# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001387131-23-000183
**Filing Date:** 2023-1
**Character Count:** 116157
**Document Hash:** e9e733161dd882ab0b4488230019fd28
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-23-000183.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001387131-23-000183

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**EFFECTIVENESS DATE**: 20230109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** World Funds Trust
- **CENTRAL INDEX KEY:** 0001396092
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22172
- **FILM NUMBER:** 23518974

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

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

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

## Series and Classes Contracts Data

### Applied Finance Dividend Fund (Series ID: S000049058)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000154687 | Investor Class      | AFALX           |
| C000154688 | Institutional Class | AFAZX           |

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

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

### Applied Finance Select Fund (Series ID: S000054258)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000170411 | Investor Class      | AFVLX           |
| C000170412 | Institutional Class | AFVZX           |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-22172 |
| Exact name of registrant as specified in charter: | World Funds Trust |
| Address of principal executive offices: | 8730 Stony Point Parkway, <br> Suite 205<br> Richmond, VA 23235 |
| Name and address of agent for service | The Corporation Trust Co.,<br> Corporation Trust Center,<br> 1209 Orange St.,<br> Wilmington, DE 19801<br>With Copy to:<br>John H. Lively<br> Practus, LLP<br> 11300 Tomahawk Creek Parkway,<br> Suite 310<br> Leawood, KS 66211  |
| Registrant's telephone number, including area code: | (804) 267-7400 |
| Date of fiscal year end: | April 30 |
| Date of reporting period: | October 31, 2022 |
| Item #1(a). Reports to Stockholders. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1(b). Not applicable. |  |
|  | Applied Finance Dividend Fund; Applied Finance Explorer Fund and Applied Finance Select Fund (collectively, the "Applied Finance Funds") |

---

## SEMI-ANNUAL<br>REPORT
For the six months ended October 31, 2022 (unaudited)

![](aff-ncsrs_103122img001.jpg)

**APPLIED FINANCE FUNDS**

Applied Finance Dividend Fund\*

Applied Finance Explorer Fund

Applied Finance Select Fund

\*Formerly Applied Finance Core Fund

**1**

SEMI-ANNUAL REPORT

**Applied finance DIVIDEND fund**

**Portfolio Composition** **as of** **October 31, 2022 (unaudited)**

---

| | |
|:---|:---|
| **Holdings by Sector/Asset Class** | **Percentage of<br>Net Assets** |
|  **Common Stocks:** |  |
|  Financials  | 18.84% |
|  Health Care  | 15.95% |
|  Industrial  | 11.14% |
|  Consumer Discretionary  | 11.09% |
|  Utilities  | 7.66% |
|  Information Technology  | 7.55% |
|  Consumer Staples  | 7.28% |
|  Energy  | 6.58% |
|  Real Estate  | 2.71% |
|  Materials  | 2.40% |
|  Telecommunications  | 1.67% |
|  **Exchange Traded Funds:**  |  |
|  Large Cap  | 5.12% |
|  **Money Market Fund**  | 1.79% |
|  **Total Investments**  | **99.78%** |

---

See Notes to Financial Statements

**2**

SEMI-ANNUAL REPORT

**Applied finance DIVIDEND fund**

**Schedule of Investments** **October 31, 2022 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **92.87%** | **COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **11.09%** | **CONSUMER DISCRETIONARY** |  |  |
|  | Darden Restaurants, Inc.  | 5304 | $759215<br>|
|  | Hasbro, Inc.  | 10454 | 682123 |
|  | Home Depot, Inc.  | 2500 | 740325 |
|  | Target Corp.  | 3581 | 588179 |
|  | Whirlpool Corp.  | 3383 | 467666 |
|  |  |  | 3237508 |
| &nbsp;&nbsp;&nbsp;&nbsp; **7.28%** | **CONSUMER STAPLES** |  |  |
|  | Unilever, N.V.  | 12148 | 552855 |
|  | Walgreens Boots Alliance, Inc.  | 20511 | 748651 |
|  | Walmart, Inc.  | 5797 | 825087 |
|  |  |  | 2126593 |
| &nbsp;&nbsp;&nbsp;&nbsp; **6.58%** | **ENERGY** |  |  |
|  | Chevron Corp.  | 5476 | 990608 |
|  | Marathon Petroleum Corp.  | 8196 | 931230 |
|  |  |  | 1921838 |
| &nbsp;&nbsp;&nbsp;&nbsp; **18.84%** | **FINANCIALS** |  |  |
|  | Ameriprise Financial, Inc.  | 2706 | 836479 |
|  | Huntington Bancshares, Inc.  | 58311 | 885161 |
|  | JPMorgan Chase & Co.  | 4667 | 587482 |
|  | The PNC Financial Services Group, Inc.  | 4842 | 783581 |
|  | Prudential Financial, Inc.  | 8285 | 871499 |
|  | State Street Corp.  | 9297 | 687978 |
|  | The Travelers Companies, Inc.  | 4601 | 848700 |
|  |  |  | 5500880 |
| &nbsp;&nbsp;&nbsp;&nbsp; **15.95%** | **HEALTH CARE** |  |  |
|  | Abbott Laboratories  | 7300 | 722262 |
|  | Eli Lilly and Co.  | 2173 | 786822 |
|  | Johnson & Johnson  | 4509 | 784431 |

---

See Notes to Financial Statements

**3**

SEMI-ANNUAL REPORT

**Applied finance DIVIDEND fund**

**Schedule of Investments - continued** **October 31, 2022 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Fair Value** |
|  | Merck & Co., Inc.  | 8219 | $831763<br>|
|  | Novartis AG  | 9590 | 778037 |
|  | Pfizer, Inc.  | 16184 | 753365 |
|  |  |  | 4656680 |
| &nbsp;&nbsp;&nbsp;&nbsp; **11.14%** | **INDUSTRIAL** |  |  |
|  | Eaton Corp. PLC  | 5362 | 804675 |
|  | Norfolk Southern Corp.  | 3339 | 761526 |
|  | PACCAR, Inc.  | 8800 | 852104 |
|  | Raytheon Co.  | 8794 | 833847 |
|  |  |  | 3252152 |
| &nbsp;&nbsp;&nbsp;&nbsp; **7.55%** | **INFORMATION TECHNOLOGY** |  |  |
|  | Accenture PLC  | 1825 | 518117 |
|  | Cisco Systems, Inc.  | 13192 | 599313 |
|  | Intel Corp.  | 13509 | 384061 |
|  | Microsoft Corp.  | 3028 | 702890 |
|  |  |  | 2204381 |
| &nbsp;&nbsp;&nbsp;&nbsp; **2.40%** | **MATERIALS** |  |  |
|  | LyondellBasell Industries N.V.  | 9183 | 702040 |
| &nbsp;&nbsp;&nbsp;&nbsp; **2.71%** | **REAL ESTATE** |  |  |
|  | Omega Healthcare Investors, Inc.  | 24855 | 789892 |
| &nbsp;&nbsp;&nbsp;&nbsp; **1.67%** | **TELECOMMUNICATIONS** |  |  |
|  | Verizon Communications, Inc.  | 13035 | 487118 |
| &nbsp;&nbsp;&nbsp;&nbsp; **7.66%** | **UTILITIES** |  |  |
|  | Public Services Enterprise Group, Inc.  | 12947 | 725938 |
|  | Sempra Energy  | 4956 | 748059 |
|  | UGI Corp.  | 21600 | 763128 |
|  |  |  | 2237125 |

