# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001999371-26-004050
**Filing Date:** 2026-2
**Character Count:** 307023
**Document Hash:** c6f75b1baa5166981a8f55234af896fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-004050.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0001999371-26-004050

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**EFFECTIVENESS DATE**: 20260224

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22172
- **FILM NUMBER:** 26670553

**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

### Vest US Large Cap 10% Buffer Strategies Fund (Series ID: S000053823)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000169387 | Institutional Class Shares | BUIGX           |
| C000169388 | Investor Class Shares      | BUMGX           |
| C000169389 | Class A Shares             | BUAGX           |
| C000169390 | Class C Shares             | BUCGX           |
| C000195358 | Class Y Shares             | BUYGX           |

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

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

### Vest S&P 500 Dividend Aristocrats Target Income Fund (Series ID: S000058211)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000190839 | Class A Shares             | KNGAX           |
| C000190840 | Class C Shares             | KNGCX           |
| C000190841 | Investor Class Shares      | KNGLX           |
| C000190842 | Institutional Class Shares | KNGIX           |
| C000195360 | Class Y Shares             | KNGYX           |

### Vest Bitcoin Strategy Managed Volatility Fund (Series ID: S000072636)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000229035 | Investor Class Shares      | BTCLX           |
| C000229036 | Class Y Shares             | BTCYX           |
| C000229037 | Institutional Class Shares | BTCVX           |

?xml version='1.0' encoding='ASCII'? Annual Shareholder Report

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-22172 |
| Exact name of registrant as specified in charter: | World Funds Trust |
| Address of principal executive offices: | 8730 Stony Point Parkway, <br> Suite 205<br> Richmond, VA 23235 |
| Name and address of agent for service | The Corporation Trust Co.,<br> Corporation Trust Center,<br> 1209 Orange St.,<br> Wilmington, DE 19801<br>With Copy to:<br>John H. Lively<br> Practus, LLP<br> 11300 Tomahawk Creek Parkway<br> Suite 310<br> Leawood, KS 66211  |
| Registrant's telephone number, including area code: | (804) 267-7400 |
| Date of fiscal year end: | October 31 |
| Date of reporting period: | October 31, 2025 |
|  | Vest US Large Cap 10% Buffer Strategies Fund, Vest US Large Cap 20% Buffer Strategies Fund, Vest S&P 500® Dividend Aristocrats Target Income Fund, Vest Bitcoin Strategy Managed Volatility Fund (collectively, the "Vest Funds") |

---

ITEM 1. (a) REPORT TO STOCKHOLDERS.

#### Vest US Large Cap 10% Buffer Strategies Fund Tailored Shareholder Report
**Annual Shareholder ReportOctober 31, 2025**

#### Vest US Large Cap 10% Buffer Strategies Fund

#### Institutional Class Shares
Ticker: BUIGX

This annual shareholder report contains important information about the Vest US Large Cap 10% Buffer Strategies Fund, Institutional Class for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.vestfin.com/mutual-funds/buffer-10-fund#fund-details. You can also request this information by contacting us at (855) 505-8378.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| **Institutional Class** | $102 | 0.96% |

---

#### How did the Fund perform last year?
The Institutional Class (the "Class") returned 12.21% for the period of November 1, 2024 to October 31, 2025. The Class underperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 21.45% for the same Period. This underperformance was due to the following:

Class NAV Performance Attributed to\*:

---

| | |
|:---|:---|
| Options Holdings<br>| 13.23%<br>|
| Expenses (annual expense ratio)<br>| -0.96%<br>|
| Commissions<br>| -0.06%<br>|
| Class NAV Performance<br>| 12.21%<br>|

---

The Fund holds a combination of options contracts designed to target the fund's objective.

*\*The Class performance is impacted by changes in the values of the options to which it is exposed. We attribute (allocate) the impact on the Class performance into three components. The first of the three components is the impact on the Class performance due to changes in the Fund's option holdings. The second component is the pro-rated expense ratio for this Class.*The third component is the impact due to commissions incurred from trading the portfolio.

#### Cumulative Performance
(based on a hypothetical $100,000 investment)

![line](qesdbj1mj0iwzg4.jpg)

\* Inception

#### Annual Performance

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Annual Total Return&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **Since Inception**<br>  |
| **Institutional Class** | 12.21% | 10.54% | 9.06% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 15.16% |

---

The S&P 500<sup>®</sup> Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

For more recent performance information visit www.vestfin.com/mutual-funds/buffer-10-fund#fund-details.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

#### Vest US Large Cap 10% Buffer Strategies Fund Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $401287103 |
| **Number of Holdings** | 41 |
| **Total Net Advisory Fee** | $2234366 |
| **Portfolio Turnover Rate** | 83.02% |

---

#### What did the Fund invest in?
(% of Net Assets as of October 31, 2025)

#### Sector Breakdown
![bar](qesdbj1mj1o91a5.jpg)

---

| | |
|:---|:---|
| **Portfolio Composition**<br>  | <br>  |
| **Options Purchased** | 105.81% |
| **Options Written** | -5.78% |

---

#### Material Changes

#### Reorganization
The Fund's Board of Trustees approved an Agreement and Plan of Reorganization for the Fund. The Board recommended that shareholders approve the reorganization and has authorized the submission of the Reorganization proposal to shareholders of the Fund for approval. In connection with the reorganization, shareholders of the Fund will receive shares of a newly created series of a First Trust Series Fund ("acquiring fund") with an aggregate net asset value equal to the value of their Fund shares immediately prior to the reorganization. Following the reorganization, First Trust Advisors L.P. will serve as investment adviser to the acquiring fund, and Vest Financial, LLC will serve as investment sub-adviser. The Board of Trustees has determined that the reorganization is in the best interests of the Fund and that shareholders will not experience dilution as a result of the reorganization. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes, and no sales charges or redemption fees will be imposed in connection with the reorganization.

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit www.vestfin.com/mutual-funds/buffer-10-fund#fund-details**.

#### Vest US Large Cap 10% Buffer Strategies Fund Tailored Shareholder Report
**Annual Shareholder ReportOctober 31, 2025**

#### Vest US Large Cap 10% Buffer Strategies Fund

#### Investor Class Shares
Ticker: BUMGX

This annual shareholder report contains important information about the Vest US Large Cap 10% Buffer Strategies Fund, Investor Class for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.vestfin.com/mutual-funds/buffer-10-fund#fund-details. You can also request this information by contacting us at (855) 505-8378.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| **Investor Class** | $128 | 1.21% |

---

#### How did the Fund perform last year?
The Investor Class (the "Class") returned 11.94% for the period of November 1, 2024 to October 31, 2025. The Class underperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 21.45% for the same Period. This underperformance was due to the following:

Class NAV Performance Attributed to\*:

---

| | |
|:---|:---|
| Options Holdings<br>| 13.21%<br>|
| Expenses (annual expense ratio)<br>| -1.21%<br>|
| Commissions<br>| -0.06%<br>|
| Class NAV Performance<br>| 11.94%<br>|

---

The Fund holds a combination of options contracts designed to target the Fund's objective.

\* The Class performance is impacted by changes in the values of the options to which it is exposed. We attribute (allocate) the impact on the Class performance into three components. The first of the three components is the impact on the Class performance due to changes in the Fund's option holdings. The second component is the pro-rated expense ratio for this Class. The third component is the impact due to commissions incurred from trading the portfolio.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qesdbj1mj1no5u6.jpg)

\*Inception

#### Annual Performance

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Annual Total Return&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **Since Inception**<br>  |
| **Investor Class** | 11.94% | 10.25% | 8.85% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 15.26% |

---

The S&P 500<sup>®</sup> Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

For more recent performance information visit www.vestfin.com/mutual-funds/buffer-10-fund#fund-details.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

#### Vest US Large Cap 10% Buffer Strategies Fund Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $401287103 |
| **Number of Holdings** | 41 |
| **Total Net Advisory Fee** | $2234366 |
| **Portfolio Turnover Rate** | 83.02% |

---

#### What did the Fund invest in?
(% of Net Assets as of October 31, 2025)

#### Sector Breakdown
![bar](qesdbj1mj1o91a5.jpg)

---

| | |
|:---|:---|
| **Portfolio Composition**<br>  | <br>  |
| **Options Purchased** | 105.81% |
| **Options Written** | -5.78% |

---

#### Material Changes

#### Reorganization
The Fund's Board of Trustees approved an Agreement and Plan of Reorganization for the Fund. The Board recommended that shareholders approve the reorganization and has authorized the submission of the Reorganization proposal to shareholders of the Fund for approval. In connection with the reorganization, shareholders of the Fund will receive shares of a newly created series of a First Trust Series Fund ("acquiring fund") with an aggregate net asset value equal to the value of their Fund shares immediately prior to the reorganization. Following the reorganization, First Trust Advisors L.P. will serve as investment adviser to the acquiring fund, and Vest Financial, LLC will serve as investment sub-adviser. The Board of Trustees has determined that the reorganization is in the best interests of the Fund and that shareholders will not experience dilution as a result of the reorganization. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes, and no sales charges or redemption fees will be imposed in connection with the reorganization.

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit www.vestfin.com/mutual-funds/buffer-10-fund#fund-details**.

#### Vest US Large Cap 10% Buffer Strategies Fund Tailored Shareholder Report
**Annual Shareholder ReportOctober 31, 2025**

#### Vest US Large Cap 10% Buffer Strategies Fund

#### Class A Shares
Ticker: BUAGX

This annual shareholder report contains important information about the Vest US Large Cap 10% Buffer Strategies Fund, Class A for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.vestfin.com/mutual-funds/buffer-10-fund#fund-details. You can also request this information by contacting us at (855) 505-8378.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| **Class A**  | $128 | 1.21% |

---

#### How did the Fund perform last year?
Class A (without load) (the "Class") returned 11.98% for the period of November 1, 2024 to October 31, 2025. The Class underperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 21.45% for the same Period. This underperformance was due to the following:

Class NAV Performance Attributed to\*:

---

| | |
|:---|:---|
| Options Holdings<br>| 13.25%<br>|
| Expenses (annual expense ratio)<br>| -1.21%<br>|
| Commissions<br>| -0.06%<br>|
| Class NAV Performance<br>| 11.98%<br>|

---

The Fund holds a combination of options contracts designed to target the Fund's objective.

\* The Class performance is impacted by changes in the values of the options to which it is exposed. We attribute (allocate) the impact on the Class performance into three components. The first of the three components is the impact on the Class performance due to changes in the Fund's option holdings. The second component is the pro-rated expense ratio for this Class. The third component is the impact due to commissions incurred from trading the portfolio.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qesc9ld1mj1om2fy.jpg)

\*Inception

#### Annual Performance

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Annual Total Return&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **Since Inception**<br>  |
| **Class A (without load)** | 11.98% | 10.27% | 8.74% |
| **Class A (with load)** | 5.54% | 8.97% | 7.86% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.82% |

---

The S&P 500<sup>®</sup> Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

For more recent performance information visit www.vestfin.com/mutual-funds/buffer-10-fund#fund-details.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

#### Vest US Large Cap 10% Buffer Strategies Fund Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $401287103 |
| **Number of Holdings** | 41 |
| **Total Net Advisory Fee** | $2234366 |
| **Portfolio Turnover Rate** | 83.02% |

---

#### What did the Fund invest in?
(% of Net Assets as of October 31, 2025)

#### Sector Breakdown
![bar](qesdbj1mj1o91a5.jpg)

---

| | |
|:---|:---|
| **Portfolio Composition**<br>  | <br>  |
| **Options Purchased** | 105.81% |
| **Options Written** | -5.78% |

---

#### Material Changes

#### Reorganization
The Fund's Board of Trustees approved an Agreement and Plan of Reorganization for the Fund. The Board recommended that shareholders approve the reorganization and has authorized the submission of the Reorganization proposal to shareholders of the Fund for approval. In connection with the reorganization, shareholders of the Fund will receive shares of a newly created series of a First Trust Series Fund ("acquiring fund") with an aggregate net asset value equal to the value of their Fund shares immediately prior to the reorganization. Following the reorganization, First Trust Advisors L.P. will serve as investment adviser to the acquiring fund, and Vest Financial, LLC will serve as investment sub-adviser. The Board of Trustees has determined that the reorganization is in the best interests of the Fund and that shareholders will not experience dilution as a result of the reorganization. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes, and no sales charges or redemption fees will be imposed in connection with the reorganization.

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit www.vestfin.com/mutual-funds/buffer-10-fund#fund-details**.

#### Vest US Large Cap 10% Buffer Strategies Fund Tailored Shareholder Report
**Annual Shareholder ReportOctober 31, 2025**

#### Vest US Large Cap 10% Buffer Strategies Fund

#### Class C Shares
Ticker: BUCGX

This annual shareholder report contains important information about the Vest US Large Cap 10% Buffer Strategies Fund, Class C for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.vestfin.com/mutual-funds/buffer-10-fund#fund-details. You can also request this information by contacting us at (855) 505-8378.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| **Class C** | $207 | 1.96% |

---

#### How did the Fund perform last year?
Class C (the "Class") returned 11.09% for the period of November 1, 2024 to October 31, 2025. The Class underperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 21.45% for the same Period. This underperformance was due to the following:

Class NAV Performance Attributed to\*:

---

| | |
|:---|:---|
| Options Holdings<br>| 13.11%<br>|
| Expenses (annual expense ratio)<br>| -1.96%<br>|
| Commissions<br>| -0.06%<br>|
| Class NAV Performance<br>| 11.09%<br>|

---

The Fund holds a combination of options contracts designed to target the Fund's objective.

\* The Class performance is impacted by changes in the values of the options to which it is exposed. We attribute (allocate) the impact on the Class performance into three components. The first of the three components is the impact on the Class performance due to changes in the Fund's option holdings. The second component is the pro-rated expense ratio for this Class. The third component is the impact due to commissions incurred from trading the portfolio.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qesdbj1mj1pc3w8.jpg)

\*Inception

#### Annual Performance

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Annual Total Return&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **Since Inception**<br>  |
| **Class C** | 11.09% | 9.43% | 7.84% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.82% |

---

The S&P 500<sup>®</sup> Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

For more recent performance information visit www.vestfin.com/mutual-funds/buffer-10-fund#fund-details

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

#### Vest US Large Cap 10% Buffer Strategies Fund Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $401287103 |
| **Number of Holdings** | 41 |
| **Total Net Advisory Fee** | $2234366 |
| **Portfolio Turnover Rate** | 83.02% |

---

#### What did the Fund invest in?
(% of Net Assets as of October 31, 2025)

#### Sector Breakdown
![bar](qesdbj1mj1o91a5.jpg)

---

| | |
|:---|:---|
| **Portfolio Composition**<br>  | <br>  |
| **Options Purchased** | 105.81% |
| **Options Written** | -5.78% |

---

#### Material Changes

#### Reorganization
The Fund's Board of Trustees approved an Agreement and Plan of Reorganization for the Fund. The Board recommended that shareholders approve the reorganization and has authorized the submission of the Reorganization proposal to shareholders of the Fund for approval. In connection with the reorganization, shareholders of the Fund will receive shares of a newly created series of a First Trust Series Fund ("acquiring fund") with an aggregate net asset value equal to the value of their Fund shares immediately prior to the reorganization. Following the reorganization, First Trust Advisors L.P. will serve as investment adviser to the acquiring fund, and Vest Financial, LLC will serve as investment sub-adviser. The Board of Trustees has determined that the reorganization is in the best interests of the Fund and that shareholders will not experience dilution as a result of the reorganization. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes, and no sales charges or redemption fees will be imposed in connection with the reorganization.

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit www.vestfin.com/mutual-funds/buffer-10-fund#fund-details**.

#### Vest US Large Cap 10% Buffer Strategies Fund Tailored Shareholder Report
**Annual Shareholder ReportOctober 31, 2025**

#### Vest US Large Cap 10% Buffer Strategies Fund

#### Class Y Shares
Ticker: BUYGX

This annual shareholder report contains important information about the Vest US Large Cap 10% Buffer Strategies Fund, Class Y for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.vestfin.com/mutual-funds/buffer-10-fund#fund-details. You can also request this information by contacting us at (855) 505-8378.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| **Class Y** | $75 | 0.71% |

---

#### How did the Fund perform last year?
Class Y (the "Class") returned 12.53% for the period of November 1, 2024 to October 31, 2025. The Class underperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 21.45% for the same Period. This underperformance was due to the following:

Class NAV Performance Attributed to\*:

---

| | |
|:---|:---|
| Options Holdings<br>| 13.30%<br>|
| Expenses (annual expense ratio)<br>| -0.71%<br>|
| Commissions<br>| -0.06%<br>|
| Class NAV Performance<br>| 12.53%<br>|

---

The Fund holds a combination of options contracts designed to target the Fund's objective.

\* The Class performance is impacted by changes in the values of the options to which it is exposed. We attribute (allocate) the impact on the Class performance into three components. The first of the three components is the impact on the Class performance due to changes in the Fund's option holdings. The second component is the pro-rated expense ratio for this Class. The third component is the impact due to commissions incurred from trading the portfolio.

#### Cumulative Performance
(based on a hypothetical $10,000,000 investment)

![line](qes1g1s31mj1z4d5i.jpg)

\*Inception

#### Annual Performance

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Annual Total Return&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year** <br>  | **5 Year**<br>  | **Since Inception**<br>  |
| **Class Y** | 12.53% | 10.81% | 9.27% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.82% |

---

The S&P 500<sup>®</sup> Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

For more recent performance information visit www.vestfin.com/mutual-funds/buffer-10-fund#fund-details

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

#### Vest US Large Cap 10% Buffer Strategies Fund Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $401287103 |
| **Number of Holdings** | 41 |
| **Total Net Advisory Fee** | $2234366 |
| **Portfolio Turnover Rate** | 83.02% |

---

#### What did the Fund invest in?
(% of Net Assets as of October 31, 2025)

#### Sector Breakdown
![bar](qesdbj1mj1o91a5.jpg)

---

| | |
|:---|:---|
| **Portfolio Composition**<br>  | <br>  |
| **Options Purchased** | 105.81% |
| **Options Written** | -5.78% |

---

#### Material Changes

#### Reorganization
The Fund's Board of Trustees approved an Agreement and Plan of Reorganization for the Fund. The Board recommended that shareholders approve the reorganization and has authorized the submission of the Reorganization proposal to shareholders of the Fund for approval. In connection with the reorganization, shareholders of the Fund will receive shares of a newly created series of a First Trust Series Fund ("acquiring fund") with an aggregate net asset value equal to the value of their Fund shares immediately prior to the reorganization. Following the reorganization, First Trust Advisors L.P. will serve as investment adviser to the acquiring fund, and Vest Financial, LLC will serve as investment sub-adviser. The Board of Trustees has determined that the reorganization is in the best interests of the Fund and that shareholders will not experience dilution as a result of the reorganization. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes, and no sales charges or redemption fees will be imposed in connection with the reorganization.

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit www.vestfin.com/mutual-funds/buffer-10-fund#fund-details**.

#### Vest US Large Cap 20% Buffer Strategies Fund Tailored Shareholder Report
**Annual Shareholder ReportOctober 31, 2025**<br> **Vest US Large Cap 20% Buffer Strategies Fund**<br> **Institutional Class Shares**<br> Ticker: ENGIX<br>

This annual shareholder report contains important information about the Vest US Large Cap 20% Buffer Strategies Fund, Institutional Class Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.vestfin.com/mutual-funds/buffer-20-fund#fund-details. You can also request this information by contacting us at (855) 505-8378.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| **Institutional Class** | $100 | 0.96% |

---

#### How did the Fund perform last year?
The Institutional Class (the "Class") returned 8.62% for the period of November 1, 2024 to October 31, 2025. The Class underperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 21.45% for the same Period. This underperformance was due to the following:

Class NAV Performance Attributed to\*:

---

| | |
|:---|:---|
| Options Holdings<br>| 9.64%<br>|
| Expenses (annual expense ratio)<br>| -0.96%<br>|
| Commissions<br>| -0.06%<br>|
| Class NAV Performance<br>| 8.62%<br>|

---

The Fund holds a combination of options contracts designed to target the fund's objective.

*\*The Class performance is impacted by changes in the values of the options to which it is exposed. We attribute (allocate) the impact on the Class performance into three components. The first of the three components is the impact on the Class performance due to changes in the Fund's option holdings. The second component is the pro-rated expense ratio for this Class.*The third component is the impact due to commissions incurred from trading the portfolio.

#### Cumulative Performance
(based on a hypothetical $100,000 investment)

![line](qeskih2m1miqbe2fz.jpg)

\*Inception

#### Annual Performance

#### &nbsp;&nbsp;&nbsp;&nbsp; Average Annual Total Return&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year** <br>  | **Since Inception**<br>  |
| **Institutional Class** | 8.62% | 9.88% | 10.14% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 15.21% |

---

The S&P 500<sup>®</sup> Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

For more recent performance information visit www.vestfin.com/mutual-funds/buffer-20-fund#fund-details

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

#### Vest US Large Cap 20% Buffer Strategies Fund Tailored Shareholder Report

#### Sector Breakdown
![bar](qes1fr1xd1miqbl96n.jpg)

---

| | |
|:---|:---|
| **Portfolio Composition**<br>  | <br>  |
| **Options Purchased** | 107.83% |
| **Money Market Fund** | 0.68% |
| **Options Written** | -8.54% |

---

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $128878207 |
| **Number of Holdings** | 40 |
| **Total Net Advisory Fee** | $598125 |
| **Portfolio Turnover Rate** | 77.44% |

---

#### Material Changes

#### Reorganization
The Fund's Board of Trustees approved an Agreement and Plan of Reorganization for the Fund. The Board recommended that shareholders approve the reorganization and has authorized the submission of the Reorganization proposal to shareholders of the Fund for approval. In connection with the reorganization, shareholders of the Fund will receive shares of a newly created series of a First Trust Series Fund ("acquiring fund") with an aggregate net asset value equal to the value of their Fund shares immediately prior to the reorganization. Following the reorganization, First Trust Advisors L.P. will serve as investment adviser to the acquiring fund, and Vest Financial, LLC will serve as investment sub-adviser. The Board of Trustees has determined that the reorganization is in the best interests of the Fund and that shareholders will not experience dilution as a result of the reorganization. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes, and no sales charges or redemption fees will be imposed in connection with the reorganization.

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit www.vestfin.com/mutual-funds/buffer-20-fund#fund-details.**

#### What did the Fund invest in?
(% of Net Assets as of October 31, 2025)

#### Vest US Large Cap 20% Buffer Strategies Fund Tailored Shareholder Report
**Annual Shareholder ReportOctober 31, 2025**<br> **Vest US Large Cap 20% Buffer Strategies Fund**<br> **Investor Class Shares**<br> Ticker: ENGLX<br>

This annual shareholder report contains important information about the Vest US Large Cap 20% Buffer Strategies Fund, Investor Class Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.vestfin.com/mutual-funds/buffer-20-fund#fund-details. You can also request this information by contacting us at (855) 505-8378.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| **Investor Class** | $126 | 1.21% |

---

#### How did the Fund perform last year?
The Investor Class (the "Class") returned 8.36% for the period of November 1, 2024 to October 31, 2025. The Class underperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 21.45% for the same Period. This underperformance was due to the following:

Class NAV Performance Attributed to\*:

---

| | |
|:---|:---|
| Options Holdings<br>| 9.63%<br>|
| Expenses (annual expense ratio)<br>| -1.21%<br> %<br>|
| Commissions<br>| -0.06%<br>|
| Class NAV Performance<br>| 8.36%<br>|

---

The Fund holds a combination of options contracts designed to target the fund's objective.

*\*The Class performance is impacted by changes in the values of the options to which it is exposed. We attribute (allocate) the impact on the Class performance into three components. The first of the three components is the impact on the Class performance due to changes in the Fund's option holdings. The second component is the pro-rated expense ratio for this Class.*The third component is the impact due to commissions incurred from trading the portfolio.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qeskih2m1miqbzgcp.jpg)

\*Inception

#### Annual Performance

#### &nbsp;&nbsp;&nbsp;&nbsp; Average Annual Total Return&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year** <br>  | **Since Inception**<br>  |
| **Investor Class** | 8.36% | 9.64% | 9.87% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 15.31% |

---

The S&P 500<sup>®</sup> Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

For more recent performance information visit

www.vestfin.com/mutual-funds/buffer-20-fund#fund-details

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

#### Vest US Large Cap 20% Buffer Strategies Fund Tailored Shareholder Report

#### Sector Breakdown
![bar](qes1fr1xd1miqbl96n.jpg)

---

| | |
|:---|:---|
| **Portfolio Composition**<br>  | <br>  |
| **Options Purchased** | 107.83% |
| **Money Market Fund** | 0.68% |
| **Options Written** | -8.54% |

---

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $128878207 |
| **Number of Holdings** | 40 |
| **Total Net Advisory Fee** | $598125 |
| **Portfolio Turnover Rate** | 77.44% |

---

#### Material Changes

#### Reorganization
The Fund's Board of Trustees approved an Agreement and Plan of Reorganization for the Fund. The Board recommended that shareholders approve the reorganization and has authorized the submission of the Reorganization proposal to shareholders of the Fund for approval. In connection with the reorganization, shareholders of the Fund will receive shares of a newly created series of a First Trust Series Fund ("acquiring fund") with an aggregate net asset value equal to the value of their Fund shares immediately prior to the reorganization. Following the reorganization, First Trust Advisors L.P. will serve as investment adviser to the acquiring fund, and Vest Financial, LLC will serve as investment sub-adviser. The Board of Trustees has determined that the reorganization is in the best interests of the Fund and that shareholders will not experience dilution as a result of the reorganization. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes, and no sales charges or redemption fees will be imposed in connection with the reorganization.

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit www.vestfin.com/mutual-funds/buffer-20-fund#fund-details.**

#### What did the Fund invest in?
(% of Net Assets as of October 31, 2025)

#### Vest US Large Cap 20% Buffer Strategies Fund Tailored Shareholder Report
**annual Shareholder Report October 31, 2025**<br> **Vest US Large Cap 20% Buffer Strategies Fund**<br> **Class A Shares**<br> Ticker: ENGAX<br>

This annual shareholder report contains important information about the Vest US Large Cap 20% Buffer Strategies Fund, Class A Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.vestfin.com/mutual-funds/buffer-20-fund#fund-details. You can also request this information by contacting us at (855) 505-8378.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| **Class A**<br> **(without load)** | $126 | 1.21% |

---

#### How did the Fund perform last year?
Class A (without load) (the "Class") returned 8.37% for the period of November 1, 2024 to October 31, 2025. The Class underperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 21.45% for the same Period. This underperformance was due to the following:

Class NAV Performance Attributed to\*:

---

| | |
|:---|:---|
| Options Holdings<br>| 9.64%<br>|
| Expenses (annual expense ratio)<br>| -1.21%<br> %<br>|
| Commissions<br>| -0.06%<br>|
| Class NAV Performance<br>| 8.37%<br>|

---

The Fund holds a combination of options contracts designed to target the fund's objective.

*\*The Class performance is impacted by changes in the values of the options to which it is exposed. We attribute (allocate) the impact on the Class performance into three components. The first of the three components is the impact on the Class performance due to changes in the Fund's option holdings. The second component is the pro-rated expense ratio for this Class.*The third component is the impact due to commissions incurred from trading the portfolio.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes1d670h1miqccyq4.jpg)

\* Inception

#### Annual Performance

#### &nbsp;&nbsp;&nbsp;&nbsp; Average Annual Total Return&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year** <br>  | **Since Inception**<br>  |
| **Class A (without load)** | 8.37% | 9.41% | 9.70% |
| **Class A (with Load)** | 2.14% | 8.12% | 8.96% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 15.31% |

---

The S&P 500<sup>®</sup> Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

For more recent performance information visit

www.vestfin.com/mutual-funds/buffer-20-fund#fund-details

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

#### Vest US Large Cap 20% Buffer Strategies Fund Tailored Shareholder Report

#### Sector Breakdown
![bar](qes1fr1xd1miqbl96n.jpg)

---

| | |
|:---|:---|
| **Portfolio Composition**<br>  | <br>  |
| **Options Purchased** | 107.83% |
| **Money Market Fund** | 0.68% |
| **Options Written** | -8.54% |

---

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $128878207 |
| **Number of Holdings** | 40 |
| **Total Net Advisory Fee** | $598125 |
| **Portfolio Turnover Rate** | 77.44% |

---

#### Material Changes

#### Reorganization
The Fund's Board of Trustees approved an Agreement and Plan of Reorganization for the Fund. The Board recommended that shareholders approve the reorganization and has authorized the submission of the Reorganization proposal to shareholders of the Fund for approval. In connection with the reorganization, shareholders of the Fund will receive shares of a newly created series of a First Trust Series Fund ("acquiring fund") with an aggregate net asset value equal to the value of their Fund shares immediately prior to the reorganization. Following the reorganization, First Trust Advisors L.P. will serve as investment adviser to the acquiring fund, and Vest Financial, LLC will serve as investment sub-adviser. The Board of Trustees has determined that the reorganization is in the best interests of the Fund and that shareholders will not experience dilution as a result of the reorganization. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes, and no sales charges or redemption fees will be imposed in connection with the reorganization.

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit www.vestfin.com/mutual-funds/buffer-20-fund#fund-details.**

#### What did the Fund invest in?
(% of Net Assets as of October 31, 2025)

#### Vest US Large Cap 20% Buffer Strategies Fund Tailored Shareholder Report
**annual Shareholder Report October 31, 2025**<br> **Vest US Large Cap 20% Buffer Strategies Fund**<br> **Class C Shares**<br> Ticker: ENGCX<br>

This annual shareholder report contains important information about the Vest US Large Cap 20% Buffer Strategies Fund, Class C Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.vestfin.com/mutual-funds/buffer-20-fund#fund-details. You can also request this information by contacting us at (855) 505-8378.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| **Class C** | $203 | 1.96% |

---

#### How did the Fund perform last year?
Class C (the "Class") returned 7.53% for the period of November 1, 2024 to October 31, 2025. The Class underperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 21.45% for the same Period. This underperformance was due to the following:

Class NAV Performance Attributed to\*:

---

| | |
|:---|:---|
| Options Holdings<br>| 9.55%<br>|
| Expenses (annual expense ratio)<br>| -1.96%<br> %<br>|
| Commissions<br>| -0.06%<br>|
| Class NAV Performance<br>| 7.53%<br>|

---

The Fund holds a combination of options contracts designed to target the fund's objective.

