# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001752724-23-022151
**Filing Date:** 2023-2
**Character Count:** 20780
**Document Hash:** 23cd0ad475826da191b33e56fc97dd01
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-022151.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001752724-23-022151

**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**: 20230930

**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:** 23616641

**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

### Union Street Partners Value Fund (Series ID: S000030539)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000094720 | Class A Shares       | USPVX           |
| C000100111 | Class C Shares       | USPCX           |
| C000165788 | Advisor Class Shares | USPFX           |

## Nport-Ex

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Union Street Partners Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Union Street Partners Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Union Street Partners Value Fund** |  |
| **Schedule of Investments** | **Schedule of Investments** | **december 31, 2022 (unaudited)** | **december 31, 2022 (unaudited)** | **december 31, 2022 (unaudited)** |
|  |  |  | **Shares** | **Fair Value** |
| 95.34% | COMMON STOCKS |  |  |  |
| 17.92% | BANKS |  |  |  |
|  | Bank of America Corp. . . . . . . . . . | Bank of America Corp. . . . . . . . . . | 52350 | $1733832 |
|  | Burke & Herbert Bank & Trust Co. . . . . | Burke & Herbert Bank & Trust Co. . . . . | 33920 | 2398144 |
|  | The Goldman Sachs Group, Inc. . . . . . . . . . . | The Goldman Sachs Group, Inc. . . . . . . . . . . | 5300 | 1819914 |
|  | JPMorgan Chase & Co. . . . . . . . . . | JPMorgan Chase & Co. . . . . . . . . . | 25000 | 3352500 |
|  | Wells Fargo & Co. . . . . . . . . . . . | Wells Fargo & Co. . . . . . . . . . . . | 43500 | 1796115 |
|  |  |  |  | 11100505 |
| 2.45% | BEVERAGES |  |  |  |
|  | Diageo PLC ADR (Sponsored) . . . . . . | Diageo PLC ADR (Sponsored) . . . . . . | 8500 | 1514615 |
| 4.90% | COMMUNICATION SERVICES |  |  |  |
|  | AT&T, Inc. . . . . . . . . . . . . . . . | AT&T, Inc. . . . . . . . . . . . . . . . | 68500 | 1261085 |
|  | META Platforms, Inc.(A) . . . . . . . . . | META Platforms, Inc.(A) . . . . . . . . . | 14750 | 1775015 |
|  |  |  |  | 3036100 |
| 16.46% | COMPUTERS |  |  |  |
|  | Apple, Inc. . . . . . . . . . . . . . . . | Apple, Inc. . . . . . . . . . . . . . . . | 29250 | 3800453 |
|  | Intel Corp. . . . . . . . . . . . . . . . | Intel Corp. . . . . . . . . . . . . . . . | 63900 | 1688877 |
|  | Microsoft Corp. . . . . . . . . . . . . | Microsoft Corp. . . . . . . . . . . . . | 19620 | 4705268 |
|  |  |  |  | 10194598 |
| 7.75% | INDUSTRIAL |  |  |  |
|  | The Boeing Co.(A) . . . . . . . . . . . . | The Boeing Co.(A) . . . . . . . . . . . . | 14200 | 2704958 |
|  | FedEx Corp. . . . . . . . . . . . . . . | FedEx Corp. . . . . . . . . . . . . . . | 12100 | 2095720 |
|  |  |  |  | 4800678 |
| 11.70% | MEDICAL |  |  |  |
|  | Bayer AG ADR (Sponsored) . . . . . . . | Bayer AG ADR (Sponsored) . . . . . . . | 183000 | 2353380 |
|  | CVS Health Corp. . . . . . . . . . . . | CVS Health Corp. . . . . . . . . . . . | 22000 | 2050180 |
|  | Johnson & Johnson . . . . . . . . . . | Johnson & Johnson . . . . . . . . . . | 7680 | 1356672 |
|  | Merck & Co., Inc. . . . . . . . . . . . . | Merck & Co., Inc. . . . . . . . . . . . . | 13420 | 1488949 |
|  |  |  |  | 7249181 |

