# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001999371-26-005373
**Filing Date:** 2026-3
**Character Count:** 99811
**Document Hash:** f4715543a07aacfbeb99abd92e94563f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-005373.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001999371-26-005373

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**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:** 26734256

**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

### Rule One Fund (Series ID: S000065131)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000210860 | Founders Class Shares | RULRX           |

?xml version='1.0' encoding='ASCII'? Rule One Fund

**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, 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 Suite 310<br> Leawood, KS 66211  |
| Registrant's telephone number, including area code: | (804) 267-7400 |
| Date of fiscal year end: | December 31 |
| Date of reporting period: | December 31, 2025 |
|  | Rule One Fund |

---

ITEM 1. (a) REPORT TO STOCKHOLDERS.

#### Rule One Fund Tailored Shareholder Report
**annual shareholder reportDecember 31, 2025**<br> **Rule One Fund**<br> **Founders Class Shares (Ticker: RULRX)**<br>

This annual shareholder report contains important information about the Rule One Fund - Founders Class Shares for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at ruleonefund.com. You can also request this information by contacting us at (833) 785-3663.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Rule One Fund**<br> **Founders Class** | $201 | 2.00% |

---

#### How did the Fund perform last year?
The Rule One Fund – Founders Class Shares (the "Fund") returned 1.06% after fees for the period from January 1, 2025, through December 31, 2025, compared to a 14.92% return for the Dow Jones Industrial Average Total Return Index and 17.88% for the S&P 500<sup>®</sup> Index. While the lack of price appreciation in the Fund's highest-conviction holdings during 2025 detracted from returns in the short term, we continue to believe the portfolio businesses are fundamentally strong and materially undervalued. Additionally, we held over 40% of the fund in short-term Treasury bills, earning $3.95 million, a 4.0% return. We sold short-duration options using these T-bills as collateral yielding $5.9 million, a 23.2% return on allocated capital. While this structure contributed to lower absolute returns in a strong equity market, it resulted in substantially reduced volatility and market sensitivity**,** consistent with the Fund's long-term risk management objectives.

#### What Factors Influenced Performance?
Consistent with the Fund's concentrated investment approach, short-term performance was influenced by the behavior of our limited number of portfolio holdings. We accept this volatility as a trade-off for pursuing long-term returns that we believe can exceed those of more broadly diversified portfolios over a full market cycle. The Fund remained positioned defensively, with substantial liquidity, downside hedges, and flexibility to redeploy capital during periods of market stress.

#### Cumulative Performance
(based on a hypothetical $20,000 investment)

![line](qes1gaz1mlqoh6ft.jpg)

\* Inception

#### Annual Performance

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception** |
| **Rule One Fund**<br> **Founders Class** | 1.06% | 7.94% | 7.90% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 16.72% |
| **Dow Jones**<br> **Industrial Average**<br> **Total Return Index** | 14.92% | 11.58% | 12.82% |

---

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.

The Dow Jones Industrial Average Total Return Index measures the total return performance of the Dow Jones Industrial Average (DJIA), including both price appreciation and reinvested dividends. The DJIA consists of 30 large, publicly traded U.S. companies across various industries and is widely recognized as a benchmark for the overall performance of the U.S. stock market.

For more recent performance information visit Ruleonefund.com.

***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.***

#### Rule One Fund Tailored Shareholder Report

#### Sector Breakdown
![bar](qes403b9h1mltkw5du.jpg)

---

| | |
|:---|:---|
| **Portfolio Composition** |  |
| **Common Stocks** | 43.53% |
| **Money Market Fund** | 45.85% |
| **Options Purchased** | 5.95% |
| **Options Written** | -1.28% |

---

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

---

| | |
|:---|:---|
| **Fund Net Assets** | $229104444 |
| **Number of Holdings** | 33 |
| **Total Net Advisory Fee** | $3910415 |
| **Portfolio Turnover Rate** | 50.99% |

---

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit ruleonefund.com.**

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

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 $17,000 for 2025 and $16,500 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 $3,600 for 2025 and $3,500 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 $1,000 for 2025 and $1,000 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;&nbsp;&nbsp;&nbsp;&nbsp;(b) NA

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

&nbsp;&nbsp;&nbsp;&nbsp;&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.

![](rule-one_ar123125img001.gif)

**Year Ended December 31, 2025**

**(833) RULE-ONE ruleonefund.com**

**8730 Stony Point Parkway, Suite 205 Richmond, Virginia 23235**

**FINANCIAL STATEMENTS**

**AND OTHER INFORMATION**

See Notes to Financial Statements

**1**

FINANCIAL STATEMENTS \| December 31, 2025

---

| |
|:---|
| **RULE ONE FUND** |
| **Schedule of Investments** **December 31, 2025** <br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **43.53%** | **COMMON STOCKS** |  |  |
| **15.14%** | **COMMUNICATION SERVICES** |  |  |
|  | Netflix, Inc.<sup>(A)</sup>  | 370000 | $34691200 <br>|
| **10.95%** | **CONSUMER DISCRETIONARY** |  |  |
|  | Lululemon Athletica, Inc.<sup>(A)</sup>  | 101700 | 21134277 |
|  | NIKE, Inc.  | 35000 | 2229850 |
|  | Pool Corp.  | 7500 | 1715625 |
|  |  |  | 25079752 |
| **6.97%** | **CONSUMER STAPLES** |  |  |
|  | Sprouts Farmers Market, Inc.<sup>(A)</sup>  | 200500 | 15973835 |
| **4.54%** | **FINANCIALS** |  |  |
|  | Federal Home Loan Mortgage Corp<sup>(A)</sup>  | 400000 | 4056000 |
|  | Federal National Mortgage Association<sup>(A)</sup>  | 400000 | 4292000 |
|  | PayPal Holdings, Inc.  | 35000 | 2043300 |
|  |  |  | 10391300 |
| **5.93%** | **INFORMATION TECHNOLOGY** |  |  |
|  | ASML Holding NV  | 7100 | 7596006 |
|  | Constellation Software, Inc.  | 2500 | 5999358 |
|  |  |  | 13595364 |
| **43.53%** | **TOTAL COMMON STOCKS**  | **TOTAL COMMON STOCKS**  | 99731451 |
|  | (Cost: $67,927,218) |  |  |
| **45.85%** | **MONEY MARKET FUND** |  |  |
|  | Federated Government Obligations Fund - <br>Institutional Class 3.67%<sup>(B)</sup><sup>(C)</sup>  | 105047335 | 105047335 |
|  | &nbsp;&nbsp;&nbsp; (Cost: $105,047,335)  |  |  |