---

See Notes to Financial Statements

**4**

SEMI-ANNUAL REPORT

**Applied finance DIVIDEND fund**

**Schedule of Investments - continued** **October 31, 2022 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **92.87%** | **TOTAL COMMON STOCKS** |  | $27116207<br>|
|  | (Cost: $28,664,004)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **5.12%** | **EXCHANGE TRADED FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **5.12%** | **LARGE CAP** |  |  |
|  | Applied Finance Valuation Large Cap ETF\*  | 44600 | 1046923 |
|  | iShares Russell 1000 Value ETF  | 3000 | 449220 |
|  |  |  | 1496143 |
| &nbsp;&nbsp;&nbsp;&nbsp; **5.12%** | **TOTAL EXCHANGE TRADED FUNDS** |  |  |
|  | (Cost: $1,487,756)  |  | 1496143 |
| &nbsp;&nbsp;&nbsp;&nbsp; **1.79%** | **MONEY MARKET FUND** |  |  |
|  | Federated Treasury Obligations Fund - Institutional Class 2.92%\*\*  | 521737 | 521737 |
| &nbsp;&nbsp;&nbsp;&nbsp; **1.79%** | **TOTAL MONEY MARKET FUND** |  |  |
|  | (Cost: $521,737)  |  | 521737 |
| &nbsp;&nbsp;&nbsp;&nbsp; **99.78%** | **TOTAL INVESTMENTS** |  |  |
|  | (Cost: $30,673,797)  | (Cost: $30,673,797)  | 29134087 |
| &nbsp;&nbsp;&nbsp;&nbsp; **0.22%** | Other assets, net of liabilities  | Other assets, net of liabilities  | 64283 |
| &nbsp;&nbsp;&nbsp;&nbsp; **100.00%** | **NET ASSETS - 100.00%**  | **NET ASSETS - 100.00%**  | **$** **29198370**<br>|

---

\*Non-income producing

\*\*Effective 7 day yield as of October 31, 2022

**5**

SEMI-ANNUAL REPORT

**Applied finance explorer fund**

**Portfolio Composition** **as of** **October 31, 2022 (unaudited)**

---

| | |
|:---|:---|
| **Holdings by Sector/Asset Class** | **Percentage of<br>Net Assets** |
|  **Common Stocks:**  |  |
|  Financials  | 20.61% |
|  Health Care  | 12.47% |
|  Industrial  | 12.04% |
|  Consumer Discretionary  | 10.32% |
|  Information Technology  | 7.18% |
|  Energy  | 6.94% |
|  Real Estate  | 5.67% |
|  Materials  | 4.39% |
|  Consumer Staples  | 4.02% |
|  Utilities  | 3.71% |
|  Communication Services  | 3.39% |
|  **Exchange Traded Funds:**  |  |
|  Small Cap  | 0.09% |
|  **Money Market Fund**  | 10.39% |
|  **Total Investments**  | **101.22%** |

---

See Notes to Financial Statements

**6**

SEMI-ANNUAL REPORT

**Applied finance Explorer fund**

**Schedule of Investments** **October 31, 2022 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **90.74%** | **COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **3.39%** | **COMMUNICATION SERVICES** |  |  |
|  | Cars.com, Inc.\*  | 193428 | $2684781<br>|
|  | John Wiley & Sons, Inc.  | 45259 | 1909477 |
|  | Sinclair Broadcast Group, Inc. - Class A  | 102472 | 1825026 |
|  | Tegna, Inc.  | 103127 | 2153292 |
|  | Ziff Davis, Inc.\*  | 26505 | 2051222 |
|  |  |  | 10623798 |
| &nbsp;&nbsp;&nbsp;&nbsp; **10.32%** | **CONSUMER DISCRETIONARY** |  |  |
|  | Academy Sports and Outdoors, Inc.  | 67218 | 2959609 |
|  | Asbury Automotive Group, Inc.\*  | 14672 | 2314508 |
|  | Caleres, Inc.  | 108444 | 2963774 |
|  | Designer Brands, Inc.  | 126159 | 1921402 |
|  | Everi Holdings, Inc.\*  | 130178 | 2470778 |
|  | Golden Entertainment, Inc.\*  | 52930 | 2234705 |
|  | Group I Automotive, Inc.  | 15797 | 2732881 |
|  | Installed Building Products, Inc.  | 26474 | 2276764 |
|  | Malibu Boats, Inc. - Class A\*  | 39244 | 2076008 |
|  | MarineMax, Inc.\*  | 64254 | 2076047 |
|  | Meritage Home Corp.\*  | 27844 | 2120599 |
|  | Patrick Industries, Inc.  | 39329 | 1797729 |
|  | Rent-A-Center, Inc.  | 98685 | 2057582 |
|  | Taylor Morrison Home Corp.\*  | 90916 | 2394727 |
|  |  |  | 32397113 |
| &nbsp;&nbsp;&nbsp;&nbsp; **4.02%** | **CONSUMER STAPLES** |  |  |
|  | The Anersons, Inc.  | 50000 | 1763500 |
|  | Bellrings Brands, Inc.\*  | 71480 | 1731246 |
|  | Performance Food Group Co.\*  | 38618 | 2009681 |
|  | SpartanNash Co.  | 77554 | 2769453 |
|  | Sprouts Farmers Market, Inc.\*  | 72273 | 2132053 |
|  | United Natural Foods, Inc.\*  | 52329 | 2219273 |
|  |  |  | 12625206 |

---

See Notes to Financial Statements

**7**

SEMI-ANNUAL REPORT

**Applied finance Explorer fund**

**Schedule of Investments - continued** **October 31, 2022 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **6.94%** | **ENERGY** |  |  |
|  | Antero Resources Corp.\*  | 54113 | $1983783<br>|
|  | Chord Energy Corp.  | 8292 | 1269422 |
|  | CNX Resources Corp.\*  | 99097 | 1665821 |
|  | Consol Energy, Inc.  | 30244 | 1905977 |
|  | Earthstone Energy, Inc.\*  | 90000 | 1454400 |
|  | EQT Corp.  | 40910 | 1711674 |
|  | Magnolia Oil and Gas Corp.  | 59300 | 1522824 |
|  | Murphy Oil Corp.  | 42644 | 2068660 |
|  | Northern Oil and Gas, Inc.  | 67757 | 2313224 |
|  | PBF Energy Inc. - Class A\*  | 50000 | 2212500 |
|  | PDC Energy, Inc.  | 27848 | 2008955 |
|  | SM Energy Co.  | 37149 | 1670962 |
|  |  |  | 21788202 |
| &nbsp;&nbsp;&nbsp;&nbsp; **20.61%** | **FINANCIALS** |  |  |
|  | Arbor Realty Trust, Inc.  | 172439 | 2374485 |
|  | Cadence Bank  | 88666 | 2451615 |
|  | Customers Bancorp, Inc.\*  | 65658 | 2212018 |
|  | Donnelly Financial Solutions, Inc.\*  | 82694 | 3343318 |
|  | Encore Capital Group, Inc.\*  | 50404 | 2566572 |
|  | Enova International, Inc.\*  | 77446 | 2903451 |
|  | Federated Hermies, Inc.\*  | 40000 | 1390000 |
|  | Hancock Whitney Corp.  | 60658 | 3388962 |
|  | Lakeland Bancorp, Inc.  | 56493 | 1053594 |
|  | Navient Corp.  | 168705 | 2554194 |
|  | Old National Bancorp.  | 138931 | 2717490 |
|  | Open Lending Corp. - Class A\*  | 89258 | 639980 |
|  | Pathward Financial, Inc.  | 60000 | 2521800 |
|  | PennyMac Financial Services, Inc.  | 57743 | 3078857 |
|  | Piper Sandler Cos.  | 19071 | 2440516 |
|  | Preferred Bank/Los Angeles  | 42528 | 3269127 |
|  | PROG Holdings, Inc.\*  | 94917 | 1568029 |
|  | QCR Holdings, Inc.  | 43555 | 2208674 |
|  | Radian Group Inc.  | 102373 | 2136524 |