---

**1**

QUARTERLY REPORT

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Union Street Partners Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Union Street Partners Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Union Street Partners Value Fund** |  |
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  |  | **Shares** | **Fair Value** |
| 12.73% | OIL |  |  |  |
|  | Chevron Corp. . . . . . . . . . . . | . . | 14000 | $2512860 |
|  | Exxon Mobil Corp. . . . . . . . . . . | . | 24700 | 2724410 |
|  | Schlumberger Ltd. . . . . . . . . . . | . | 49500 | 2646270 |
|  |  |  |  | 7883540 |
| 3.21% | REAL ESTATE |  |  |  |
|  | Simon Property Group, Inc. . . . . . . | . | 16900 | 1985412 |
| 14.19% | RETAIL |  |  |  |
|  | Dollar Tree, Inc.(A) . . . . . . . . . . | . . | 24650 | 3486496 |
|  | The Home Depot . . . . . . . . . . | . | 5750 | 1816195 |
|  | LVMH Moet Hennessy Jouis Vuitton SE | . . | 12150 | 1760171 |
|  | Target Corp. . . . . . . . . . . . . | . . | 11600 | 1728864 |
|  |  |  |  | 8791726 |
| 4.03% | UTILITIES |  |  |  |
|  | PG&E Corp.(A) . . . . . . . . . . . . | . | 153500 | 2495910 |
| 95.34% | TOTAL COMMON STOCKS . . . . . . . . . . . . . . | TOTAL COMMON STOCKS . . . . . . . . . . . . . . | TOTAL COMMON STOCKS . . . . . . . . . . . . . . | 59052264 |
| 4.58% | MONEY MARKET FUNDS |  |  |  |
|  | Fidelity® Investments Money Market |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Government Portfolio Institutional |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Class 4.06%(B) . . . . . . . . . . | . . | 2839848 | $<u>2839848</u> |
| 99.92% | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | 61892112 |
| 0.08% | Other assets, net of liablities . . . . . . . . . . . . . . | Other assets, net of liablities . . . . . . . . . . . . . . | Other assets, net of liablities . . . . . . . . . . . . . . | 46721 |
| 100.00% | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | $<u>61938833</u> |

---

(A)Non-income producing

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

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

**2**

QUARTERLY REPORT

**Union Street Partners Value 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 . . . . . . | $61892112 | $ | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $ | $— | $61892112 |
| Short-Term Investments . . . |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |
| Total Investments . . . . . . | $61892112 | $ | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $ | $— | $61892112 |

---

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 $35,526,055 and the related tax-based net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation $26,642,476

Gross unrealized depreciation (276,419)

Net unrealized appreciation <u>$26,366,057</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:** Union Street Partners Value Fund