---

See Notes to Financial Statements

**2**

FINANCIAL STATEMENTS \| December 31, 2025

---

| |
|:---|
| **RULE ONE FUND** |
| **Schedule of Investments - continued** **December 31, 2025** <br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **5.95%** | **OPTIONS PURCHASED<sup>(A)</sup>**  |  |  |  |  |  |
|  | **Description** | **Number of Contracts** | **Notional Amount** | **Exercise Price** | **Expiration Date** | **Value** |
| **5.66%** | **CALL OPTIONS** |  |  |  |  |  |
|  | ASML Holding NV  | 115 | $12303390 <br>| $340.00 <br>| 01/15/2027 | $8521500 <br>|
|  | Lam Research Corp.  | 325 | 5563350 | 35.00 | 01/15/2027 | 4460625 |
|  | **TOTAL CALL OPTIONS**  | **TOTAL CALL OPTIONS**  | **TOTAL CALL OPTIONS**  | **TOTAL CALL OPTIONS**  | **TOTAL CALL OPTIONS**  | 12982125 |
|  | (Cost: $6,642,066) |  |  |  |  |  |
| **0.29%** | **PUT OPTIONS** |  |  |  |  |  |
|  | Amazon.com, Inc.  | 150 | 3462300 | 200.00 | 01/02/2026 | 150 |
|  | Invesco QQQ Trust  | 1000 | 61431000 | 349.78 | 06/18/2026 | 117000 |
|  | S&P 500 INDEX  | 125 | 85568750 | 4000.00 | 06/18/2026 | 163750 |
|  | SPDR S&P 500 ETF  | 1075 | 73306400 | 605.00 | 01/16/2026 | 21500 |
|  | SPDR S&P 500 ETF  | 7000 | 477344000 | 638.00 | 01/16/2026 | 357000 |
|  | **TOTAL PUT OPTIONS**  | **TOTAL PUT OPTIONS**  | **TOTAL PUT OPTIONS**  | **TOTAL PUT OPTIONS**  | **TOTAL PUT OPTIONS**  | 659400 |
|  | (Cost: $2,982,173) |  |  |  |  |  |
| **5.95%** | **TOTAL OPTIONS PURCHASED**  | **TOTAL OPTIONS PURCHASED**  | **TOTAL OPTIONS PURCHASED**  | **TOTAL OPTIONS PURCHASED**  | **TOTAL OPTIONS PURCHASED**  | 13641525 |
|  | (Cost: $9,624,239) |  |  |  |  |  |
| **95.34%** | **TOTAL INVESTMENTS**  | **TOTAL INVESTMENTS**  | **TOTAL INVESTMENTS**  | **TOTAL INVESTMENTS**  | **TOTAL INVESTMENTS**  | 218420311 |
|  | (Cost: $182,598,792) |  |  |  |  |  |
| **4.66%** | Other assets, net of liabilities  | Other assets, net of liabilities  | Other assets, net of liabilities  | Other assets, net of liabilities  | Other assets, net of liabilities  | 10684133 |
| **100.00%** | **NET ASSETS**  | **NET ASSETS**  | **NET ASSETS**  | **NET ASSETS**  | **NET ASSETS**  | **$** **229104444** <br>|

---

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

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

<sup>(C)</sup>All or a portion of the securities are held as collateral for options written. On December 31, 2025, the value of the securities held as collateral was $48,475,012.

See Notes to Financial Statements

**3**

FINANCIAL STATEMENTS \| December 31, 2025

---

| |
|:---|
| **RULE ONE FUND** |
| **Schedule of Options Written** **December 31, 2025** <br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **(1.28%)** | **OPTIONS WRITTEN<sup>(A)</sup>**  |  |  |  |  |  |
|  | **Description** | **Number of Contracts** | **Notional Amount** | **Exercise Price** | **Expiration Date** | **Value** |
| **(0.72%)** | **CALL OPTIONS** |  |  |  |  |  |
|  | ASML Holding NV  | 71 | $(7596006 ) | $1000.00 <br>| 12/18/2026 | $(1524015 ) |
|  | NIKE, Inc.  | 350 | (2229850) | 63.00 | 01/16/2026 | (69650) |
|  | PayPal Holdings, Inc.  | 350 | (2043300) | 65.00 | 02/20/2026 | (45500) |
|  | Pool Corp.  | 75 | (1715625) | 250.00 | 01/16/2026 | (10125) |
|  | **TOTAL CALL OPTIONS**  | **TOTAL CALL OPTIONS**  | **TOTAL CALL OPTIONS**  | **TOTAL CALL OPTIONS**  | **TOTAL CALL OPTIONS**  | (1649290) |
|  | (Premiums Received: $845,686) | (Premiums Received: $845,686) |  |  |  |  |
| **(0.56%)** | **PUT OPTIONS** |  |  |  |  |  |
|  | Amazon.com, Inc.  | 150 | (3462300) | 205.00 | 01/02/2026 | (300) |
|  | ASML Holding NV  | 85 | (9093810) | 650.00 | 12/18/2026 | (170000) |
|  | Chipotle Mexican <br>Grill, Inc.  | 1200 | (4440000) | 30.00 | 09/18/2026 | (204000) |
|  | DR Horton, Inc.  | 150 | (2160450) | 142.00 | 01/09/2026 | (24750) |
|  | Home Depot, Inc.  | 70 | (2408700) | 340.00 | 01/09/2026 | (15120) |
|  | Lowe's Cos., Inc.  | 100 | (2411600) | 237.50 | 01/09/2026 | (16900) |
|  | Lululemon Athletica, Inc.  | 115 | (2389815) | 202.50 | 01/09/2026 | (23000) |
|  | Lululemon Athletica, Inc.  | 175 | (3636675) | 195.00 | 06/18/2026 | (305025) |
|  | Salesforce, Inc.  | 90 | (2384190) | 260.00 | 01/09/2026 | (15750) |
|  | SPDR S&P 500 ETF  | 7000 | (477344000) | 643.00 | 01/16/2026 | (441000) |
|  | Sprouts Farmers Market, Inc.  | 300 | (2390100) | 80.00 | 01/16/2026 | (69000) |
|  | **TOTAL PUT OPTIONS**  | **TOTAL PUT OPTIONS**  | **TOTAL PUT OPTIONS**  | **TOTAL PUT OPTIONS**  | **TOTAL PUT OPTIONS**  | (1284845) |
|  | (Premiums Received: $2,796,560) | (Premiums Received: $2,796,560) |  |  |  |  |
| **(1.28%)** | **TOTAL OPTIONS WRITTEN**  | **TOTAL OPTIONS WRITTEN**  | **TOTAL OPTIONS WRITTEN**  | **TOTAL OPTIONS WRITTEN**  | **TOTAL OPTIONS WRITTEN**  | $(2934135 ) |
|  | (Premiums Received: $3,642,246) | (Premiums Received: $3,642,246) |  |  |  |  |