---

See Notes to Financial Statements

**8**

SEMI-ANNUAL REPORT

**Applied finance Explorer fund**

**Schedule of Investments - continued** **October 31, 2022 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Fair Value** |
|  | RITHM Capital Corp.  | 278339 | $2346398<br>|
|  | SLM Corp.  | 160733 | 2666560 |
|  | Steward Information Services Corp.  | 50227 | 1956844 |
|  | Stonex Group, Inc.\*  | 32745 | 3055763 |
|  | Valley National Bancorp  | 176702 | 2097453 |
|  | Victory Capital Holdings, Inc.\*  | 94575 | 2735109 |
|  | Virtus Investment Partners, Inc.  | 12717 | 2180838 |
|  | WSFS Financial, Corp.  | 61082 | 2843978 |
|  |  |  | 64702149 |
| &nbsp;&nbsp;&nbsp;&nbsp; **12.47%** | **HEALTH CARE** |  |  |
|  | Allscripts Healthcare Solutons, Inc.\*  | 157305 | 2312383 |
|  | AMN Healthcare Services, Inc.\*  | 24763 | 3107756 |
|  | Catalyst fPharmaceuticals, Inc.  | 131377 | 1822199 |
|  | Collegium Pharmaceutical, Inc.\*  | 116534 | 2090620 |
|  | Corcept Therapeutics, Inc.  | 65000 | 1859000 |
|  | The Ensign Group, Inc.  | 35910 | 3224000 |
|  | Fulgent Genetics, Inc.\*  | 16876 | 668796 |
|  | Innoviva, Inc.\*  | 197171 | 2673639 |
|  | Ironwood Pharmaceuticals, Inc.\*  | 238881 | 2613358 |
|  | Medpace Holdings, Inc.\*  | 15998 | 3551236 |
|  | Nextgen Healthcare, Inc.  | 94277 | 1889311 |
|  | Owens & Minor, Inc.  | 80516 | 1368772 |
|  | Patterson Companies, Inc.  | 79051 | 2052954 |
|  | Premier, Inc. - Class A  | 75566 | 2635742 |
|  | Prestige Consumer Healthcare, Inc.\*  | 41974 | 2286744 |
|  | Tenet Healthcare Corp.\*  | 51504 | 2284717 |
|  | United Therapeutics Corp.\*  | 11702 | 2697662 |
|  |  |  | 39138889 |
| &nbsp;&nbsp;&nbsp;&nbsp; **12.04%** | **INDUSTRIAL** |  |  |
|  | Atlas Air Worldwide Holdings\*  | 26715 | 2701955 |
|  | Avis Budget Group, Inc.\*  | 9871 | 2334097 |
|  | Beacon Roofing Supply, Inc.\*  | 35667 | 2009835 |
|  | Builders FirstSource, Inc.\*  | 37124 | 2289066 |

---

See Notes to Financial Statements

**9**

SEMI-ANNUAL REPORT

**Applied finance Explorer fund**

**Schedule of Investments - continued** **October 31, 2022 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Fair Value** |
|  | Encore Wire Corp.  | 15118 | $2080086<br>|
|  | GMS, Inc.\*  | 42738 | 2017234 |
|  | GENCO Shipping  | 119285 | 1598419 |
|  | GrafTech International Ltd.  | 181476 | 923713 |
|  | Herc Holdings, Inc.  | 17305 | 2035241 |
|  | Hillenbrand, Inc.  | 46373 | 2048759 |
|  | Marten Transport, Ltd.  | 102910 | 1931621 |
|  | Matson, Inc.  | 23424 | 1723538 |
|  | Mueller Industries, Inc.  | 34291 | 2147988 |
|  | NV5 Global, Inc.\*  | 16308 | 2363845 |
|  | Schneider National, Inc.  | 71025 | 1579596 |
|  | UFP Industries, Inc.  | 21639 | 1541346 |
|  | Veritiv Corp.\*  | 21736 | 2527027 |
|  | Werner Enterprise, Inc.  | 48733 | 1910334 |
|  | WESCO international Inc.  | 14830 | 2043129 |
|  |  |  | 37806829 |
| &nbsp;&nbsp;&nbsp;&nbsp; **7.18%** | **INFORMATION TECHNOLOGY** |  |  |
|  | Consensus Cloud Solutions\*  | 41371 | 2322568 |
|  | CSG Systems International, Inc.  | 32887 | 2126802 |
|  | Diodes, Inc.\*  | 27773 | 1990491 |
|  | ePlus, Inc.\*  | 29693 | 1446643 |
|  | Ichor Holdings, Ltd.\*  | 59148 | 1504725 |
|  | Insight Enterprises, Inc.\*  | 21261 | 2009377 |
|  | MaxLinear, Inc.\*  | 28648 | 884650 |
|  | NetGear Inc.\*  | 109164 | 2145073 |
|  | Progress Software Corp.  | 42438 | 2165611 |
|  | ScanSource, Inc.\*  | 65068 | 2015807 |
|  | SMART Global Holdings, Inc.\*  | 70673 | 956206 |
|  | Synaptics, Inc.\*  | 14916 | 1321558 |
|  | Ultra Clean Holdings, Inc.\*  | 53389 | 1660932 |
|  |  |  | 22550443 |
| &nbsp;&nbsp;&nbsp;&nbsp; **4.39%** | **MATERIALS** |  |  |
|  | AdvanSix, Inc.  | 46101 | 1677154 |
|  | Boise Cascade Co.  | 30027 | 2004903 |

---

See Notes to Financial Statements

**10**

SEMI-ANNUAL REPORT

**Applied finance Explorer fund**

**Schedule of Investments - continued** **October 31, 2022 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Fair Value** |
|  | Cleanwater Paper Corp.\*  | 44932 | $1998575<br>|
|  | Commercial Metals Co.  | 53392 | 2429336 |
|  | Element Solutions, Inc.  | 90581 | 1557993 |
|  | Ryerson Holding Corp.  | 63384 | 2126533 |
|  | Tronox Holdings PLC  | 109171 | 1310052 |
|  | Warrior Met Coal, Inc.  | 18339 | 681110 |
|  |  |  | 13785656 |
| &nbsp;&nbsp;&nbsp;&nbsp; **5.67%** | **REAL ESTATE** |  |  |
|  | Brandywine Realty Trust  | 149858 | 983068 |
|  | CoreCivic, Inc.\*  | 177156 | 1854823 |
|  | DiamondRock Hospitality Co.  | 215438 | 2012191 |
|  | Kite Realy Group Trust  | 127695 | 2507930 |
|  | The Macerich Co.  | 203828 | 2268606 |
|  | National Storage Affliates  | 45482 | 1940262 |
|  | Newmark Group Inc. - Class A  | 193978 | 1588680 |
|  | Office Properties Income Trust  | 103143 | 1578088 |
|  | Paramount Group, Inc.  | 197031 | 1274791 |
|  | Piedmont Office Realty  | 169700 | 1773365 |
|  |  |  | 17781804 |
| &nbsp;&nbsp;&nbsp;&nbsp; **3.71%** | **UTILITIES** |  |  |
|  | Brookfield Infrastructure Corp.  | 69973 | 3017236 |
|  | Montauk Renewables, Inc.\*  | 80000 | 1197600 |
|  | New Jersey Resources Corp.  | 88249 | 3939435 |
|  | Otter Tail Corp.  | 51724 | 3487232 |
|  |  |  | 11641503 |
| &nbsp;&nbsp;&nbsp;&nbsp; **90.74%** | **TOTAL COMMON STOCKS** |  |  |
|  | (Cost: $281,551,236)  |  | 284841592 |
| &nbsp;&nbsp;&nbsp;&nbsp; **0.09%** | **EXCHANGE TRADED FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **0.09%** | **SMALL CAP** |  |  |
|  | iShares Russell 2000 ETF  | 900 | 164997 |
|  | iShares Russell 2000 Growth ETF  | 500 | 113130 |
|  |  |  | 278127 |