- **b. EDGAR series identifier (if any):** S000030539

- **c. LEI of Series:** 54930024H5Q0C2NOV623

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

- **a. Date of fiscal year-end:** 2023-09-30

- **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:** $61955244.48

**Total Liabilities:** $16411.55

**Net Assets:** $61938832.93

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000100111 | 12.54%               | 6.87%                | -4.69%               |
| Class ID C000165788 | 12.58%               | 6.99%                | -4.60%               |
| Class ID C000094720 | 12.57%               | 6.96%                | -4.63%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-244912.06              | $6913038.82                                |
| Month 2  | $0.00                    | $4080125.29                                |
| Month 3  | $0.00                    | $-2998333.60                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JOHNSON&JOHNSON  | Johnson & Johnson                                                          | CUSIP: 478160104<br>LEI: N/A | Long             | EC               | CORP              | US        |      7680 | NS      | $1356672.00   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMON PROPERTY   | Simon Property Group, Inc.                                                 | CUSIP: 828806109<br>LEI: N/A | Long             | EC               | CORP              | US        |     16900 | NS      | $1985412.00   | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE   | JPMorgan Chase & Co.                                                       | CUSIP: 46625H100<br>LEI: N/A | Long             | EC               | CORP              | US        |     25000 | NS      | $3352499.99   | 5.41%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORP | Exxon Mobil Corp.                                                          | CUSIP: 30231G102<br>LEI: N/A | Long             | EC               | CORP              | US        |     24700 | NS      | $2724410.00   | 4.40%             |  |  |  | No            |                  1 | On Loan: No      |
| INTEL CORP       | Intel Corp.                                                                | CUSIP: 458140100<br>LEI: N/A | Long             | EC               | CORP              | US        |     63900 | NS      | $1688877.00   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORP  | CVS Health Corp.                                                           | CUSIP: 126650100<br>LEI: N/A | Long             | EC               | CORP              | US        |     22000 | NS      | $2050180.00   | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORP     | Chevron Corp.                                                              | CUSIP: 166764100<br>LEI: N/A | Long             | EC               | CORP              | US        |     14000 | NS      | $2512860.00   | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC         | AT&T Inc.                                                                  | CUSIP: 00206R102<br>LEI: N/A | Long             | EC               | CORP              | US        |     68500 | NS      | $1261085.00   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | Fidelity Investments Money Market Government Portfolio Institutional Class | CUSIP: 316175108<br>LEI: N/A | Long             | STIV             | RF                | US        |   2839848 | NS      | $2839847.79   | 4.58%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO       | Merck & Co., Inc.                                                          | CUSIP: 58933Y105<br>LEI: N/A | Long             | EC               | CORP              | US        |     13420 | NS      | $1488949.00   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & CO | Wells Fargo & Co.                                                          | CUSIP: 949746101<br>LEI: N/A | Long             | EC               | CORP              | US        |     43500 | NS      | $1796115.00   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E CORP        | PG&E Corp                                                                  | CUSIP: 69331C108<br>LEI: N/A | Long             | EC               | CORP              | US        |    153500 | NS      | $2495910.00   | 4.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAGEO PLC-ADR   | Diageo PLC ADR (Sponsored)                                                 | CUSIP: 25243Q205<br>LEI: N/A | Long             | EC               | CORP              | GB        |      8500 | NS      | $1514615.00   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHLUMBERGER LTD | Schlumberger Ltd.                                                          | CUSIP: 806857108<br>LEI: N/A | Long             | EC               | CORP              | US        |     49500 | NS      | $2646270.00   | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP   | Microsoft Corp.                                                            | CUSIP: 594918104<br>LEI: N/A | Long             | EC               | CORP              | US        |     19620 | NS      | $4705268.40   | 7.60%             |  |  |  | No            |                  1 | On Loan: No      |
| BOEING CO/THE    | Boeing Co./The                                                             | CUSIP: 097023105<br>LEI: N/A | Long             | EC               | CORP              | US        |     14200 | NS      | $2704958.00   | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | Bayer AG ADR (Sponsored)                                                   | CUSIP: 072730302<br>LEI: N/A | Long             | EC               | CORP              | US        |    183000 | NS      | $2353380.00   | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC        | Apple Inc.                                                                 | CUSIP: 037833100<br>LEI: N/A | Long             | EC               | CORP              | US        |     29250 | NS      | $3800452.50   | 6.14%             |  |  |  | No            |                  1 | On Loan: No      |
| HOME DEPOT INC   | Home Depot Inc/The                                                         | CUSIP: 437076102<br>LEI: N/A | Long             | EC               | CORP              | US        |      5750 | NS      | $1816195.00   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| BURKE & HERBERT  | Burke & Herbert Bank & Trust Co.                                           | CUSIP: 12135Y108<br>LEI: N/A | Long             | EC               | CORP              | US        |     33920 | NS      | $2398144.00   | 3.87%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDEX CORP       | FedEx Corp                                                                 | CUSIP: 31428X106<br>LEI: N/A | Long             | EC               | CORP              | US        |     12100 | NS      | $2095720.00   | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA  | BANK OF AMERICA CORP                                                       | CUSIP: 060505104<br>LEI: N/A | Long             | EC               | CORP              | US        |     52350 | NS      | $1733832.00   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GP | Goldman Sachs Group, Inc./The                                              | CUSIP: 38141G104<br>LEI: N/A | Long             | EC               | CORP              | US        |      5300 | NS      | $1819914.00   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| FACEBOOK INC-A   | META PLATFORMS INC.                                                        | CUSIP: 30303M102<br>LEI: N/A | Long             | EC               | CORP              | US        |     14750 | NS      | $1775015.00   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| DOLLAR TREE INC  | Dollar Tree, Inc.                                                          | CUSIP: 256746108<br>LEI: N/A | Long             | EC               | CORP              | US        |     24650 | NS      | $3486496.00   | 5.63%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGET CORP      | Target Corp.                                                               | CUSIP: 87612E106<br>LEI: N/A | Long             | EC               | CORP              | US        |     11600 | NS      | $1728864.00   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | LVMH MOET HENNESSY-UNSP ADR                                                | CUSIP: 502441306<br>LEI: N/A | Long             | EC               | CORP              | US        |     12150 | NS      | $1760170.50   | 2.84%             |  |  |  | No            |                  1 | 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