*\*The Class performance is impacted by changes in the values of the options to which it is exposed. We attribute (allocate) the impact on the Class performance into three components. The first of the three components is the impact on the Class performance due to changes in the Fund's option holdings. The second component is the pro-rated expense ratio for this Class.*The third component is the impact due to commissions incurred from trading the portfolio.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes1fr1xd1miqcucem.jpg)

\*Inception

#### Annual Performance

#### &nbsp;&nbsp;&nbsp;&nbsp; Average Annual Total Return&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year** <br>  | **Since Inception**<br>  |
| **Class C** | 7.53% | 8.77% | 7.99% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 13.27% | 11.95% |

---

The S&P 500<sup>®</sup> Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

For more recent performance information visit

www.vestfin.com/mutual-funds/buffer-20-fund#fund-details

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

#### Vest US Large Cap 20% Buffer Strategies Fund Tailored Shareholder Report

#### Sector Breakdown
![bar](qes1fr1xd1miqbl96n.jpg)

---

| | |
|:---|:---|
| **Portfolio Composition**<br>  | <br>  |
| **Options Purchased** | 107.83% |
| **Money Market Fund** | 0.68% |
| **Options Written** | -8.54% |

---

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $128878207 |
| **Number of Holdings** | 40 |
| **Total Net Advisory Fee** | $598125 |
| **Portfolio Turnover Rate** | 77.44% |

---

#### Material Changes

#### Reorganization
The Fund's Board of Trustees approved an Agreement and Plan of Reorganization for the Fund. The Board recommended that shareholders approve the reorganization and has authorized the submission of the Reorganization proposal to shareholders of the Fund for approval. In connection with the reorganization, shareholders of the Fund will receive shares of a newly created series of a First Trust Series Fund ("acquiring fund") with an aggregate net asset value equal to the value of their Fund shares immediately prior to the reorganization. Following the reorganization, First Trust Advisors L.P. will serve as investment adviser to the acquiring fund, and Vest Financial, LLC will serve as investment sub-adviser. The Board of Trustees has determined that the reorganization is in the best interests of the Fund and that shareholders will not experience dilution as a result of the reorganization. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes, and no sales charges or redemption fees will be imposed in connection with the reorganization.

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit www.vestfin.com/mutual-funds/buffer-20-fund#fund-details.**

#### What did the Fund invest in?
(% of Net Assets as of October 31, 2025)

#### Vest US Large Cap 20% Buffer Strategies Fund Tailored Shareholder Report
**annual Shareholder Report October 31, 2025**<br> **Vest US Large Cap 20% Buffer Strategies Fund**<br> **Class Y Shares**<br> Ticker: ENGYX<br>

This annual shareholder report contains important information about the Vest US Large Cap 20% Buffer Strategies Fund, Class Y Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.vestfin.com/mutual-funds/buffer-20-fund#fund-details. You can also request this information by contacting us at (855) 505-8378.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| **Class Y** | $74 | 0.71% |

---

#### How did the Fund perform last year?
Class Y (the "Class") returned 8.93% for the period of November 1, 2024 to October 31, 2025. The Class underperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 21.45% for the same Period. This underperformance was due to the following:

Class NAV Performance Attributed to\*:

---

| | |
|:---|:---|
| Options Holdings<br>| 9.70%<br>|
| Expenses (annual expense ratio)<br>| -0.71%<br> %<br>|
| Commissions<br>| -0.06%<br>|
| Class NAV Performance<br>| 8.93%<br>|

---

The Fund holds a combination of options contracts designed to target the fund's objective.

*\*The Class performance is impacted by changes in the values of the options to which it is exposed. We attribute (allocate) the impact on the Class performance into three components. The first of the three components is the impact on the Class performance due to changes in the Fund's option holdings. The second component is the pro-rated expense ratio for this Class.*The third component is the impact due to commissions incurred from trading the portfolio.

#### Cumulative Performance
(based on a hypothetical $10,000,000 investment)

![line](qesdbj1mit3ba08.jpg)

\*Inception

#### Annual Performance

#### &nbsp;&nbsp;&nbsp;&nbsp; Average Annual Total Return&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year** <br>  | **Since Inception**<br>  |
| **Class Y** | 8.93% | 10.11% | 9.41% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 13.27% | 11.95% |

---

The S&P 500<sup>®</sup> Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

For more recent performance information visit

www.vestfin.com/mutual-funds/buffer-20-fund#fund-details

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

#### Vest US Large Cap 20% Buffer Strategies Fund Tailored Shareholder Report

#### Sector Breakdown
![bar](qes1fr1xd1miqbl96n.jpg)

---

| | |
|:---|:---|
| **Portfolio Composition**<br>  | <br>  |
| **Options Purchased** | 107.83% |
| **Money Market Fund** | 0.68% |
| **Options Written** | -8.54% |

---

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $128878207 |
| **Number of Holdings** | 40 |
| **Total Net Advisory Fee** | $598125 |
| **Portfolio Turnover Rate** | 77.44% |

---

#### Material Changes

#### Reorganization
The Fund's Board of Trustees approved an Agreement and Plan of Reorganization for the Fund. The Board recommended that shareholders approve the reorganization and has authorized the submission of the Reorganization proposal to shareholders of the Fund for approval. In connection with the reorganization, shareholders of the Fund will receive shares of a newly created series of a First Trust Series Fund ("acquiring fund") with an aggregate net asset value equal to the value of their Fund shares immediately prior to the reorganization. Following the reorganization, First Trust Advisors L.P. will serve as investment adviser to the acquiring fund, and Vest Financial, LLC will serve as investment sub-adviser. The Board of Trustees has determined that the reorganization is in the best interests of the Fund and that shareholders will not experience dilution as a result of the reorganization. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes, and no sales charges or redemption fees will be imposed in connection with the reorganization.

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit www.vestfin.com/mutual-funds/buffer-20-fund#fund-details.**

#### What did the Fund invest in?
(% of Net Assets as of October 31, 2025)

#### Vest S&P 500 Dividend Aristocrats Target Income Fund Tailored Shareholder Report
**Annual Shareholder Report October 31, 2025**

#### Vest S&P 500 Dividend Aristocrats Target Income Fund

#### Institutional Class Shares
Ticker: KNGIX

This annual shareholder report contains important information about the Vest S&P 500 Dividend Aristocrats Target Income Fund, Institutional Class for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.vestfin.com/mutual-funds/sp-500-dividend-aristocrats-target-income-fund#fund-details. You can also request this information by contacting us at (855) 505-8378.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| **Institutional Class** | $96 | 0.96% |

---

#### How did the Fund perform last year?
The Institutional Class (the "Class") returned -0.08% for the period of November 1, 2024 to October 31, 2025. The Class underperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 21.45% for the same Period. This underperformance was due to the following:

Class NAV Performance Attributed to\*:

---

| | |
|:---|:---|
| Equity Holdings<br>| 0.65%<br>|
| Options Holdings<br>| 0.44%<br>|
| Expenses (annual expense ratio)<br>| -0.96%<br>|
| Commissions<br>| -0.21%<br>|
| Class NAV Performance<br>| -0.08%<br>|

---

The Fund holds a combination of options contracts designed to target the Fund's objective.

\* The Class performance is impacted by changes in the values of the equities and options to which it is exposed. We attribute (allocate) the impact on the Class performance into four components. The first of the four components is the impact on the Class performance due to changes in the Fund's equity holdings. The second of the four components is the impact on the Class performance due to changes in the Fund's option holdings. The third component is the pro-rated expense ratio for this Share Class. The fourth component is the impact due to commissions incurred from trading the portfolio.

#### Cumulative Performance
(based on a hypothetical $100,000 investment)

![line](qesdbj1mj0koy4e.jpg)

\* Inception

#### Annual Performance

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Annual Total Return&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year** <br>  | **Since Inception**<br>  |
| **Institutional Class** | -0.08% | 8.72% | 8.14% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 15.13% |

---

The S&P 500<sup>®</sup> Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

For more recent performance information visit www.vestfin.com/mutual-funds/sp-500-dividend-aristocrats-target-income-fund#fund-details.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

#### Vest S&P 500 Dividend Aristocrats Target Income Fund Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $45460310 |
| **Number of Holdings** | 101 |
| **Total Net Advisory Fee** | $109183 |
| **Portfolio Turnover Rate** | 422.70% |

---

#### What did the Fund invest in?
(% of Net Assets as of October 31, 2025)

#### Sector Breakdown
![bar](qes1g1s31mj3773ec.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | <br>  |
| **Exxon Mobil Corp.** | 1.79% |
| **CH Robinson Worldwide, Inc.** | 1.78% |
| **Cardinal Health, Inc.** | 1.75% |
| **Caterpillar, Inc.** | 1.65% |
| **Nucor Corp.** | 1.61% |
| **Dover Corp.** | 1.59% |
| **Albemarle Corp.** | 1.58% |
| **Emerson Electric Co.** | 1.57% |
| **International Business Machines Corp.** | 1.57% |
| **The Sherwin-Williams Co** | 1.52% |

---

#### Material Changes

#### Reorganization
The Fund's Board of Trustees approved an Agreement and Plan of Reorganization for the Fund. The Board recommended that shareholders approve the reorganization and has authorized the submission of the Reorganization proposal to shareholders of the Fund for approval. In connection with the reorganization, shareholders of the Fund will receive shares of a newly created series of a First Trust Series Fund ("acquiring fund") with an aggregate net asset value equal to the value of their Fund shares immediately prior to the reorganization. Following the reorganization, First Trust Advisors L.P. will serve as investment adviser to the acquiring fund, and Vest Financial, LLC will serve as investment sub-adviser. The Board of Trustees has determined that the reorganization is in the best interests of the Fund and that shareholders will not experience dilution as a result of the reorganization. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes, and no sales charges or redemption fees will be imposed in connection with the reorganization.

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit https://www.vestfin.com/mutual-funds/sp-500-dividend-aristocrats-target-income-fund#fund-details**.

#### Vest S&P 500 Dividend Aristocrats Target Income Fund Tailored Shareholder Report
**Annual Shareholder Report October 31, 2025**

#### Vest S&P 500 Dividend Aristocrats Target Income Fund

#### Investor Class Shares
Ticker: KNGLX

This annual shareholder report contains important information about the Vest S&P 500 Dividend Aristocrats Target Income Fund, Investor Class for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.vestfin.com/mutual-funds/sp-500-dividend-aristocrats-target-income-fund#fund-details. You can also request this information by contacting us at (855) 505-8378.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| **Investor Class** | $121 | 1.21% |

---

#### How did the Fund perform last year?
The Investor Class (the "Class") returned 0.22% for the period of November 1, 2024 to October 31, 2025. The Class underperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 21.45% for the same Period. This underperformance was due to the following:

Class NAV Performance Attributed to\*:

---

| | |
|:---|:---|
| Equity Holdings<br>| 0.96%<br>|
| Options Holdings<br>| 0.68%<br>|
| Expenses (annual expense ratio)<br>| -1.21%<br> -1.21%<br>|
| Commissions<br>| -0.21%<br> <u>-0.21%</u><br>|
| Class NAV Performance<br>| 0.22%<br> 0.22%<br>|

---

The Fund holds a combination of options contracts designed to target the Fund's objective.

\* The Class performance is impacted by changes in the values of the equities and options to which it is exposed. We attribute (allocate) the impact on the Class performance into four components. The first of the four components is the impact on the Class performance due to changes in the Fund's equity holdings. The second of the four components is the impact on the Class performance due to changes in the Fund's option holdings. The third component is the pro-rated expense ratio for this Share Class. The fourth component is the impact due to commissions incurred from trading the portfolio.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes1g1s31mj0o9r8y.jpg)

\* Inception

#### Annual Performance

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Annual Total Return&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **Since Inception**<br>  |
| **Investor Class** | 0.22% | 8.57% | 7.93% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 15.21% |

---

The S&P 500<sup>®</sup> Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

For more recent performance information visit www.vestfin.com/mutual-funds/sp-500-dividend-aristocrats-target-income-fund#fund-details.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

#### Vest S&P 500 Dividend Aristocrats Target Income Fund Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $45460310 |
| **Number of Holdings** | 101 |
| **Total Net Advisory Fee** | $109183 |
| **Portfolio Turnover Rate** | 422.70% |

---

#### What did the Fund invest in?
(% of Net Assets as of October 31, 2025)

#### Sector Breakdown
![bar](qes1g1s31mj3773ec.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | <br>  |
| **Exxon Mobil Corp.** | 1.79% |
| **CH Robinson Worldwide, Inc.** | 1.78% |
| **Cardinal Health, Inc.** | 1.75% |
| **Caterpillar, Inc.** | 1.65% |
| **Nucor Corp.** | 1.61% |
| **Dover Corp.** | 1.59% |
| **Albemarle Corp.** | 1.58% |
| **Emerson Electric Co.** | 1.57% |
| **International Business Machines Corp.** | 1.57% |
| **The Sherwin-Williams Co** | 1.52% |

---

#### Material Changes

#### Reorganization
The Fund's Board of Trustees approved an Agreement and Plan of Reorganization for the Fund. The Board recommended that shareholders approve the reorganization and has authorized the submission of the Reorganization proposal to shareholders of the Fund for approval. In connection with the reorganization, shareholders of the Fund will receive shares of a newly created series of a First Trust Series Fund ("acquiring fund") with an aggregate net asset value equal to the value of their Fund shares immediately prior to the reorganization. Following the reorganization, First Trust Advisors L.P. will serve as investment adviser to the acquiring fund, and Vest Financial, LLC will serve as investment sub-adviser. The Board of Trustees has determined that the reorganization is in the best interests of the Fund and that shareholders will not experience dilution as a result of the reorganization. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes, and no sales charges or redemption fees will be imposed in connection with the reorganization.

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit https://www.vestfin.com/mutual-funds/sp-500-dividend-aristocrats-target-income-fund#fund-details**.

#### Vest S&P 500 Dividend Aristocrats Target Income Fund Tailored Shareholder Report
**Annual Shareholder Report October 31, 2025**

#### Vest S&P 500 Dividend Aristocrats Target Income Fund

#### Class A Shares
Ticker: KNGAX

This annual shareholder report contains important information about the Vest S&P 500 Dividend Aristocrats Target Income Fund, Class A for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.vestfin.com/mutual-funds/sp-500-dividend-aristocrats-target-income-fund#fund-details. You can also request this information by contacting us at (855) 505-8378.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| **Class A** | $121 | 1.21% |

---

#### How did the Fund perform last year?
Class A (the "Class") returned -0.43% for the period of November 1, 2024 to October 31, 2025. The Class underperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 21.45% for the same Period. This underperformance was due to the following:

Class NAV Performance Attributed to\*:

---

| | |
|:---|:---|
| Equity Holdings<br>| 0.65%<br>|
| Options Holdings<br>| 0.34%<br>|
| Expenses (annual expense ratio)<br>| -1.21%<br>|
| Commissions<br>| -0.21%<br>|
| Class NAV Performance<br>| -0.43%<br>|

---

The Fund holds a combination of options contracts designed to target the Fund's objective.

\* The Class performance is impacted by changes in the values of the equities and options to which it is exposed. We attribute (allocate) the impact on the Class performance into four components. The first of the four components is the impact on the Class performance due to changes in the Fund's equity holdings. The second of the four components is the impact on the Class performance due to changes in the Fund's option holdings. The third component is the pro-rated expense ratio for this Share Class. The fourth component is the impact due to commissions incurred from trading the portfolio.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qesc9ld1mj0oipv8.jpg)

\* Inception

#### Annual Performance

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Annual Total Return&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **Since Inception**<br>  |
| **Class A** | -0.43% | 8.41% | 7.87% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 15.21% |

---

The S&P 500<sup>®</sup> Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

For more recent performance information visit www.vestfin.com/mutual-funds/sp-500-dividend-aristocrats-target-income-fund#fund-details.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

#### Vest S&P 500 Dividend Aristocrats Target Income Fund Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $45460310 |
| **Number of Holdings** | 101 |
| **Total Net Advisory Fee** | $109183 |
| **Portfolio Turnover Rate** | 422.70% |

---

#### What did the Fund invest in?
(% of Net Assets as of October 31, 2025)

#### Sector Breakdown
![bar](qes1g1s31mj3773ec.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | <br>  |
| **Exxon Mobil Corp.** | 1.79% |
| **CH Robinson Worldwide, Inc.** | 1.78% |
| **Cardinal Health, Inc.** | 1.75% |
| **Caterpillar, Inc.** | 1.65% |
| **Nucor Corp.** | 1.61% |
| **Dover Corp.** | 1.59% |
| **Albemarle Corp.** | 1.58% |
| **Emerson Electric Co.** | 1.57% |
| **International Business Machines Corp.** | 1.57% |
| **The Sherwin-Williams Co** | 1.52% |

---

#### Material Changes

#### Reorganization
The Fund's Board of Trustees approved an Agreement and Plan of Reorganization for the Fund. The Board recommended that shareholders approve the reorganization and has authorized the submission of the Reorganization proposal to shareholders of the Fund for approval. In connection with the reorganization, shareholders of the Fund will receive shares of a newly created series of a First Trust Series Fund ("acquiring fund") with an aggregate net asset value equal to the value of their Fund shares immediately prior to the reorganization. Following the reorganization, First Trust Advisors L.P. will serve as investment adviser to the acquiring fund, and Vest Financial, LLC will serve as investment sub-adviser. The Board of Trustees has determined that the reorganization is in the best interests of the Fund and that shareholders will not experience dilution as a result of the reorganization. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes, and no sales charges or redemption fees will be imposed in connection with the reorganization.

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit https://www.vestfin.com/mutual-funds/sp-500-dividend-aristocrats-target-income-fund#fund-details**.

#### Vest S&P 500 Dividend Aristocrats Target Income Fund Tailored Shareholder Report
**Annual Shareholder Report October 31, 2025**

#### Vest S&P 500 Dividend Aristocrats Target Income Fund

#### Class C Shares
Ticker: KNGCX

This annual shareholder report contains important information about the Vest S&P 500 Dividend Aristocrats Target Income Fund, Class C for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.vestfin.com/mutual-funds/sp-500-dividend-aristocrats-target-income-fund#fund-details. You can also request this information by contacting us at (855) 505-8378.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| **Class C** | $195 | 1.96% |

---

#### How did the Fund perform last year?
Class C (the "Class") returned -1.18% for the period of November 1, 2024 to October 31, 2025. The Class underperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 21.45% for the same Period. This underperformance was due to the following:

Class NAV Performance Attributed to\*:

---

| | |
|:---|:---|
| Equity Holdings<br>| 0.65%<br>|
| Options Holdings<br>| 0.34%<br>|
| Expenses (annual expense ratio)<br>| -1.96%<br>|
| Commissions<br>| -0.21%<br>|
| Class NAV Performance<br>| -1.18%<br>|

---

The Fund holds a combination of options contracts designed to target the Fund's objective.

\* The Class performance is impacted by changes in the values of the equities and options to which it is exposed. We attribute (allocate) the impact on the Class performance into four components. The first of the four components is the impact on the Class performance due to changes in the Fund's equity holdings. The second of the four components is the impact on the Class performance due to changes in the Fund's option holdings. The third component is the pro-rated expense ratio for this Share Class. The fourth component is the impact due to commissions incurred from trading the portfolio.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes1g1s31mj0p2135.jpg)

\* Inception

#### Annual Performance

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Annual Total Return&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **Since Inception**<br>  |
| **Class C** | -1.18% | 7.62% | 7.04% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 15.21% |

---

The S&P 500<sup>®</sup> Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

For more recent performance information visit www.vestfin.com/mutual-funds/sp-500-dividend-aristocrats-target-income-fund#fund-details.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

#### Vest S&P 500 Dividend Aristocrats Target Income Fund Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $45460310 |
| **Number of Holdings** | 101 |
| **Total Net Advisory Fee** | $109183 |
| **Portfolio Turnover Rate** | 422.70% |

---

#### What did the Fund invest in?
(% of Net Assets as of October 31, 2025)

#### Sector Breakdown
![bar](qes1g1s31mj3773ec.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | <br>  |
| **Exxon Mobil Corp.** | 1.79% |
| **CH Robinson Worldwide, Inc.** | 1.78% |
| **Cardinal Health, Inc.** | 1.75% |
| **Caterpillar, Inc.** | 1.65% |
| **Nucor Corp.** | 1.61% |
| **Dover Corp.** | 1.59% |
| **Albemarle Corp.** | 1.58% |
| **Emerson Electric Co.** | 1.57% |
| **International Business Machines Corp.** | 1.57% |
| **The Sherwin-Williams Co** | 1.52% |

---

#### Material Changes

#### Reorganization
The Fund's Board of Trustees approved an Agreement and Plan of Reorganization for the Fund. The Board recommended that shareholders approve the reorganization and has authorized the submission of the Reorganization proposal to shareholders of the Fund for approval. In connection with the reorganization, shareholders of the Fund will receive shares of a newly created series of a First Trust Series Fund ("acquiring fund") with an aggregate net asset value equal to the value of their Fund shares immediately prior to the reorganization. Following the reorganization, First Trust Advisors L.P. will serve as investment adviser to the acquiring fund, and Vest Financial, LLC will serve as investment sub-adviser. The Board of Trustees has determined that the reorganization is in the best interests of the Fund and that shareholders will not experience dilution as a result of the reorganization. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes, and no sales charges or redemption fees will be imposed in connection with the reorganization.

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit https://www.vestfin.com/mutual-funds/sp-500-dividend-aristocrats-target-income-fund#fund-details**.

#### Vest S&P 500 Dividend Aristocrats Target Income Fund Tailored Shareholder Report
**Annual Shareholder Report October 31, 2025**

#### Vest S&P 500 Dividend Aristocrats Target Income Fund

#### Class Y Shares
Ticker: KNGYX

This annual shareholder report contains important information about the Vest S&P 500 Dividend Aristocrats Target Income Fund, Class Y for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.vestfin.com/mutual-funds/sp-500-dividend-aristocrats-target-income-fund#fund-details. You can also request this information by contacting us at (855) 505-8378.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| **Class Y** | $71 | 0.71% |

---

#### How did the Fund perform last year?
Class Y (the "Class") returned 0.10% for the period of November 1, 2024 to October 31, 2025. The Class underperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 21.45% for the same Period. This underperformance was due to the following:

Class NAV Performance Attributed to\*:

---

| | |
|:---|:---|
| Equity Holdings<br>| 0.66%<br>|
| Options Holding<br>| 0.36%<br>|
| Expenses (annual expense ratio)<br>| -0.71%<br>|
| Commissions<br>| -0.21%<br>|
| Class NAV Performance<br>| 0.10%<br> 0.10%<br>|

---

The Fund holds a combination of options contracts designed to target the Fund's objective.

\* The Class performance is impacted by changes in the values of the equities and options to which it is exposed. We attribute (allocate) the impact on the Class performance into four components. The first of the four components is the impact on the Class performance due to changes in the Fund's equity holdings. The second of the four components is the impact on the Class performance due to changes in the Fund's option holdings. The third component is the pro-rated expense ratio for this Share Class. The fourth component is the impact due to commissions incurred from trading the portfolio.

#### Cumulative Performance
(based on a hypothetical $10,000,000 investment)

![line](qes1g1s31mj37k1y7.jpg)

\* Inception

#### Annual Performance

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Annual Total Return&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **Since Inception**<br>  |
| **Class Y** | 0.10% | 8.97% | 8.04% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.81% |

---

The S&P 500<sup>®</sup> Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

For more recent performance information visit www.vestfin.com/mutual-funds/sp-500-dividend-aristocrats-target-income-fund#fund-details.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

#### Vest S&P 500 Dividend Aristocrats Target Income Fund Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $45460310 |
| **Number of Holdings** | 101 |
| **Total Net Advisory Fee** | $109183 |
| **Portfolio Turnover Rate** | 422.70% |

---

#### What did the Fund invest in?
(% of Net Assets as of October 31, 2025)

#### Sector Breakdown
![bar](qes1g1s31mj3773ec.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | <br>  |
| **Exxon Mobil Corp.** | 1.79% |
| **CH Robinson Worldwide, Inc.** | 1.78% |
| **Cardinal Health, Inc.** | 1.75% |
| **Caterpillar, Inc.** | 1.65% |
| **Nucor Corp.** | 1.61% |
| **Dover Corp.** | 1.59% |
| **Albemarle Corp.** | 1.58% |
| **Emerson Electric Co.** | 1.57% |
| **International Business Machines Corp.** | 1.57% |
| **The Sherwin-Williams Co** | 1.52% |

---

#### Material Changes

#### Reorganization
The Fund's Board of Trustees approved an Agreement and Plan of Reorganization for the Fund. The Board recommended that shareholders approve the reorganization and has authorized the submission of the Reorganization proposal to shareholders of the Fund for approval. In connection with the reorganization, shareholders of the Fund will receive shares of a newly created series of a First Trust Series Fund ("acquiring fund") with an aggregate net asset value equal to the value of their Fund shares immediately prior to the reorganization. Following the reorganization, First Trust Advisors L.P. will serve as investment adviser to the acquiring fund, and Vest Financial, LLC will serve as investment sub-adviser. The Board of Trustees has determined that the reorganization is in the best interests of the Fund and that shareholders will not experience dilution as a result of the reorganization. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes, and no sales charges or redemption fees will be imposed in connection with the reorganization.

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit https://www.vestfin.com/mutual-funds/sp-500-dividend-aristocrats-target-income-fund#fund-details**.

#### Vest Bitcoin Strategy Managed Volatility Fund (Consolidated) Tailored Shareholder Report
**annual Shareholder Report October 31, 2025**<br> **Vest Bitcoin Strategy Managed Volatility Fund (Consolidated)**<br> **Institutional Class Shares**<br> Ticker: BTCVX<br>

This annual shareholder report contains important information about the Vest Bitcoin Strategy Managed Volatility Fund (Consolidated), Institutional Class for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.vestfin.com/products/bitcoin-fund#fund-details. You can also request this information by contacting us at (855) 505-8378.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| **Institutional Class** | $117 | 0.99% |

---

#### How did the Fund perform last year?
The Institutional Class (the "Class") returned 35.95% for the period of November 1, 2024 to October 31, 2025. The Class outperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 21.45% for the same Period. This outperformance was due to the following:

Class NAV Performance Attributed to\*:

---

| | |
|:---|:---|
| Futures Plus Interest on Cash Equivalents<br>| 37.03%<br>|
| Expenses (annual expense ratio)<br>| -0.99%<br>|
| Commissions<br>| -0.09%<br>|
| Class NAV Performance<br>| 35.95%<br>|

---

The Fund holds futures contracts designed to target the Fund's objective.

\* The Class performance is impacted by changes in the values of the futures to which it is exposed. We attribute (allocate) the impact on the Class performance into three components. The first of the three components is the impact on the Class performance due to changes in the Fund's futures holdings plus interest earned on cash equivalents. The second component is the pro-rated expense ratio for this Class. The third component is the impact due to commissions incurred from trading the portfolio.

#### Cumulative Performance
(based on a hypothetical $100,000 investment)

![line](qesc9ld1mj0hpc8d.jpg)

\* Inception

#### Annual Performance

---

| | | |
|:---|:---|:---|
| <br>  | **1 Year**<br>  | **Average Annual Total Return Since Inception**<br>  |
| **Institutional Class** | 35.95% | 18.32% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 12.28% |

---

The S&P 500<sup>®</sup> Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

For more recent performance information visit www.vestfin.com/products/bitcoin-fund#fund-details.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

#### Vest Bitcoin Strategy Managed Volatility Fund (Consolidated) Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $19868288 |
| **Number of Holdings**  | 2 |
| **Total Net Advisory Fee** | $0 |
| **Portfolio Turnover Rate** | 324.56% |

---

¹

#### What did the Fund invest in?
(% of Net Assets as of October 31, 2025)

#### Sector Breakdown
![bar](qesc9ld1mj36osjf.jpg)

---

| | |
|:---|:---|
| **Portfolio Composition**<br>  | <br>  |
| **Money Market Fund** | 81.59% |
| **Cash** | 21.4% |
| **Derivatives** | -3.08% |
| **Other Assets, Net of Liabilities** | 0.09% |

---

#### Material Changes

#### Reorganization
The Fund's Board of Trustees approved an Agreement and Plan of Reorganization for the Fund. The Board recommended that shareholders approve the reorganization and has authorized the submission of the Reorganization proposal to shareholders of the Fund for approval. In connection with the reorganization, shareholders of the Fund will receive shares of a newly created series of a First Trust Series Fund ("acquiring fund") with an aggregate net asset value equal to the value of their Fund shares immediately prior to the reorganization. Following the reorganization, First Trust Advisors L.P. will serve as investment adviser to the acquiring fund, and Vest Financial, LLC will serve as investment sub-adviser. The Board of Trustees has determined that the reorganization is in the best interests of the Fund and that shareholders will not experience dilution as a result of the reorganization. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes, and no sales charges or redemption fees will be imposed in connection with the reorganization.

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit www.vestfin.com/products/bitcoin-fund#fund-details**.