---

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

See Notes to Financial Statements

**4**

FINANCIAL STATEMENTS \| December 31, 2025

---

| |
|:---|
| **RULE ONE FUND** |
| **Statement of Assets and Liabilities** **December 31, 2025** <br>|

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp; Investments at value<sup>(1)</sup>  | $218420311 <br>|
| &nbsp;&nbsp;&nbsp; Cash at brokers  | 13081789 |
| &nbsp;&nbsp;&nbsp; Receivable for capital stock sold  | 581629 |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable  | 416847 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses  | 43299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL ASSETS**  | 232543875 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp; Option written at value<sup>(2)</sup>  | 2934135 |
| &nbsp;&nbsp;&nbsp; Payable for capital stock redeemed  | 133588 |
| &nbsp;&nbsp;&nbsp; Interest payable  | 592 |
| &nbsp;&nbsp;&nbsp; Accrued advisory fees  | 329939 |
| &nbsp;&nbsp;&nbsp; Accrued administration, transfer agent and accounting fees  | 31803 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses  | 9374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL LIABILITIES**  | 3439431 |
| **NET ASSETS**  | $229104444 <br>|
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp; Paid-in-capital  | $196469831 <br>|
| &nbsp;&nbsp;&nbsp; Distributable earnings (accumulated losses)  | 32634613 |
| &nbsp;&nbsp;&nbsp; **Net Assets**  | $229104444 <br>|
| &nbsp;&nbsp;&nbsp; **NET ASSET VALUE PER SHARE** |  |
| &nbsp;&nbsp;&nbsp; Shares Outstanding (unlimited number of shares of beneficial interest authorized without par value)  | 17796131 |
| &nbsp;&nbsp;&nbsp; Net Asset Value and Redemption Price Per Share  | $12.87 <br>|
| <sup>(1)</sup> Identified cost of:  | $182598792 <br>|
| <sup>(2)</sup> Premiums received of:  | $3642246 <br>|

---

See Notes to Financial Statements

**5**

FINANCIAL STATEMENTS \| December 31, 2025

---

| |
|:---|
| **RULE ONE FUND** |
| **Statement of Operations**<br> **Year Ended December 31, 2025** <br>|

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp; Dividends  | $367254 <br>|
| &nbsp;&nbsp;&nbsp; Interest  | 4004228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 4371482 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees (Note 2)  | 3862759 |
| &nbsp;&nbsp;&nbsp; Recordkeeping and administrative services (Note 2)  | 196715 |
| &nbsp;&nbsp;&nbsp; Accounting fees  | 122970 |
| &nbsp;&nbsp;&nbsp; Custody fees  | 13437 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees (Note 2)  | 84028 |
| &nbsp;&nbsp;&nbsp; Professional fees  | 45040 |
| &nbsp;&nbsp;&nbsp; Filing and registration fees  | 49000 |
| &nbsp;&nbsp;&nbsp; Trustee fees (Note 2)  | 14372 |
| &nbsp;&nbsp;&nbsp; Compliance fees (Note 2)  | 9109 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing and reports  | 55592 |
| &nbsp;&nbsp;&nbsp; Insurance  | 3202 |
| &nbsp;&nbsp;&nbsp; Proxy expense  | 17500 |
| &nbsp;&nbsp;&nbsp; Interest expense  | 1658 |
| &nbsp;&nbsp;&nbsp; Other  | 17820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 4493202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recovery of previously waived advisory fees (Note 2)  | 47656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses  | 4540858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | (169376) |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments  | 9164243 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on options purchased  | (6734824) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on options written  | 5714126 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, options purchased,and options written  | 8143545 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments  | (15674903) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of options purchased  | 4468575 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of options written  | 5263146 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments, options purchased <br>and options written  | (5943182) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 2200363 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS**  | $2030987 <br>|

---

See Notes to Financial Statements

**6**

FINANCIAL STATEMENTS \| December 31, 2025

---

| |
|:---|
| **RULE ONE FUND** |
| **Statements of Changes in Net Assets** |

---

---

| | | |
|:---|:---|:---|
|  | **Years Ended Deecmber 31,** | **Years Ended Deecmber 31,** |
|  | **2025** | **2024** |
| **INCREASE (DECREASE) IN NET ASSETS FROM** |  |  |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $(169376 ) | $232664 <br>|
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, options purchased and options written  | 8143545 | 16587008 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments, options purchased and options written  | (5943182) | 12929255 |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations  | 2030987 | 29748927 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp; Distributable earnings  | (11875377) | (12364476) |
| &nbsp;&nbsp;&nbsp; Decrease in net assets from distributions  | (11875377) | (12364476) |
| **CAPITAL STOCK TRANSACTIONS (NOTE 6)** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 31874207 | 26676427 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested  | 11830407 | 12311243 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (23136404) | (17989966) |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from capital stock transactions  | 20568210 | 20997704 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Increase (decrease) during year  | 10723820 | 38382155 |
| &nbsp;&nbsp;&nbsp; Beginning of year  | 218380624 | 179998469 |
| &nbsp;&nbsp;&nbsp; End of year  | $229104444 <br>| $218380624 <br>|

---

See Notes to Financial Statements

**7**

FINANCIAL STATEMENTS \| December 31, 2025

---

| |
|:---|
| **RULE ONE FUND** |
| **Statement of Cash Flows** **December 31, 2025** <br>|