---

See Notes to Financial Statements

**11**

SEMI-ANNUAL REPORT

**Applied finance Explorer fund**

**Schedule of Investments - continued** **October 31, 2022 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **0.09%** | **TOTAL EXCHANGE TRADED FUNDS** |  |  |
|  | (Cost: $212,820)  |  | $278127<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; **10.39%** | **MONEY MARKET FUND** |  |  |
|  | Federated Treasury Obligations Fund - Institutional 2.92%\*\*  | 32606759 | 32606759 |
|  | **TOTAL MONEY MARKET FUND** |  |  |
|  | (Cost: $32,606,759)  |  | 32606759 |
| &nbsp;&nbsp;&nbsp;&nbsp; **101.22%** | **TOTAL INVESTMENTS** |  |  |
|  | (Cost: $314,370,815)  | (Cost: $314,370,815)  | 317726478 |
| &nbsp;&nbsp;&nbsp;&nbsp; **(1.22%)** | Liabilities in excess of other assets  | Liabilities in excess of other assets  | (3825305) |
| &nbsp;&nbsp;&nbsp;&nbsp; **100.00%** | **NET ASSETS**  | **NET ASSETS**  | **$** **313901173**<br>|

---

\*Non-income producing

\*\*Effective 7 day yield as of October 31, 2022

**12**

SEMI-ANNUAL REPORT

**Applied finance select fund**

**Portfolio Composition** **as of October 31, 2022 (unaudited)**

---

| | |
|:---|:---|
| **Holdings by Sector/Asset Class** | **Percentage of<br>Net Assets** |
|  **Common Stocks:** |  |
|  Information Technology  | 24.73% |
|  Consumer Discretionary  | 13.29% |
|  Health Care  | 12.23% |
|  Financials  | 11.58% |
|  Consumer Staples  | 8.34% |
|  Industrial  | 8.20% |
|  Energy  | 5.17% |
|  Utilities  | 2.57% |
|  Materials  | 2.39% |
|  Real Estate  | 2.38% |
|  Telecommunication Services  | 1.86% |
|  **Money Market Fund**  | 10.82% |
|  **Total Investments**  | **103.56%** |

---

See Notes to Financial Statements

**13**

SEMI-ANNUAL REPORT

**Applied finance Select fund**

**Schedule of Investments** **October 31, 2022 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **92.74%** | **COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **13.29%** | **CONSUMER DISCRETIONARY** |  |  |
|  | Aptiv PLC\*  | 93974 | $8558212<br>|
|  | Darden Restaurants, Inc.  | 59111 | 8461149 |
|  | LKQ Corp.  | 156725 | 8720179 |
|  | Lowe's Cos., Inc.  | 43590 | 8497871 |
|  | Target Corp.  | 49515 | 8132839 |
|  | The Walt Disney Co.\*  | 65026 | 6927870 |
|  |  |  | 49298120 |
| &nbsp;&nbsp;&nbsp;&nbsp; **8.34%** | **CONSUMER STAPLES** |  |  |
|  | Constellation Brands, Inc. - Class A  | 27547 | 6806313 |
|  | CVS Health Corp.  | 60633 | 5741945 |
|  | Tyson Foods, Inc. - Class A  | 85854 | 5868121 |
|  | Walgreens Boots Alliance, Inc.  | 155023 | 5658340 |
|  | Walmart, Inc.  | 48128 | 6850058 |
|  |  |  | 30924777 |
| &nbsp;&nbsp;&nbsp;&nbsp; **5.17%** | **ENERGY** |  |  |
|  | Chevron Corp.  | 36745 | 6647171 |
|  | ConocoPhillips  | 50603 | 6380532 |
|  | Valero Energy Corp.  | 48908 | 6140399 |
|  |  |  | 19168102 |
| &nbsp;&nbsp;&nbsp;&nbsp; **11.58%** | **FINANCIALS** |  |  |
|  | The Allstate Corp.  | 44452 | 5612065 |
|  | Ameriprise Financial, Inc.  | 21514 | 6650408 |
|  | Bank of America Corp.  | 166306 | 5993668 |
|  | Capital One Financial Corp.  | 52889 | 5607292 |
|  | JPMorgan Chase & Co.  | 46919 | 5906164 |
|  | MetLife, Inc.  | 93000 | 6808530 |
|  | The Travelers Cos., Inc.  | 34539 | 6371064 |
|  |  |  | 42949191 |
| &nbsp;&nbsp;&nbsp;&nbsp; **12.23%** | **HEALTH CARE** |  |  |
|  | Danaher Corp.  | 25603 | 6443507 |
|  | McKesson Corp.  | 19573 | 7621139 |

---

See Notes to Financial Statements

**14**

SEMI-ANNUAL REPORT

**Applied finance Select fund**

**Schedule of Investments - continued** **October 31, 2022 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Fair Value** |
|  | Merck & Co., Inc.  | 72352 | $7322022<br>|
|  | Pfizer, Inc.  | 114109 | 5311774 |
|  | Regeneron Pharmaceuticals, Inc.\*  | 9000 | 6738750 |
|  | Stryker Corp.  | 27114 | 6215613 |
|  | Thermo Fisher Scientific, Inc.  | 11085 | 5697357 |
|  |  |  | 45350162 |
| &nbsp;&nbsp;&nbsp;&nbsp; **8.20%** | **INDUSTRIAL** |  |  |
|  | Cummins, Inc.  | 23588 | 5767502 |
|  | Quanta Services, Inc.  | 37248 | 5290706 |
|  | Roper Technologies, Inc.  | 11403 | 4727000 |
|  | Union Pacific Corp.  | 24228 | 4776308 |
|  | United Rentals, Inc.\*  | 15000 | 4735650 |
|  | Westinghouse Air Brake <br>Technologies Corp.  | 55000 | 5130400 |
|  |  |  | 30427566 |
| &nbsp;&nbsp;&nbsp;&nbsp; **24.73%** | **INFORMATION TECHNOLOGY** |  |  |
|  | Alphabet, Inc. - Class A\*  | 67420 | 6371864 |
|  | Apple, Inc.  | 67909 | 10413166 |
|  | Cisco Systems, Inc.  | 225133 | 10227792 |
|  | Fiserv, Inc.\*  | 103093 | 10591775 |
|  | HP, Inc.  | 324645 | 8966695 |
|  | Intel Corp.  | 294807 | 8381363 |
|  | International Business Machines Corp.  | 78776 | 10893933 |
|  | KLA Corp.  | 33108 | 10477026 |
|  | Mastercard, Inc. - Class A  | 31447 | 10320276 |
|  | Meta Platforms, Inc.\*  | 54345 | 5062780 |
|  |  |  | 91706670 |
| &nbsp;&nbsp;&nbsp;&nbsp; **2.39%** | **MATERIALS** |  |  |
|  | Celanese Corp. - Class A  | 46000 | 4421520 |
|  | CF Industries Holdings, Inc.  | 41960 | 4458670 |
|  |  |  | 8880190 |
| &nbsp;&nbsp;&nbsp;&nbsp; **2.38%** | **REAL ESTATE** |  |  |
|  | Host Hotels & Resorts, Inc.  | 468113 | 8837973 |