#### Vest Bitcoin Strategy Managed Volatility Fund (Consolidated) Tailored Shareholder Report
**annual Shareholder Report October 31, 2025**<br> **Vest Bitcoin Strategy Managed Volatility Fund (Consolidated)**<br> **Investor Class Shares**<br> Ticker: BTCLX<br>

This annual shareholder report contains important information about the Vest Bitcoin Strategy Managed Volatility Fund (Consolidated), Investor Class for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.vestfin.com/products/bitcoin-fund#fund-details. You can also request this information by contacting us at (855) 505-8378.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| **Investor Class** | $146 | 1.24% |

---

#### How did the Fund perform last year?
The Investor Class (the "Class") returned 35.61% for the period of November 1, 2024 to October 31, 2025. The Class outperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 21.45% for the same Period. This outperformance was due to the following:

Class NAV Performance Attributed to\*:

---

| | |
|:---|:---|
| Futures Plus Interest on Cash Equivalents<br>| 36.94%<br>|
| Expenses (annual expense ratio)<br>| -1.24%<br>|
| Commissions<br>| -0.09%<br>|
| Class NAV Performance<br>| 35.61%<br>|

---

The Fund holds futures contracts designed to target the Fund's objective.

\* The Class performance is impacted by changes in the values of the futures to which it is exposed. We attribute (allocate) the impact on the Class performance into three components. The first of the three components is the impact on the Class performance due to changes in the Fund's futures holdings plus interest earned on cash equivalents. The second component is the pro-rated expense ratio for this Class. The third component is the impact due to commissions incurred from trading the portfolio.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qesdbj1mj7gr53i.jpg)

\*Inception

#### Annual Performance

---

| | | |
|:---|:---|:---|
| <br>  | **1 Year**<br>  | **Average Annual Total Return Since Inception**<br>  |
| **Investor Class** | 35.61% | 18.50% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 12.28% |

---

The S&P 500<sup>®</sup> Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

For more recent performance information visit www.vestfin.com/products/bitcoin-fund#fund-details.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

#### Vest Bitcoin Strategy Managed Volatility Fund (Consolidated) Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $19868288 |
| **Number of Holdings**  | 2 |
| **Total Net Advisory Fee** | $0 |
| **Portfolio Turnover Rate** | 324.56% |

---

#### What did the Fund invest in?
(% of Net Assets as of October 31, 2025)

#### Sector Breakdown
![bar](qesc9ld1mj36osjf.jpg)

---

| | |
|:---|:---|
| **Portfolio Composition**<br>  | <br>  |
| **Money Market Fund** | 81.59% |
| **Cash** | 21.4% |
| **Derivatives** | -3.08% |
| **Other Assets, Net of Liabilities** | 0.09% |

---

#### Material Changes

#### Reorganization
The Fund's Board of Trustees approved an Agreement and Plan of Reorganization for the Fund. The Board recommended that shareholders approve the reorganization and has authorized the submission of the Reorganization proposal to shareholders of the Fund for approval. In connection with the reorganization, shareholders of the Fund will receive shares of a newly created series of a First Trust Series Fund ("acquiring fund") with an aggregate net asset value equal to the value of their Fund shares immediately prior to the reorganization. Following the reorganization, First Trust Advisors L.P. will serve as investment adviser to the acquiring fund, and Vest Financial, LLC will serve as investment sub-adviser. The Board of Trustees has determined that the reorganization is in the best interests of the Fund and that shareholders will not experience dilution as a result of the reorganization. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes, and no sales charges or redemption fees will be imposed in connection with the reorganization.

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit www.vestfin.com/products/bitcoin-fund#fund-details**.

#### VEST BITCOIN STRATEGY MANAGED VOLATILITY FUND (CONSOLIDATED) Tailored Shareholder Report
**annual Shareholder Report October 31, 2025**<br> **Vest Bitcoin Strategy Managed Volatility Fund (Consolidated)**<br> **Class Y Shares**<br> Ticker: BTCYX<br>

This annual shareholder report contains important information about the Vest Bitcoin Strategy Managed Volatility Fund (Consolidated), Class Y for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.vestfin.com/products/bitcoin-fund#fund-details. You can also request this information by contacting us at (855) 505-8378..

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| **Class Y** | $105 | 0.89% |

---

#### How did the Fund perform last year?
Class Y (the "Class") returned 36.13% for the period of November 1, 2024 to October 31, 2025. The Class outperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 21.45% for the same Period. This outperformance was due to the following:

Class NAV Performance Attributed to\*:

---

| | |
|:---|:---|
| Futures Plus Interest on Cash Equivalents<br>| 37.11%<br>|
| Expenses (annual expense ratio)<br>| -0.89%<br>|
| Commissions<br>| -0.09%<br>|
| Class NAV Performance<br>| 36.13%<br>|

---

The Fund holds futures contracts designed to target the Fund's objective.

\* The Class performance is impacted by changes in the values of the futures to which it is exposed. We attribute (allocate) the impact on the Class performance into three components. The first of the three components is the impact on the Class performance due to changes in the Fund's futures holdings plus interest earned on cash equivalents. The second component is the pro-rated expense ratio for this Class. The third component is the impact due to commissions incurred from trading the portfolio..

#### Cumulative Performance
(based on a hypothetical $10,000,000 investment)

![line](qesdbj1mj7gmvfy.jpg)

\*Inception

#### Annual Performance

---

| | | |
|:---|:---|:---|
| <br>  | **1 year**<br>  | **Average Annual Total Return Since Inception**<br>  |
| **Class Y** | 36.13% | 18.63% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 12.28% |

---

The S&P 500<sup>®</sup> Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

For more recent performance information visit www.vestfin.com/products/bitcoin-fund#fund-details.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

#### VEST BITCOIN STRATEGY MANAGED VOLATILITY FUND (CONSOLIDATED) Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $19868288 |
| **Number of Holdings** | 2 |
| **Total Net Advisory Fee**  | $0 |
| **Portfolio Turnover Rate** | 324.56% |

---

#### What did the Fund invest in?
(% of Net Assets as of October 31, 2025)

#### Sector Breakdown
![bar](qesc9ld1mj36osjf.jpg)

---

| | |
|:---|:---|
| **Portfolio Composition**<br>  | <br>  |
| **Money Market Fund** | 81.59% |
| **Cash** | 21.4% |
| **Derivatives** | -3.08% |
| **Other Assets, Net of Liabilities** | 0.09% |

---

#### Material Changes

#### Reorganization
The Fund's Board of Trustees approved an Agreement and Plan of Reorganization for the Fund. The Board recommended that shareholders approve the reorganization and has authorized the submission of the Reorganization proposal to shareholders of the Fund for approval. In connection with the reorganization, shareholders of the Fund will receive shares of a newly created series of a First Trust Series Fund ("acquiring fund") with an aggregate net asset value equal to the value of their Fund shares immediately prior to the reorganization. Following the reorganization, First Trust Advisors L.P. will serve as investment adviser to the acquiring fund, and Vest Financial, LLC will serve as investment sub-adviser. The Board of Trustees has determined that the reorganization is in the best interests of the Fund and that shareholders will not experience dilution as a result of the reorganization. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes, and no sales charges or redemption fees will be imposed in connection with the reorganization.

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit www.vestfin.com/products/bitcoin-fund#fund-details**.

ITEM 1. (b). Not applicable.

ITEM 2. CODE OF ETHICS.

(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

(e) Not applicable.

(f) The code of ethics is attached hereto as exhibit 19(a)(1).

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a)(1) The registrant does not have an audit committee financial expert serving on its audit committee.

(a)(2) Not applicable.

(a)(3) At this time, the registrant believes that the collective experience provided by the members of the audit committee together offer the registrant adequate oversight for the registrant's level of financial complexity.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $67,375 for 2025 and $67,375 for 2024.

(b) Audit-Related Fees. The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2025 and $0 for 2024.

(c) Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $22,000 for 2025 and $24,000 for 2024. The nature of the services comprising these fees include preparation of excise filings and income tax returns and assistance with calculation of required income, capital gain and excise distributions.

(d) All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are and $0 for 2025 and $3,000 for 2024.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pursuant to its charter, the registrant's Audit Committee must pre-approve all audit and non-audit services to be provided to the registrant. The Audit Committee also pre-approves any non-audit services provided by the registrant's principal accountant to the adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(b) NA

&nbsp;&nbsp;&nbsp;&nbsp;(c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;(d) NA

(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%).

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2025 and $0 for 2024.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a) The Registrant's Schedule of Investments is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Form.

(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

**FINANCIAL STATEMENTS**

**AND OTHER INFORMATION**

**Year Ended October 31, 2025**

**THE VEST FAMILY** **OF FUNDS**

Vest US Large Cap 10% Buffer Strategies Fund

Vest US Large Cap 20% Buffer Strategies Fund

Vest S&P 500® Dividend Aristocrats Target Income Fund

Vest Bitcoin Strategy Managed Volatility Fund

![](vest_financialsimg001.gif)

See Notes to Financial Statements

**1**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **Vest US Large Cap 10% Buffer Strategies Fund** |
| **Schedule of Investments** **October 31, 2025**<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **105.81%** | **OPTIONS PURCHASED<sup>(A)</sup>**  |  |  |  |  |  |
|  | **Description** | **Number of Contracts** | **Notional Amount** | **Exercise Price** | **Expiration Date** | **Value** |
| **103.84%** | **CALL OPTIONS** |  |  |  |  |  |
|  | SPDR S&P 500 ETF  | 86 | $5865716<br>| $0.01<br>| 01/19/2028 | $5751942<br>|
|  | SPDR S&P 500 ETF  | 3578 | 244041068 | 0.01 | 05/19/2027 | 240839688 |
|  | SPDR S&P 500 ETF  | 1075 | 73321450 | 0.01 | 07/15/2026 | 72832059 |
|  | SPDR S&P 500 ETF  | 607 | 41401042 | 0.01 | 11/19/2025 | 41400436 |
|  | SPDR S&P 500 ETF  | 830 | 56610980 | 0.01 | 04/21/2027 | 55868344 |
|  | **TOTAL CALL OPTIONS PURCHASED**  | **TOTAL CALL OPTIONS PURCHASED**  | **TOTAL CALL OPTIONS PURCHASED**  | **TOTAL CALL OPTIONS PURCHASED**  | **TOTAL CALL OPTIONS PURCHASED**  | 416692469 |
|  | (Cost: $313,288,603) |  |  |  |  |  |
| **1.97%** | **PUT OPTIONS** |  |  |  |  |  |
|  | SPDR S&P 500 ETF  | 513 | 34989678 | 592.78 | 01/21/2026 | 206279 |
|  | SPDR S&P 500 ETF  | 513 | 34989678 | 612.92 | 02/18/2026 | 389246 |
|  | SPDR S&P 500 ETF  | 513 | 34989678 | 567.13 | 03/18/2026 | 282105 |
|  | SPDR S&P 500 ETF  | 513 | 34989678 | 525.66 | 04/15/2026 | 228313 |
|  | SPDR S&P 500 ETF  | 513 | 34989678 | 597.44 | 06/17/2026 | 687498 |
|  | SPDR S&P 500 ETF  | 513 | 34989678 | 624.22 | 07/14/2026 | 985061 |
|  | SPDR S&P 500 ETF  | 513 | 34989678 | 638.11 | 08/19/2026 | 1220890 |
|  | SPDR S&P 500 ETF  | 513 | 34989678 | 659.18 | 09/16/2026 | 1543662 |
|  | SPDR S&P 500 ETF  | 513 | 34989678 | 665.17 | 10/21/2026 | 1734864 |
|  | SPDR S&P 500 ETF  | 513 | 34989678 | 590.50 | 11/19/2025 | 17377 |
|  | SPDR S&P 500 ETF  | 513 | 34989678 | 586.28 | 12/17/2025 | 78458 |
|  | SPDR S&P 500 ETF  | 513 | 34989678 | 582.86 | 05/20/2026 | 526012 |
|  | **TOTAL PUT OPTIONS PURCHASED**  | **TOTAL PUT OPTIONS PURCHASED**  | **TOTAL PUT OPTIONS PURCHASED**  | **TOTAL PUT OPTIONS PURCHASED**  | **TOTAL PUT OPTIONS PURCHASED**  | 7899765 |
|  | (Cost: $19,843,931)  |  |  |  |  |  |
| **105.81%** | **TOTAL OPTIONS PURCHASED**  | **TOTAL OPTIONS PURCHASED**  | **TOTAL OPTIONS PURCHASED**  | **TOTAL OPTIONS PURCHASED**  | **TOTAL OPTIONS PURCHASED**  | 424592234 |
|  | (Cost: $333,132,534) |  |  |  |  |  |
| **105.81%** | **TOTAL INVESTMENTS**  | **TOTAL INVESTMENTS**  | **TOTAL INVESTMENTS**  | **TOTAL INVESTMENTS**  | **TOTAL INVESTMENTS**  | 424592234 |
|  | (Cost: $333,132,534) |  |  |  |  |  |
| **(5.81%)** | Liabilities in excess of other assets  | Liabilities in excess of other assets  | Liabilities in excess of other assets  | Liabilities in excess of other assets  | Liabilities in excess of other assets  | (23305131) |
| **100.00%** | **NET ASSETS**  | **NET ASSETS**  | **NET ASSETS**  | **NET ASSETS**  | **NET ASSETS**  | **$** **401287103**<br>|

---

<sup>(A)</sup>All or a portion of the options purchased are held as collateral for the options written.

See Notes to Financial Statements

**2**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **Vest US Large Cap 10% Buffer Strategies Fund** |
| **Schedule of Options Written** **October 31, 2025**<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(5.78%)** | **OPTIONS WRITTEN** |  |  |  |  |  |
|  | **Description** | **Number of Contracts** | **Notional Amount** | **Exercise Price** | **Expiration Date** | **Value** |
| **(4.68%)** | **CALL OPTIONS** | **CALL OPTIONS** | **CALL OPTIONS** | **CALL OPTIONS** | **CALL OPTIONS** |  |
|  | SPDR S&P 500 ETF  | 513 | $(34989678) | $708.03<br>| 02/18/2026 | $(734008) |
|  | SPDR S&P 500 ETF  | 513 | (34989678) | 652.96 | 03/18/2026 | (2714171) |
|  | SPDR S&P 500 ETF  | 513 | (34989678) | 624.43 | 04/15/2026 | (4040273) |
|  | SPDR S&P 500 ETF  | 513 | (34989678) | 691.43 | 06/17/2026 | (1939647) |
|  | SPDR S&P 500 ETF  | 513 | (34989678) | 720.92 | 07/15/2026 | (1350625) |
|  | SPDR S&P 500 ETF  | 513 | (34989678) | 733.83 | 08/19/2026 | (1263922) |
|  | SPDR S&P 500 ETF  | 513 | (34989678) | 755.49 | 09/16/2026 | (967195) |
|  | SPDR S&P 500 ETF  | 513 | (34989678) | 773.06 | 10/21/2026 | (823189) |
|  | SPDR S&P 500 ETF  | 513 | (34989678) | 674.65 | 11/19/2025 | (760075) |
|  | SPDR S&P 500 ETF  | 513 | (34989678) | 684.48 | 12/17/2025 | (795838) |
|  | SPDR S&P 500 ETF  | 513 | (34989678) | 676.46 | 05/20/2026 | (2256080) |
|  | SPDR S&P 500 ETF  | 513 | (34989678) | 683.05 | 01/21/2026 | (1144733) |
|  | **TOTAL CALL OPTIONS WRITTEN**  | **TOTAL CALL OPTIONS WRITTEN**  | **TOTAL CALL OPTIONS WRITTEN**  | **TOTAL CALL OPTIONS WRITTEN**  | **TOTAL CALL OPTIONS WRITTEN**  | (18789756) |
|  | (Premiums Received: $5,462,113) | (Premiums Received: $5,462,113) | (Premiums Received: $5,462,113) | (Premiums Received: $5,462,113) | (Premiums Received: $5,462,113) |  |
| **(1.10%)** | **PUT OPTIONS** | **PUT OPTIONS** | **PUT OPTIONS** | **PUT OPTIONS** | **PUT OPTIONS** |  |
|  | SPDR S&P 500 ETF  | 513 | (34989678) | 551.63 | 02/18/2026 | (173678) |
|  | SPDR S&P 500 ETF  | 513 | (34989678) | 510.42 | 03/18/2026 | (150668) |
|  | SPDR S&P 500 ETF  | 513 | (34989678) | 473.09 | 04/15/2026 | (138363) |
|  | SPDR S&P 500 ETF  | 513 | (34989678) | 537.70 | 06/17/2026 | (380365) |
|  | SPDR S&P 500 ETF  | 513 | (34989678) | 561.80 | 07/15/2026 | (546613) |
|  | SPDR S&P 500 ETF  | 513 | (34989678) | 574.30 | 08/19/2026 | (692240) |
|  | SPDR S&P 500 ETF  | 513 | (34989678) | 593.26 | 09/16/2026 | (887297) |
|  | SPDR S&P 500 ETF  | 513 | (34989678) | 598.65 | 10/21/2026 | (1019379) |
|  | SPDR S&P 500 ETF  | 513 | (34989678) | 531.45 | 11/19/2025 | (5924) |
|  | SPDR S&P 500 ETF  | 513 | (34989678) | 527.65 | 12/17/2025 | (31789) |
|  | SPDR S&P 500 ETF  | 513 | (34989678) | 524.57 | 05/20/2026 | (288388) |
|  | SPDR S&P 500 ETF  | 513 | (34989678) | 533.50 | 01/21/2026 | (93632) |
|  | **TOTAL PUT OPTIONS WRITTEN**  | **TOTAL PUT OPTIONS WRITTEN**  | **TOTAL PUT OPTIONS WRITTEN**  | **TOTAL PUT OPTIONS WRITTEN**  | **TOTAL PUT OPTIONS WRITTEN**  | (4408336) |
|  | (Premiums Received: $11,090,258) | (Premiums Received: $11,090,258) | (Premiums Received: $11,090,258) | (Premiums Received: $11,090,258) | (Premiums Received: $11,090,258) |  |
| **(5.78%)** | **TOTAL OPTIONS WRITTEN**  | **TOTAL OPTIONS WRITTEN**  | **TOTAL OPTIONS WRITTEN**  | **TOTAL OPTIONS WRITTEN**  | **TOTAL OPTIONS WRITTEN**  | **$** **(23198092)** |
|  | (Premiums Received: $16,552,371) | (Premiums Received: $16,552,371) | (Premiums Received: $16,552,371) | (Premiums Received: $16,552,371) | (Premiums Received: $16,552,371) |  |

---

See Notes to Financial Statements

**3**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **Vest US Large Cap 10% Buffer Strategies Fund** |
| **Schedule of Options Written - continued** **October 31, 2025**<br>|

---

The table below discloses both gross information and net information about instruments and transactions eligible for offset in the Statements of Assets and Liabilities and instruments and transactions that are subject to an agreement similar to a master netting agreement held at counterparties.

**Assets:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts of Recognized Assets** | **Gross Amounts Offset in the Statements of Assets and Liabilities** | **Net Amounts Presented in the Statements of Assets and Liabilities** | **Gross Amounts not <br>offset in the Statements of Assets and Liabilities**  | **Gross Amounts not <br>offset in the Statements of Assets and Liabilities**  |  |
|  | **Gross Amounts of Recognized Assets** | **Gross Amounts Offset in the Statements of Assets and Liabilities** | **Net Amounts Presented in the Statements of Assets and Liabilities** | **Financial Instruments** | **Collateral Received**  | **Net Amount** |
| **Description** |  |  |  |  |  |  |
| Options Purchased  | $424592234<br>| &nbsp;&nbsp;&nbsp;&nbsp; $—<br>| $424592234<br>| $(23198092) | &nbsp;&nbsp;&nbsp;&nbsp; $—<br>| $401394142<br>|

---

**Liabilities:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts of Recognized Liabilities** | **Gross Amounts Offset in the Statements of Assets and Liabilities** | **Net Amounts Presented in the Statements of Assets and Liabilities** | **Gross Amounts not <br>offset in the Statements of Assets and Liabilities**  | **Gross Amounts not <br>offset in the Statements of Assets and Liabilities**  |  |
|  | **Gross Amounts of Recognized Liabilities** | **Gross Amounts Offset in the Statements of Assets and Liabilities** | **Net Amounts Presented in the Statements of Assets and Liabilities** | **Financial Instruments** | **Collateral Pledged**  | **Net Amount** |
| **Description** |  |  |  |  |  |  |
| Options Written  | $(23198092) | &nbsp;&nbsp;&nbsp;&nbsp; $—<br>| $(23198092) | $23198092<br>| &nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp; $—<br>|

---

Actual cash amounts required at each counterparty are based on the notional amounts or the number of contracts outstanding and may exceed the cash presented in the collateral tables. The master netting agreements allow the clearing brokers to net any collateral held in or on behalf of the Fund or liabilities or payment obligations of the clearing brokers to the Fund against any liabilities or payment obligations of the Fund to the clearing brokers. The Fund may be required to deposit financial collateral (including cash collateral) at the clearing brokers and counterparties to continually meet the original and maintenance requirements established by the clearing brokers and counter parties. Such requirements are specific to the respective clearing broker or counterparty.

See Notes to Financial Statements

**4**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **Vest US Large Cap 20% Buffer Strategies Fund** |
| **Schedule of Investments** **October 31, 2025**<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Shares** | **Value** |
| **0.68%** | **MONEY MARKET FUND** |  |  |  |  |  |
|  | Federated Treasury Obligations Fund - Institutional Class 3.91%<sup>(A)</sup>  | Federated Treasury Obligations Fund - Institutional Class 3.91%<sup>(A)</sup>  | Federated Treasury Obligations Fund - Institutional Class 3.91%<sup>(A)</sup>  | Federated Treasury Obligations Fund - Institutional Class 3.91%<sup>(A)</sup>  | 876065 | $876065<br>|
|  | (Cost: $876,065) |  |  |  |  |  |
| **107.83%** | **OPTIONS PURCHASED<sup>(B)</sup>**  |  |  |  |  |  |
|  | **Description** | **Number of Contracts** | **Notional Amount** | **Exercise Price** | **Expiration Date** | **Value** |
| **105.81%** | **CALL OPTIONS** |  |  |  |  |  |
|  | SPDR S&P 500 ETF  | 862 | $58793572<br>| $0.02<br>| 04/21/2027 | $58021485<br>|
|  | SPDR S&P 500 ETF  | 1082 | 73798892 | 0.02 | 05/19/2027 | 72829757 |
|  | SPDR S&P 500 ETF  | 82 | 5592892 | 0.02 | 07/21/2027 | 5508076 |
|  | **TOTAL CALL OPTIONS PURCHASED**  | **TOTAL CALL OPTIONS PURCHASED**  | **TOTAL CALL OPTIONS PURCHASED**  | **TOTAL CALL OPTIONS PURCHASED**  | **TOTAL CALL OPTIONS PURCHASED**  | 136359318 |
|  | (Cost: $104,044,797) |  |  |  |  |  |
| **2.02%** | **PUT OPTIONS** |  |  |  |  |  |
|  | SPDR S&P 500 ETF  | 169 | 11526814 | 590.49 | 11/20/2025 | 6421 |
|  | SPDR S&P 500 ETF  | 169 | 11526814 | 586.27 | 12/18/2025 | 26706 |
|  | SPDR S&P 500 ETF  | 169 | 11526814 | 592.77 | 01/22/2026 | 69038 |
|  | SPDR S&P 500 ETF  | 169 | 11526814 | 612.93 | 02/19/2026 | 129457 |
|  | SPDR S&P 500 ETF  | 169 | 11526814 | 567.12 | 03/19/2026 | 93739 |
|  | SPDR S&P 500 ETF  | 169 | 11526814 | 525.65 | 04/15/2026 | 75206 |
|  | SPDR S&P 500 ETF  | 169 | 11526814 | 582.85 | 05/20/2026 | 173268 |
|  | SPDR S&P 500 ETF  | 169 | 11526814 | 597.43 | 06/17/2026 | 226463 |
|  | SPDR S&P 500 ETF  | 169 | 11526814 | 624.21 | 07/15/2026 | 324483 |
|  | SPDR S&P 500 ETF  | 169 | 11526814 | 638.10 | 08/19/2026 | 402169 |
|  | SPDR S&P 500 ETF  | 169 | 11526814 | 659.17 | 09/16/2026 | 508494 |
|  | SPDR S&P 500 ETF  | 169 | 11526814 | 665.16 | 10/21/2026 | 571479 |
|  | **TOTAL PUT OPTIONS PURCHASED**  | **TOTAL PUT OPTIONS PURCHASED**  | **TOTAL PUT OPTIONS PURCHASED**  | **TOTAL PUT OPTIONS PURCHASED**  | **TOTAL PUT OPTIONS PURCHASED**  | 2606923 |
|  | (Cost: $4,872,545) |  |  |  |  |  |
| **107.83%** | **TOTAL OPTIONS PURCHASED**  | **TOTAL OPTIONS PURCHASED**  | **TOTAL OPTIONS PURCHASED**  | **TOTAL OPTIONS PURCHASED**  | **TOTAL OPTIONS PURCHASED**  | 138966241 |
|  | (Cost: $108,917,342) |  |  |  |  |  |
| **108.51%** | **TOTAL INVESTMENTS**  | **TOTAL INVESTMENTS**  | **TOTAL INVESTMENTS**  | **TOTAL INVESTMENTS**  | **TOTAL INVESTMENTS**  | 139842306 |
|  | (Cost: $109,793,407) |  |  |  |  |  |
| **(8.51%)** | Liabilities in excess of other assets | Liabilities in excess of other assets | Liabilities in excess of other assets | Liabilities in excess of other assets | Liabilities in excess of other assets | (10964099) |
| **100.00%** | **NET ASSETS**  | **NET ASSETS**  | **NET ASSETS**  | **NET ASSETS**  | **NET ASSETS**  | **$** **128878207**<br>|

---

<sup>(A)</sup>Effective 7 day yield as of October 31, 2025.

<sup>(B)</sup>All or a portion of the options purchased are held as collateral for the options written.

See Notes to Financial Statements

**5**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **Vest US Large Cap 20% Buffer Strategies Fund** |
| **Schedule of Options Written** **October 31, 2025**<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(8.54%)** | **OPTIONS WRITTEN** |  |  |  |  |  |
|  | **Description** | **Number of Contracts** | **Notional Amount** | **Exercise Price** | **Expiration Date** | **Value** |
| **(7.90%)** | **CALL OPTIONS** |  |  |  |  |  |
|  | SPDR S&P 500 ETF  | 169 | $(11526814) | $652.55<br>| 11/19/2025 | $(560808) |
|  | SPDR S&P 500 ETF  | 169 | (11526814) | 648.59 | 12/17/2025 | (720508) |
|  | SPDR S&P 500 ETF  | 169 | (11526814) | 652.71 | 01/21/2026 | (746587) |
|  | SPDR S&P 500 ETF  | 169 | (11526814) | 674.13 | 02/18/2026 | (554151) |
|  | SPDR S&P 500 ETF  | 169 | (11526814) | 626.87 | 03/19/2026 | (1254477) |
|  | SPDR S&P 500 ETF  | 169 | (11526814) | 592.01 | 04/15/2026 | (1799608) |
|  | SPDR S&P 500 ETF  | 169 | (11526814) | 646.58 | 05/20/2026 | (1111278) |
|  | SPDR S&P 500 ETF  | 169 | (11526814) | 663.33 | 06/17/2026 | (958183) |
|  | SPDR S&P 500 ETF  | 169 | (11526814) | 688.10 | 07/15/2026 | (714489) |
|  | SPDR S&P 500 ETF  | 169 | (11526814) | 700.12 | 08/19/2026 | (672173) |
|  | SPDR S&P 500 ETF  | 169 | (11526814) | 722.09 | 09/16/2026 | (556352) |
|  | SPDR S&P 500 ETF  | 169 | (11526814) | 732.47 | 10/21/2026 | (527371) |
|  | **TOTAL CALL OPTIONS WRITTEN**  | **TOTAL CALL OPTIONS WRITTEN**  | **TOTAL CALL OPTIONS WRITTEN**  | **TOTAL CALL OPTIONS WRITTEN**  | **TOTAL CALL OPTIONS WRITTEN**  | (10175985) |
|  | (Premiums Received: $4,420,028) | (Premiums Received: $4,420,028) | (Premiums Received: $4,420,028) | (Premiums Received: $4,420,028) | (Premiums Received: $4,420,028) |  |
| **(0.64%)** | **PUT OPTIONS** |  |  |  |  |  |
|  | SPDR S&P 500 ETF  | 169 | (11526814) | 472.39 | 11/19/2025 | (786) |
|  | SPDR S&P 500 ETF  | 169 | (11526814) | 469.02 | 12/17/2025 | (4945) |
|  | SPDR S&P 500 ETF  | 169 | (11526814) | 474.22 | 01/21/2026 | (16571) |
|  | SPDR S&P 500 ETF  | 169 | (11526814) | 490.34 | 02/18/2026 | (29789) |
|  | SPDR S&P 500 ETF  | 169 | (11526814) | 453.70 | 03/18/2026 | (29674) |
|  | SPDR S&P 500 ETF  | 169 | (11526814) | 420.52 | 04/15/2026 | (29087) |
|  | SPDR S&P 500 ETF  | 169 | (11526814) | 466.28 | 05/20/2026 | (55281) |
|  | SPDR S&P 500 ETF  | 169 | (11526814) | 477.94 | 06/17/2026 | (71781) |
|  | SPDR S&P 500 ETF  | 169 | (11526814) | 499.37 | 07/15/2026 | (100096) |
|  | SPDR S&P 500 ETF  | 169 | (11526814) | 510.48 | 08/19/2026 | (127690) |
|  | SPDR S&P 500 ETF  | 169 | (11526814) | 527.34 | 09/16/2026 | (163643) |
|  | SPDR S&P 500 ETF  | 169 | (11526814) | 532.13 | 10/21/2026 | (190494) |
|  | **TOTAL PUT OPTIONS WRITTEN**  | **TOTAL PUT OPTIONS WRITTEN**  | **TOTAL PUT OPTIONS WRITTEN**  | **TOTAL PUT OPTIONS WRITTEN**  | **TOTAL PUT OPTIONS WRITTEN**  | (819837) |
|  | (Premiums Received: $2,019,665) | (Premiums Received: $2,019,665) | (Premiums Received: $2,019,665) | (Premiums Received: $2,019,665) | (Premiums Received: $2,019,665) |  |
| **(8.54%)** | **TOTAL OPTIONS WRITTEN**  | **TOTAL OPTIONS WRITTEN**  | **TOTAL OPTIONS WRITTEN**  | **TOTAL OPTIONS WRITTEN**  | **TOTAL OPTIONS WRITTEN**  | **$** **(10995822)** |
|  | (Premiums Received: $6,439,693) | (Premiums Received: $6,439,693) | (Premiums Received: $6,439,693) | (Premiums Received: $6,439,693) | (Premiums Received: $6,439,693) |  |

---

See Notes to Financial Statements

**6**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **Vest US Large Cap 20% Buffer Strategies Fund** |
| **Schedule of Options Written - continued** **October 31, 2025**<br>|

---

The table below discloses both gross information and net information about instruments and transactions eligible for offset in the Statements of Assets and Liabilities and instruments and transactions that are subject to an agreement similar to a master netting agreement held at counterparties.

