS      | $5484347.26   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-29

**Name of Applicant:** World Funds Trust

**Signature:** Ann MacDonald

**Name of Signer:** Ann MacDonald

**Title:** Principal Financial Officer