---

See Notes to Financial Statements

**15**

SEMI-ANNUAL REPORT

**Applied finance Select fund**

**Schedule of Investments - continued** **October 31, 2022 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **1.86%** | **TELECOMMUNICATION SERVICES** |  |  |
|  | Verizon Communications, Inc.  | 184410 | $6891402<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; **2.57%** | **UTILITIES** |  |  |
|  | DTE Energy Co.  | 42702 | 4787321 |
|  | Public Service Enterprise Group, Inc.  | 84753 | 4752101 |
|  |  |  | 9539422 |
| &nbsp;&nbsp;&nbsp;&nbsp; **92.74%** | **TOTAL COMMON STOCKS** |  |  |
|  | (Cost: $286,950,883)  |  | 343973575 |
| &nbsp;&nbsp;&nbsp;&nbsp; **10.82%** | **MONEY MARKET FUND** |  |  |
|  | Federated Treasury Obligations Fund - Institutional Class 2.92%\*\*  | 40134265 | 40134265 |
|  | (Cost: $40,134,265) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **103.56%** | **TOTAL INVESTMENTS** |  |  |
|  | (Cost: $327,085,148)  | (Cost: $327,085,148)  | 384107840 |
| &nbsp;&nbsp;&nbsp;&nbsp; **(3.56%)** | Liabilities in excess of other assets  | Liabilities in excess of other assets  | (13213658) |
| &nbsp;&nbsp;&nbsp;&nbsp; **100.00%** | **NET ASSETS**  | **NET ASSETS**  | **$** **370894182**<br>|

---

\*Non-income producing

\*\*Effective 7 day yield as of October 31, 2022

See Notes to Financial Statements

**16**

SEMI-ANNUAL REPORT

See Notes to Financial Statements

**17**

SEMI-ANNUAL REPORT

**Applied finance funds**

**Statements of Assets and Liabilities**

**Applied finance funds**

**October 31, 2022 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Applied Finance<br>Dividend Fund** | **Applied Finance<br>Explorer Fund** | **Applied Finance<br>Select Fund** |
|  **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at fair value\*  | $29134087<br>| $317726478<br>| $384107840<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for capital stock sold  | 535 | 830865 | 497388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable  | 57904 | 180202 | 366965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims receivable  | 32152 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses  | 46250 | 82198 | 92730 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSETS  | 29270928 | 318819743 | 385064923 |
|  **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased  |  | 4445829 | 10892581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for capital stock redeemed  | 37507 | 270172 | 3082004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued investment advisory fees  | 2947 | 141935 | 142339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued 12b-1 fees  | 5150 | 33177 | 8506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued administrative, accounting and transfer agent fees  | 8862 | 15818 | 40846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued professional fees  | 11416 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses  | 6676 | 11639 | 4465 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES  | 72558 | 4918570 | 14170741 |
|  **NET ASSETS**  | $29198370<br>| $313901173<br>| $370894182<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital  | $26970690<br>| $304073325<br>| $305707567<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings  | 2227680 | 9827848 | 65186615 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  | $29198370<br>| $313901173<br>| $370894182<br>|
|  **NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE**  |  |  |  |
|  **Net Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | $19388039<br>| $201482326<br>| $337110295<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class  | 9810331 | 112418847 | 33783887 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total**  | $29198370<br>| $313901173<br>| $370894182<br>|
|  **Shares Outstanding (unlimited number of shares of beneficial interest authorized without par value)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | 1740045 | 11605418 | 18919081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class  | 895964 | 6519336 | 1906538 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total**  | 2636009 | 18124754 | 20825619 |
|  **Net Asset Value Per Share** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | $11.14<br>| $17.36<br>| $17.82<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class  | 10.95 | 17.24 | 17.72 |
|  **Short-Term Redemption Fee Price Per Share<sup>(A)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | 10.92 | 17.01 | 17.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class  | 10.73 | 16.90 | 17.37 |
|  \* Identified cost of  | $30673497<br>| $314370815<br>| $327085148<br>|

---

<sup>(A)</sup>Applied Finance Funds will impose a 2% redemption fee on shares redeemed within 60 days of purchase.

See Notes to Financial Statements

**18**

SEMI-ANNUAL REPORT

See Notes to Financial Statements

**19**

SEMI-ANNUAL REPORT

**Applied finance funds**

**Statements of Operations**

**Applied finance funds**

**For the six months ended October 31, 2022** **(unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Applied Finance<br>Dividend Fund** | **Applied Finance<br>Explorer Fund** | **Applied Finance<br>Select Fund** |
|  **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of foreign taxes withheld of $196, $8,683, $-, respectively)  | $544980<br>| $2322052<br>| $3412765<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Interest  | 1690 | 202918 | 212118 |
|  Total investment income  | 546670 | 2524970 | 3624883 |
|  **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 2)  | 142475 | 1617104 | 1549918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rule 12b-1 and servicing fees (Note 2) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class  | 12399 | 132606 | 41322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recordkeeping and fund administrative services (Note 2)  | 12326 | 58479 | 75241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting fees (Note 2)  | 4886 | 36465 | 48429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody fees  | 3787 | 12762 | 13332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees (Note 2)  | 16240 | 41459 | 45148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees  | 18270 | 20641 | 23304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Filing and registration fees  | 27530 | 40803 | 39627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees fees  | 860 | 6132 | 8192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance fees  | 2229 | 4289 | 4994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder services and reports  | 9417 | 17107 | 18673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing (Note 2) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | 6111 | 71047 | 115266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class  | 9322 | 79564 | 32157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance  | 2422 | 3656 | 4739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proxy expense  | 5729 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense\*\*  | 210 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other  | 5995 | 16342 | 16477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 280208 | 2158456 | 2036819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee waivers (Note 2)  | (111480) | (848484) | (703899) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 168728 | 1309972 | 1332920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | 377942 | 1214998 | 2291963 |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments  | (545966) | (234751) | 1569352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in unrealized appreciation<br>(depreciation) of investments  | (1049972) | (9681540) | (15955133) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<br>and foreign currencies and related transactions  | (1595938) | (9916291) | (14385781) |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS**  | $(1217996) | $(8701293) | $(12093818) |