**Assets:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts of Recognized Assets** | **Gross Amounts Offset in the Statements of Assets and Liabilities** | **Net Amounts Presented in the Statements of Assets and Liabilities** | **Gross Amounts not <br>offset in the Statements of Assets and Liabilities**  | **Gross Amounts not <br>offset in the Statements of Assets and Liabilities**  |  |
|  | **Gross Amounts of Recognized Assets** | **Gross Amounts Offset in the Statements of Assets and Liabilities** | **Net Amounts Presented in the Statements of Assets and Liabilities** | **Financial Instruments** | **Collateral Received** | **Net Amount** |
| **Description** |  |  |  |  |  |  |
| Options Purchased | $138966241<br>| $— | $138966241<br>| $(10995822) | $— | $127970419<br>|

---

**Liabilities:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts of Recognized Liabilities** | **Gross Amounts Offset in the Statements of Assets and Liabilities** | **Net Amounts Presented in the Statements of Assets and Liabilities** | **Gross Amounts not <br>offset in the Statements of Assets and Liabilities**  | **Gross Amounts not <br>offset in the Statements of Assets and Liabilities**  |  |
|  | **Gross Amounts of Recognized Liabilities** | **Gross Amounts Offset in the Statements of Assets and Liabilities** | **Net Amounts Presented in the Statements of Assets and Liabilities** | **Financial Instruments** | **Collateral Received** | **Net Amount** |
| **Description** |  |  |  |  |  |  |
| Options Written | $(10995822) | $— | $(10995822) | $10995822<br>| $— | $— |

---

Actual cash amounts required at each counterparty are based on the notional amounts or the number of contracts outstanding and may exceed the cash presented in the collateral tables. The master netting agreements allow the clearing brokers to net any collateral held in or on behalf of the Fund or liabilities or payment obligations of the clearing brokers to the Fund against any liabilities or payment obligations of the Fund to the clearing brokers. The Fund may be required to deposit financial collateral (including cash collateral) at the clearing brokers and counterparties to continually meet the original and maintenance requirements established by the clearing brokers and counter parties. Such requirements are specific to the respective clearing broker or counterparty.

See Notes to Financial Statements

**7**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **Vest S&P 500® DIVIDEND ARISTOCRATS TARGET INCOME STRATEGY FUND** |
| **Schedule of Investments** **October 31, 2025**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **100.07%** | **COMMON STOCKS** |  |  |
| **4.25%** | **CONSUMER DISCRETIONARY** |  |  |
|  | Genuine Parts Co.  | 5020 | $639096<br>|
|  | Lowe's Companies, Inc. <sup>(A)</sup>  | 2739 | 652238 |
|  | McDonald's Corp. <sup>(A)</sup>  | 2151 | 641923 |
|  |  |  | 1933257 |
| **22.60%** | **CONSUMER STAPLES** |  |  |
|  | Archer-Daniels-Midland Co. <sup>(A)</sup>  | 10773 | 652090 |
|  | Brown-Forman Corp. Class B  | 23743 | 646522 |
|  | Church & Dwight Co.  | 7568 | 663638 |
|  | The Clorox Co.  | 5643 | 634612 |
|  | The Coca-Cola Co. <sup>(A)</sup>  | 9419 | 648969 |
|  | Colgate-Palmolive Co. <sup>(A)</sup>  | 8351 | 643445 |
|  | Hormel Foods Corp. <sup>(A)</sup>  | 27616 | 596229 |
|  | The JM Smucker Co.  | 6367 | 659303 |
|  | Kenvue, Inc. <sup>(A)</sup>  | 43906 | 630929 |
|  | Kimberly-Clark Corp. <sup>(A)</sup>  | 5548 | 664151 |
|  | McCormick & Co., Inc.<sup>(B)</sup>  | 9725 | 623956 |
|  | PepsiCo, Inc. <sup>(A)</sup>  | 4358 | 636660 |
|  | The Procter & Gamble Co. <sup>(A)</sup>  | 4382 | 658921 |
|  | Sysco Corp.  | 8485 | 630266 |
|  | Target Corp. <sup>(A)</sup>  | 7094 | 657756 |
|  | Walmart, Inc. <sup>(A)</sup>  | 6225 | 629845 |
|  |  |  | 10277292 |
| **3.28%** | **ENERGY** |  |  |
|  | Chevron Corp. <sup>(A)</sup>  | 4287 | 676146 |
|  | Exxon Mobil Corp. <sup>(A)</sup>  | 7114 | 813557 |
|  |  |  | 1489703 |
| **12.80%** | FINANCIALS |  |  |
|  | Aflac, Inc. <sup>(A)</sup>  | 6184 | 662863 |
|  | Brown & Brown, Inc.  | 7477 | 596216 |
|  | Cincinnati Financial Corp.  | 4290 | 663191 |
|  | Erie Indemnity Co.  | 2066 | 604594 |
|  | FactSet Research Systems, Inc.  | 2300 | 613640 |
|  | Franklin Resources, Inc.  | 29523 | 667515 |
|  | The Progressive Corp.  | 2412 | 667979 |
|  | S&P 500 Global, Inc. <sup>(A)</sup>  | 1390 | 677222 |
|  | T Rowe Price Group, Inc.  | 6490 | 665420 |
|  |  |  | 5818640 |

---

See Notes to Financial Statements

**8**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **Vest S&P 500® DIVIDEND ARISTOCRATS TARGET INCOME STRATEGY FUND** |
| **Schedule of Investments - continued** **October 31, 2025**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **10.28%** | **HEALTH CARE** |  |  |
|  | Abbott Laboratories <sup>(A)</sup>  | 5212 | $644307<br>|
|  | Abbvie, Inc. <sup>(A)</sup>  | 2916 | 635805 |
|  | Becton Dickinson & Co.  | 3545 | 633527 |
|  | Cardinal Health, Inc. <sup>(A)</sup>  | 4181 | 797609 |
|  | Johnson & Johnson <sup>(A)</sup>  | 3457 | 652924 |
|  | Medtronic plc <sup>(A)</sup>  | 6954 | 630728 |
|  | West Pharmaceutical Services, Inc.  | 2408 | 679225 |
|  |  |  | 4674125 |
| **22.38%** | **INDUSTRIALS** |  |  |
|  | A O Smith Corp.  | 9779 | 645316 |
|  | Automatic Data Processing, Inc. <sup>(A)</sup>  | 2349 | 611445 |
|  | Caterpillar, Inc. <sup>(A)</sup>  | 1298 | 749283 |
|  | CH Robinson Worldwide, Inc.  | 5245 | 807678 |
|  | Cintas Corp. <sup>(A)</sup>  | 3446 | 631548 |
|  | Dover Corp.  | 3979 | 722029 |
|  | Emerson Electric Co. <sup>(A)</sup>  | 5126 | 715436 |
|  | Expeditors International of Washington, Inc.  | 5623 | 685444 |
|  | Fastenal Co.  | 15656 | 644244 |
|  | General Dynamics Corp. <sup>(A)</sup>  | 1972 | 680143 |
|  | Grainger WW, Inc.  | 689 | 674531 |
|  | Illinois Tool Works, Inc.  | 2637 | 643217 |
|  | Nordson Corp.  | 2848 | 660594 |
|  | Pentair plc  | 6100 | 648735 |
|  | Stanley Black & Decker, Inc.  | 9634 | 652414 |
|  |  |  | 10172057 |
| **2.85%** | **INFORMATION TECHNOLOGY** |  |  |
|  | International Business Machines Corp. <sup>(A)</sup>  | 2320 | 713191 |
|  | Roper Technologies, Inc.  | 1310 | 584456 |
|  |  |  | 1297647 |
| **11.67%** | **MATERIALS** |  |  |
|  | Air Products and Chemicals, Inc.  | 2635 | 639225 |
|  | Albemarle Corp. <sup>(A)</sup>  | 7307 | 717767 |
|  | Amcor plc  | 81933 | 647271 |
|  | Ecolab, Inc.  | 2416 | 619462 |
|  | Linde plc  | 1482 | 619921 |
|  | Nucor Corp. <sup>(A)</sup>  | 4881 | 732394 |
|  | PPG Industries, Inc. <sup>(A)</sup>  | 6528 | 638112 |
|  | The Sherwin-Williams Co.  | 1998 | 689190 |
|  |  |  | 5303342 |

---

See Notes to Financial Statements

**9**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **Vest S&P 500® DIVIDEND ARISTOCRATS TARGET INCOME STRATEGY FUND** |
| **Schedule of Investments - continued** **October 31, 2025**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **4.21%** | **REAL ESTATE** |  |  |
|  | Essex Property Trust, Inc. REIT  | 2524 | $635467<br>|
|  | Federal Realty Investment Trust REIT  | 6603 | 635143 |
|  | Realty Income Corp. REIT  | 11066 | 641607 |
|  |  |  | 1912217 |
| **5.75%** | **UTILITIES** |  |  |
|  | Atmos Energy Corp.  | 3766 | 646698 |
|  | Consolidated Edison, Inc.  | 6542 | 637256 |
|  | Eversource Energy  | 9121 | 673221 |
|  | NextEra Energy, Inc. <sup>(A)</sup>  | 8051 | 655351 |
|  |  |  | 2612526 |
| **100.07%** | **TOTAL COMMON STOCKS**  | **TOTAL COMMON STOCKS**  | 45490806 |
|  | (Cost: $38,920,576) |  |  |
| **0.02%** | **MONEY MARKET FUND** |  |  |
|  | Federated Treasury Obligations Fund - Institutional Class 3.91%<sup>(C)</sup>  | 8160 | 8160 |
|  | (Cost: $8,160) |  |  |
| **100.09%** | **TOTAL INVESTMENTS**  | **TOTAL INVESTMENTS**  | 45498966 |
|  | (Cost: $38,928,736)  | (Cost: $38,928,736)  |  |
| **(0.09%)** | Liabilities in excess of other assets  | Liabilities in excess of other assets  | (38656) |
| **100.00%** | **NET ASSETS**  | **NET ASSETS**  | **$** **4546031** **0**<br>|

---

<sup>(A)</sup>All or a portion of the securities are held as collateral for options written. On October 31, 2025, the value of the securities held as collateral was $4,510,609.

<sup>(B)</sup>Non-voting shares.

<sup>(C)</sup>Effective 7 day yield as of October 31, 2025.

REIT - Real Estate Investment Trust.

See Notes to Financial Statements

**10**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **Vest S&P 500® DIVIDEND ARISTOCRATS TARGET INCOME STRATEGY FUND** |
| **Schedule of Options Written** **October 31, 2025**<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **(0.17%)** | **OPTIONS WRITTEN<sup>(A)</sup>**  |  |  |  |  |  |
|  | **Description** | **Number of** **Contracts** | **Notional Amount** | **Exercise Price** | **Expiration Date** | **Value** |
| &nbsp;&nbsp;&nbsp; **(0.17%)** | **CALL OPTIONS** |  |  |  |  |  |
|  | Abbott Laboratories  | 13 | $(160706) | $124.00<br>| 11/07/2025 | $(1547) |
|  | Abbvie, Inc.  | 7 | (152628) | 217.50 | 11/07/2025 | (2240) |
|  | Aflac, Inc.  | 16 | (171504) | 108.00 | 11/07/2025 | (3040) |
|  | Albemarle Corp.  | 18 | (176814) | 99.00 | 11/07/2025 | (6894) |
|  | Archer-Daniels-Midland Co.  | 27 | (163431) | 61.00 | 11/07/2025 | (4185) |
|  | Automatic Data Processing, Inc.  | 6 | (156180) | 262.50 | 11/07/2025 | (822) |
|  | Cardinal Health, Inc.  | 10 | (190770) | 190.00 | 11/07/2025 | (3100) |
|  | Caterpillar, Inc.  | 3 | (173178) | 580.00 | 11/07/2025 | (3180) |
|  | Chevron Corp.  | 11 | (173492) | 160.00 | 11/07/2025 | (1122) |
|  | Cintas Corp.  | 9 | (164943) | 182.50 | 11/07/2025 | (4725) |
|  | Colgate-Palmolive Co.  | 21 | (161805) | 77.00 | 11/07/2025 | (2100) |
|  | Emerson Electric Co.  | 13 | (181441) | 140.00 | 11/07/2025 | (4940) |
|  | Exxon Mobil Corp.  | 15 | (171540) | 115.00 | 11/07/2025 | (1740) |
|  | General Dynamics Corp.  | 5 | (172450) | 345.00 | 11/07/2025 | (2000) |
|  | Hormel Foods Corp.  | 69 | (148971) | 21.50 | 11/07/2025 | (2415) |
|  | International Business Machines Corp.  | 6 | (184446) | 310.00 | 11/07/2025 | (2310) |
|  | Johnson & Johnson  | 9 | (169983) | 190.00 | 11/07/2025 | (1152) |
|  | Kenvue, Inc.  | 110 | (158070) | 14.50 | 11/07/2025 | (6160) |
|  | Kimberly-Clark Corp.  | 14 | (167594) | 120.00 | 11/07/2025 | (1708) |
|  | Lowe's Companies, Inc.  | 7 | (166691) | 237.50 | 11/07/2025 | (2485) |
|  | McDonald's Corp.  | 5 | (149215) | 300.00 | 11/07/2025 | (2360) |
|  | Medtronic plc  | 17 | (154190) | 91.00 | 11/07/2025 | (1428) |
|  | NextEra Energy, Inc.  | 20 | (162800) | 82.00 | 11/07/2025 | (1940) |
|  | Nucor Corp.  | 12 | (180060) | 152.50 | 11/07/2025 | (2484) |
|  | PepsiCo, Inc.  | 11 | (160699) | 146.00 | 11/07/2025 | (2057) |
|  | PPG Industries, Inc.  | 16 | (156400) | 98.00 | 11/07/2025 | (1600) |
|  | S&P 500 Global, Inc.  | 3 | (146163) | 490.00 | 11/07/2025 | (1290) |
|  | Target Corp.  | 18 | (166896) | 93.00 | 11/07/2025 | (2790) |
|  | The Coca-Cola Co.  | 24 | (165360) | 69.00 | 11/07/2025 | (1440) |
|  | The Procter & Gamble Co.  | 11 | (165407) | 150.00 | 11/07/2025 | (1925) |
|  | Walmart, Inc.  | 16 | (161888) | 101.00 | 11/07/2025 | (2144) |
|  | (Premiums Received: $78,755) | (Premiums Received: $78,755) | (Premiums Received: $78,755) | (Premiums Received: $78,755) | (Premiums Received: $78,755) | (79323) |
| &nbsp;&nbsp;&nbsp; **(0.17%)** | **TOTAL OPTIONS WRITTEN**  | **TOTAL OPTIONS WRITTEN**  | **TOTAL OPTIONS WRITTEN**  | **TOTAL OPTIONS WRITTEN**  | **TOTAL OPTIONS WRITTEN**  | **$** **(79323)** |
|  | (Premiums Received: $78,755) |  |  |  |  |  |

---

<sup>(A)</sup>Non-income producing.

See Notes to Financial Statements

**11**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **Vest S&P 500® DIVIDEND ARISTOCRATS TARGET INCOME STRATEGY FUND** |
| **Schedule of Options Written - continued** **October 31, 2025**<br>|

---

The table below discloses both gross information and net information about instruments and transactions eligible for offset in the Statements of Assets and Liabilities and instruments and transactions that are subject to an agreement similar to a master netting agreement held at counterparties.

**Liabilities:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts of Recognized Liabilities** | **Gross Amounts Offset in the Statements of Assets and Liabilities** | **Net Amounts Presented in the Statements of Assets and Liabilities** | **Gross Amounts not <br>offset in the Statements of Assets and Liabilities** | **Gross Amounts not <br>offset in the Statements of Assets and Liabilities** | **Net Amount** |
|  | **Gross Amounts of Recognized Liabilities** | **Gross Amounts Offset in the Statements of Assets and Liabilities** | **Net Amounts Presented in the Statements of Assets and Liabilities** | **Financial Instruments** | **Collateral Pledged** | **Net Amount** |
| **Description** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options  | $(79323) | $—<br>| $(79323) | $79323<br>| $—<br>| $—<br>|

---

Actual cash amounts required at each counterparty are based on the notional amounts or the number of contracts outstanding and may exceed the cash presented in the collateral tables. The master netting agreements allow the clearing brokers to net any collateral held in or on behalf of the Fund or liabilities or payment obligations of the clearing brokers to the Fund against any liabilities or payment obligations of the Fund to the clearing brokers. The Fund may be required to deposit financial collateral (including cash collateral) at the clearing brokers and counterparties to continually meet the original and maintenance requirements established by the clearing brokers and counter parties. Such requirements are specific to the respective clearing broker or counterparty.

See Notes to Financial Statements

**12**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **Vest BitCoin Strategy Managed Volatility Fund** |
| **Consolidated Schedule of Investments** **October 31, 2025**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; **81.59%** | **MONEY MARKET FUND** |  |  |
|  | Federated Treasury Obligations Fund - Institutional Class 3.91%<sup>(A)</sup>  | 16211331 | $16211331<br>|
|  | (Cost: $16,211,331) |  |  |
| &nbsp;&nbsp;&nbsp; **81.59%** | **TOTAL INVESTMENTS**  |  | 16211331 |
|  | (Cost: $16,211,331) |  |  |
| &nbsp;&nbsp;&nbsp; **18.41%** | Other assets, net of liabilities  |  | 3656957 |
| &nbsp;&nbsp;&nbsp; **100.00%** | **NET ASSETS**  |  | **$** **19868288**<br>|

---

<sup>(A)</sup>Effective 7 day yield as of October 31, 2025.

**CONSOLIDATED SCHEDULE OF FUTURES CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of** **Contracts** | **Descriptions** | **Expiration Date** | **Notional Value** | **Value at October 31, 2025** | **Unrealized Appreciation (Depreciation)** |
| &nbsp;&nbsp;&nbsp; **(3.08%)** | 23 | CME Bitcoin Future<sup>(B)</sup>  | 11/30/25 | $13298688<br>| $12686800<br>| $(611888) |
| &nbsp;&nbsp;&nbsp; **(3.08%)** | **TOTAL FUTURES CONTRACTS**  | **TOTAL FUTURES CONTRACTS**  | **TOTAL FUTURES CONTRACTS**  | $13298688<br>| $12686800<br>| $(611888) |

---

<sup>(B)</sup>All or a portion of this investment is a holding of the Vest Cayman Subsidiary I.

[This page intentionally left blank]

See Notes to Financial Statements

**15**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **October 31, 2025** |

---

See Notes to Financial Statements

**14**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Statements of Assets and Liabilities** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Vest <br>US Large Cap 10% Buffer Strategies Fund** | **Vest <br>US Large Cap 20% Buffer Strategies Fund** | **Vest S&P 500® Dividend Aristocrats Target Income Fund** | **Vest Bitcoin Strategy Managed Volatility Fund (Consolidated)** |
| **ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments at value<sup>(1)</sup> (Note 1)  | $424592234<br>| $139842306<br>| $45498966<br>| $16211331<br>|
| &nbsp;&nbsp;&nbsp; Cash deposits with brokers (Note 1)  | 361 | 150 | 4151 | 4251773 |
| &nbsp;&nbsp;&nbsp; Receivable for securities sold  | 6557088 |  | 2874684 |  |
| &nbsp;&nbsp;&nbsp; Receivable for capital stock sold  | 100985 | 39949 | 74 | 25393 |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable  | 1946 | 4367 | 58937 | 45092 |
| &nbsp;&nbsp;&nbsp; Due from advisor  |  | 14197 | 18344 |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses  | 59838 | 46217 | 25462 | 32447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL ASSETS**  | 431312452 | 139947186 | 48480618 | 20566036 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Due to custodian  | 6105819 |  |  |  |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation of open futures contracts  |  |  |  | 611888 |
| &nbsp;&nbsp;&nbsp; Options written at value<sup>(2)</sup> (Note 1)  | 23198092 | 10995822 | 79323 |  |
| &nbsp;&nbsp;&nbsp; Payable for securities purchased  | 365864 |  | 2765627 |  |
| &nbsp;&nbsp;&nbsp; Payable for capital stock redeemed  | 163871 | 31707 | 30848 | 30350 |
| &nbsp;&nbsp;&nbsp; Accrued advisory fees  | 138744 |  |  | 26136 |
| &nbsp;&nbsp;&nbsp; Accrued 12b-1 fees  | 160 | 4368 | 127480 | 2916 |
| &nbsp;&nbsp;&nbsp; Accrued administration, fund accounting, and transfer agent fees  | 39376 | 16121 | 6747 | 2745 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses  | 13423 | 20961 | 10283 | 23713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL LIABILITIES**  | 30025349 | 11068979 | 3020308 | 697748 |
| **NET ASSETS**  | $401287103<br>| $128878207<br>| $45460310<br>| $19868288<br>|
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in-capital  | $323708660<br>| $105727554<br>| $43726440<br>| $18142011<br>|
| &nbsp;&nbsp;&nbsp; Distributable earnings (accumulated deficit)  | 77578443 | 23150653 | 1733870 | 1726277 |
| &nbsp;&nbsp;&nbsp; **Net Assets**  | $401287103<br>| $128878207<br>| $45460310<br>| $19868288<br>|

---

See Notes to Financial Statements

**17**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **October 31, 2025** |

---

See Notes to Financial Statements

**16**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Statements of Assets and Liabilities - continued** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Vest <br>US Large Cap 10% Buffer Strategies Fund** | **Vest <br>US Large Cap 20% Buffer Strategies Fund** | **Vest S&P 500® Dividend Aristocrats Target Income Fund** | **Vest Bitcoin Strategy Managed Volatility Fund (Consolidated)** |
| **NET ASSET VALUE AND REDEMPTION PRICE PER SHARE** |  |  |  |  |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | $262829062<br>| 77005812 | $14107958<br>| $5756775<br>|
| &nbsp;&nbsp;&nbsp; Investor Class  | 14603710 | 13943882 | 3933170 | 12198372 |
| &nbsp;&nbsp;&nbsp; Class A  | 5473178 | 991216 | 1373140 |  |
| &nbsp;&nbsp;&nbsp; Class C  | 4518904 | 3330538 | 1989700 |  |
| &nbsp;&nbsp;&nbsp; Class Y  | 113862249 | 33606759 | 24056342 | 1913141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total**  | $401287103<br>| $128878207<br>| $45460310<br>| $19868288<br>|
| **Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | 11968305 | 9254316 | 1254243 | 203700 |
| &nbsp;&nbsp;&nbsp; Investor Class  | 676991 | 1734031 | 348348 | 418548 |
| &nbsp;&nbsp;&nbsp; Class A  | 253411 | 127557 | 122225 |  |
| &nbsp;&nbsp;&nbsp; Class C  | 221152 | 457546 | 177901 |  |
| &nbsp;&nbsp;&nbsp; Class Y  | 5111498 | 3934840 | 2129430 | 66631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total**  | 18231357 | 15508290 | 4032147 | 688879 |
| **Net Asset Value and Redemption Price Per Share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | $21.96<br>| $8.32<br>| $11.25<br>| $28.26<br>|
| &nbsp;&nbsp;&nbsp; Investor Class<sup>(3)</sup>  | 21.57 | 8.04 | 11.29 | 29.14 |
| &nbsp;&nbsp;&nbsp; Class A<sup>(</sup><sup>3)</sup>  | 21.60 | 7.77 | 11.23 |  |
| &nbsp;&nbsp;&nbsp; Class C<sup>(3)</sup>  | 20.43 | 7.28 | 11.18 |  |
| &nbsp;&nbsp;&nbsp; Class Y  | 22.28 | 8.54 | 11.30 | 28.71 |
| **Maximum Offering Price Per Share<sup>(4)</sup>**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A  | $22.92<br>| $8.24<br>| $11.92<br>| $—<br>|
| <sup>(1)</sup>Identified cost of:  | $333132534<br>| $109793407<br>| $38928736<br>| $16211331<br>|
| <sup>(2)</sup>Premiums received of:  | $16552371<br>| $6439693<br>| $78755<br>| $—<br>|

---

<sup>(3)</sup> May be subject to a 2% redemption fee if redeemed with in 30 days of purchase.

<sup>(4)</sup> Maximum offering price per share includes sales charge of 5.75%.