---

---

| | |
|:---|:---|
| **Increase (Decrease) in Cash** |  |
| &nbsp;&nbsp;&nbsp; Cash flows from operation activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations  | $2030987 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase (decrease) in net assets from<br>operations to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of investment securities  | (59972213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposition of investment securities  | 72788379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase options  | (12909608) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposition of options purchased  | 9204366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums received from options written  | 14803003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to close options written  | (6415390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale (purchase) of short term securities, net  | (14846416) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease (increase) in dividends and interest receivable  | 3800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease (increase) in prepaid assets  | (22907) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in interest expense payable  | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in accrued advisory fees  | 15834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in other accrued expense  | (3342) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation (appreciation) on investments, options purchased and <br>options written  | 5943182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on investments, options purchased and options written  | (8143545) |
| &nbsp;&nbsp;&nbsp; Net cash used in operating activities  | 2476572 |
| Cash flows from financing activities: |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 32488718 |
| &nbsp;&nbsp;&nbsp; Payments on shares redeemed  | (23008616) |
| &nbsp;&nbsp;&nbsp; Cash distributions paid  | (44970) |
| &nbsp;&nbsp;&nbsp; Net cash provided by financing activities  | 9435132 |
| Net increase (decrease) in cash  | 11911704 |
| Cash: |  |
| &nbsp;&nbsp;&nbsp; Beginning balance  | 1170085 |
| &nbsp;&nbsp;&nbsp; Ending balance  | $13081789 <br>|
| Supplemental Disclosure of Cash Flow Information |  |
| &nbsp;&nbsp;&nbsp; Cash financing activities not included herein consist of: <br>Interest paid  | $1215 <br>|
| &nbsp;&nbsp;&nbsp; Non-cash financing activities not included herein consist of reinvestment of dividend distributions  | $11830407 <br>|

---

See Notes to Financial Statements

**8**

FINANCIAL STATEMENTS \| December 31, 2025

---

| |
|:---|
| **RULE ONE FUND** |
| **Financial Highlights** |

---

---

| |
|:---|
| **Net asset value, beginning of year**  |
| **Investment activities** |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  |
| &nbsp;&nbsp;&nbsp; **Total from investment activities**  |
| **Distributions** |
| &nbsp;&nbsp;&nbsp; Net investment income  |
| &nbsp;&nbsp;&nbsp; Net realized gain  |
| &nbsp;&nbsp;&nbsp; Total distributions  |
| **Net asset value, end of year**  |
| **Total Return**  |
| **Ratios/Supplemental Data** |
| Ratios to average net assets |
| &nbsp;&nbsp;&nbsp; Expenses, gross<sup>(2)</sup><sup>(4)</sup>  |
| &nbsp;&nbsp;&nbsp; Expenses, net of waiver or recovery<sup>(5)</sup>  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  |
| Portfolio turnover rate  |
| Net assets, end of year (000s)  |

---

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

<sup>(2)</sup> Gross expense ratio reflects the effect of interest and proxy expenses, which are excluded from the Fund's expense limitation agreement.

<sup>(3)</sup> Recovery of previously waived fees increased the expense ratio and decreased the net investment income ratio by 0.02% for the year ended December 31, 2025.

<sup>(4)</sup> Ratio of total expenses before management fee waivers and reimbursements, excluding interest and proxy expenses, would have been: 1.97% for the yeard ended December 31, 2025; 2.00% for the year ended December 31, 2024; 2.02% for the year ended December 31, 2023, 2.02% for year ended December 31, 2022, and 2.01% for the year ended December 31, 2021.

<sup>(5)</sup> Ratio of total expenses net of management fee waivers and reimbursements, excluding interest and proxy expenses, would have been: 1.99% for the year ended December 31, 2025; 1.99% for the year ended December 31, 2024; 1.99% for the year ended December 31, 2023, 1.99% for the year ended December 31, 2022, and 1.99% for the year ended December 31, 2021.

See Notes to Financial Statements

**9**

FINANCIAL STATEMENTS \| December 31, 2025

---

| |
|:---|
| **RULE ONE FUND** |
| **Selected Per Share Data Throughout Each Year** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **2025** | **2024** | **2023** | **2022** | **2021** |
| $13.43 <br>| $12.23 <br>| $10.18 <br>| $11.64 <br>| $11.07 <br>|
| (0.01) | 0.02 | 0.08 | (0.04) | (0.11) |
| 0.15 | 1.99 | 2.06 | (0.99) | 1.53 |
| 0.14 | 2.01 | 2.14 | (1.03) | 1.42 |
|  | (0.02) | (0.09) |  |  |
| (0.70) | (0.79) |  | (0.43) | (0.85) |
| (0.70) | (0.81) | (0.09) | (0.43) | (0.85) |
| $12.87 <br>| $13.43 <br>| $12.23 <br>| $10.18 <br>| $11.64 <br>|
| 1.06% | 16.42% | 21.02% | (8.84%) | 12.87% |
| 1.98%<br><sup>(3)</sup>  | 2.36% | 2.28% | 2.05% | 2.03% |
| 2.00%<br><sup>(3)</sup>  | 2.35% | 2.25% | 2.02% | 2.01% |
| (0.07%)<br><sup>(3)</sup>  | 0.12% | 0.76% | (0.36%) | (0.93%) |
| 50.99% | 70.86% | 100.92% | 47.30% | 61.92% |
| $229104 <br>| $218381 <br>| $179998 <br>| $148358 <br>| $157403 <br>|

---

 

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</sup> 

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**10**

FINANCIAL STATEMENTS \| December 31, 2025

---

| |
|:---|
| **RULE ONE FUND** |
| **Notes to Financial Statements** **December 31, 2025** <br>|

---

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

The Rule One Fund (the "Fund") is a series of the World Funds Trust (the "Trust"). The Trust was organized as a Delaware statutory trust on April 9, 2007 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund is a non-diversified open-end management company. On August 25, 2020, the Board of Trustees of the Trust (the "Board") approved a change in the Fund's fiscal year end from March 31 to December 31. The Fund offers Founders Class and Investor Class shares. As of June 30, 2025, the Investor Class had no shares outstanding. The Founders Class commenced operations on June 3, 2019.

The Fund's investment objective is to seek long-term capital appreciation with less volatility than the broad equity market.

The Fund is deemed to be an individual operating and reporting segment and is not part of a consolidated reporting entity. The objective and strategy, as outlined in the Fund's prospectus under the heading "Principal Investment Strategies", are used by Rule One Partners, LLC (the "Advisor") to make investment decisions, and the results of the Fund's operations, as shown in its Statement of Operations and Financial Highlights, are the information utilized for the day-to-day management of the Fund. The Fund is party to the expense agreements as disclosed in the Notes to the Financial Statements and resources are not allocated to the Fund based on performance measurements. Due to the significance of oversight and its role in the Fund's management, the Advisor'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 Fund. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies".