---

\*\*Includes overdraft fees charged by custodian

See Notes to Financial Statements

**20**

SEMI-ANNUAL REPORT

See Notes to Financial Statements

**21**

SEMI-ANNUAL REPORT

**Applied finance funds**

**Statements of Changes in Net Assets**

**Applied finance funds**

**October 31, 2022 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Applied Finance Dividend Fund** | **Applied Finance Dividend Fund** | **Applied Finance Explorer Fund** | **Applied Finance Explorer Fund** | **Applied Finance Select Fund** | **Applied Finance Select Fund** |
|  | **Six months<br>ended<br>October 31,<br>2022<br>(unaudited)** | **Year <br>ended<br>April 30, <br>2022** | **Six months<br>ended<br>October 31,<br>2022<br>(unaudited)** | **Year <br>ended<br>April 30, <br>2022** | **Six months<br>ended<br>October 31,<br>2022<br>(unaudited)** | **Year <br>ended<br>April 30, <br>2022** |
|  **OPERATIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | $377942<br>| $588839<br>| $1214998<br>| $641659<br>| $2291963<br>| $2870365<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and foreign currency transactions  | (545966) | 21802432 | (234751) | 6205040 | 1569352 | 5488665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in unrealized appreciation (depreciation) of investments and options purchased  | (1049972) | (20693185) | (9681540) | (8556955) | (15955133) | (6075262) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations  | (1217996) | 1698086 | (8701293) | (1710256) | (12093818) | 2283768 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  |  | (13097413) |  | (911065) |  | (6881730) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class  |  | (4253954) |  | (567205) |  | (583529) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from distributions  |  | (17351367) |  | (1478270) |  | (7465259) |
|  **CAPITAL STOCK TRANSACTIONS (Note 5)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | 259778 | 3053342 | 66142620 | 98949891 | 63131323 | 102419181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class  | 1896087 | 525263 | 41040771 | 91653048 | 11345573 | 13970011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  |  | 12576029 |  | 587657 |  | 4057487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class  |  | 4124895 |  | 523330 |  | 467103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<sup>(A)</sup>  | (4178839) | (19277878) | (21487548) | (15890782) | (27784662) | (41780553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class<sup>(B)</sup>  | (1681221) | (3513475) | (17557582) | (37931464) | (5329974) | (6075744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from capital stock transactions  | (3704195) | (2511824) | 68138261 | 137891680 | 41362260 | 73057485 |
|  **NET ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) during year  | (4922191) | (18165105) | 59436968 | 134703154 | 29268442 | 67875994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year  | 34120561 | 52285666 | 254464205 | 119761051 | 341625740 | 273749746 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year  | $29198370<br>| $34120561<br>| $313901173<br>| $254464205<br>| $370894182<br>| $341625740<br>|
|  <sup>(A)</sup>Includes redemption fees of:  | $142<br>| $6672<br>| $10548<br>| $17201<br>| $19446<br>| $16561<br>|
|  <sup>(B)</sup>Includes redemption fees of:  | $1063<br>| $823<br>| $27014<br>| $151657<br>| $1102<br>| $7053<br>|

---

See Notes to Financial Statements

**22**

SEMI-ANNUAL REPORT

See Notes to Financial Statements

**23**

SEMI-ANNUAL REPORT

**Applied finance DIVIDEND fund**

**Financial Highlights**

**Applied finance DIVIDEND fund**

**Selected Per Share Data Throughout Each Period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
|  | **Six months ended <br>October 31,<br>2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
|  | **Six months ended <br>October 31,<br>2022<br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net asset value, beginning of period**  | **$** **11.50**<br>| **$** **16.79**<br>| **$** **11.99**<br>| **$** **14.22**<br>| **$** **17.77**<br>| **$** **15.64**<br>|
|  **Investment activities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | 0.14 | 0.19 | 0.10 | 0.15 | 0.10 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and<br>options contracts purchased  | (0.50) | 0.36 | 6.11 | (1.62) | 0.22 | 2.60 |
|  **Total from investment activities**  | **(0.36)** | **0.55** | **6.21** | **(1.47)** | **0.32** | **2.68** |
|  **Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  |  | (0.08) | (0.13) | (0.02) | (0.09) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain  |  | (5.76) | (1.28) | (0.74) | (3.78) | (0.47) |
|  **Total distributions**  | **—** | **(5.84)** | **(1.41)** | **(0.76)** | **(3.87)** | **(0.55)** |
|  **Paid-in capital from redemption fees**  | **—**<br><sup>**(2)**</sup> | **—**<br><sup>**(2)**</sup> | **—**<br><sup>**(2)**</sup> | **—**<br><sup>**(2)**</sup> | **—**<br><sup>**(2)**</sup> | **—** |
|  **Net asset value, end of period**  | **$** **11.14**<br>| **$** **11.50**<br>| **$** **16.79**<br>| **$** **11.99**<br>| **$** **14.22**<br>| **$** **17.77**<br>|
|  **Total Return<sup>(3)</sup>**  | **(3.13**<br>**%)** | **2.05%** | **53.94%** | **(11.38**<br>**%)** | **5.15%** | **17.10%** |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Ratios to average net assets<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, gross  | 1.65%<sup>(5)</sup> | 1.41%<sup>(5)</sup> | 1.52%<sup>(5)</sup> | 1.44%<sup>(5)</sup> | 1.30%<sup>(5)</sup> | 1.29%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of management fee waivers and reimbursements  | 0.99%<sup>(6)</sup> | 0.95% | 0.95% | 0.96%<sup>(6)</sup> | 0.97%<sup>(6)</sup> | 0.97%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | 2.48% | 1.34% | 0.70% | 1.07% | 0.61% | 0.49% |
|  Portfolio turnover rate<sup>(3)</sup>  | 10.68% | 81.95% | 14.95% | 29.91% | 50.69% | 75.46% |
|  Net assets, end of period (000's)  | $19388<br>| $24173<br>| $39543<br>| $28082<br>| $69710<br>| $76749<br>|

---

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

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

<sup>(3)</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>(4)</sup> Ratios to average net assets have been annualized for periods less than one year.

<sup>(5)</sup> Ratio of total expenses before management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been 1.61% for the six months ended October 31, 2022 and 1.41% 1.52%, 1.43%, 1.28% and 1.27%, for the years ended April 30, 2022 through April 30, 2018, respectively.

<sup>(6)</sup> Ratio of total expenses net of management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been 0.95% for the six months ended October 31, 2022, and 0.95% for the years ended April 30, 2020 through April 30, 2018, respectively.

See Notes to Financial Statements

**24**

SEMI-ANNUAL REPORT

See Notes to Financial Statements

**25**

SEMI-ANNUAL REPORT

**Applied finance DIVIDEND fund**

**Selected Per Share Data Throughout Each Period**

**Applied finance DIVIDEND fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** |
|  | **Six months<br> ended <br>October 31,<br>2022 <br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
|  | **Six months<br> ended <br>October 31,<br>2022 <br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net asset value, beginning of period**  | **$** **11.31**<br>| **$** **16.61**<br>| **$** **11.94**<br>| **$** **14.17**<br>| **$** **17.74**<br>| **$** **15.63**<br>|
|  **Investment activities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | 0.12 | 0.16 | 0.06 | 0.12 | 0.06 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and <br>options contracts purchased  | (0.48) | 0.35 | 6.06 | (1.61) | 0.21 | 2.59 |
|  **Total from investment activities**  | **(0.36)** | **0.51** | **6.12** | **(1.49)** | **0.27** | **2.63** |
|  **Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  |  | (0.05) | (0.17) |  | (0.07) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain  |  | (5.76) | (1.28) | (0.74) | (3.78) | (0.47) |
|  **Total distributions**  | **—** | **(5.81)** | **(1.45)** | **(0.74)** | **(3.85)** | **(0.52)** |
|  **Paid-in capital from redemption fees**  | **—**<br><sup>**(2)**</sup> | **—**<br><sup>**(2)**</sup> | **—**<br><sup>**(2)**</sup> | **—**<br><sup>**(2)**</sup> | **0.01** | **—** |
|  **Net asset value, end of period**  | **$** **10.95**<br>| **$** **11.31**<br>| **$** **16.61**<br>| **$** **11.94**<br>| **$** **14.17**<br>| **$** **17.74**<br>|
|  **Total Return<sup>(3)</sup>**  | **(3.18**<br>**%)** | **1.80%** | **53.41%** | **(11.54**<br>**%)** | **4.89%** | **16.79%** |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Ratios to average net assets<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, gross  | 2.04%<sup>(5)</sup> | 1.80%<sup>(5)</sup> | 1.88%<sup>(5)</sup> | 1.79%<sup>(5)</sup> | 1.63%<sup>(5)</sup> | 1.55%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of management fee waivers and reimbursements  | 1.24%<sup>(6)</sup> | 1.20% | 1.20% | 1.21%<sup>(6)</sup> | 1.21%<sup>(6)</sup> | 1.22%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | 2.18% | 1.13% | 0.45% | 0.85% | 0.27% | 0.24% |
|  Portfolio turnover rate<sup>(3)</sup>  | 10.68% | 81.95% | 14.95% | 29.91% | 42.66% | 75.46% |
|  Net assets, end of period (000's)  | $9810<br>| $9948<br>| $12742<br>| $9301<br>| $15488<br>| $99497<br>|

---

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

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

<sup>(3)</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>(4)</sup> Ratios to average net assets have been annualized for periods less than one year.