See Notes to Financial Statements

**19**

FINANCIAL STATEMENTS \| October 31, 2025

See Notes to Financial Statements

**18**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Statements of Operations** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Vest <br>US Large Cap 10% Buffer Strategies Fund** | **Vest <br>US Large Cap 20% Buffer Strategies Fund** | **Vest S&P 500® Dividend Aristocrats Target Income Fund** | **Vest Bitcoin Strategy Managed Volatility Fund (Consolidated)** |
| **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends  | $849296<br>| $161641<br>| $1319172<br>| $494726<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 849296 | 161641 | 1319172 | 494726 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment management fees (Note 2)  | 2873725 | 942565 | 403277 | 168361 |
| &nbsp;&nbsp;&nbsp; 12b-1 fees (Note 2) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class  | 57991 | 33093 | 11191 | 27458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  | 12852 | 2163 | 5233 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  | 53549 | 33259 | 20971 |  |
| &nbsp;&nbsp;&nbsp; Recordkeeping and administrative services (Note 2)  | 317438 | 99368 | 43608 | 12913 |
| &nbsp;&nbsp;&nbsp; Accounting fees (Note 2)  | 189643 | 57718 | 17474 | 17502 |
| &nbsp;&nbsp;&nbsp; Custody fees  | 8631 | 10580 | 48844 | 11624 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees (Note 2)  | 28261 | 26397 | 8280 | 9555 |
| &nbsp;&nbsp;&nbsp; Audit and tax fees  | 75428 | 15074 | 9911 | 8335 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 76920 | 30051 | 14141 | 14031 |
| &nbsp;&nbsp;&nbsp; Filing and registration fees  | 110500 | 68139 | 66467 | 33044 |
| &nbsp;&nbsp;&nbsp; Trustee fees  | 57671 | 18382 | 8572 | 2026 |
| &nbsp;&nbsp;&nbsp; Compliance fees  | 40039 | 12690 | 5494 | 1457 |
| &nbsp;&nbsp;&nbsp; Shareholder reports  | 77739 | 39879 | 25884 | 14645 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | 242004 | 81410 | 18468 | 9601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class  | 31991 | 19856 | 6670 | 27458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  | 7711 | 2062 | 5536 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  | 8033 | 4988 | 750 |  |
| &nbsp;&nbsp;&nbsp; Insurance  | 4235 | 2650 | 2396 | 2164 |
| &nbsp;&nbsp;&nbsp; Interest expense  | 690 |  | 1909 |  |
| &nbsp;&nbsp;&nbsp; Proxy expenses  | 35273 | 11446 | 3705 | 275 |
| &nbsp;&nbsp;&nbsp; Other  | 6599 | 4946 | 46999 | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 4316923 | 1516716 | 775780 | 361196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fee waivers and reimbursed expenses (Note 2)  | (639359) | (344440) | (294094) | (169121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 3677564 | 1172276 | 481686 | 192075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | (2828268) | (1010635) | 837486 | 302651 |

---

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Year Ended October 31, 2025** |

---

See Notes to Financial Statements

**21**

FINANCIAL STATEMENTS \| October 31, 2025

See Notes to Financial Statements

**20**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Statements of Operations - continued** |

---

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Year Ended October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Vest <br>US Large Cap 10% Buffer Strategies Fund** | **Vest <br>US Large Cap 20% Buffer Strategies Fund** | **Vest S&P 500® Dividend Aristocrats Target Income Fund** | **Vest Bitcoin Strategy Managed Volatility Fund (Consolidated)** |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments  | 76754207<br><sup>(1)</sup>  | 8506780<br><sup>(1)</sup>  | 4287822 |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on options purchased  | (25773247) | (6165378) |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on futures contracts  |  |  |  | 3506273 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on options written  | 2547207 | (2217925) | 2332217 |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, options purchased and written, and futures contracts  | 53528167 | 123477 | 6620039 | 3506273 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments  |  |  | (7659139) |  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on options purchased  | 2379590 | 11901038 |  |  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures contracts  |  |  |  | (781766) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on options written  | (4143692) | (2162445) | (48217) |  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments, options purchased and written, and futures contracts  | (1764102) | 9738593 | (7707356) | (781766) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 51764065 | 9862070 | (1087317) | 2724507 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS**  | $48935797<br>| $8851435<br>| $(249831) | $3027158<br>|

---

<sup>(1)</sup> Includes realized gains (losses) as a result of in-kind transactions (Note 3)

See Notes to Financial Statements

**23**

FINANCIAL STATEMENTS \| October 31, 2025

See Notes to Financial Statements

**22**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Statements of Changes in Net Assets** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Vest <br>US Large Cap 10% Buffer Strategies Fund** | **Vest <br>US Large Cap 10% Buffer Strategies Fund** | **Vest <br>US Large Cap 20% Buffer Strategies Fund** | **Vest <br>US Large Cap 20% Buffer Strategies Fund** | **Vest <br>S&P 500® Dividend Aristocrats Target Income Fund** | **Vest <br>S&P 500® Dividend Aristocrats Target Income Fund** | **Vest <br>Bitcoin Strategy Managed Volatility Fund (Consolidated)** | **Vest <br>Bitcoin Strategy Managed Volatility Fund (Consolidated)** |
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **INCREASE (DECREASE) IN NET ASSETS FROM** |  |  |  |  |  |  |  |  |
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $(2828268) | $(3567345) | $(1010635) | $(649914) | $837486<br>| $957179<br>| $302651<br>| $115353<br>|
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, options purchased and written and futures contracts^  | 53528167 | 21912565 | 123477 | (1633339) | 6620039 | 7186817 | 3506273 | 1871978 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments,  | (1764102) | 74995809 | 9738593 | 12451266 | (7707356) | 3945314 | (781766) | 46546 |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations  | 48935797 | 93341029 | 8851435 | 10168013 | (249831) | 12089310 | 3027158 | 2033877 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  |  |  |  |  | (1833937) | (2968650) | (276342) | (42275) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class  |  |  |  |  | (484450) | (392605) | (861149) | (167717) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  |  |  |  |  | (226528) | (383181) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  |  |  |  |  | (210955) | (246847) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R  |  |  |  |  | (1) |  | (735) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y  |  |  |  |  | (3372961) | (3534301) | (153418) | (58209) |
| &nbsp;&nbsp;&nbsp; Decrease in net assets from distributions  |  |  |  |  | (6128832) | (7525584) | (1291644) | (268201) |
| **CAPITAL STOCK TRANSACTIONS (NOTE 5)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | 74757690 | 77808220 | 44547073 | 84513988 | 2845416 | 3611372 | 12910572 | 3488012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class  | 1642921 | 2246979 | 1469128 | 5507093 | 2109372 | 2306029 | 18955282 | 6378385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  | 274934 | 490868 | 360063 | 563345 | 5408 | 268293 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  | 712516 | 755149 | 634737 | 767333 | —<br> <sup>(G)</sup>  | 171281 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R  | 8044 | 19393 |  | 7 |  | 12 | 336533 | 341981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y  | 146230161 | 156751174 | 17025972 | 44708412 | 4390400 | 2183581 | 918395 | 77742 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  |  |  |  |  | 1752123 | 2861763 | 261916 | 32013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class  |  |  |  |  | 460870 | 374329 | 850181 | 154190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  |  |  |  |  | 226528 | 383181 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  |  |  |  |  | 171268 | 197935 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R  |  |  |  |  | 1 |  | 735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y  |  |  |  |  | 3372961 | 3534301 | 153419 | 58209 |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<sup>(A)</sup>  | (70519349) | (97770430) | (29351755) | (70765869) | (8415642) | (16568832) | (10072872) | (2045463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class<sup>(B)</sup>  | (12021945) | (2836312) | (1167600) | (1011013) | (2919792) | (953370) | (12727058) | (4152853) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<sup>(C)</sup>  | (378205) | (442449) | (251615) | (96235) | (1324139) | (1593394) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C<sup>(D)</sup>  | (2719467) | (1470799) | (534863) | (213624) | (245587) | (304284) |  |  |

---

**THE VEST FAMILY OF FUNDS**<br>

See Notes to Financial Statements

**25**

FINANCIAL STATEMENTS \| October 31, 2025

See Notes to Financial Statements

**24**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Statements of Changes in Net Assets - continued** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Vest <br>US Large Cap 10% Buffer Strategies Fund** | **Vest <br>US Large Cap 10% Buffer Strategies Fund** | **Vest <br>US Large Cap 20% Buffer Strategies Fund** | **Vest <br>US Large Cap 20% Buffer Strategies Fund** | **Vest <br>S&P 500® Dividend Aristocrats Target Income Fund** | **Vest <br>S&P 500® Dividend Aristocrats Target Income Fund** | **Vest <br>Bitcoin Strategy Managed Volatility Fund (Consolidated)** | **Vest <br>Bitcoin Strategy Managed Volatility Fund (Consolidated)** |
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R<sup>(E)</sup>  | (30713) | (428) | (9) |  | (13) |  | (810994) | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y<sup>(F)</sup>  | (209840450) | (196500796) | (30293792) | (1131379) | (12916688) | (800253) | (233587) | 2863 |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from capital stock transactions  | (71883863) | (60949431) | 2437339 | 62842058 | (10487514) | (4328056) | 10542522 | 4335209 |
| **NET ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Increase (decrease) during year  | (22948066) | 32391598 | 11288774 | 73010071 | (16866177) | 235670 | 12278036 | 6100885 |
| &nbsp;&nbsp;&nbsp; Beginning of year  | 424235169 | 391843571 | 117589433 | 44579362 | 62326487 | 62090817 | 7590252 | 1489367 |
| &nbsp;&nbsp;&nbsp; End of year  | $401287103<br>| $424235169<br>| $128878207<br>| $117589433<br>| $45460310<br>| $62326487<br>| $19868288<br>| $7590252<br>|
| <sup>(A)</sup>Includes redemption fees of:  | $—<br>| $—<br>| $—<br>| $—<br>| $7108<br>| $—<br>| $9641<br>| $5509<br>|
| <sup>(B)</sup>Includes redemption fees of:  | $455<br>| $315<br>| $341<br>| $51<br>| $1958<br>| $227<br>| $27590<br>| $12107<br>|
| <sup>(C)</sup>Includes redemption fees of:  | $—<br>| $—<br>| $—<br>| $—<br>| $916<br>| $584<br>| $—<br>| $—<br>|
| <sup>(D)</sup>Includes redemption fees of:  | $—<br>| $21<br>| $—<br>| $150<br>| $917<br>| $—<br>| $—<br>| $—<br>|
| <sup>(E)</sup>Includes redemption fees of:  | $—<br>| $—<br>| $—<br>| $—<br>| $—<br>| $—<br>| $831<br>| $130<br>|
| <sup>(F)</sup>Includes redemption fees of:  | $—<br>| $—<br>| $—<br>| $—<br>| $12623<br>| $—<br>| $4601<br>| $2940<br>|

---

<sup>(G)</sup>Less than $0.50.

^Includes realized gains (losses) as a result of in-kind redemptions (Note 3)

**THE VEST FAMILY OF FUNDS**<br>

See Notes to Financial Statements

**26**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **VEST US LARGE CAP 10% BUFFER STRATEGIES FUND** |
| **Financial Highlights** **Selected Per Share Data Throughout Each Year**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year**  | $19.57<br>| $15.72<br>| $14.58<br>| $15.92<br>| $13.31<br>|
| **Investment activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | (0.15) | (0.16) | (0.14) | (0.12) | (0.14) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 2.54 | 4.01 | 1.28 | (1.22) | 2.75 |
| &nbsp;&nbsp;&nbsp; **Total from investment activities**  | 2.39 | 3.85 | 1.14 | (1.34) | 2.61 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Return of capital  |  |  |  |  | —<br><sup>(2)</sup>  |
| &nbsp;&nbsp;&nbsp; **Total distributions**  |  |  |  |  |  |
| Paid-in capital from redemption fees  |  |  |  |  | —<br><sup>(2)</sup>  |
| **Net asset value, <br>end of year**  | **$** **21.96**<br>| **$** **19.57**<br>| **$** **15.72**<br>| **$** **14.58**<br>| **$** **15.92**<br>|
| **Total Return**  | **12.21%** | **24.49%** | **7.82%** | **(8.42**<br>**%)** | **19.62%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  | 1.07%<sup>(3)</sup>  | 1.06%<sup>(3)</sup>  | 1.07%<sup>(3)</sup>  | 1.07% | 1.05% |
| &nbsp;&nbsp;&nbsp; Expenses, net of waiver (Note 2)  | 0.96%<sup>(3)</sup>  | 0.96%<sup>(3)</sup>  | 0.96%<sup>(3)</sup>  | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | (0.76%) | (0.90%) | (0.90%) | (0.77%) | (0.91%) |
| Portfolio turnover rate  | 83.02% | 54.65% | 29.47% | 92.18% | 72.58% |
| Net assets, end of year (000's)  | $262829<br>| $229741<br>| $202254<br>| $208446<br>| $175601<br>|

---

<sup>(1)</sup> Per share amounts calculated using the average number of shares outstanding during the year.

<sup>(2)</sup> Less than $0.005 per share.

<sup>(3)</sup> Gross and net expenses reflect the effect of interest expense and proxy expenses, which are excluded from the Fund's expense limitation agreement. Gross and net expenses excluding interest expense and proxy expenses would have been: 1.06% and 0.95 for the year ended October 31, 2025; 1.05% and 0.95% for the year ended October 31, 2024; and 1.06% and 0.95%, respectively for the year ended October 31, 2023.

See Notes to Financial Statements

**27**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **VEST US LARGE CAP 10% BUFFER STRATEGIES FUND** |
| **Financial Highlights** **Selected Per Share Data Throughout Each Year**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year**  | $19.27<br>| $15.52<br>| $14.43<br>| $15.80<br>| $13.24<br>|
| **Investment activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | (0.20) | (0.21) | (0.18) | (0.15) | (0.17) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 2.50 | 3.96 | 1.27 | (1.22) | 2.73 |
| &nbsp;&nbsp;&nbsp; **Total from investment activities**  | 2.30 | 3.75 | 1.09 | (1.37) | 2.56 |
| Paid-in capital from redemption fees<sup>(2)</sup>  |  |  |  |  |  |
| **Net asset value, <br>end of year**  | **$** **21.57**<br>| **$** **19.27**<br>| **$** **15.52**<br>| **$** **14.43**<br>| **$** **15.80**<br>|
| **Total Return<sup>(3)</sup>**  | **11.94%** | **24.16%** | **7.55%** | **(8.67**<br>**%)** | **19.34%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  | 1.36%<sup>(3)</sup>  | 1.35%<sup>(3)</sup>  | 1.40%<sup>(3)</sup>  | 1.38% | 1.37% |
| &nbsp;&nbsp;&nbsp; Expenses, net of waiver (Note 2)  | 1.21%<sup>(3)</sup>  | 1.21%<sup>(3)</sup>  | 1.21%<sup>(3)</sup>  | 1.20% | 1.20% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | (1.01%) | (1.15%) | (1.15%) | (1.02%) | (1.15%) |
| Portfolio turnover rate  | 83.02% | 54.65% | 29.47% | 92.18% | 72.58% |
| Net assets, end of year (000's)  | $14604<br>| $22369<br>| $18466<br>| $19944<br>| $20015<br>|

---

<sup>(1)</sup> Per share amounts calculated using the average number of shares outstanding during the year.

<sup>(2)</sup> Less than $0.005 per share.

<sup>(3)</sup> Gross and net expenses reflect the effect of interest expense and proxy expenses, which are excluded from the Fund's expense limitation agreement. Gross and net expenses excluding interest expense and proxy expenses would have been: 1.35% and 1.20% for the year ended October 31, 2025; 1.34% and 1.20% for the year ended October 31, 2024; and 1.39% and 1.20%, respectively for the year ended October 31, 2023.

See Notes to Financial Statements

**28**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **VEST US LARGE CAP 10% BUFFER STRATEGIES FUND** |
| **Financial Highlights** **Selected Per Share Data Throughout Each Year**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year**  | $19.29<br>| $15.54<br>| $14.45<br>| $15.82<br>| $13.25<br>|
| **Investment activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | (0.20) | (0.21) | (0.18) | (0.15) | (0.17) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 2.51 | 3.96 | 1.27 | (1.22) | 2.74 |
| &nbsp;&nbsp;&nbsp; **Total from investment activities**  | 2.31 | 3.75 | 1.09 | (1.37) | 2.57 |
| **Net asset value, <br>end of year**  | **$** **21.60**<br>| **$** **19.29**<br>| **$** **15.54**<br>| **$** **14.45**<br>| **$** **15.82**<br>|
| **Total Return**  | **11.98%** | **24.13%** | **7.54%** | **(8.66**<br>**%)** | **19.40%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  | 1.37%<sup>(2)</sup>  | 1.35%<sup>(2)</sup>  | 1.38%<sup>(2)</sup>  | 1.34% | 1.32% |
| &nbsp;&nbsp;&nbsp; Expenses, net of waiver (Note 2)  | 1.21%<sup>(2)</sup>  | 1.21%<sup>(2)</sup>  | 1.21%<sup>(2)</sup>  | 1.20% | 1.20% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | (1.01%) | (1.15%) | (1.15%) | (1.01%) | (1.15%) |
| Portfolio turnover rate  | 83.02% | 54.65% | 29.47% | 92.18% | 72.58% |
| Net assets, end of year (000's)  | $5473<br>| $4967<br>| $3973<br>| $3261<br>| $3508<br>|

---

<sup>(1)</sup> Per share amounts calculated using the average number of shares outstanding during the year.

<sup>(2)</sup> Gross and net expenses reflect the effect of interest expense and proxy expenses, which are excluded from the Fund's expense limitation agreement. Gross and net expenses excluding interest expense and proxy expenses would have been: 1.36% and 1.20% for the year ended October 31, 2025; 1.34% and 1.20% for the year ended October 31, 2024; and 1.37% and 1.20% for the year ended October 31, 2023.

See Notes to Financial Statements

**29**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **VEST US LARGE CAP 10% BUFFER STRATEGIES FUND** |
| **Financial Highlights** **Selected Per Share Data Throughout Each Year**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year**  | $18.39<br>| $14.92<br>| $13.98<br>| $15.42<br>| $13.02<br>|
| **Investment activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | (0.33) | (0.33) | (0.28) | (0.26) | (0.28) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 2.37 | 3.80 | 1.22 | (1.18) | 2.68 |
| &nbsp;&nbsp;&nbsp; **Total from investment activities**  | 2.04 | 3.47 | 0.94 | (1.44) | 2.40 |
| Paid-in capital from redemption fees  |  | —<br><sup>(2)</sup>  |  |  |  |
| **Net asset value, <br>end of year**  | **$** **20.43**<br>| **$** **18.39**<br>| **$** **14.92**<br>| **$** **13.98**<br>| **$** **15.42**<br>|
| **Total Return**  | **11.09%** | **23.26%** | **6.72%** | **(9.34**<br>**%)** | **18.43%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  | 2.12%<sup>(3)</sup>  | 2.11%<sup>(3)</sup>  | 2.13%<sup>(3)</sup>  | 2.10% | 2.05% |
| &nbsp;&nbsp;&nbsp; Expenses, net of waiver (Note 2)  | 1.96%<sup>(3)</sup>  | 1.96%<sup>(3)</sup>  | 1.96%<sup>(3)</sup>  | 1.95% | 1.95% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | (1.74%) | (1.90%) | (1.90%) | (1.78%) | (1.91%) |
| Portfolio turnover rate  | 83.02% | 54.65% | 29.47% | 92.18% | 72.58% |
| Net assets, end of year (000's)  | $4519<br>| $5985<br>| $5462<br>| $4994<br>| $3897<br>|

---

<sup>(1)</sup> Per share amounts calculated using the average number of shares outstanding during the year.

<sup>(2)</sup> Less than $0.005 per share.

<sup>(3)</sup> Gross and net expenses reflect the effect of interest expense and proxy expenses, which are excluded from the Fund's expense limitation agreement. Gross and net expenses excluding interest expense and proxy expenses would have been: 2.11% and 1.95% for the year ended October 31, 2025; 2.10% and 1.95% for the year ended October 31, 2024; and 2.12% and 1.95% for the year ended October 31, 2023.

See Notes to Financial Statements

**30**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **VEST US LARGE CAP 10% BUFFER STRATEGIES FUND** |
| **Financial Highlights** **Selected Per Share Data Throughout Each Year**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year**  | $19.80<br>| $15.87<br>| $14.68<br>| $16.00<br>| $13.36<br>|
| **Investment activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | (0.10) | (0.12) | (0.10) | (0.08) | (0.10) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 2.58 | 4.05 | 1.29 | (1.24) | 2.77 |
| &nbsp;&nbsp;&nbsp; **Total from investment activities**  | 2.48 | 3.93 | 1.19 | (1.32) | 2.67 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Return of capital  |  |  |  |  | (0.03) |
| &nbsp;&nbsp;&nbsp; **Total distributions**  |  |  |  |  | (0.03) |
| **Net asset value, <br>end of year**  | **$** **22.28**<br>| **$** **19.80**<br>| **$** **15.87**<br>| **$** **14.68**<br>| **$** **16.00**<br>|
| **Total Return**  | **12.53%** | **24.76%** | **8.11%** | **(8.25**<br>**%)** | **19.98%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  | 0.97%<sup>(2)</sup>  | 0.96%<sup>(2)</sup>  | 0.99%<sup>(2)</sup>  | 0.97% | 0.96% |
| &nbsp;&nbsp;&nbsp; Expenses, net of waiver (Note 2)  | 0.71%<sup>(2)</sup>  | 0.71%<sup>(2)</sup>  | 0.71%<sup>(2)</sup>  | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | (0.48%) | (0.65%) | (0.68%) | (0.52%) | (0.66%) |
| Portfolio turnover rate  | 83.02% | 54.65% | 29.47% | 92.18% | 72.58% |
| Net assets, end of year (000's)  | $113862<br>| $161153<br>| $161689<br>| $127156<br>| $127852<br>|

---

<sup>(1)</sup> Per share amounts calculated using the average number of shares outstanding during the year.

<sup>(2)</sup> Gross and net expenses reflect the effect of interest expense and proxy expenses, which are excluded from the Fund's expense limitation agreement. Gross and net expenses excluding interest expense and proxy expenses would have been: 0.96% and 0.70% for the year ended October 31, 2025; 0.95% and 0.70% for the year ended October 31, 2024; and 0.98% and 0.70%, respectively for the year ended October 31, 2023.

See Notes to Financial Statements

**31**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **VEST US LARGE CAP 20% BUFFER STRATEGIES FUND** |
| **Financial Highlights** **Selected Per Share Data Throughout Each Year**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year**  | $7.66<br>| $6.61<br>| $6.19<br>| $16.24<br>| $12.89<br>|
| **Investment activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income <br>(loss)<sup>(1)</sup>  | (0.07) | (0.06) | (0.06) | (0.06) | (0.14) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 0.73 | 1.11 | 0.48 | (0.60) | 3.49 |
| **Total from investment activities**  | 0.66 | 1.05 | 0.42 | (0.66) | 3.35 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain  |  |  |  | (9.39) |  |
| &nbsp;&nbsp;&nbsp; **Total distributions**  |  |  |  | (9.39) |  |
| **Net asset value, <br>end of year**  | **$** **8.32**<br>| **$** **7.66**<br>| **$** **6.61**<br>| **$** **6.19**<br>| **$** **16.24**<br>|
| **Total Return**  | **8.62%** | **15.89%** | **6.79%** | **(5.41**<br>**%)** | **25.99%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  | 1.19%<sup>(2)</sup>  | 1.17% | 1.23%<sup>(2)</sup>  | 1.43% | 1.14% |
| &nbsp;&nbsp;&nbsp; Expenses, net of waiver (Note 2)  | 0.96%<sup>(2)</sup>  | 0.95% | 0.96%<sup>(2)</sup>  | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | (0.84%) | (0.80%) | (0.85%) | (0.90%) | (0.95%) |
| Portfolio turnover rate  | 77.44% | 24.41% | 159.93% | 236.75% | 11.15% |
| Net assets, end of year (000's)  | $77006<br>| $55942<br>| $35161<br>| $23963<br>| $2967<br>|

---

<sup>(1)</sup> Per share amounts calculated using the average number of shares outstanding during the year.

<sup>(2)</sup> Gross and net expenses reflect the effect of interest expense and proxy expenses, which are excluded from the Fund's expense limitation agreement. Gross and net expenses excluding interest expense and proxy expenses would have been: 1.18% and 0.95%, respectively for the year ended October 31, 2025; and 1.22% and 0.95%, respectively for the year ended October 31, 2023.

See Notes to Financial Statements

**32**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **VEST US LARGE CAP 20% BUFFER STRATEGIES FUND** |
| **Financial Highlights** **Selected Per Share Data Throughout Each Year**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year**  | $7.42<br>| $6.42<br>| $6.02<br>| $16.06<br>| $12.79<br>|
| **Investment activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income <br>(loss)<sup>(1)</sup>  | (0.08) | (0.07) | (0.07) | (0.12) | (0.18) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 0.70 | 1.07 | 0.47 | (0.53) | 3.45 |
| &nbsp;&nbsp;&nbsp; **Total from investment activities**  | 0.62 | 1.00 | 0.40 | (0.65) | 3.27 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain  |  |  |  | (9.39) |  |
| &nbsp;&nbsp;&nbsp; **Total distributions**  |  |  |  | (9.39) |  |
| Paid-in capital from redemption fees<sup>(2)</sup>  |  |  |  |  |  |
| **Net asset value, <br>end of year**  | **$** **8.04**<br>| **$** **7.42**<br>| **$** **6.42**<br>| **$** **6.02**<br>| **$** **16.06**<br>|
| **Total Return**  | **8.36%** | **15.58%** | **6.64%** | **(5.55**<br>**%)** | **25.57%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  | 1.47%<sup>(3)</sup>  | 1.48% | 1.69%<sup>(3)</sup>  | 1.76% | 1.39% |
| &nbsp;&nbsp;&nbsp; Expenses, net of waiver (Note 2)  | 1.21%<sup>(3)</sup>  | 1.20% | 1.22%<sup>(3)</sup>  | 1.20% | 1.20% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | (1.09%) | (1.05%) | (1.10%) | (1.18%) | (1.20%) |
| Portfolio turnover rate  | 77.44% | 24.41% | 159.93% | 236.75% | 11.15% |
| Net assets, end of year (000's)  | $13944<br>| $12567<br>| $6843<br>| $3694<br>| $78220<br>|

---

<sup>(1)</sup> Per share amounts calculated using the average number of shares outstanding during the year.

<sup>(2)</sup> Less than $0.005 per share.

<sup>(3)</sup> Gross and net expenses reflect the effect of interest expense and proxy expenses, which are excluded from the Fund's expense limitation agreement. Gross and net expenses excluding interest expense and proxy expenses would have been: 1.46% and 1.20%, respectively for the year ended October 31, 2025; and 1.67% and 1.20%, respectively for the year ended October 31, 2023.

See Notes to Financial Statements

**33**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **VEST US LARGE CAP 20% BUFFER STRATEGIES FUND** |
| **Financial Highlights** **Selected Per Share Data Throughout Each Year**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning <br>of year**  | $7.17<br>| $6.20<br>| $5.83<br>| $15.87<br>| $12.74<br>|
| **Investment activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | (0.08) | (0.07) | (0.07) | (0.09) | (0.18) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 0.68 | 1.04 | 0.44 | (0.56) | 3.31 |
| &nbsp;&nbsp;&nbsp; **Total from investment activities**  | 0.60 | 0.97 | 0.37 | (0.65) | 3.13 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain  |  |  |  | (9.39) |  |
| &nbsp;&nbsp;&nbsp; **Total distributions**  |  |  |  | (9.39) |  |
| **Net asset value, <br>end of year**  | **$** **7.77**<br>| **$** **7.17**<br>| **$** **6.20**<br>| **$** **5.83**<br>| **$** **15.87**<br>|
| **Total Return**  | **8.37%** | **15.65%** | **6.35%** | **(5.56**<br>**%)** | **24.57%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratios to average net assets  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  | 1.56%<sup>(3)</sup>  | 1.98%<sup>(3)</sup>  | 1.89%<sup>(3)</sup>  | 1.99% | 1.24% |
| &nbsp;&nbsp;&nbsp; Expenses, net of waiver (Note 2)  | 1.21%<sup>(3)</sup>  | 1.21%<sup>(3)</sup>  | 1.21%<sup>(3)</sup>  | 1.20% | 1.20% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | (1.10%) | (1.04%) | (1.10%) | (1.18%) | (1.20%) |
| Portfolio turnover rate  | 77.44% | 24.41% | 159.93% | 236.75% | 11.15% |
| Net assets, end of year (000's)  | $991<br>| $797<br>| $271<br>| $158<br>| $200<br>|

---

<sup>(1)</sup> Per share amounts calculated using the average number of shares outstanding during the year.

<sup>(2)</sup> Less than $0.005 per share.

<sup>(3)</sup> Gross and net expenses reflect the effect of interest expense and proxy expenses, which are excluded from the Fund's expense limitation agreement. Gross and net expenses excluding interest expense and proxy expenses would have been: 1.55% and 1.20%, respectively for the year ended October 31, 2025; 1.97% and 1.20%, respectively for the year ended October 31, 2024; and 1.88% and 1.20%, respectively for the year ended October 31, 2023.

See Notes to Financial Statements

**34**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **VEST US LARGE CAP 20% BUFFER STRATEGIES FUND** |
| **Financial Highlights** **Selected Per Share Data Throughout Each Year**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning <br>of year**  | $6.77<br>| $5.90<br>| $5.58<br>| $15.68<br>| $12.58<br>|
| **Investment activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | (0.13) | (0.12) | (0.11) | (0.10) | (0.29) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 0.64 | 0.99 | 0.43 | (0.61) | 3.39 |
| &nbsp;&nbsp;&nbsp; **Total from investment activities**  | 0.51 | 0.87 | 0.32 | (0.71) | 3.10 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain  |  |  |  | (9.39) |  |
| &nbsp;&nbsp;&nbsp; **Total distributions**  |  |  |  | (9.39) |  |
| Paid-in capital from redemption fees  |  | —<br><sup>(2)</sup>  |  | —<br><sup>(2)</sup>  |  |
| **Net asset value, <br>end of year**  | **$** **7.28**<br>| **$** **6.77**<br>| **$** **5.90**<br>| **$** **5.58**<br>| **$** **15.68**<br>|
| **Total Return**  | **7.53%** | **14.75%** | **5.73%** | **(6.38**<br>**%)** | **24.64%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  | 2.22%<sup>(3)</sup>  | 2.23% | 2.36%<sup>(3)</sup>  | 2.36% | 2.15% |
| &nbsp;&nbsp;&nbsp; Expenses, net of waiver (Note 2)  | 1.96%<sup>(3)</sup>  | 1.95% | 1.97%<sup>(3)</sup>  | 1.95% | 1.95% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | (1.84%) | (1.80%) | (1.85%) | (1.87%) | (1.95%) |
| Portfolio turnover rate  | 77.44% | 24.41% | 159.93% | 236.75% | 11.15% |
| Net assets, end of year (000's)  | $3331<br>| $2990<br>| $2103<br>| $461<br>| $7<br>|

---

<sup>(1)</sup> Per share amounts calculated using the average number of shares outstanding during the year.

<sup>(2)</sup> Less than $0.005 per share.

<sup>(3)</sup> Gross and net expenses reflect the effect of interest expense and proxy expenses, which are excluded from the Fund's expense limitation agreement. Gross and net expenses excluding interest expense and proxy expenses would have been: 2.21% and 1.95%, respectively for the year ended October 31, 2025; and 2.34% and 1.95%, respectively for the year ended October 31, 2023.

See Notes to Financial Statements

**35**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **VEST US LARGE CAP 20% BUFFER STRATEGIES FUND** |
| **Financial Highlights** **Selected Per Share Data Throughout Each Year**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning** **of year**  | $7.84<br>| $6.75<br>| $6.31<br>| $16.34<br>| $12.95<br>|
| **Investment activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | (0.05) | (0.04) | (0.04) | (0.05) | (0.11) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 0.75 | 1.13 | 0.48 | (0.59) | 3.50 |
| &nbsp;&nbsp;&nbsp; **Total from investment activities**  | 0.70 | 1.09 | 0.44 | (0.64) | 3.39 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain  |  |  |  | (9.39) |  |
| &nbsp;&nbsp;&nbsp; **Total distributions**  |  |  |  | (9.39) |  |
| **Net asset value, <br>end of year**  | **$** **8.54**<br>| **$** **7.84**<br>| **$** **6.75**<br>| **$** **6.31**<br>| **$** **16.34**<br>|
| **Total Return**  | **8.93%** | **16.15%** | **6.97%** | **(5.23**<br>**%)** | **26.18%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratios to average net assets  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  | 1.07%<sup>(2)</sup>  | 1.07%<sup>(2)</sup>  | 1.02%<sup>(2)</sup>  | 1.38% | 0.80% |
| &nbsp;&nbsp;&nbsp; Expenses, net of waiver (Note 2)  | 0.71%<sup>(2)</sup>  | 0.71%<sup>(2)</sup>  | 0.72%<sup>(2)</sup>  | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | (0.56%) | (0.52%) | (0.61%) | (0.68%) | (0.70%) |
| Portfolio turnover rate  | 77.44% | 24.41% | 159.93% | 236.75% | 11.15% |
| Net assets, end of year (000's)  | $33607<br>| $45295<br>| $202<br>| $2<br>| $1<br>|

---

<sup>(1)</sup> Per share amounts calculated using the average number of shares outstanding during the year.

<sup>(2)</sup> Gross and net expenses reflect the effect of interest expense and proxy expenses, which are excluded from the Fund's expense limitation agreement. Gross and net expenses excluding interest expense and proxy expenses would have been: 1.06% and 0.70%, respectively for the year ended October 31, 2025; 1.06% and 0.70%, respectively for the year ended October 31, 2024; and 1.00% and 0.70%, respectively for the year ended October 31, 2023.