**Security Valuation**

The Fund's securities are valued at current market prices. Investments in securities traded on a principal exchange (U.S. or foreign) are valued at the last reported sales price on the exchange on which the securities are traded as of the close of business on the last day of the period or, lacking any sales, at the average of the bid and ask price on the valuation date. Securities included in the NASDAQ National Market System are valued at the NASDAQ Official Closing Price. In cases where securities are traded on more than one exchange, the securities are valued on the exchange designated by or under the authority of the Board. Short-term debt securities (less than 60 days to maturity) are valued at their current market prices. Securities traded in the over-the-counter market are valued at the last available sale price in the over-the-counter market prior to time of valuation. Securities for which market quotations are not readily available are valued at their fair value as determined in good faith under procedures set by 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 the Fund's assets to the Advisor as the Valuation Designee pursuant to the Fund's policies and procedures. Depositary Receipts will be valued at the closing price of the instrument last determined prior to time of valuation unless the Fund is aware of a material change in value. Securities for which such a value cannot be readily determined will be valued at the closing price of the underlying security adjusted for the exchange rate. Portfolio securities which are primarily traded on foreign exchanges are generally valued at the closing price on the exchange on which they are traded, and those values are then translated into U.S. dollars at the current exchange rate. Generally, trading in corporate bonds, U.S. government securities and money market instruments is substantially completed each day at various times before the scheduled close of the New York Stock Exchange. The value of these securities used in computing the net asset value ("NAV") is determined as of such times.

**11**

FINANCIAL STATEMENTS \| December 31, 2025

---

| |
|:---|
| **RULE ONE FUND** |
| **Notes to Financial Statements - continued** **December 31, 2025** <br>|

---

The Fund has a policy that contemplates the use of fair value pricing to determine the NAV per share of the Fund 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 that is likely to have changed the value of the security.

When the Fund uses fair value pricing to determine the NAV per share of the Fund, 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 Valuation Designee believes accurately reflects fair value. Any method used will be approved by the Board and results will be monitored to evaluate accuracy. The Fund's policy is intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing.

In accordance with GAAP, "fair value" is defined as the price that the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of the Fund's 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 inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 includes unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the company's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

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 Fund's investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br>Quoted Prices** | **Level 2<br>Other Significant Observable Inputs** | **Level 3<br>Significant Unobservable Inputs** | **Total** |
| **Assets** |  |  |  |  |
| Common Stocks  | $99731451 <br>| $— <br>| $— <br>| $99731451 <br>|
| Money Market Fund  | 105047335 |  |  | 105047335 |
| Call Options Purchased  |  | 12982125 |  | 12982125 |
| Put Options Purchased  |  | 659400 |  | 659400 |
|  | $204778786 <br>| $13641525 <br>| $— <br>| $218420311 <br>|

---

**12**

FINANCIAL STATEMENTS \| December 31, 2025

---

| |
|:---|
| **RULE ONE FUND** |
| **Notes to Financial Statements - continued** **December 31, 2025** <br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br>Quoted Prices** | **Level 2<br>Other Significant Observable Inputs** | **Level 3<br>Significant Unobservable Inputs** | **Total** |
| **Liabilities** |  |  |  |  |
| Call Options Written  | $— <br>| $(1649290 ) | $— <br>| $(1649290 ) |
| Put Options Written  |  | (1284845) |  | (1284845) |
|  | $— <br>| $(2934135 ) | $— <br>| $(2934135 ) |

---

Refer to the Fund's Schedule of Investments for a listing of securities by security type and sector. The Fund held no Level 3 securities during the year ended December 31, 2025.

**Security Transactions and Income**

Security transactions are accounted for on the trade date. The cost of securities sold is generally determined on a specific identification basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis.

**Cash and Cash Equivalents**

Cash and cash equivalents consist of overnight deposits with the custodian bank which earn interest at the current market rate.

**Accounting Estimates**

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

**Federal Income Taxes**

The Fund 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. The 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 taken in the Fund's tax returns. The Fund has 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 as incurred.

**Reclassification of Capital Accounts**

GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended December 31, 2025, such reclassifications were due to the utilization of earnings and profits distributed to shareholders on redemption of Fund shares:

---

| | |
|:---|:---|
| Distributable earnings  | $(280088) |
| Paid-in capital  | 280088 |

---

**13**

FINANCIAL STATEMENTS \| December 31, 2025

---

| |
|:---|
| **RULE ONE FUND** |
| **Notes to Financial Statements - continued** **December 31, 2025** <br>|

---

**Derivatives**

The Fund utilizes derivatives to achieve its 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 Fund. The Fund 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 Fund is 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. 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 Fund is subject to the requirements of Rule 18f-4 under the 1940 Act and has adopted policies and procedures to manage risks concerning their use of derivatives.

The following are the derivatives held, whose underlying risk exposure is equity price risk, by the Fund on December 31, 2025:

---

| | |
|:---|:---|
| **Derivative** | **Value of<br>Asset Derivatives** |
| Call Options Purchased  | $12982125 <br>|
| Put Options Purchased  | 659400 |
|  | $13641525 <br>\* |
|  | **Value of<br>Liability Derivatives** |
| Call Options Written  | $(1649290 ) |
| Put Options Written  | (1284845) |
|  | $(2934135 )\*\* |

---

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

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

The effect of derivative instruments on the Statement of Operations and whose underlying risk exposure is equity price risk for the year ended December 31, 2025 is as follows:

---

| | | |
|:---|:---|:---|
| **Derivative** | **Realized Gain (Loss) on Derivatives\*** | **Change in Unrealized Appreciation (Depreciation) of Derivatives\*\*** |
| Call Options Purchased  | $1228539 <br>| $1695391 <br>|
| Put Options Purchased  | (7963363) | 2773184 |
|  | $(6734824 ) | $4468575 <br>|
| Call Options Written  | $(1359960 ) | $4276006 <br>|
| Put Options Written  | 7074086 | 987140 |
|  | $5714126 <br>| $5263146 <br>|

---

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

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

**14**

FINANCIAL STATEMENTS \| December 31, 2025

---

| |
|:---|
| **RULE ONE FUND** |
| **Notes to Financial Statements - continued** **December 31, 2025** <br>|

---

The derivative instruments outstanding as December 31, 2025 disclosed above, and their effect on the Statement of Operations for year ended December 31, 2025, serve as indicators of the volume of financial derivative activity for the Fund. The following indicates the average monthly volume for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Average Notional Value** | **Average Notional Value** |
| Options as Purchased  | $437255481 |
| Options as Written  | (247907451) |

---

**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 to/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 Fund realizes 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.