<sup>(5)</sup> Ratio of total expenses before management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been 2.00% for the six months ended October 31, 2022, and 1.80%, 1.88%, 1.78%, 1.61% and 1.53%, for the years ended April 30, 2022 through April 30, 2018, respectively.

<sup>(6)</sup> Ratio of total expenses net of management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been 1.20% for the six months ended October 31, 2022, and 1.20% for the years ended April 30, 2020 through April 30, 2018, respectively.

See Notes to Financial Statements

**26**

SEMI-ANNUAL REPORT

See Notes to Financial Statements

**27**

SEMI-ANNUAL REPORT

**Applied finance Explorer fund**

**Financial Highlights**

**Applied finance Explorer fund**

**Selected Per Share Data Throughout Each Period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
|  | **Six months<br>ended <br>October 31, 2022 <br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
|  | **Six months<br>ended <br>October 31, 2022 <br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net asset value, beginning of period**  | **$** **17.93**<br>| **$** **17.31**<br>| **$** **9.09**<br>| **$** **10.89**<br>| **$** **11.94**<br>| **$** **10.71**<br>|
|  **Investment activities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | 0.08 | 0.08 | 0.02 | 0.09 | 0.06 | —<br><sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | (0.65) | 0.70 | 8.26 | (1.81) | (0.11) | 1.46 |
|  **Total from investment activities**  | **(0.57)** | **0.78** | **8.28** | **(1.72)** | **(0.05)** | **1.46** |
|  **Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  |  | (0.04) | (0.06) | (0.09) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain  |  | (0.12) |  |  | (0.98) | (0.23) |
|  **Total distributions**  | **—** | **(0.16)** | **(0.06)** | **(0.09)** | **(1.00)** | **(0.23)** |
|  **Paid-in capital from redemption fees**  | **—**<br><sup>**(2)**</sup> | **—**<br><sup>**(2)**</sup> | **—**<br><sup>**(2)**</sup> | **0.01** | **—**<br><sup>**(2)**</sup> | **—** |
|  **Net asset value, end of period**  | **$** **17.36**<br>| **$** **17.93**<br>| **$** **17.31**<br>| **$** **9.09**<br>| **$** **10.89**<br>| **$** **11.94**<br>|
|  **Total Return<sup>(3)</sup>**  | **(3.18**<br>**%)** | **4.50%** | **91.26%** | **(15.88**<br>**%)** | **0.68%** | **13.67%** |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Ratios to average net assets<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, gross  | 1.40% | 1.45% | 1.61%<sup>(5)</sup> | 1.90%<sup>(5)</sup> | 1.82%<sup>(5)</sup> | 1.97%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of management fee waivers and reimbursements  | 0.83% | 0.83% | 0.86%<sup>(6)</sup> | 0.83%<sup>(6)</sup> | 0.83%<sup>(6)</sup> | 0.94%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | 0.95% | 0.45% | 0.15% | 0.82% | 0.51% | 0.04% |
|  Portfolio turnover rate<sup>(3)</sup>  | 18.05% | 31.62% | 42.02% | 228.89% | 107.77% | 82.63% |
|  Net assets, end of period (000's)  | $201482<br>| $161652<br>| $79647<br>| $13360<br>| $18151<br>| $13883<br>|

---

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

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

<sup>(3)</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>(4)</sup> Ratios to average net assets have been annualized for periods less than one year.

<sup>(5)</sup> Ratio of total expenses before management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been 1.58%, 1.90%, 1.82% and 1.97%, for the years ended April 30, 2021 through April 30, 2018, respectively.

<sup>(6)</sup> Ratio of total expenses net of management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been 0.83%, 0.82%, 0.83% and 0.94%, for the years ended April 30, 2021 through April 30, 2018, respectively.

See Notes to Financial Statements

**28**

SEMI-ANNUAL REPORT

See Notes to Financial Statements

**29**

SEMI-ANNUAL REPORT

**Applied finance Explorer fund**

**Financial Highlights**

**Applied finance Explorer fund**

**Selected Per Share Data Throughout Each Period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** |
|  | **Six months<br>ended <br>October 31, 2022 <br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
|  | **Six months<br>ended <br>October 31, 2022 <br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net asset value, beginning of period**  | **$** **17.82**<br>| **$** **17.19**<br>| **$** **9.02**<br>| **$** **10.80**<br>| **$** **11.86**<br>| **$** **10.67**<br>|
|  **Investment activities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | 0.06 | 0.04 | (0.02) | 0.07 | 0.03 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | (0.64) | 0.68 | 8.19 | (1.80) | (0.11) | 1.45 |
|  **Total from investment activities**  | **(0.58)** | **0.72** | **8.17** | **(1.73)** | **(0.08)** | **1.42** |
|  **Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  |  | (0.01) | (0.02) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain  |  | (0.12) |  | (0.05) | (0.98) | (0.23) |
|  **Total distributions**  | **—** | **(0.13)** | **(0.02)** | **(0.05)** | **(0.98)** | **(0.23)** |
|  **Paid-in capital from redemption fees**  | **—**<br><sup>**(2)**</sup> | **0.04** | **0.02** | **—**<br><sup>**(2)**</sup> | **—**<br><sup>**(2)**</sup> | **—** |
|  **Net asset value, end of period**  | **$** **17.24**<br>| **$** **17.82**<br>| **$** **17.19**<br>| **$** **9.02**<br>| **$** **10.80**<br>| **$** **11.86**<br>|
|  **Total Return<sup>(3)</sup>**  | **(3.25**<br>**%)** | **4.40%** | **90.87%** | **(16.10**<br>**%)** | **0.38%** | **13.34%** |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Ratios to average net assets<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, gross  | 1.72% | 1.76% | 1.96%<sup>(5)</sup> | 2.34%<sup>(5)</sup> | 2.23%<sup>(5)</sup> | 2.42%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of management fee waivers and reimbursements  | 1.08% | 1.08% | 1.11%<sup>(6)</sup> | 1.08%<sup>(6)</sup> | 1.08%<sup>(6)</sup> | 1.22%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | 0.70% | 0.20% | (0.13%) | 0.64% | 0.24% | (0.24%) |
|  Portfolio turnover rate<sup>(3)</sup>  | 18.05% | 31.62% | 42.02% | 228.89% | 107.77% | 82.63% |
|  Net assets, end of period (000's)  | $112419<br>| $92813<br>| $40114<br>| $3491<br>| $2682<br>| $2314<br>|

---

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

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

<sup>(3)</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>(4)</sup> Ratios to average net assets have been annualized for periods less than one year.

<sup>(5)</sup> Ratio of total expenses before management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been 1.76%, 1.93%, 2.34%, 2.23% and 2.42%, for the years ended April 30, 2022 through April 30, 2018, respectively.

<sup>(6)</sup> Ratio of total expenses net of management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been 1.08%, 1.08%, 1.08%, 1.08% and 1.22% for the years ended April 30, 2022 through April 30, 2018, respectively.