See Notes to Financial Statements

**36**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **VEST S&P 500® DIVIDEND ARISTOCRATS TARGET INCOME FUND** |
| **Financial Highlights** **Selected Per Share Data Throughout Each Year**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year**  | $12.60<br>| $11.78<br>| $12.59<br>| $13.88<br>| $10.88<br>|
| **Investment activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | 0.18 | 0.18 | 0.19 | 0.18 | 0.20 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | (0.20) | 2.12 | (0.27) | (0.82) | 3.44 |
| &nbsp;&nbsp;&nbsp; **Total from investment activities**  | (0.02) | 2.30 | (0.08) | (0.64) | 3.64 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (0.21) | (0.19) | (0.18) | (0.17) | (0.20) |
| &nbsp;&nbsp;&nbsp; Net realized gain  | (1.12) | (1.29) | (0.55) | (0.48) | (0.44) |
| &nbsp;&nbsp;&nbsp; **Total distributions**  | (1.33) | (1.48) | (0.73) | (0.65) | (0.64) |
| Paid-in capital from redemption fees  |  |  |  |  | —<br><sup>(2)</sup>  |
| **Net asset value, <br>end of year**  | **$** **11.25**<br>| **$** **12.60**<br>| **$** **11.78**<br>| **$** **12.59**<br>| **$** **13.88**<br>|
| **Total Return**  | **(0.08**<br>**%)** | **20.31%** | **(1.01**<br>**%)** | **(4.77**<br>**%)** | **34.02%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratios to average net assets  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  | 1.43%<sup>(3)</sup>  | 1.30%<sup>(3)</sup>  | 1.25%<sup>(3)</sup>  | 1.24% | 1.21%<sup>(3)</sup>  |
| &nbsp;&nbsp;&nbsp; Expenses, net of waiver (Note 2)  | 0.96%<sup>(3)</sup>  | 0.96%<sup>(3)</sup>  | 0.96%<sup>(3)</sup>  | 0.95% | 0.96%<sup>(3)</sup>  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | 1.48% | 1.44% | 1.48% | 1.36% | 1.49% |
| Portfolio turnover rate  | 422.70% | 536.68% | 233.33% | 128.88% | 126.11% |
| Net assets, end of year (000's)  | $14108<br>| $19988<br>| $27976<br>| $38485<br>| $41892<br>|

---

<sup>(1)</sup> Per share amounts calculated using the average number of shares outstanding throughout the year.

<sup>(2)</sup> Less than $0.005 per share.

<sup>(3)</sup> Gross and net expenses reflect the effect of interest expense which is excluded from the Fund's expense limitation agreement. Gross and net expenses excluding interest expense would have been: 1.42% and 0.95% for the year ended October 31, 2025; 1.29% and 0.95% for the year ended October 31, 2024; 1.24% and 0.95% for the year ended October 31, 2023; and 1.20% and 0.95%, respectively for the year ended October 31, 2021.

See Notes to Financial Statements

**37**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **VEST S&P 500® DIVIDEND ARISTOCRATS TARGET INCOME FUND** |
| **Financial Highlights** **Selected Per Share Data Throughout Each Year**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year**  | $12.57<br>| $11.74<br>| $12.57<br>| $13.86<br>| $10.86<br>|
| **Investment activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | 0.15 | 0.14 | 0.16 | 0.15 | 0.16 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | (0.16) | 2.12 | (0.28) | (0.82) | 3.45 |
| &nbsp;&nbsp;&nbsp; **Total from investment activities**  | (0.01) | 2.26 | (0.12) | (0.67) | 3.61 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (0.18) | (0.14) | (0.16) | (0.14) | (0.17) |
| &nbsp;&nbsp;&nbsp; Net realized gain  | (1.12) | (1.29) | (0.55) | (0.48) | (0.44) |
| &nbsp;&nbsp;&nbsp; **Total distributions**  | (1.30) | (1.43) | (0.71) | (0.62) | (0.61) |
| Paid-in capital from redemption fees  | 0.03 | —<br><sup>(2)</sup>  | —<br><sup>(2)</sup>  | —<br><sup>(2)</sup>  | —<br><sup>(2)</sup>  |
| **Net asset value, <br>end of year**  | **$** **11.29**<br>| **$** **12.57**<br>| **$** **11.74**<br>| **$** **12.57**<br>| **$** **13.86**<br>|
| **Total Return**  | **0.22%** | **20.05%** | **(1.33**<br>**%)** | **(5.00**<br>**%)** | **33.74%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  | 1.71%<sup>(3)</sup>  | 1.64%<sup>(3)</sup>  | 1.64%<sup>(3)</sup>  | 1.64% | 1.60%<sup>(3)</sup>  |
| &nbsp;&nbsp;&nbsp; Expenses, net of waiver (Note 2)  | 1.21%<sup>(3)</sup>  | 1.21%<sup>(3)</sup>  | 1.21%<sup>(3)</sup>  | 1.20% | 1.21%<sup>(3)</sup>  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | 1.23% | 1.14% | 1.23% | 1.11% | 1.23% |
| Portfolio turnover rate  | 422.70% | 536.68% | 233.33% | 128.88% | 126.11% |
| Net assets, end of year (000's)  | $3933<br>| $4761<br>| $2860<br>| $5181<br>| $5519<br>|

---

<sup>(1)</sup> Per share amounts calculated using the average number of shares outstanding throughout the year.

<sup>(2)</sup> Less than $0.005 per share.

<sup>(3)</sup> Gross and net expenses reflect the effect of interest expense which is excluded from the Fund's expense limitation agreement. Gross and net expenses excluding interest expense would have been: 1.70% and 1.20% for the year ended October 31, 2025; 1.63% and 1.20%, respectively for the year ended October 31, 2024; 1.63% and 1.20%, respectively for the year ended October 31, 2023; and 1.59% and 1.20%, respectively for the year ended October 31, 2021.

See Notes to Financial Statements

**38**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **VEST S&P 500® DIVIDEND ARISTOCRATS TARGET INCOME FUND** |
| **Financial Highlights** **Selected Per Share Data Throughout Each Year**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year**  | $12.59<br>| $11.77<br>| $12.58<br>| $13.87<br>| $10.88<br>|
| **Investment activities**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | 0.15 | 0.15 | 0.16 | 0.15 | 0.16 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | (0.21) | 2.11 | (0.28) | (0.82) | 3.44 |
| &nbsp;&nbsp;&nbsp; **Total from investment activities**  | (0.06) | 2.26 | (0.12) | (0.67) | 3.60 |
| **Distributions**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (0.18) | (0.15) | (0.14) | (0.14) | (0.17) |
| &nbsp;&nbsp;&nbsp; Net realized gain  | (1.12) | (1.29) | (0.55) | (0.48) | (0.44) |
| &nbsp;&nbsp;&nbsp; **Total distributions**  | (1.30) | (1.44) | (0.69) | (0.62) | (0.61) |
| Paid-in capital from redemption fees  |  | —<br><sup>(2)</sup>  |  |  |  |
| **Net asset value, <br>end of year**  | **$** **11.23**<br>| **$** **12.59**<br>| **$** **11.77**<br>| **$** **12.58**<br>| **$** **13.87**<br>|
| **Total Return**  | **(0.43**<br>**%)** | **20.00%** | **(1.26**<br>**%)** | **(4.99**<br>**%)** | **33.60%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  | 1.83%<sup>(3)</sup>  | 1.54%<sup>(3)</sup>  | 1.48%<sup>(3)</sup>  | 1.47% | 1.42%<sup>(3)</sup>  |
| &nbsp;&nbsp;&nbsp; Expenses, net of waiver (Note 2)  | 1.21%<sup>(3)</sup>  | 1.21%<sup>(3)</sup>  | 1.21%<sup>(3)</sup>  | 1.20% | 1.21%<sup>(3)</sup>  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | 1.22% | 1.19% | 1.22% | 1.11% | 1.26% |
| Portfolio turnover rate  | 422.70% | 536.68% | 233.33% | 128.88% | 126.11% |
| Net assets, end of year (000's)  | $1373<br>| $2699<br>| $3387<br>| $3783<br>| $4352<br>|

---

<sup>(1)</sup> Per share amounts calculated using the average number of shares outstanding throughout the year.

<sup>(2)</sup> Less than $0.005 per share.

<sup>(3)</sup> Gross and net expenses reflect the effect of interest expense which is excluded from the Fund's expense limitation agreement. Gross and net expenses excluding interest expense would have been: 1.82% and 1.20% for the year ended October 31, 2025; 1.53% and 1.20% for the year ended October 31, 2024; 1.47% and 1.20% for the year ended October 31, 2023; and 1.41% and 1.20%, respectively for the year ended October 31, 2021.

See Notes to Financial Statements

**39**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **VEST S&P 500® DIVIDEND ARISTOCRATS TARGET INCOME FUND** |
| **Financial Highlights** **Selected Per Share Data Throughout Each Year**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year**  | $12.52<br>| $11.70<br>| $12.52<br>| $13.82<br>| $10.83<br>|
| **Investment activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | 0.06 | 0.05 | 0.06 | 0.05 | 0.07 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | (0.21) | 2.11 | (0.27) | (0.82) | 3.43 |
| &nbsp;&nbsp;&nbsp; **Total from investment activities**  | (0.15) | 2.16 | (0.21) | (0.77) | 3.50 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (0.07) | (0.05) | (0.06) | (0.05) | (0.07) |
| &nbsp;&nbsp;&nbsp; Net realized gain  | (1.12) | (1.29) | (0.55) | (0.48) | (0.44) |
| &nbsp;&nbsp;&nbsp; **Total distributions**  | (1.19) | (1.34) | (0.61) | (0.53) | (0.51) |
| **Net asset value, <br>end of year**  | **$** **11.18**<br>| **$** **12.52**<br>| **$** **11.70**<br>| **$** **12.52**<br>| **$** **13.82**<br>|
| **Total Return**  | **(1.18**<br>**%)** | **19.15%** | **(2.00**<br>**%)** | **(5.74**<br>**%)** | **32.75%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  | 2.35%<sup>(2)</sup>  | 2.22%<sup>(2)</sup>  | 2.16%<sup>(2)</sup>  | 2.15% | 2.11%<sup>(2)</sup>  |
| &nbsp;&nbsp;&nbsp; Expenses, net of waiver (Note 2)  | 1.96%<sup>(2)</sup>  | 1.96%<sup>(2)</sup>  | 1.96%<sup>(2)</sup>  | 1.95% | 1.96%<sup>(2)</sup>  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | 0.48% | 0.42% | 0.47% | 0.36% | 0.51% |
| Portfolio turnover rate  | 422.70% | 536.68% | 233.33% | 128.88% | 126.11% |
| Net assets, end of year (000's)  | $1990<br>| $2304<br>| $2092<br>| $2487<br>| $2725<br>|

---

<sup>(1)</sup> Per share amounts calculated using the average number of shares outstanding throughout the year.

<sup>(2)</sup> Gross and net expenses reflect the effect of interest expense which is excluded from the Fund's expense limitation agreement. Gross and net expenses excluding interest expense would have been: 2.34% and 1.95% for the year ended October 31, 2025; 2.21% and 1.95%, respectively for the year ended October 31, 2024;2.15% and 1.95%, respectively for the year ended October 31, 2023; and 2.10% and 1.95%, respectively for the year ended October 31, 2021.

See Notes to Financial Statements

**40**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **VEST S&P 500® DIVIDEND ARISTOCRATS TARGET INCOME FUND** |
| **Financial Highlights** **Selected Per Share Data Throughout Each Year**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning <br>of year**  | $12.66<br>| $11.82<br>| $12.63<br>| $13.91<br>| $10.91<br>|
| **Investment activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income <br>(loss)<sup>(1)</sup>  | 0.21 | 0.21 | 0.22 | 0.21 | 0.23 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | (0.21) | 2.13 | (0.28) | (0.81) | 3.44 |
| &nbsp;&nbsp;&nbsp; **Total from investment activities**  | 0.00 | 2.34 | (0.06) | (0.60) | 3.67 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (0.24) | (0.21) | (0.20) | (0.20) | (0.23) |
| &nbsp;&nbsp;&nbsp; Net realized gain  | (1.12) | (1.29) | (0.55) | (0.48) | (0.44) |
| &nbsp;&nbsp;&nbsp; **Total distributions**  | (1.36) | (1.50) | (0.75) | (0.68) | (0.67) |
| **Net asset value, <br>end of year**  | **$** **11.30**<br>| **$** **12.66**<br>| **$** **11.82**<br>| **$** **12.63**<br>| **$** **13.91**<br>|
| **Total Return** | **0.10%** | **20.64%** | **(0.78**<br>**%)** | **(4.46**<br>**%)** | **34.24%** |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Ratios to average net assets<sup>(3)</sup>  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  | 1.31%<sup>(2)</sup>  | 1.21%<sup>(2)</sup>  | 1.15%<sup>(2)</sup>  | 1.14% | 1.11%<sup>(2)</sup>  |
| &nbsp;&nbsp;&nbsp; Expenses, net of waiver <br>(Note 2)  | 0.71%<sup>(2)</sup>  | 0.71%<sup>(2)</sup>  | 0.71%<sup>(2)</sup>  | 0.70% | 0.71%<sup>(2)</sup>  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | 1.75% | 1.66% | 1.70% | 1.61% | 1.73% |
| Portfolio turnover rate | 422.70% | 536.68% | 233.33% | 128.88% | 126.11% |
| Net assets, end of year (000's)  | $24056<br>| $32573<br>| $25777<br>| $18330<br>| $19917<br>|

---

<sup>(1)</sup> Per share amounts calculated using the average number of shares outstanding throughout the year.

<sup>(2)</sup> Gross and net expenses reflect the effect of interest expense which is excluded from the Fund's expense limitation agreement. Gross and net expenses excluding interest expense would have been: 1.30% and 0.70% for the year ended October 31, 2025; 1.20% and 0.70% for the year ended October 31, 2024; 1.14% and 0.70% for the year ended October 31, 2023; and 1.10% and 0.70%, respectively for the year ended October 31, 2021.

See Notes to Financial Statements

**41**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **VEST BITCOIN STRATEGY MANAGED VOLATILITY FUND** |
| **Financial Highlights (Consolidated)** **Selected Per Share Data Throughout Each Period**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **Period Ended<br>October 31, 2021\*** |
| **Net asset value, beginning of period**  | $22.83<br>| $13.96<br>| $10.00<br>| $24.58<br>| $20.00<br>|
| **Investment activities**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | 0.53 | 0.52 | 0.21 | (0.07) | (0.07) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 7.41 | 10.24 | 3.67 | (11.87) | 4.65 |
| &nbsp;&nbsp;&nbsp; **Total from investment activities**  | 7.94 | 10.76 | 3.88 | (11.94) | 4.58 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (2.57) | (1.98) |  | (2.64) |  |
| &nbsp;&nbsp;&nbsp; **Total distributions**  | (2.57) | (1.98) |  | (2.64) |  |
| Paid-in capital from redemption fees  | 0.06 | 0.09 | 0.08 |  |  |
| **Net asset value, end of period**  | **$** **28.26**<br>| **$** **22.83**<br>| **$** **13.96**<br>| **$** **10.00**<br>| **$** **24.58**<br>|
| **Total Return<sup>(2)</sup>**  | **35.95%** | **85.73%** | **39.60%** | **(53.08**<br>**%)** | **22.90%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratios to average net assets<sup>(3)</sup>  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  | 2.01% | 2.96% | 10.19% | 9.61%<sup>(4)</sup>  | 22.98%<sup>(4)</sup>  |
| &nbsp;&nbsp;&nbsp; Expenses, net of waiver (Note 2)  | 0.99% | 0.99% | 0.99% | 1.07%<sup>(4)</sup>  | 1.65%<sup>(4)</sup>  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | 1.93% | 2.61% | 1.18% | (0.52%) | (1.60%) |
| Portfolio turnover rate<sup>(2)</sup>  | 324.56% | 456.06% | 413.89% | 231.67% | 0.00% |
| Net assets, end of period (000's)  | $5757<br>| $2251<br>| $326<br>| $300<br>| $292<br>|

---

<sup>(1)</sup> Per share amounts calculated using the average number of shares outstanding throughout the period.

<sup>(2)</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>(3)</sup> Ratios to average net assets have been annualized for periods less than one year.

<sup>(4)</sup> Gross and net expenses reflect the effect of interest expense which is excluded from the Fund's expense limitation agreement. Gross and net expenses excluding interest and subsidiary expenses would have been: 9.59% and 1.05%, respectively for the year ended October 31, 2022; and 22.78% and 1.45%, respectively for the period ended October 31, 2021.

\*The Fund commenced operations on August 13, 2021.

See Notes to Financial Statements

**42**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **VEST BITCOIN STRATEGY MANAGED VOLATILITY FUND** |
| **Financial Highlights (Consolidated)** **Selected Per Share Data Throughout Each Period**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **Period Ended<br>October 31, 2021\*** |
| **Net asset value, beginning of period**  | $23.43<br>| $14.11<br>| $10.11<br>| $24.55<br>| $20.00<br>|
| **Investment activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | 0.48 | 0.47 | 0.20 | (0.10) | (0.09) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 7.61 | 10.59 | 3.68 | (11.90) | 4.64 |
| &nbsp;&nbsp;&nbsp; **Total from investment activities**  | 8.09 | 11.06 | 3.88 | (12.00) | 4.55 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (2.44) | (1.83) |  | (2.56) |  |
| &nbsp;&nbsp;&nbsp; **Total distributions**  | (2.44) | (1.83) |  | (2.56) |  |
| Paid-in capital from redemption fees  | 0.06 | 0.09 | 0.12 | 0.12 |  |
| **Net asset value, end of period**  | **$** **29.14**<br>| **$** **23.43**<br>| **$** **14.11**<br>| **$** **10.11**<br>| **$** **24.55**<br>|
| **Total Return<sup>(2)</sup>**  | **35.61%** | **86.33%** | **39.56%** | **(52.75**<br>**%)** | **22.75%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratios to average net assets<sup>(3)</sup>  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  | 2.26% | 3.44% | 9.16% | 9.70%<sup>(4)</sup>  | 19.75%<sup>(4)</sup>  |
| &nbsp;&nbsp;&nbsp; Expenses, net of waiver (Note 2)  | 1.24% | 1.24% | 1.24% | 1.30%<sup>(4)</sup>  | 1.90%<sup>(4)</sup>  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | 1.70% | 2.34% | 1.72% | (0.75%) | (1.86%) |
| Portfolio turnover rate  | 324.56% | 456.06% | 413.89% | 231.67% | 0.00% |
| Net assets, end of period (000's)  | $12198<br>| $4081<br>| $740<br>| $256<br>| $57<br>|

---

<sup>(1)</sup> Per share amounts calculated using the average number of shares outstanding throughout the period.

<sup>(2)</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>(3)</sup> Ratios to average net assets have been annualized for periods less than one year.

<sup>(4)</sup> Gross and net expenses reflect the effect of interest expense which is excluded from the Fund's expense limitation agreement. Gross and net expenses excluding interest and subsidiary expenses would have been: 9.68% and 1.28%, respectively for the year ended October 31, 2022 and 19.55%; and 1.70%, respectively for the period ended October 31, 2021.

\*The Fund commenced operations on August 13, 2021.

See Notes to Financial Statements

**43**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **VEST BITCOIN STRATEGY MANAGED VOLATILITY FUND** |
| **Financial Highlights (Consolidated)** **Selected Per Share Data Throughout Each Period**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **Period Ended<br>October 31, 2021\*** |
| **Net asset value, beginning of period**  | $23.13<br>| $13.95<br>| $9.98<br>| $24.56<br>| $20.00<br>|
| **Investment activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | 0.57 | 0.52 | 0.21 | (0.07) | (0.06) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 7.52 | 10.48 | 3.68 | (11.83) | 4.62 |
| &nbsp;&nbsp;&nbsp; **Total from investment activities**  | 8.09 | 11.00 | 3.89 | (11.90) | 4.56 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (2.57) | (1.91) |  | (2.68) |  |
| &nbsp;&nbsp;&nbsp; **Total distributions**  | (2.57) | (1.91) |  | (2.68) |  |
| Paid-in capital from redemption fees  | 0.06 | 0.09 | 0.08 |  |  |
| **Net asset value, end of period**  | **$** **28.71**<br>| **$** **23.13**<br>| **$** **13.95**<br>| **$** **9.98**<br>| **$** **24.56**<br>|
| **Total Return<sup>(2)</sup>**  | **36.13%** | **87.26%** | **39.78%** | **(53.03**<br>**%)** | **22.80%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratios to average net assets<sup>(3)</sup>  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  | 1.77% | 3.12% | 10.51% | 9.85%<sup>(4)</sup>  | 21.74%<sup>(4)</sup>  |
| &nbsp;&nbsp;&nbsp; Expenses, net of waiver (Note 2)  | 0.89% | 0.89% | 0.89% | 0.96%<sup>(4)</sup>  | 1.45%<sup>(4)</sup>  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | 2.05% | 2.67% | 1.91% | (0.48%) | (1.40%) |
| Portfolio turnover rate<sup>(2)</sup>  | 324.56% | 456.06% | 413.89% | 231.67% | 0.00% |
| Net assets, end of period (000's)  | $1913<br>| $882<br>| $424<br>| $232<br>| $491<br>|

---

<sup>(1)</sup> Per share amounts calculated using the average number of shares outstanding throughout the period.

<sup>(2)</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>(3)</sup> Ratios to average net assets have been annualized for periods less than one year.

<sup>(4)</sup> Gross and net expenses reflect the effect of interest expense which is excluded from the Fund's expense limitation agreement. Gross and net expenses excluding interest and subsidiary expenses would have been: 9.83% and 0.94%, respectively for the year ended October 31, 2022; and 21.54% and 1.25%, respectively for the period ended October 31, 2021.

\*The Fund commenced operations on August 13, 2021.

**44**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Notes to Financial Statements** **October 31, 2025**<br>|

---

**NOTE 1 – ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES**

The Vest US Large Cap 10% Buffer Strategies Fund ("10% Buffer"), the Vest US Large Cap 20% Buffer Strategies Fund ("20% Buffer"), and the Vest Bitcoin Strategy Managed Volatility Fund ("Bitcoin") are each non-diversified series of the World Funds Trust ("WFT" or "Trust") which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company. The Vest S&P 500® Dividend Aristocrats Target Income Fund ("Dividend Aristocrats") is a diversified series of the Trust. WFT was organized as a Delaware statutory trust on April 9, 2007 and may issue its shares of beneficial interest in separate series and issue classes of any series or divide shares of any series into two or more classes. 10% Buffer's inception dates were August 23, 2016 for Institutional Class, December 7, 2016 for Investor Class and July 24, 2018 for Classes A, C, and Y. 20% Buffer's inception dates were December 21, 2016 for Institutional Class, January 31, 2017 for Investor Class and Class A and July 24, 2018 for Classes C and Y. Dividend Aristocrat's inception dates were September 11, 2017 for Institutional Class, Investor Class, Classes A and C and July 24, 2018 for Class Y. The Funds' Class R commenced operations on May 2, 2024 and was subsequently closed on October 30, 2025. Bitcoin's inception date was August 13, 2021 for Institutional Class, Investor Class and Class Y. Prior to February 28, 2022, 10% Buffer and 20% Buffer were known as Vest S&P 500® Buffer Strategy Fund and Vest S&P 500® Enhanced Growth Strategy Fund, respectively. On February 28, 2022, 10% Buffer changed its investment objective from tracking, before fees and expenses, the performance of the S&P 500® Buffer Protect Index Balanced Series to seeking to provide investors with capital appreciation. On February 28, 2022, 20% Buffer changed its investment objective from tracking, before fees and expenses, the performance of the S&P 500® Enhanced Growth Index Balanced Series to seek to provide investors with capital appreciation.

The investment objectives of the 10% Buffer, 20% Buffer, Dividend Aristocrats and Bitcoin Funds (collectively the "Funds") are as follows:

---

| | |
|:---|:---|
| **Fund** | **Objective** |
| 10% Buffer  | Capital appreciation. |
| 20% Buffer  | Capital appreciation. |
| Dividend Aristocrats  | To track the price and yield performance, before fees and expenses, of the Cboe S&P 500® Dividend Aristocrats Target Income Index (the "Cboe Aristocrats Index"). |
| Bitcoin  | To seek total return. |

---

The Funds are each deemed to be an individual reporting segments and are not part of a consolidated reporting entity. The objective and strategy of each Fund is used by Vest Financial, LLC<sup>SM</sup> (the "Advisor") to make investment decisions, and the results of the Funds' operations, as shown in their Statements of Operations and Financial Highlights, is the information utilized for the day-to-day management of the Funds. The Funds and the Advisor are parties to expense agreements as disclosed in the Notes to the Financial Statements, and resources are not allocated to the Funds based on performance measurements. Due to the significance of oversight and its role in the Funds' management, the respective Fund's portfolio managers are deemed to be the Chief Operating Decision Maker.

The following is a summary of significant accounting policies consistently followed by the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "*Financial Services – Investment Companies*".

**45**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Notes to Financial Statements - continued** **October 31, 2025**<br>|

---

**Security Valuation**

The Funds' securities are valued at current market prices or fair value. Investments in securities traded on national securities exchanges are valued at the last reported sale price. For securities traded on the NASDAQ National Market System, the NASDAQ Official Closing Price will be used. Other securities traded in the over-the-counter market and listed securities for which no sales are reported on a given date are valued at the last reported bid price. Debt securities are valued by appraising them at prices supplied by a pricing agent approved by the Trust, which prices may reflect broker-dealer supplied valuations and electronic data processing techniques. Short-term debt securities (less than 60 days to maturity) are valued at their fair value using amortized cost. Investments in investment companies and money market funds are valued at net asset value per share. Other assets for which market prices are not readily available are valued at their fair value as determined in good faith by the Funds' advisor under procedures set by the Board of Trustees (the "Board"). Although the Board is ultimately responsible for fair value determinations under Rule 2a-5 of the 1940 Act, the Board has delegated day-to-day responsibility for oversight of the valuation of each of the Fund's assets to the Advisor as the Valuation Designee pursuant to the Funds' policies and procedures. Generally, trading in corporate bonds, US government securities and money market instruments is substantially completed each day at various times before the scheduled close of the New York Stock Exchange ("NYSE"). The value of these securities used in computing the net asset value ("NAV") is determined at such times.

FLexible EXchange® Options ("FLEX Options") that traded close to the valuation time (typically, within one hour of the valuation time), such FLEX Options are valued at their executed market price. If a FLEX Option is not traded during this time, the FLEX Option will be valued by a Pricing Service that utilizes an options pricing model. Factors used by the model may include observable and unobservable inputs, including the strike price and maturity date of the FLEX Option, implied volatility, and the level of the underlying reference entity. Standardized listed options are valued at the last quoted sales price at the valuation time. If a standardized option is not traded on the valuation date, the option is priced at the mean of the last quoted bid and ask prices on the exchange at the valuation time.

Futures contracts are valued at the settlement price determined by the applicable US exchange on the date with respect to which the NAV is being determined, or if no settlement price is available, at the last sale price as of the close of business prior to the NAV determination on such day.

The Funds have a policy that contemplates the use of fair value pricing to determine the NAV per share of the Funds when market prices are unavailable as well as under special circumstances, such as: (i) if the primary market for a portfolio security suspends or limits trading or price movements of the security; and (ii) when an event occurs after the close of the exchange on which a portfolio security is principally traded, but prior to the time of which the Fund's NAV is calculated, that is likely to have changed the value of the security. Since most of the Funds' investments are traded on US securities exchanges, it is anticipated that the use of fair value pricing will be limited.

When the Funds use fair value pricing to determine the NAV per share of the Funds, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board believes accurately reflects fair value. Any method used by the will be approved by the Board and results will be monitored by the Valuation Designee to evaluate accuracy. The Funds' policy is intended to result in a calculation of the Funds' NAV that fairly reflects security values as of the time of pricing.

Various inputs are used in determining the value of the Funds' investments. 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 market-based inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Funds' own assumptions in determining fair value of investments).

**46**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Notes to Financial Statements - continued** **October 31, 2025**<br>|

---

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 level of inputs used to value the Funds' investments as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br>Quoted Prices** | **Level 2<br>Other Significant Observable Inputs** | **Level 3<br>Significant Unobservable Inputs** | **Total** |
| **10% Buffer** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Call Options Purchased  | $—<br>| $416692469<br>| $—<br>| $416692469<br>|
| Put Options Purchased  |  | 7899765 |  | 7899765 |
|  | $—<br>| $424592234<br>| $—<br>| $424592234<br>|
| **Liabilities:** |  |  |  |  |
| Call Options Written  | $—<br>| $(18789756) | $—<br>| $(18789756) |
| Put Options Written  |  | (4408336) |  | (4408336) |
|  | $—<br>| $(23198092) | $—<br>| $(23198092) |
| **20% Buffer** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Money Market Fund  | $876065<br>| $—<br>| $—<br>| $876065<br>|
| Call Options Purchased  |  | 136359318 |  | 136359318 |
| Put Options Purchased  |  | 2606923 |  | 2606923 |
|  | $876065<br>| $138966241<br>| $—<br>| $139842306<br>|
| **Liabilities:** |  |  |  |  |
| Call Options Written  | $—<br>| $(10175985) | $—<br>| $(10175985) |
| Put Options Written  |  | (819837) |  | (819837) |
|  | $—<br>| $(10995822) | $—<br>| $(10995822) |
| **Dividend Aristocrats** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stocks  | $45490806<br>| $—<br>| $—<br>| $45490806<br>|
| Money Market Fund  | 8160 |  |  | 8160 |
|  | $45498966<br>| $—<br>| $—<br>| $45498966<br>|
| **Liabilities:** |  |  |  |  |
| Call Options Written  | $(79323) | $—<br>| $—<br>| $(79323) |
|  | $(79323) | $—<br>| $—<br>| $(79323) |
| **Bitcoin** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Money Market Fund  | $16211331<br>| $—<br>| $—<br>| $16211331<br>|
|  | $16211331<br>| $—<br>| $—<br>| $16211331<br>|

---

**47**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Notes to Financial Statements - continued** **October 31, 2025**<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br>Quoted Prices** | **Level 2<br>Other Significant Observable Inputs** | **Level 3<br>Significant Unobservable Inputs** | **Total** |
| **Other Financial Instruments:** |  |  |  |  |
| Futures Contracts\*  | $(611888) | $—<br>| $—<br>| $(611888) |
|  | $(611888) | $—<br>| $—<br>| $(611888) |

---

\*Other financial instruments are derivative instruments such as futures contracts and are valued at the unrealized appreciation (depreciation) of the instrument.