**Purchased option contracts** – When the Fund purchases 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 Fund's Statement 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 Fund writes a call or put option, an amount equal to the net premium (the premium less the commission) received by the Fund is recorded in the Fund's Statement 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 the 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.

**Short Sales**

The Fund may sell securities short as an outright investment strategy and to offset potential declines in long positions in similar securities. A short sale is a transaction in which the Fund sells a security it does not own or have the right to acquire (or that it owns but does not wish to deliver) in anticipation that the market price of that security will decline.

**15**

FINANCIAL STATEMENTS \| December 31, 2025

---

| |
|:---|
| **RULE ONE FUND** |
| **Notes to Financial Statements - continued** **December 31, 2025** <br>|

---

When the Fund makes a short sale, the broker-dealer through which the short sale is made must borrow the security sold short and deliver it to the party purchasing the security. The Fund is required to make a margin deposit in connection with such short sales; the Fund may have to pay a fee to borrow particular securities and will often be obligated to pay over any dividends and accrued interest on borrowed securities.

If the price of the security sold short increases between the time of the short sale and the time the Fund covers its short position, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged.

There can be no assurance that the Fund will be able to close out a short position at any particular time or at an acceptable price. Although the Fund's gain is limited to the amount at which it sold a security short, its potential loss is unlimited in size. Until the Fund replaces a borrowed security, it will maintain at all times cash, U.S. Government securities, or other liquid securities in an amount which, when added to any amount deposited with a broker as collateral will at least equal the current market value of the security sold short. As of December 31, 2025, the value of securities sold short against collateral for the Fund was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Securities<br>Sold Short** | **Collateral<br>of Cash and<br>Securities** | **Segregated<br>Cash of<br>Collateral** | **Securities<br>Held as<br>Collateral** |
| $— | $61556801 | $61556801 | $— |

---

The collateral includes deposits with brokers for options written and securities sold short. For the year ended December 31, 2025, the margin interest fees and short debit fees associated with such transactions were $1,658.

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

Pursuant to an Investment Advisory Agreement, the Advisor provides investment advisory services to the Fund for an annual fee of 1.70% of the Fund's daily net assets.

The Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of interest, distribution fees pursuant to Rule 12b-1 plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of business) do not exceed 1.99% of the average daily net assets of the Fund. This agreement is in effect until May 1, 2026. Each waiver or reimbursement of an expense by the Advisor is subject to repayment by the Fund within the three years following the date such waiver and/or reimbursement was made, provided that the Fund is 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.

The Advisor earned and waived management fees for the year ended December 31, 2025 as follows:

---

| | | |
|:---|:---|:---|
| **Advisory Fees Earned** | **Advisory Fees Waived** | **Recoupment of Previously Waived Fees by Advisor** |
| $3862759 | $— | $47656 |

---

**16**

FINANCIAL STATEMENTS \| December 31, 2025

---

| |
|:---|
| **RULE ONE FUND** |
| **Notes to Financial Statements - continued** **December 31, 2025** <br>|

---

The total amounts of recoverable waivers and reimbursements as of December 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| **Recoverable Waivers and <br>Reimbursements and Expiration Date** | **Recoverable Waivers and <br>Reimbursements and Expiration Date** | **Recoverable Waivers and <br>Reimbursements and Expiration Date** |
| **2026** | **2027** | **Total** |
| $46514 | $18031 | $64545 |

---

Commonwealth Fund Services, Inc. ("CFS"), acts as the Fund's administrator, fund accountant, transfer and dividend disbursing agent. As administrator, CFS provides shareholder, recordkeeping, administrative and blue-sky filing services. For it's services, fees to CFS are computed daily and paid monthly. For the year ended December 31, 2025, the following fees were paid by the Fund to CFS:

---

| | | |
|:---|:---|:---|
| **Administration** | **Transfer Agent** | **Fund Accounting** |
| $192279 | $83401 | $116816 |

---

The amounts reflected on the Statement of Operations for Administration, Transfer Agent and Accounting fees may include out of pocket expenses not paid to CFS.

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. None of the officers and/or directors of CFS, Mr. Lively, Mr. King or Mr. Rhatigan receives any special compensation from the Trust or the Fund for serving as officers of the Trust.

The Fund's Chief Compliance Officer is the Managing Member of Watermark Solutions, LLC ("Watermark"), which provides certain compliance services to the Fund. For the year ended December 31, 2025, Watermark received $9,109 in fees from the Fund.

**NOTE 3 – INVESTMENTS**

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

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $68201418 | $83068714 |

---

**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. Distribution classifications may differ from the Statements of Changes in Net Assets as a result of the treatment of short capital gains as ordinary income for tax purposes.

The Fund did not pay any distributions during the year ended December 31, 2025. The tax character of distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
| Distributions paid from: |  |  |
| Ordinary income  | $3668224 <br>| $719717 <br>|
| Realized gains  | 8207153 | 11644759 |
|  | $11875377 <br>| $12364476 <br>|

---

**17**

FINANCIAL STATEMENTS \| December 31, 2025

---

| |
|:---|
| **RULE ONE FUND** |
| **Notes to Financial Statements - continued** **December 31, 2025** <br>|

---

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

---

| | |
|:---|:---|
| Other accumulated losses  | $(3713353 <br>|
| Net unrealized appreciation (depreciation) on investments  | 36347966 |
|  | $32634613 <br>|

---

For tax purposes, the Fund had a current year late-year ordinary loss of $3,713,353. This loss will be recognized on the first business day of the Fund's fiscal year, January 1, 2026.

Cost of investments, purchased options and written options for Federal Income tax purposes and the related tax-based net unrealized appreciation (depreciation) consist of:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross Unrealized Appreciation** | **Gross Unrealized Depreciation** | **Total Unrealized Appreciation (Depreciation)** |
| $179138209 | $43025790 | $(6677824) | $36347966 |

---

The difference between book basis and tax basis accumulated appreciation (depreciation) is attributable primarily to the deferral of straddle losses and differences in marked-to-market adjustments on options written.