Refer to each Fund's Schedules of Investments for a listing of the securities by security type. The Funds held no Level 3 securities at any time during the year ended October 31, 2025.

**Security Transactions and Income**

Security transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Discount or premiums are accreted or amortized to interest income using the effective interest method. The cost of securities sold is determined generally on a specific identification basis.

**Cash**

Cash, if any, consist of overnight deposits with the custodian bank which earn interest at the current market rate.

**Cash Deposits with Brokers and Due to Broker**

Cash deposits with brokers are held as collateral for options written. As of October 31, 2025, $361, $150, $4,151 and $4,251,773 were the cash deposits with brokers for 10% Buffer, 20% Buffer, Dividend Aristocrats and Bitcoin Funds', respectively. As of October 31, 2025, there were no amounts due to broker.

**Accounting Estimates**

In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Federal Income Taxes**

Each Fund has complied and intends to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise provision is required.

Management has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions to be taken in the Funds' tax returns. The Funds have no examinations in progress and management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Interest and penalties, if any, associated with any federal or state income tax obligations are recorded as income tax expense when incurred.

**48**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Notes to Financial Statements - continued** **October 31, 2025**<br>|

---

**Reclassification of Capital Accounts**

Certain components of net assets are reclassified relating to permanent differences between financial and tax reporting. These reclassifications are caused primarily by differences in the timing of the recognition of certain components of income, expenses or realized capital gains for federal income tax purposes and have no effect on net assets or net asset value per share. For the year ended October 31, 2025, such reclassifications were due to the write off of net operating loss for 10% Buffer and 20% Buffer, capital gains from redemptions in-kind for 10% Buffer and the utilization of earnings and profits distributed to shareholders on redemption of shares for Dividend Aristocrats and Bitcoin. Vest Cayman Subsidiary I, as a wholly owned subsidiary of the Bitcoin Fund, is legally separate from the Bitcoin Fund and is treated as an independent company for taxation purposes.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **10 % Buffer** | **20 % Buffer** | **Dividend<br>Aristocrats** | **Bitcoin** |
| Paid-in capital  | $44819807<br>| $(755946) | $66506<br>| $1253487<br>|
| Distributable earnings  | (44819807) | 755946 | (66506) | (1253487) |

---

**Class Net Asset Values and Expenses**

All income, expenses not attributable to a particular class, and realized and unrealized gains, are allocated to each class proportionately on a daily basis for purposes of determining the net asset value of each class. Each class bears different distribution expenses. Ratios are calculated by adjusting the expense and net investment income ratios for the Funds for the entire period for the effect of expenses applicable for each class. Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds based on each fund's relative net assets or another appropriate basis as determined by the Board.

The 10% Buffer, 20% Buffer and Dividend Aristocrats Funds currently offer Class A, Class C, Class Y, Investor Class and Institutional Class Shares. The Bitcoin Fund currently offers Class Y, Investor Class and Institutional Class Shares. Class A Shares include a maximum front-end sales charge of 5.75%. Class A, Class C and Investor Class Shares include a maximum 2.00% redemption fee on the proceeds of certain redemptions on shares held for 30 days or less.

**Derivatives**

The Funds utilize derivatives to achieve their investment strategies. These are financial instruments that derive their performance from the performance of an underlying asset or index. Derivatives can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a large potential impact on the performance of the Funds. The Funds could experience a loss if derivatives do not perform as anticipated, or are not correlated with the performance of other investments which are used to hedge or if the Funds are unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. 10% Buffer and 20% Buffer use FLEX Options, whose customized exercise prices and expiration dates allow the Funds to more precisely implement its investment strategy than through what could be achieved through the use of standardized option contracts. Options are subject to equity price risk that arises from the possibility that equity security prices will fluctuate affecting the value of the options. The Bitcoin Fund may invest in exchange-traded Bitcoin futures contracts (whether directly or through the Vest Subsidiary). Futures contracts involve the risk of mispricing or improper valuation and the risk that changes in the value of a futures contract may not correlate perfectly with the underlying indicator. A liquid secondary market may not always exist for the Bitcoin Fund's futures contract positions at any

**49**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Notes to Financial Statements - continued** **October 31, 2025**<br>|

---

time. The Funds are subject to the requirements of Rule 18f-4 under the 1940 Act and have adopted policies and procedures to manage risks concerning their use of derivatives. The following are the derivatives held by each Fund on October 31, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | **Derivative** | **Value <br>Asset Derivatives** |
| 10% Buffer  | Options Purchased – Call | $416692469<br>|
|  | Options Purchased – Put | 7899765 |
|  |  | $424592234<br>\* |
| 20% Buffer  | Options Purchased – Call | $136359318<br>|
|  | Options Purchased – Put | 2606923 |
|  |  | $138966241<br>\* |
| Bitcoin  | Futures Contracts | $(611888)\*\* |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Derivative** | **Value <br>Liability Derivatives** |
| 10% Buffer  | Options Written – Call | $(18789756<br>|
|  | Options Written – Put | (4408336 |
|  |  | $(23198092<br>|
| 20% Buffer  | Options Written – Call | $(10175985<br>|
|  | Options Written – Put | (819837 |
|  |  | $(10995822<br>|
| Dividend Aristocrats  | Options Written – Call | $(79323<br>|

---

\*Statements of Assets and Liabilities location: Investments at value.

\*\*Statements of Assets and Liabilities location: Unrealized depreciation of open futures contracts.

\*\*\*Statements of Assets and Liabilities location: Options written at value.

The effect of derivative instruments on the Statements of Operations and whose underlying risk exposure is equity price risk for the 10% Buffer, 20% Buffer and Dividend Aristocrats Funds and commodity risk for the Bitcoin Fund for the year ended October 31, 2025, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Derivative** | **Realized Gain (Loss) On Derivatives\*** | **Change in Unrealized Appreciation (Depreciation) Of Derivatives\*\*** |
| 10% Buffer  | Options Purchased – Call | $(8586329) | $7195545<br>|
|  | Options Purchased – Put | (17186918) | (4815955) |
|  |  | $(25773247) | $2379590<br>|
|  | Options Written – Call | $(6233799) | $(7613808) |
|  | Options Written – Put | 8781006 | 3470116 |
|  |  | $2547207<br>| $(4143692) |

---

**50**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Notes to Financial Statements - continued** **October 31, 2025**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Derivative** | **Realized Gain (Loss) On Derivatives\*** | **Change in Unrealized Appreciation (Depreciation) Of Derivatives\*\*** |
| 20% Buffer  | Options Purchased – Call | $(1429395) | $12366662<br>|
|  | Options Purchased – Put | (4735983) | (465624) |
|  |  | $(6165378) | $11901038<br>|
|  | Options Written – Call | $(2915269) | $(2995181) |
|  | Options Written – Put | 697344 | 832736 |
|  |  | $(2217925) | $(2162445) |
| Dividend Aristocrats  | Options Written – Call | $2332217<br>| $(48217) |
| Bitcoin  | Futures Contracts | $3506273<br>| $(781766) |

---

\*Statements of Operations location: Net realized gain (loss) on options purchased, options written, and futures contracts, respectively.

\*\*Statements of Operations location: Net change in unrealized appreciation (depreciation) on options purchased, options written, and futures contracts, respectively.

The following indicates the average monthly volume for the year ended October 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Average Monthly Notional Value of:** | **Average Monthly Notional Value of:** |
| **Fund** | **Derivative** | **Notional Value** |
| 10% Buffer  | Options Purchased | $773694015<br>|
|  | Options Written | (802591312) |
| 20% Buffer  | Options Purchased | 251843441 |
|  | Options Written | (264203605) |
| Dividend Aristocrats  | Options Written | (5688230) |
| Bitcoin  | Futures Contracts | 13186711 |

---

**Options**

Call options give the owner the right to buy a stock at a specific price (also called the strike price) over a given period of time. Put options give the owner the right, but not the obligation, to sell a stock at a specific price over a given period of time. A purchaser (holder) of an option pays a non-refundable premium to the seller (writer) of an option to obtain the right to buy/sell a specified amount of a security at a fixed price (the exercise price) during a specified period (exercise period). Conversely, the seller (writer) of an option, upon payment by the holder of the premium, has the obligation to sell/buy the security from the holder of the option at the exercise price during the exercise period. When an option is exercised, the premium originally received decreases the cost basis of the underlying security (or increases the proceeds on the security sold short) and the Funds realize a gain or loss from the sale of the security (or closing of the short sale). Options are not treated as hedging instruments under GAAP.

**51**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Notes to Financial Statements - continued** **October 31, 2025**<br>|

---

10% Buffer and 20% Buffer use FLEX Options, which are customized equity or index option contracts that trade on an exchange, but that provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. Like standardized exchange-traded options, FLEX Options are guaranteed for settlement by The Options Clearing Corporation ("OCC"), a market clearinghouse. The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the "buyer for every seller and the seller for every buyer," protecting clearing members and options traders from counterparty risk. FLEX Options provide investors with the ability to customize key terms, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of Over-the-Counter ("OTC") options positions. The Funds bear the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be less liquid than certain other securities such as standardized options. In a less liquid market for the FLEX Options, the Funds may have difficulty closing out certain FLEX Options positions at desired times and prices. The value of the FLEX Options may change with the implied volatility of the Reference Exchange Traded Funds ("ETF"), the S&P 500® Index and the securities comprising the S&P 500® Index. No one can predict whether implied volatility will rise or fall in the future.

10% Buffer aims to achieve its objective by seeking to capture returns, up to a maximum gain, generated by US large cap equity markets in rising markets, while seeking to cushion against losses in declining markets (i.e., a "buffer"). 10% Buffer seeks to accomplish its goals by investing in a portfolio of options-based buffered investment strategies.

10% Buffer attempts to achieve its investment objective through the construction of twelve laddered portfolios of 10% buffer strategies (each a "10% Buffer Strategy") that invest in exchange-traded FLEX Options linked to a US large cap equity index (the "Index"), such as the S&P 500® Index, or to an exchange traded fund (an "ETF") that tracks the Index. Under normal market conditions, 10% Buffer will invest at least 80% of the value of its net assets (the "80% Test") in a portfolio, or other investment companies that hold a portfolio, of FLEX Options linked to the Index and that are designed to replicate the returns of the twelve 10% Buffer Strategies. 10% Buffer Strategy seeks to provide investors with returns (before fees, expenses and taxes) that match the price return of the Index, up to a predetermined upside cap, while providing a buffer against the first 10% (before fees, expenses and taxes) of Index losses, over a defined one-year period. FLEX Options are customizable exchange-traded option contracts. For purposes of determining compliance with 10% Buffer's 80% Test, 10% Buffer will only purchase FLEX Options on an Index, such as the S&P 500® index, that is considered to measure the large cap universe of issuers in the United States. For purposes of calculating the valuing the FLEX Options position and assessing compliance with the 80% Test, 10% Buffer will consider the market value of its FLEX Options positions.

20% Buffer aims to achieve its objective by seeking to capture returns, up to a maximum gain, generated by US large cap equity markets in rising markets, while seeking to cushion against losses in declining markets (i.e., a "buffer"). 20% Buffer seeks to accomplish its goals by investing in a portfolio of options-based buffered investment strategies.

20% Buffer attempts to achieve its investment objective through the construction of twelve laddered portfolios of 20% buffer strategies (each a "20% Buffer Strategy") that invest in exchange-traded FLEX Options linked to a US large cap equity index (the "Index"), such as the S&P 500® Index, or to an exchange traded fund (an "ETF") that tracks the Index. Under normal market conditions, 20% Buffer will invest at least 80% of the value of its net assets (the "80% Test") in a portfolio, or other investment companies that hold a portfolio, of FLEX Options linked to the Index and that are designed to replicate the returns of the twelve 20% Buffer Strategies. 20% Buffer Strategy seeks to provide investors with returns (before fees, expenses and taxes) that match the price return of the Index, up to a predetermined upside cap, while providing a buffer against the first 20% (before fees, expenses and taxes) of Index losses, over a defined one-year period. FLEX Options are customizable exchange-traded option contracts. For purposes of determining compliance with the

**52**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Notes to Financial Statements - continued** **October 31, 2025**<br>|

---

Fund's 80% Test, 20% Buffer will only purchase FLEX Options on an Index, such as the S&P 500® Index, that is considered to measure the large cap universe of issuers in the United States. For purposes of calculating the valuing the FLEX Options position and assessing compliance with the 80% Test, 20% Buffer will consider the market value of its FLEX Options positions.

Dividend Aristocrats is designed with the primary goal of generating an annualized level of income that is approximately 10% over the annual dividend yield of the S&P 500® Index and a secondary goal of generating limited capital appreciation based on returns of the equity components of the S&P 500® Index. The Index investment strategy includes, (1) buying an equally weighted portfolio of stocks of companies that are the members of the S&P 500® Dividend Aristocrats® Index and (2) partially writing hypothetical weekly US exchange-traded covered call options on each of the stocks.

**Purchased option contracts** – When the Funds purchase a call or put option, an amount equal to the total premium (the premium plus commission) paid by the Fund is recorded as an asset in the Funds' Statements of Assets and Liabilities and is subsequently marked-to-market daily. Premiums paid in the purchase of options that expire are treated as realized losses. Premiums paid in the purchase of call options that are exercised will increase the cost of the underlying security purchased. Premiums paid in the purchase of put options that are exercised will decrease the proceeds used to calculate the realized capital gain or loss on the sale of the underlying security.

**Written option contracts** – When the Funds write a call or put option, an amount equal to the net premium (the premium less the commission) received by the Funds are recorded in the Funds' Statements of Assets and Liabilities and is subsequently marked-to-market daily. Premiums received from writing call and put options that expire are treated as realized capital gains. Premiums received from writing call options that are exercised will increase the proceeds used to calculate the realized capital gain or loss on the sale of the underlying security. Premiums received from writing put options that are exercised will decrease the basis of the underlying security purchased.

If a closing purchase or sale transaction is used to terminate a Fund's obligation on an option, a capital gain or loss will be realized, depending upon whether the price of the closing transaction is more or less than the premium previously paid on the option purchased or received on the option written.

**Futures Contracts**

Futures contracts are financial contracts, the value of which depends on, or is derived from an underlying reference asset. In the case of Bitcoin Futures, the underlying reference asset is Bitcoin. A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument (e.g., units of a stock index) for a specified price, date, time and place designated at the time the contract is made. Brokerage fees are paid when a futures contract is bought or sold and margin deposits must be maintained.

**Consolidation of Subsidiary**

The Bitcoin Fund may invest up to 25% of its total assets in its subsidiary, Vest Cayman Subsidiary I, a wholly-owned and controlled subsidiary formed under the laws of the Cayman Islands. The Consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and Financial Highlights of the Bitcoin Fund include the accounts of the Vest Cayman Subsidiary I. All inter-company accounts and transactions have been eliminated in the consolidation for the Bitcoin Fund. The Vest Cayman Subsidiary I is advised by the Advisor and acts as an investment vehicle in order to effect certain investments consistent with the Bitcoin Fund's investment objectives and policies specified in the Bitcoin Fund's prospectus and statement of additional information. The Vest Cayman Subsidiary I will generally invest in derivatives, including futures, and other investments intended to serve as margin or collateral for futures positions. The inception date of the Vest Cayman Subsidiary I was August 13, 2021. As of October 31, 2025, net assets of the Bitcoin Fund were $19,868,288, of which $3,639,855, or approximately 18.32%, represented the Bitcoin Fund's ownership of the shares of the Vest Cayman Subsidiary I.

**53**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Notes to Financial Statements - continued** **October 31, 2025**<br>|

---

**NOTE 2 – INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES**

Pursuant to an Investment Advisory Agreement, the Advisor provides investment advisory services, and receives of monthly fee computed at an annual rate based on the daily net assets of each Fund. For Bitcoin Fund the rate is 1.00% and for the 10% Buffer, 20% Buffer and Dividend Aristocrats Fund the rate is computed in accordance with the following fee schedule:

---

| | |
|:---|:---|
| **Asset Breakpoint** | **Rate** |
| $0-$249999999.99  | 0.75% |
| $250000000-$749999999.99  | 0.65% |
| $750000000-$1499999999.99  | 0.60% |
| $1500000000-$4999999999.99  | 0.55% |
| >$5,000,000,000  | 0.50% |

---

The Advisor has entered into a written expense limitation agreement under which it has agreed to limit the total expenses of the Funds (exclusive of interest, fees payable pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, extraordinary expenses and dividend expense on short sales) to an annual rate of 0.95% of the average daily net assets of each class of 10% Buffer, 20% Buffer and Dividend Aristocrats, except for the Class Y Shares and Class R Shares, where the Advisor has agreed to limit total expenses to 0.70% and 0.49%, respectively. Total expenses are limited to 0.99% of the average daily net assets of each class of Bitcoin, except for the Class Y Shares and Class R Shares, where the Advisor has agreed to limit the total expenses to 0.89% and 0.49%, respectively. The Advisor may not terminate this expense limitation agreement prior to February 28, 2026 for 10% Buffer, 20% Buffer and Dividend Aristocrats and Bitcoin. Each waiver or reimbursement of an expense by the Advisor is subject to repayment by the Funds within three years following the date such waiver and/or reimbursement was made, provided that the Funds are able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.

For the year ended October 31, 2025, the Advisor earned and waived advisory fees and pursuant to the expense limitation arrangements as described below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** |  | **Management Fees Earned** | **Management Fees Waived** | **Expenses Reimbursed** |
| 10% Buffer  | 0.71% | $2873725<br>| $639359<br>| $—<br>|
| 20% Buffer  | 0.75% | 942565 | 344440 |  |
| Dividend Aristocrats  | 0.75% | 403277 | 294094 |  |
| Bitcoin  | 1.00% | 168361 | 168361 | 760 |

---

The total amount of recoverable reimbursements as of October 31, 2025, and expiration dates are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Recoverable Reimbursements and Expiration Dates** | **Recoverable Reimbursements and Expiration Dates** | **Recoverable Reimbursements and Expiration Dates** | **Recoverable Reimbursements and Expiration Dates** |
| **Fund** | **2026** | **2027** | **2028** | **Total** |
| 10% Buffer  | $717305<br>| $717843<br>| $639359<br>| $2074507<br>|
| 20% Buffer  | 151913 | 217284 | 344440 | 713637 |
| Dividend Aristocrats  | 250039 | 267762 | 294094 | 811.895 |
| Bitcoin  | 82890 | 99776 | 169121 | 351787 |

---

**54**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Notes to Financial Statements - continued** **October 31, 2025**<br>|

---

The Board has adopted a Distribution and Service Plan for the Funds' Investor Class, Class A and Class C Shares (collectively, the "12b-1 Plans") in accordance with Rule 12b-1 under the 1940 Act. Pursuant to the 12b-1 Plan, the Funds may finance from the assets of a particular Class certain activities or expenses that are intended primarily to result in the sale of shares of such class. The Funds finance these distribution and service activities through payments made to Foreside Fund Services, LLC ("Distributor"). The fee paid to the Distributor by each class is computed on an annualized basis reflecting the average daily net assets of a class, up to a maximum of 0.25% for Investor Class and Class A Shares expenses and 1.00% for Class C Shares expenses. Because these fees are paid out of a class's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost more than paying other types of sales charges.

10% Buffer, 20% Buffer and Dividend Aristocrats have adopted a shareholder services plan with respect to their Investor Class, Institutional Class, Class A and Class C Shares. Under the shareholder services plan, 10% Buffer, 20% Buffer and Dividend Aristocrats may pay an authorized firm on an annualized basis, up to 0.25% of average daily net assets attributable to their customers who are shareholders. Bitcoin has adopted a shareholder services plan with respect to its Investor Class and Institutional Class pursuant to which Bitcoin may pay an authorized firm up to 0.25% on an annualized basis of its average daily net assets attributable to its customers who are shareholders. For this fee, the authorized firms may provide a variety of services, including but not limited to: (i) arranging for bank wires; (ii) responding to inquiries from shareholders concerning their investment in the Funds; (iii) assisting shareholders in changing dividend options, account designations and addresses; (iv) providing information periodically to shareholders showing their position in shares; (v) forwarding shareholder communications from the Funds such as proxies, shareholder reports, annual reports, and dividend distribution and tax notices to shareholders; (vi) processing purchase, exchange and redemption requests from shareholder and placing orders with the Funds or their service providers; (vii) providing sub accounting with respect to shares beneficially owned by shareholders; and (viii) processing dividend payments from the Funds on behalf of shareholders.

Because the Funds have adopted the shareholder services plan to compensate authorized firms for providing the types of services described above, the Funds believe the shareholder services plan is not covered by Rule 12b-1 under the 1940 Act, which relates to payment of distribution fees. The Funds, however, follow the procedural requirements of Rule 12b-1 in connection with the implementation and administration of the shareholder services plan.

For the year ended October 31, 2025, the following expenses were incurred:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class** | **Type of Plan** | **Fees Incurred** |
| 10% Buffer  | Institutional | Shareholder servicing | $242004<br>|
| 10% Buffer  | Investor | Shareholder servicing | 31991 |
| 10% Buffer  | A | Shareholder servicing | 7711 |
| 10% Buffer  | C | Shareholder servicing | 8033 |
| 10% Buffer  | Investor | 12b-1 | 57991 |
| 10% Buffer  | A | 12b-1 | 12852 |
| 10% Buffer  | C | 12b-1 | 53549 |
| 20% Buffer  | Institutional | Shareholder servicing | 81410 |
| 20% Buffer  | Investor | Shareholder servicing | 19856 |
| 20% Buffer  | A | Shareholder servicing | 2062 |
| 20% Buffer  | C | Shareholder servicing | 4988 |
| 20% Buffer  | Investor | 12b-1 | 33093 |
| 20% Buffer  | A | 12b-1 | 2163 |
| 20% Buffer  | C | 12b-1 | 33259 |

---

**55**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Notes to Financial Statements - continued** **October 31, 2025**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class** | **Type of Plan** | **Fees Incurred** |
| Dividend Aristocrats  | Institutional | Shareholder servicing | $18468<br>|
| Dividend Aristocrats  | Investor | Shareholder servicing | 6670 |
| Dividend Aristocrats  | A | Shareholder servicing | 5536 |
| Dividend Aristocrats  | C | Shareholder servicing | 750 |
| Dividend Aristocrats  | Investor | 12b-1 | 11191 |
| Dividend Aristocrats  | A | 12b-1 | 5233 |
| Dividend Aristocrats  | C | 12b-1 | 20971 |
| Bitcoin  | Institutional | Shareholder servicing | 9601 |
| Bitcoin  | Investor | Shareholder servicing | 27458 |
| Bitcoin  | Investor | 12b-1 | 27458 |

---

Commonwealth Fund Services, Inc. ("CFS") acts as the Funds' administrator, transfer and dividend disbursing agent and pricing agent. CFS provides shareholder, recordkeeping, administrative and blue-sky filing services. Fees to CFS are accrued daily and paid monthly. For the year ended October 31, 2025, the following fees were paid to CFS by the Funds:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Administration** | **Transfer Agent** | **Accounting** |
| 10% Buffer  | $317438<br>| $28261<br>| $132982<br>|
| 20% Buffer  | 99368 | 26397 | 40219 |
| Dividend Aristocrats  | 43608 | 8280 | 17474 |
| Bitcoin  | 12913 | 9555 | 17502 |

---

Certain officers of the Trust are also officers and/or directors of CFS. Additionally, Practus LLP, serves as legal counsel to the Trust. John H. Lively, Secretary of the Trust, is Managing Partner of Practus LLP. J. Stephen King Jr. and Robert Rhatigan, each an Assistant Secretary of the Trust, are Partners of Practus LLP. Neither the officers and/or directors of CFS, Mr. Lively, Mr. King or Mr. Rhatigan receive any special compensation from the Trust or the Funds for serving as officers of the Trust.

The Funds' Chief Compliance Officer is the Managing Member of Watermark Solutions, LLC ("Watermark"), which provides certain compliance services to the Funds. For the year ended October 31, 2025, Watermark received the following fees from the Funds:

---

| | | | |
|:---|:---|:---|:---|
| **10% Buffer** | **20% Buffer** | **Dividend Aristocrats** | **Bitcoin** |
| $40039 | $12690 | $5494 | $1457 |

---

**NOTE 3 – INVESTMENT TRANSACTIONS**

The cost of purchases and proceeds from the sales of securities excluding than short-term securities for the year ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| 10% Buffer  | $486195935<br>| $325131085<br>|
| 20% Buffer  | 120672465 | 97520323 |
| Dividend Aristocrats  | 229233000 | 239762426 |
| Bitcoin  | 14677320 | 14050324 |

---

For the year ended October 31, 2025, in-kind transactions associated with redemptions for 10% Buffer were $135,244,212 and the related realized gains were $47,923,369.

**56**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Notes to Financial Statements - continued** **October 31, 2025**<br>|

---

**NOTE 4 – DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL**

Distributions from net investment income and realized gains, if any, are recorded on the ex-dividend date. Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

The tax character of distributions for the years ended October 31, 2025 and 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended October 31, 2025** | **Year Ended October 31, 2025** | **Year Ended October 31, 2025** | **Year Ended October 31, 2025** |
|  | **10% Buffer** | **20% Buffer** | **Dividend Aristocrats** | **Bitcoin** |
| Distributions paid from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income  | $—<br>| $—<br>| $2592417<br>| $1291644<br>|
| &nbsp;&nbsp;&nbsp; Realized gains  |  |  | 3536415 |  |
|  | $—<br>| $—<br>| $6128832<br>| $1291644<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended October 31, 2024** | **Year Ended October 31, 2024** | **Year Ended October 31, 2024** | **Year Ended October 31, 2024** |
|  | **10% Buffer** | **20% Buffer** | **Dividend Aristocrats** | **Bitcoin** |
| Distributions paid from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income  | $—<br>| $—<br>| $4372547<br>| $268201<br>|
| &nbsp;&nbsp;&nbsp; Realized gains  |  |  | 3153037 |  |
|  | $—<br>| $—<br>| $7525584<br>| $268201<br>|

---

As of October 31, 2025, the components of distributable earnings (accumulated deficits) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **10% Buffer** | **20% Buffer** | **Dividend Aristocrats** | **Bitcoin** |
| Accumulated net investment income (accumulated deficits)  | $—<br>| $—<br>| $—<br>| $1726277<br>|
| Accumulated realized gain (loss)  |  |  | 1976494 |  |
| Other losses  | (7235536) | (2342117) | (832059) |  |
| Net unrealized appreciation (depreciation)  | 84813979 | 25492770 | 589435 |  |
|  | $77578443<br>| $23150653<br>| $1733970<br>| $1726277<br>|

---

As of October 31, 2025, Dividend Aristocrats had outstanding straddle loss deferrals of $832,059.

Under current tax law, late-year ordinary losses realized after December 31 of a fund's fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The Funds elected to defer late year ordinary losses as follows:

---

| | |
|:---|:---|
| **Fund** |  |
| 10% Buffer  | $2686409<br>|
| 20% Buffer  | 832255 |

---

As of October 31, 2025, 10% Buffer had a capital loss carryforward of $4,549,127 all of which is long term. 20% Buffer had a capital loss carryforward of $1,509,862 all of which is considered long term. These losses may be carried forward indefinitely. During the year ended October 31, 2025, 10% Buffer utilized $5,604,798 and 20% Buffer utilized $123,477 of capital loss carryforward generated in previous years.

**57**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Notes to Financial Statements - continued** **October 31, 2025**<br>|

---

Cost of investments for Federal Income tax purposes, inclusive of premiums received from written options, and the related tax-based net unrealized appreciation (depreciation) consists of:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Gross Unrealized Appreciation** | **Gross Unrealized Depreciation** | **Net Unrealized Appreciation** |
| 10% Buffer  | $316580163<br>| $110085787<br>| $(25271808) | $84813979<br>|
| 20% Buffer  | 103353714 | 33515619 | (8022849) | 25492770 |
| Dividend Aristocrats  | 44830207 | 8077117 | (7487682) | 589435 |
| Bitcoin  | 16211331 |  |  |  |

---

The difference between book basis and tax basis of net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of wash sales.

**NOTE 5 – CAPITAL STOCK TRANSACTIONS**

Capital stock transactions were:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **10% Buffer** | **10% Buffer** | **10% Buffer** | **10% Buffer** | **10% Buffer** | **10% Buffer** | **10% Buffer** |
|  | **Year Ended October 31, 2025** | **Year Ended October 31, 2025** | **Year Ended October 31, 2025** | **Year Ended October 31, 2025** | **Year Ended October 31, 2025** | **Year Ended October 31, 2025** |
|  | **Institutional Class** | **Investor Class** | **Class A** | **Class C** | **Class R\*** | **Class Y** |
| Shares sold  | 3715414 | 83169 | 14686 | 37804 | 388 | 7058877 |
| Shares redeemed  | (3488636) | (567076) | (18743) | (142113) | (1381) | (10087546) |
| Net increase (decrease)  | 226778 | (483907) | (4057) | (104309) | (993) | (3028669) |
| **10% Buffer** | **10% Buffer** | **10% Buffer** | **10% Buffer** | **10% Buffer** | **10% Buffer** | **10% Buffer** |
|  | **Year Ended October 31, 2024** | **Year Ended October 31, 2024** | **Year Ended October 31, 2024** | **Year Ended October 31, 2024** | **Year Ended October 31, 2024** | **Year Ended October 31, 2024** |
|  | **Institutional Class** | **Investor Class** | **Class A** | **Class C** | **Class R** | **Class Y** |
| Shares sold  | 4223399 | 125647 | 27324 | 43351 | 1015 | 8459934 |
| Shares redeemed  | (5349929) | (154777) | (25601) | (83941) | (22) | (10511286) |
| Net increase (decrease)  | (1126530) | (29130) | 1723 | (40590) | 993 | (2051352) |
| **20% Buffer** | **20% Buffer** | **20% Buffer** | **20% Buffer** | **20% Buffer** | **20% Buffer** | **20% Buffer** |
|  | **Year Ended October 31, 2025** | **Year Ended October 31, 2025** | **Year Ended October 31, 2025** | **Year Ended October 31, 2025** | **Year Ended October 31, 2025** | **Year Ended October 31, 2025** |
|  | **Institutional Class** | **Investor Class** | **Class A** | **Class C** | **Class R\*** | **Class Y** |
| Shares sold  | 5707792 | 192868 | 50476 | 91915 |  | 2112028 |
| Shares redeemed  | (3756244) | (152181) | (34038) | (76118) | (1) | (3952200) |
| Net increase (decrease)  | 1951548 | 40687 | 16438 | 15797 | (1) | (1840172) |
| **20% Buffer** | **20% Buffer** | **20% Buffer** | **20% Buffer** | **20% Buffer** | **20% Buffer** | **20% Buffer** |
|  | **Year Ended October 31, 2024** | **Year Ended October 31, 2024** | **Year Ended October 31, 2024** | **Year Ended October 31, 2024** | **Year Ended October 31, 2024** | **Year Ended October 31, 2024** |
|  | **Institutional Class** | **Investor Class** | **Class A** | **Class C** | **Class R** | **Class Y** |
| Shares sold  | 11559400 | 768255 | 81993 | 117631 | 1 | 5891787 |
| Shares redeemed  | (9576665) | (141331) | (14504) | (32489) |  | (146701) |
| Net increase (decrease)  | 1982735 | 626924 | 67489 | 85142 | 1 | 5745086 |

---

**58**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Notes to Financial Statements - continued** **October 31, 2025**<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Dividend Aristocrats** | **Dividend Aristocrats** | **Dividend Aristocrats** | **Dividend Aristocrats** | **Dividend Aristocrats** | **Dividend Aristocrats** | **Dividend Aristocrats** |
|  | **Year Ended October 31, 2025** | **Year Ended October 31, 2025** | **Year Ended October 31, 2025** | **Year Ended October 31, 2025** | **Year Ended October 31, 2025** | **Year Ended October 31, 2025** |
|  | **Institutional Class** | **Investor Class** | **Class A** | **Class C** | **Class R\*** | **Class Y** |
| Shares sold  | 245477 | 178887 | 459 |  |  | 369274 |
| Shares reinvested  | 150060 | 39562 | 19413 | 14765 |  | 287640 |
| Shares redeemed  | (727163) | (248743) | (112037) | (20966) | (1) | (1101298) |
| Net increase (decrease)  | (331626) | (30294) | (92165) | (6201) | (1) | (444394) |
| **Dividend Aristocrats** | **Dividend Aristocrats** | **Dividend Aristocrats** | **Dividend Aristocrats** | **Dividend Aristocrats** | **Dividend Aristocrats** | **Dividend Aristocrats** |
|  | **Year Ended October 31, 2024** | **Year Ended October 31, 2024** | **Year Ended October 31, 2024** | **Year Ended October 31, 2024** | **Year Ended October 31, 2024** | **Year Ended October 31, 2024** |
|  | **Institutional Class** | **Investor Class** | **Class A** | **Class C** | **Class R** | **Class Y** |
| Shares sold  | 286263 | 181291 | 21186 | 13894 | 1 | 172851 |
| Shares reinvested  | 230836 | 30147 | 30927 | 16047 |  | 283189 |
| Shares redeemed  | (1306008) | (76316) | (125515) | (24674) |  | (63705) |
| Net increase (decrease)  | (788909) | 135122 | (73402) | 5267 | 1 | 392335 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Bitcoin** | **Bitcoin** | **Bitcoin** | **Bitcoin** | **Bitcoin** |
|  | **Year Ended October 31, 2025** | **Year Ended October 31, 2025** | **Year Ended October 31, 2025** | **Year Ended October 31, 2025** |
|  | **Institutional Class** | **Investor Class** | **Class R\*** | **Class Y** |
| Shares sold  | 462811 | 657455 | 11834 | 31862 |
| Shares reinvested  | 10016 | 31465 | 28 | 5781 |
| Shares redeemed  | (367727) | (444572) | (28139) | (9135) |
| Net increase (decrease)  | 105100 | 244348 | (16277) | 28507 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Bitcoin** | **Bitcoin** | **Bitcoin** | **Bitcoin** | **Bitcoin** |
|  | **Year Ended October 31, 2024** | **Year Ended October 31, 2024** | **Year Ended October 31, 2024** | **Year Ended October 31, 2024** |
|  | **Institutional Class** | **Investor Class** | **Class R** | **Class Y** |
| Shares sold  | 186364 | 331832 | 16277 | 3796 |
| Shares reinvested  | 2190 | 10265 |  | 3933 |
| Shares redeemed  | (113279) | (220310) |  | (4) |
| Net increase (decrease)  | 75275 | 121787 | 16277 | 7725 |

---

\*The Class liquidated on October 30, 2025.

**NOTE 6 – SECTOR RISK**

If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of the Fund's portfolio will be adversely affected. As of October 31, 2025, Bitcoin had 81.59% of the value of its net assets in a money market fund.

**59**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Notes to Financial Statements - continued** **October 31, 2025**<br>|

---

**NOTE 7 – PORTFOLIO TURNOVER RATE RISK**

A fund with a high rate of portfolio turnover may be more likely to realize capital gains that must be distributed to shareholders as taxable income. A fund with a high rate of portfolio turnover may also pay more brokerage commissions and may be more likely to incur other transaction costs (including imputed transaction costs), which may detract from performance. The Funds' portfolio turnover rate and the amount of brokerage commissions it pays and transactions costs it incurs will vary over time based on market conditions.

**NOTE 8 – SUBSEQUENT EVENTS**

*<u>*<u>Reorganization</u>*</u>*

At a meeting held on October 29, 2025, the Board of the Trust approved an Agreement and Plan of Reorganization (the "Plan") for each of the Vest 10% Buffer, 20% Buffer, Dividend Aristocrats, and Bitcoin Funds (collectively, the "Target Funds"). Pursuant to the Plan, each Target Fund will reorganize into a newly created corresponding series of First Trust Series Fund (the "Acquiring Funds"). The Board recommended that shareholders approve the Reorganizations and authorized Trust management to submit the proposals for shareholder approval.

Under the Plan, each Target Fund will transfer all of its assets to its corresponding Acquiring Fund in exchange solely for shares of the Acquiring Fund and the assumption of all liabilities by the Acquiring Fund. The Target Fund will then distribute the Acquiring Fund shares to its shareholders in complete liquidation. Shareholders of each Target Fund will receive shares of the corresponding Acquiring Fund with an aggregate net asset value equal to the net asset value of their Target Fund shares immediately prior to the Reorganization.

The Board determined that each Reorganization is in the best interests of the respective Target Funds and that shareholders' interests will not be diluted as a result of the Reorganizations. The trustees of First Trust Series Fund also determined that each Reorganization is in the best interests of the Acquiring Funds and that no dilution will occur. The Advisor recommended the Reorganizations, and following completion, First Trust Advisors L.P. will serve as investment advisor and Vest Financials, LLC as sub-adviser to the Acquiring Funds. The Reorganizations are expected to qualify as tax-free reorganizations for federal income tax purposes, and no sales charges or redemption fees will be imposed. If shareholder approval is not obtained, the Reorganizations will not be completed and alternative actions may be considered.

*<u>*<u>Distributions to Shareholders</u>*</u>*

Subsequent to the date of the financial statements, each Fund has made the following distribution to the shareholders of record:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Record Date** | **Ex-Dividend Date** | **Character** | **Amount** |
| Dividend Aristocrats  | December 29, 2025 | December 30, 2025 | Net investment income | $139727<br>|
| Bitcoin  | December 29, 2025 | December 30, 2025 | Net investment income | 1722942 |

---

Management has evaluated all transactions and events subsequent to the date of the Statements of Assets and Liabilities through the date on which these financial statements were issued and, except as noted above, has noted no additional items require disclosure.

**60**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Report of Independent Registered Public Accounting Firm** |

---

To the Shareholders and Board of Vest US Large Cap 10% Buffer Strategies Fund, Vest US Large Cap 20% Buffer Strategies Fund, Vest S&P 500® Dividend Aristocrats Target Income Fund and Vest Bitcoin Strategy Managed Volatility Fund and Board of Trustees of World Funds Trust

<u>Opinion on the</u> <u>Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and options written (including the consolidated statement of assets and liabilities, consolidated schedule of investments and consolidated schedule of futures contracts of Vest Bitcoin Strategy Managed Volatility Fund), of World Funds Trust comprising the funds listed below (the "Funds") as of October 31, 2025, the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of Operations**  | **Statements of Changes in Net Assets** | **Financial <br>Highlights** |
| Vest US Large Cap 10% Buffer Strategies Fund, Vest US Large Cap 20% Buffer Strategies Fund and Vest S&P 500® Dividend Aristocrats Target Income Fund | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, 2023, 2022, and 2021 |
| Vest Bitcoin Strategy Managed Volatility Fund | Consolidated for the year ended October 31, 2025 | Consolidated for the years ended October 31, 2025 and 2024 | Consolidated for the years ended October 31, 2025, 2024, 2023, 2022 and for the period from August 13, 2021 (commencement of operations) through October 31, 2021 |

---

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating

**61**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Report of Independent Registered Public Accounting Firm - continued** |

---

the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2016.

![](vest_financialsimg002.gif)

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 23, 2026

**62**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Supplemental Information** |

---

**Changes in and disagreements with accountants for open-end management investment companies.**

Not applicable.

**Proxy disclosures for open-end management investment companies.**

Not applicable.

**Remuneration paid to Directors, Officers, and others of open-end management investment companies.**

See the Statements of Operations and Note 2 for remuneration paid to Officers. See the Statements of Operations for remuneration paid to Trustees.

**Advisory Agreement Renewal** 

At a meeting held on September 23-24, 2025 (the "Meeting"), the Board of Trustees (the "Board") of the World Funds Trust (the "Trust") considered the renewal of the Investment Advisory Agreement (the "Vest Advisory Agreement") between Vest Financial LLC ("Vest") and the Trust, on behalf of the Vest US Large Cap 10% Buffer Strategies Fund ("Vest 10% Buffer Fund"), the Vest US Large Cap 20% Buffer Strategies Fund ("Vest 20% Buffer Fund"), the Vest Bitcoin Strategy Managed Volatility Fund ("Vest Bitcoin Fund"), and the Vest S&P 500® Dividend Aristocrats Target Income Fund ("Vest Dividend Aristocrats Fund") (collectively, the "Vest Funds"). The Board discussed the arrangements between Vest and the Trust with respect to the Vest Funds and reflected on its discussions with representatives from Vest at the Meeting and in earlier meetings of the Board regarding the manner in which the Vest Funds are managed and the roles and responsibilities of Vest under the Vest Advisory Agreement.

The Trustees reviewed a memorandum from counsel to the Trust ("Trust Counsel") that addressed the Trustees' duties when considering the continuation of the Vest Advisory Agreement. A copy of this memorandum had been provided to the Trustees in advance of the Meeting. The Trustees also reviewed Vest's response to requests for information prepared by Trust Counsel on behalf of the Board and noted that the responses included a copy of financial information for Vest, an expense comparison analysis for each of the Vest Funds and comparable mutual funds, and the Vest Advisory Agreement. The Trustees discussed the types of information and factors that should be considered by the Board in order to make an informed decision regarding the approval of the Vest Advisory Agreement, including the following material factors: (i) the nature, extent, and quality of the services provided by Vest; (ii) the investment performance of the Vest Funds; (iii) the costs of the services provided and profits realized by Vest from its relationship with the Vest Funds; (iv) the extent to which economies of scale would be realized if the Vest Funds grow and whether advisory fee levels reflect those economies of scale for the benefit of the Vest Funds' shareholders; and (v) Vest's practices regarding possible conflicts of interest and benefits received by Vest.

In assessing these factors and reaching its decisions, the Board took into consideration information furnished for the Board's review and consideration throughout the year at regular Board meetings, as well as information specifically prepared in connection with the annual renewal process. The Board requested and was provided with information and reports relevant to the continuation of the Vest Advisory Agreement, including: (i) information regarding the services provided to the Vest Funds and their shareholders; (ii) presentations by Vest's management addressing the investment strategy, personnel, and operations utilized in managing the Vest Funds; (iii) disclosure information contained in the registration statement of the Trust, including the investment descriptions of the Vest Funds, and the Form ADV of Vest; (iv) the investment performance of the Vest Funds; (v) periodic commentary on the reasons for the performance; (vi) compliance reports concerning the Vest Funds and Vest; and (vii) the memorandum from Trust Counsel that summarized the fiduciary duties and responsibilities

**63**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Supplemental Information** |

---

of the Board in reviewing and approving the Vest Advisory Agreement, including the material factors set forth above and the types of information included in each factor that should be considered by the Board in order to make an informed decision.

The Board also requested and received various informational materials including, without limitation: (i) documents containing information about Vest, including financial information, a description of personnel and the services provided to the Vest Funds, information on investment advice, performance, summaries of expenses for the Vest Funds, its compliance program, current legal matters (if any), and other general information; (ii) comparative expense and performance information for other mutual funds with strategies similar to the Vest Funds; and (iii) benefits to be realized by Vest from its relationship with the Trust and the Vest Funds.

The Board did not identify any particular information that was most relevant to its consideration to approve the Vest Advisory Agreement, and each Trustee may have afforded different weight to the various factors. In deciding whether to approve the Vest Advisory Agreement, the Trustees considered numerous factors, including:

*The nature, extent, and quality of services provided by Vest*

In this regard, the Board considered the responsibilities of Vest under the Vest Advisory Agreement. The Board reviewed the services provided by Vest to the Vest Funds including, without limitation, the process for formulating investment recommendations and assuring compliance with the Vest Funds' investment objectives and limitations and the efforts of Vest to promote the Vest Funds and grow assets. The Board considered: Vest's staffing, personnel, and methods of operating; the education and experience of its personnel; its compliance programs, policies and procedures; and its financial condition. The Board also considered the expense limitation arrangements that are currently in place for the Vest Funds. The Board acknowledged that Vest had agreed to extend the expense limitation arrangement for the Vest 10% Buffer Fund, the Vest 20% Buffer Fund, the Vest Bitcoin Fund and the Vest Dividend Aristocrat Fund, through February 28, 2026 (the "ELA"). After reviewing the foregoing and further information from Vest, the Board concluded that the nature, extent and quality of the services provided by Vest were satisfactory and adequate for the Vest Funds.

*The investment performance of the Vest Funds*

The Board compared the performance of each of the Vest Funds to the performance of mutual funds in its identified Morningstar category ("Category") and the performance of peer funds selected by Broadridge Financial Solutions ("Broadridge") using Morningstar data as being comparable to each of the Vest Funds in terms of investment style, share class characteristics and asset levels for each comparative fund ("Peer Group"). The Board also noted the performance of the Vest Funds in light of various risk measurements as provided by Broadridge.

In regard to the Vest 10% Buffer Fund, the Trustees considered that, the Vest 10% Buffer Fund had underperformed its benchmark index, the S&P 500 Total Return USD Index ("S&P 500 Index"), for the one-year, three-year and five-year periods ended July 31, 2025; had underperformed the median of its Peer Group, but outperformed the median of its Category, the Defined Outcome Category, for the one-year period ended July 31, 2025; and had outperformed the medians of its Peer Group and Category, for the three-year and five-year periods ended July 31, 2025. The Trustees considered the performance of a fund managed by Vest with a similar investment objective to the Vest 10% Buffer Fund. During the one-year period ended June 30, 2025, the Trustees noted that the 10% Buffer Fund's Institutional Share Class underperformed compared to the performance of the similar fund and the Trustees considered the reasons for the difference in performance, which they deemed reasonable.

In regard to the Vest 20% Buffer Fund, the Trustees considered that the Vest 20% Buffer Fund had underperformed its benchmark index, the S&P Index, and the medians of its Category, the Defined

**64**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Supplemental Information** |

---

Outcome Category, and its Peer Group, for the one-year and three-year periods ended July 31, 2025, and had underperformed the S&P Index, but outperformed the medians of its Category and Peer Group for the five-year period ended July 31, 2025.

For the Vest Dividend Aristocrats Fund, the Trustees considered that the Vest Dividend Aristocrats Fund had underperformed its benchmark index, the S&P Index, and the medians of its Category, the Derivative Income Category, and its Peer Group, for the one-year, three-year and five-year periods ended July 31, 2025. The Trustees noted that the Dividend Aristocrats Fund's Institutional share class underperformed compared to the performance of this similar fund managed by Vest during the one-year period ended June 30, 2025. The Trustees considered the reasons for the difference in performance, which they deemed reasonable.

For the Vest Bitcoin Fund, the Trustees considered that the Vest Bitcoin Fund had outperformed its benchmark index, the S&P Index, had the same performance as the median of its Peer Group, but slightly underperformed the median of its Category, the Digital Assets Category, for the one-year and three-year periods ended July 31, 2025. The Trustees noted that the number of funds in the Vest Bitcoin Category and the Vest Bitcoin Peer Group is very limited.

Based on the foregoing, the Board concluded that the investment performance of each of the Vest Funds was satisfactory.

*The costs of services provided and profits realized by Vest from the relationship with the Vest Funds*

In this regard, the Board considered Vest's staffing, personnel, and methods of operating; the financial condition of Vest and the level of commitment to the Vest Funds by Vest's principals and its parent company; the benefits for Vest in managing the Vest Funds; the overall expenses of the Vest Funds; and the nature and frequency of advisory fee payments. The Trustees reviewed information provided by Vest regarding its profits associated with managing the Vest Funds. The Board compared the fees and expenses of each Vest Fund (including the advisory fee) to the median of its Category and the Peer Group.

The Board noted that with respect to the Vest 10% Buffer Fund, its effective advisory fee was lower than the median of its Category and Peer Group. The Board also noted that its gross and net expense ratios were lower than the median of its Peer Group and Category.

The Board noted that with respect to the Vest 20% Buffer Fund, its effective advisory fee was lower than the median of its Peer Group and the same as the median of its Category. The Board also noted that its gross and net expense ratios were lower than the median of its Peer Group and Category.

The Board noted that with respect to the Vest Dividend Aristocrats Fund, its effective advisory fee was equal to the medians of its Peer Group and Category. With respect to the Vest Dividend Aristocrats Fund's expense ratio, the Board noted that its gross and net expense ratios were higher than the median of its Peer Group and Category.

The Board noted that with respect to the Vest Bitcoin Fund, its effective advisory fee was equal to the medians of its Peer Group and Category. With respect to the Vest Bitcoin Fund's expense ratio, the Board noted that its gross expense ratio was equal to the median of its Peer Group but higher than the median of its Category, while its net expense ratio was lower than the medians of its Category and Peer Group.

The Board considered the expense limitation arrangements in place for each of the Vest Funds through February 28, 2026. The Board considered the fees of the Vest Dividend Aristocrats Fund and the Vest 10% Buffer Fund under the Vest Advisory Agreement relative to the similar funds managed by Vest, and the reasons for the differences in fees. The Trustees determined that the differences were reasonable under the circumstances. The Board considered the profitability of

**65**

FINANCIAL STATEMENTS \| October 31, 2025

---

| |
|:---|
| **THE VEST FAMILY OF FUNDS** |
| **Supplemental Information** |

---

Vest in managing the Vest Funds. Following these comparisons and upon further consideration and discussion of the foregoing, the Board concluded that the profitability of and the fees paid to Vest under the Vest Advisory Agreement were fair and reasonable.

*The extent to which economies of scale would be realized as each Vest Fund grows and whether advisory fee levels reflect these economies of scale for the benefit of each Vest Fund's shareholders*

In this regard, the Board considered the Vest Funds' fee arrangements with Vest, including the economies of scale to be experienced by shareholders as assets increase due to the breakpoints in place with respect to each of the Vest Funds' advisory fees, except the Vest Bitcoin Fund which pays the same advisory fee rate at all asset levels. The Trustees also noted that the Vest Funds would benefit from economies of scale under its agreements with some of its service providers other than Vest. With respect to each of the Vest Funds, the Board acknowledged that Vest had agreed to extend the ELA, noting that shareholders will immediately benefit from the ELA. Following further discussion of the Vest Funds' current asset levels, expectations for growth, and levels of fees, the Board determined that the Vest Funds' fee arrangements with Vest were fair and reasonable in relation to the nature, extent and quality of the services provided by Vest and that the expense limitation arrangements provided potential savings or protection for the benefit of each Vest Fund's shareholders.

*Possible conflicts of interest and other benefits*

In evaluating the possibility for conflicts of interest, the Board considered such matters as: the experience and ability of the advisory personnel assigned to the Vest Funds; the basis of decisions to buy or sell securities for the Vest Funds; the method for allocating portfolio securities transactions for clients; the substance and administration of Vest's Code of Ethics and other relevant policies described in Vest's Form ADV. It was noted that Vest currently does not have any "soft dollar arrangements" and does not participate in any commission recapture programs. Following further consideration and discussion, the Board indicated that Vest's standards and practices relating to the identification and mitigation of potential conflicts of interest, as well as the benefits derived by Vest from managing the Vest Funds were satisfactory.

After additional consideration of the factors delineated in the memorandum provided by Trust Counsel and further discussion and careful review by the Board, the Trustees determined that the compensation payable under the Vest Advisory Agreement was fair, reasonable and within a range of what could have been negotiated at arms-length in light of all the surrounding circumstances.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Reference Item 7, Note 2 which includes remuneration paid to Officers and the Statements of Operations which include remuneration paid to Trustees.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Reference Item 7 which includes the investment advisory contract renewal in the Supplemental Information.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable because it is not a closed-end management investment company.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable because it is not a closed-end management investment company.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable because it is not a closed-end management investment company.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d- 15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

(a)(1) [Code of Ethics in response to Item 2 of this Form N-CSR is attached hereto.](ex99-coe.htm)

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act of 1934 – Not applicable.

(a)(3) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-cert.htm)

(a)(3)(1) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – Not applicable.

(a)(3)(2) Change in the registrant's independent public accountant – Not applicable.

(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: World Funds Trust

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
| | Karen Shupe<br> Principal Executive Officer |
| Date: February 24, 2026 | |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
|  | Karen Shupe<br> Principal Executive Officer<br>|
| Date: February 24, 2026 |  |
| By (Signature and Title)\*: | /s/ Ann MacDonald |
|  | Ann MacDonald<br> Principal Financial Officer |
| Date: February 24, 2026 |  |

---

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

[World Funds Trust N-CSR](vest-ncsr_103125.htm)

**Exhibit 99.CODE ETH**

**World Funds Trust**

**CODE OF ETHICS FOR SENIOR OFFICERS**

**Preamble**

Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted disclosing whether a company has a code of ethics for senior financial officers. The U.S. Securities and Exchange Commission (the "SEC") has adopted rules requiring annual disclosure of an investment company's code of ethics applicable to the company's principal executive as well as principal financial officers, if such a code has been adopted. In response, World Funds Trust (the "Company") has adopted this Code of Ethics (the "Code").

**Statement of Policy**

It is the obligation of the senior officers of the Company to provide full, fair, timely and comprehensible disclosure--financial and otherwise--to Company shareholders, regulatory authorities and the general public. In fulfilling that obligation, senior officers must act ethically, honestly and diligently. This Code is intended to enunciate guidelines to be followed by persons who serve the Company in senior officer positions. No Code of Ethics can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the letter of applicable laws, rules and regulations, and to provide the type of clear and complete disclosure and information Company shareholders have a right to expect.

The purpose of this Code of Ethics is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Company, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities. This Code supplements other policies that the Company and its adviser has adopted or may adopt in the future with which Company officers are also required to comply (e.g., code of ethics relating to personal trading and conduct).

**Covered Persons**

This Code of Ethics applies to those persons appointed by the Company's Board of Trustees as Chief Executive Officer, President, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions.

**Promotion of Honest and Ethical Conduct**

In serving as an officer of the Company, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to the Company, whether directly or indirectly, to do the same.

Each Covered Person understands that as an officer of the Company, he has a duty to act in the best interests of the Company and its shareholders. The interests of the Covered Person's personal interests should not be allowed to compromise the Covered Person from fulfilling his duties as an officer of the Company.

If a Covered Person believes that his personal interests are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of the Company, he should consult with the Company's chief legal officer or outside counsel. Under appropriate circumstances, a Covered Person should also consider whether to present the matter to the Trustees of the Company or a committee thereof.

No Covered Person shall suggest that any person providing, or soliciting to be retained to provide, services to a Company give a gift or an economic benefit of any kind to him in connection with the person's retention or the provision of services.

**Promotion of Full, Fair, Accurate, Timely and Understandable Disclosure**

No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Company shareholders. No Covered Person shall conceal or fail to disclose information within the Covered Person's possession legally required to be disclosed or necessary to make the disclosure made not misleading. If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Company counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.

Each Covered Person, consistent with his responsibilities, shall exercise appropriate supervision over, and shall assist, Company service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner. Each Covered Person shall use his best efforts within his area of expertise to assure that Company reports reveal, rather than conceal, the Company's financial condition.

Each Covered Person shall seek to obtain additional resources if he believes that available resources are inadequate to enable the Company to provide full, fair and accurate financial information and other disclosure to regulators and Company shareholders.

Each Covered Person shall inquire of other Company officers and service providers, as appropriate, to assure that information provided is accurate and complete and presented in an understandable format using comprehensible language.

Each Covered Person shall diligently perform his services to the Company, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and required certifications.

**Promotion of Compliance with Applicable Government Laws, Rules and Regulations**

Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to the Company and its operations and shall act with competence and due care in serving as an officer of the Company. Each Covered Person with specific responsibility for financial statement disclosure will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements and other accounting and tax literature and developments.

Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Company.

Each Covered Person shall cooperate with the Company's independent auditors, regulatory agencies and internal auditors in their review or inspection of the Company and its operations.

No Covered Person shall knowingly violate any law or regulation relating to the Company or their operations or seek to illegally circumvent any such law or regulation.

No Covered Person shall engage in any conduct involving dishonesty, fraud, deceit or misrepresentation involving the Company or their operations.

Promoting Prompt Internal Reporting of Violations

Each Covered Person shall promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the Company's Audit Committee.

Any requests for a waiver from or an amendment to this Code shall be made to the Chairman of the Company's Audit Committee. All waivers and amendments shall be disclosed as required by law.

**Sanctions**

Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include censure, suspension or termination of position as an officer of the Company. Sanctions shall be imposed by the Company's Audit Committee, subject to review by the entire Board of Trustees of the Company.

<br> Each Covered Person shall be required to certify annually whether he has complied with this Code.

**No Rights Created**

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern the Company's senior officers in the conduct of the Company's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

**Recordkeeping**

The Company will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board (1) that provided the basis for any amendment or waiver to this Code and (2) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

**Amendments**

The Trustees will make and approve such changes to this Code of Ethics as they deem necessary or appropriate to effectuate the purposes of this Code.

Approved: August 2, 2013

## Ex-99.Cert

[World Funds Trust N-CSR](vest-ncsr_103125.htm)

**Exhibit 99.CERT**

PRINCIPAL EXECUTIVE OFFICER CERTIFICATION

I, Karen Shupe, Principal Executive Officer of World Funds Trust, certify that:

1. I have reviewed this report on Form N-CSR of the Vest Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 24, 2026

/s/ Karen Shupe

Principal Executive Officer

PRINCIPAL FINANCIAL OFFICER CERTIFICATION

I, Ann MacDonald, Principal Financial Officer of World Funds Trust, certify that:

1. I have reviewed this report on Form N-CSR of the Vest Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 24, 2026

/s/ Ann MacDonald

Principal Financial Officer

## Exhibit 99.906

[World Funds Trust N-CSR](vest-ncsr_103125.htm)

**Exhibit 99.906 CERT**

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. ss.1350, the undersigned officer of World Funds Trust (the "Company"), hereby certifies that the Company's Report on Form N-CSR for the period ended October 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: | February 24, 2026 |
| Name: | /s/ Karen Shupe |
|  | Karen Shupe |
| Title: | Treasurer and Principal Executive Officer |

---

A signed original of this written statement required by Section 906 has been provided to the Funds and will be retained by the Funds and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report.

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. ss.1350, the undersigned officer of World Funds Trust (the "Company"), hereby certifies that the Company's Report on Form N-CSR for the period ended October 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: | February 24, 2026 |
| Name: | /s/ Ann MacDonald |
|  | Ann MacDonald |
| Title: | Assistant Treasurer and Principal Financial Officer |

---

A signed original of this written statement required by Section 906 has been provided to the Funds and will be retained by the Funds and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report.