**NOTE 5 - NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES**

In the reporting period, the Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard did not materially impact financial statement disclosures and did not affect the Fund's financial position or the results of its operations.

**NOTE 6 – TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST**

Shares of beneficial interest transactions for the Fund were:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** |
| Shares sold  | 2296239 | 2004166 |
| Shares reinvested  | 917797 | 916009 |
| Shares redeemed  | (1678544) | (1371712) |
| Net increase (decrease)  | 1535492 | 1548463 |

---

**NOTE 7 – RISKS AND BORROWINGS**

The Fund engages in borrowing for leverage. The Fund has the ability to borrow funds (leverage) on a secured basis to invest in portfolio securities.

Leverage creates an opportunity for increased income and capital appreciation but at the same time, it creates special risks that will increase the Fund's exposure to capital risk. There is no assurance that the use of a leveraging strategy will be successful during any period in which it is used.

**18**

FINANCIAL STATEMENTS \| December 31, 2025

---

| |
|:---|
| **RULE ONE FUND** |
| **Notes to Financial Statements - continued** **December 31, 2025** <br>|

---

The Fund will pay interest on these loans, and that interest expense will raise the overall expenses of the Fund and reduce its returns. If the Fund does borrow, its expenses will be greater than comparable mutual funds that do not borrow for leverage. To secure the Fund's obligation on these loans, the Fund will pledge portfolio securities in an amount deemed sufficient by the lender. Pledged securities will be held by the lender and will not be available for other purposes. The Fund will not be able to sell pledged securities until they are replaced by other collateral or released by the lender. Under some circumstances, this may prevent the Fund from engaging in portfolio transactions it considers desirable. The lender may increase the amount of collateral needed to cover a loan or demand repayment of a loan at any time. This may require the Fund to sell assets it would not otherwise choose to sell at that time.

To the extent the income or capital appreciation derived from securities purchases with Fund assets received from leverage exceeds the cost of leverage, the Fund's return will be greater than if leverage had not been used. Conversely, if the income or capital appreciation from the securities purchased with such Fund assets is not sufficient to cover the cost of leverage, the Fund's return will be less than it would have been if no leverage had been used. Nevertheless, the Fund may determine to maintain the Fund's leveraged position if it deems such action to be appropriate under the circumstances.

The Fund has a leverage agreement with Interactive Brokers. The interest rate charged for these borrowings is a blended rate based on the tier of the margin balance. During the year ended December 31, 2025, the interest was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Outstanding<br>average daily<br>balance** | **Weighted<br>average<br>interest rate** | **Maximum<br>amount<br>outstanding** | **Outstanding<br>balance as of<br>12/31/2025** | **Interest<br>Expense** |
| $33750 | 4.91% | $4851084 | $— | $1658 |

---

**NOTE 8 – RISKS OF INVESTING IN THE FUND**

It is important that you closely review and understand the risks of investing in the Fund. The Fund's NAV and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund, and the Fund could underperform other investments. There is no guarantee that the Funds will meet its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. A complete description of the principal risks is included in the Fund's prospectus under the heading "Principal Risks."

**NOTE 9 – SUBSEQUENT EVENTS**

Management has evaluated all transactions and events subsequent to the date of the Statement of Assets and Liabilities through the date on which these financial statements were issued. Except as already included in the notes to these financial statements, no additional items require disclosure.

**19**

FINANCIAL STATEMENTS \| December 31, 2025

---

| |
|:---|
| **RULE ONE FUND** |
| **Report of Independent Registered Public Accounting Firm** |

---

![](rule-one_ar123125img002.gif)

taitweller.com

**To the Shareholders of Rule One Fund and the Board of Trustees of The World Funds Trust**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Rule One Fund (the "Fund"), a series of the World Funds Trust, including the schedule of investments, as of December 31, 2025, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and financial highlights for each of the five years in the period then ended, 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 the Fund as of December 31, 2025, the results of its operations and cash flows for the year then ended, he statements of changes in net assets for each of the two years in the period then ended, and financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 have served as the auditor of one or more funds in the World Funds Trust since 1995.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

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 audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

![](rule-one_ar123125img003.gif)

**TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania March 2, 2026**

**20**

FINANCIAL STATEMENTS \| December 31, 2025

---

| |
|:---|
| **RULE ONE FUND** |
| **Supplemental Information (unaudited)** |

---

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

**Statement Regarding Basis of Approval of Investment Advisory Contract.**

**ADVISORY AGREEMENT RENEWAL AND APPROVAL**

At a meeting held on December 10-11, 2025 (the "Meeting"), the Board of Trustees (the "Board") considered the renewal of the Investment Advisory Agreement ("Rule One Advisory Agreement") between Rule One Partners, LLC ("Rule One") and the World Funds Trust ("WFT") with respect to the Rule One Fund (the "Fund"). Trust Counsel discussed with the Trustees 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 continuation of the Rule One Advisory Agreement, including the following material factors: (i) the nature, extent, and quality of the services provided by Rule One; (ii) the investment performance of the Fund; (iii) the costs of the services provided and profits realized by Rule One from its relationship with the Fund; (iv) the extent to which economies of scale would be realized if the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund's investors; and (v) Rule One's practices regarding possible conflicts of interest and benefits derived by Rule One.

In assessing these factors and reaching its decisions, the Board took into consideration information specifically prepared and/or presented in connection with the approval process with respect to the Fund, including information presented to the Board in Rule One's presentation earlier in the Meeting, as well as prior presentations by Rule One's staff and WFT's officers at other meetings of the Board, including information regarding expense limitation arrangements and the manner in which the Fund is managed. The Board requested and was provided with information and reports relevant to the approval of the continuation of the Rule One Advisory Agreement, including: (i) reports regarding the services and support provided to the Fund and its shareholders by Rule One; (ii) quarterly assessments of the investment performance of the Fund from Rule One; (iii) periodic commentary on the reasons for the performance; (iv) presentations by Rule One's management addressing the investment philosophy, investment strategy, personnel and operations utilized in managing the Fund; (v) compliance and audit reports concerning the Fund and Rule One; (vi) disclosure information contained in the registration statement of the WFT and the Rule One's Form ADV; and (vii) the memorandum from Trust Counsel that summarized the fiduciary duties and responsibilities of the Board in reviewing and approving the Rule One 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 Rule One, including financial information, a description of personnel and the services provided to the Fund, information on investment advice, performance, summaries of the Fund's expenses, information on Rule One's compliance program, current legal

**21**

FINANCIAL STATEMENTS \| December 31, 2025

---

| |
|:---|
| **RULE ONE FUND** |
| **Supplemental Information (unaudited) - continued** |

---

matters, and other general information; (ii) comparative expense and performance information for other mutual funds with strategies similar to the Fund; (iii) the anticipated effect of size on the Fund's performance and expenses; and (iv) benefits realized by Rule One from its relationship with the Fund. The Board did not identify any particular information that was most relevant to its consideration of whether to approve the continuation of the Rule One Advisory Agreement and each Trustee may have afforded different weight to the various factors. In deciding whether to approve the continuation of the Rule One Advisory Agreement, the Trustees considered numerous factors, including:

1. *The nature, extent, and quality of the services provided by Rule One*

In this regard, the Board considered the responsibilities of Rule One under the Rule One Advisory Agreement. The Board reviewed the services provided by Rule One to the Fund including, without limitation, the investment strategies and techniques used in managing the Fund; the investment decision-making process and sources of information relied upon by Rule One in providing portfolio management services to the Fund; the process for assuring compliance with the Fund's investment objectives and limitations; and the efforts of Rule One to promote the Fund and grow assets. The Board considered: Rule One's staffing, personnel, and methods of operating; the education and experience of its personnel; and its compliance program, policies and procedures. After reviewing the foregoing and further information from Rule One, the Board concluded that the nature, extent and quality of the services provided by Rule One was satisfactory and adequate for the Fund.

2. *Investment performance of the Fund* 

The Board reviewed the Fund's performance. In considering its investment performance, the Board reviewed reports prepared by Broadridge Financial Solutions ("Broadridge"), and compared the performance of the Fund with the performance of DJ Industrial Average Total Return USD ("DJ Index"), the funds in its Morningstar category, the Equity Hedged category ("Category"), and a peer group selected from the Category by Broadridge, consisting of 14 funds ("Peer Group"). The Board noted that the Fund had outperformed the DJ Index for the one-year period ending September 30, 2025, but had underperformed the DJ Index for the 3-year period and 5-year period ending September 30, 2025. The Board observed that the Fund had outperformed the medians of the Category and the Peer Group for the one-year, three-year and five-year periods ended September 30, 2025. After a detailed discussion of the Fund's performance, the Board concluded, in light of all the facts and circumstances, that the investment performance of the Fund's performance was satisfactory.

3. *The costs of the services provided and profits realized by Rule One from the relationship with the Fund*

In this regard, the Board considered Rule One's staffing, personnel, and methods of operating; the financial condition of Rule One; the current and expected asset levels of the Fund; the advisory fee and overall expenses of the Fund and the nature and frequency of advisory fee payments; and certain contractual fee limitation arrangements that Rule One has in place for the Fund through May 1, 2026.

The Board compared the fees and expenses of the Fund (including the advisory fee) to other funds in its Category and Peer Group. The Trustees considered that the Fund's net and gross expense ratios are higher than the median gross and net expense ratios of funds in its Peer Group and Category. The Board observed that other mutual funds in the Peer Group had higher gross expense ratios than the Fund, but that they had higher waivers (resulting net expense ratios that were comparable to the Fund). The Board also noted that the gross advisory fee payable to Rule One under the Rule One Advisory Agreement is higher than the median gross and net advisory fees the Peer Group and Category, but noted that some peers had comparable or higher gross advisory fees although their net advisory fees were lower than that of the Fund. The Board noted that Rule One has contractually agreed to limit the Fund's annual operating expenses until May 1, 2026. The Trustees also considered information provided on the profitability of the Fund to Rule One, noting that the

**22**

FINANCIAL STATEMENTS \| December 31, 2025

---

| |
|:---|
| **RULE ONE FUND** |
| **Supplemental Information (unaudited) - continued** |

---

Fund is profitable to Rule One. The Board concluded that the Fund's fees and expenses to be paid to Rule One were within a range of what could have been negotiated at arm's length in light of all of the facts and circumstances

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

In this regard, the Board considered the Fund's fee arrangements with Rule One. The Board determined that although the management fee would stay the same as asset levels increased, the shareholders of the Fund would benefit from the expense limitation arrangement in place for the Fund. Following further discussion of the Fund's current asset levels, expectations for growth, and levels of fees, the Board determined that the Fund's fee arrangements, in light of all the facts and circumstances, were fair and reasonable in relation to the nature and quality of the services to be provided by Rule One.

5. *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 Fund; the basis of decisions to buy or sell securities for the Fund; the method for allocating portfolio securities transactions in advising the Fund and the hedge fund advised by Rule One; the substance and administration of Rule One's Code of Ethics and other relevant policies described in Rule One's Form ADV. The Board considered that Rule One indicated Rule One benefitted from operating efficiencies from rolling the separately managed accounts managed by Rule One into the Fund and that Rule One may derive some benefits from managing a publicly offered mutual fund. The Trustees noted that Rule One Investing, LLC is co-owned by Rule One's managing partner, and they considered possible conflicts of interest as concerns his role as a teacher at Rule One Investing, LLC. Following further consideration and discussion, the Board indicated that Rule One's standards and practices relating to the identification and mitigation of potential conflicts of interest, as well as the benefits to be derived by Rule One from managing the Fund were satisfactory.

After additional consideration of the factors delineated in the memorandum provided by Trust counsel and further discussion and careful review by the Trustees, the Board determined that the compensation payable under the Rule One 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, and they approved the renewal of the Rule One Advisory Agreement.

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: March 6, 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: March 6, 2026 |  |
| By (Signature and Title)\*: | /s/ Ann MacDonald |
|  | Ann MacDonald<br> Principal Financial Officer |
| Date: March 6, 2026 |  |

---

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

[ETF Opportunities Trust N-CSR](ruleone-ncsr_123125.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

[ETF Opportunities Trust N-CSR](ruleone-ncsr_123125.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 Rule One Fund;

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 directors (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: March 6, 2026

<u>/s/ Karen Shupe</u> 

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 Rule One Fund;

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 directors (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: March 6, 2026

<u>/s/ Ann MacDonald</u> 

Principal Financial Officer

## Exhibit 99.906

[ETF Opportunities Trust N-CSR](ruleone-ncsr_123125.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 December 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.

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| | |
|:---|:---|
| Dated: | March 6, 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 December 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: | March 6, 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.