See Notes to Financial Statements

**30**

SEMI-ANNUAL REPORT

See Notes to Financial Statements

**31**

SEMI-ANNUAL REPORT

**Applied finance Select fund**

**Selected Per Share Data Throughout Each Period**

**Applied finance Select fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
|  | **Six months <br>ended <br>October 31, 2022 <br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
|  | **Six months <br>ended <br>October 31, 2022 <br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net asset value, beginning of period**  | **$** **18.50**<br>| **$** **18.62**<br>| **$** **12.11**<br>| **$** **12.77**<br>| **$** **11.76**<br>| **$** **10.30**<br>|
|  **Investment activities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | 0.12 | 0.18 | 0.15 | 0.16 | 0.14 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | (0.80) | 0.17 | 6.56 | (0.70) | 1.01 | 1.62 |
|  **Total from investment activities**  | **(0.68)** | **0.35** | **6.71** | **(0.54)** | **1.15** | **1.72** |
|  **Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  |  | (0.16) | (0.14) | (0.12) | (0.06) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain  |  | (0.31) | (0.06) | —<br><sup>(2)</sup> | (0.08) | (0.19) |
|  **Total distributions**  | **—** | **(0.47)** | **(0.20)** | **(0.12)** | **(0.14)** | **(0.26)** |
|  **Paid-in capital from redemption fees**  | **—**<br><sup>**(2)**</sup> | **—**<br><sup>**(2)**</sup> | **—**<br><sup>**(2)**</sup> | **—**<br><sup>**(2)**</sup> | **—**<br><sup>**(2)**</sup> | **—** |
|  **Net asset value, end of period**  | **$** **17.82**<br>| **$** **18.50**<br>| **$** **18.62**<br>| **$** **12.11**<br>| **$** **12.77**<br>| **$** **11.76**<br>|
|  **Total Return<sup>(3)</sup>**  | **(3.68**<br>**%)** | **1.82%** | **55.70%** | **(4.34**<br>**%)** | **10.02%** | **16.66%** |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Ratios to average net assets<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, gross  | 1.15% | 1.16% | 1.23% | 1.27% | 1.31% | 1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of management fee waivers and reimbursements  | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | 1.35% | 0.95% | 0.97% | 1.27% | 1.14% | 0.82% |
|  Portfolio turnover rate<sup>(3)</sup>  | 4.19% | 8.26% | 13.89% | 9.66% | 42.05% | 211.64% |
|  Net assets, end of period (000's)  | $337110<br>| $312612<br>| $252690<br>| $126669<br>| $73018<br>| $30752<br>|

---

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

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

<sup>(3)</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>(4)</sup> Ratios to average net assets have been annualized for periods less than one year.

See Notes to Financial Statements

**32**

SEMI-ANNUAL REPORT

See Notes to Financial Statements

**33**

SEMI-ANNUAL REPORT

**Applied finance Select fund**

**Selected Per Share Data Throughout Each Period**

**Applied finance Select fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** |
|  | **Six months <br>ended <br>October 31, 2022 <br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
|  | **Six months <br>ended <br>October 31, 2022 <br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net asset value, beginning of period**  | **$** **18.42**<br>| **$** **18.54**<br>| **$** **12.07**<br>| **$** **12.73**<br>| **$** **11.75**<br>| **$** **10.30**<br>|
|  **Investment activities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | 0.10 | 0.13 | 0.11 | 0.13 | 0.10 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | (0.80) | 0.16 | 6.53 | (0.70) | 1.01 | 1.60 |
|  **Total from investment activities**  | **(0.70)** | **0.29** | **6.64** | **(0.57)** | **1.11** | **1.68** |
|  **Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  |  | (0.11) | (0.11) | (0.09) | (0.06) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain  |  | (0.31) | (0.06) | —<br><sup>(2)</sup> | (0.08) | (0.19) |
|  **Total distributions**  | **—** | **(0.42)** | **(0.17)** | **(0.09)** | **(0.14)** | **(0.23)** |
|  **Paid-in capital from redemption fees**  | **—**<br><sup>**(2)**</sup> | **0.01** | **—**<br><sup>**(2)**</sup> | **—**<br><sup>**(2)**</sup> | **0.01** | **—** |
|  **Net asset value, end of period**  | **$** **17.72**<br>| **$** **18.42**<br>| **$** **18.54**<br>| **$** **12.07**<br>| **$** **12.73**<br>| **$** **11.75**<br>|
|  **Total Return<sup>(3)</sup>**  | **(3.80**<br>**%)** | **1.55%** | **55.30%** | **(4.54**<br>**%)** | **9.80%** | **16.36%** |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Ratios to average net assets<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, gross  | 1.52% | 1.48% | 1.57% | 1.66% | 1.72% | 2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of management fee waivers and reimbursements  | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | 1.11% | 0.69% | 0.71% | 1.03% | 0.86% | 0.71% |
|  Portfolio turnover rate<sup>(3)</sup>  | 4.19% | 8.26% | 13.89% | 9.66% | 42.05% | 211.64% |
|  Net assets, end of period (000's)  | $33784<br>| $29014<br>| $21060<br>| $8877<br>| $6030<br>| $4302<br>|

---

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

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

<sup>(3)</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>(4)</sup> Ratios to average net assets have been annualized for periods less than one year.

**34**

SEMI-ANNUAL REPORT

**Applied finance funds**

**Notes to the Financial Statements** **October 31, 2022 (unaudited)**

**NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES**

The Applied Finance Dividend Fund (previously, the Applied Finance Core Fund), the Applied Finance Explorer Fund, and the Applied Finance Select Fund (each a "Fund" and collectively, the "Funds") are diversified series of the World Funds Trust (the "Trust") which was organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company. The Applied Finance Dividend Fund ("Dividend Fund") was established in December 2005 as a series of Unified Series Trust ("UST"). On May 8, 2015, Dividend Fund was reorganized from UST into the Trust. On September 15, 2017, the Retail Class shares of the Dividend Fund was reorganized into Investor Class shares. The Applied Finance Explorer Fund ("Explorer Fund") commenced operations for Institutional shares on June 11, 2015 and on June 30, 2015 for Investor shares. The Applied Finance Select Fund ("Select Fund") commenced operations for Institutional shares on February 3, 2017 and February 1, 2017 for Investor shares.

The investment objective of the Dividend, Explorer and Select Funds is to seek long-term capital appreciation.

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

**Recent Accounting Pronouncements and Regulatory updates**

In October 2020, the Securities and Exchange Commission ("SEC") adopted new regulations governing the use of derivatives by registered investment companies ("Rule 18f-4"). The date for the Funds to comply with the requirements of Rule 18f-4 was August 19, 2022. Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework previously used by funds to comply with section 18 of the 1940 Act, and requires funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. As the Funds have determined to not be derivatives users at this time, the Funds have not been required to comply with Rule 18f-4.

**35**

SEMI-ANNUAL REPORT

**Applied finance funds**

**Notes to the Financial Statements - continued** **October 31, 2022 (unaudited)**

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). The date for the Funds to comply with the requirements of Rule 2a-5 was September 8, 2022. Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. The Funds have adopted amended valuation policies and procedures to comply with Rule 2a-5.

**Security Valuation**

The Funds' 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. Investments in 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 Funds Board of Trustees. Short-term debt securities (less than 60 days to maturity) are valued at their fair market value using amortized cost. 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 fair value as determined in good faith by the Valuation Designee under procedures set by the Board. Depositary Receipts will be valued at the closing price of the instrument last determined prior to time of valuation unless the Funds are 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. Temporary investments in U.S. dollar denominated short-term investments are valued at amortized cost, which approximates market value. Other assets for which market prices are not readily available are valued at their fair value as determined in good faith by the Valuation Designee, under procedures set by the Board. 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 ("NYSE"). The value of these securities used in computing the net asset value ("NAV") is determined as of such times.

**36**

SEMI-ANNUAL REPORT

**Applied finance funds**

**Notes to the Financial Statements - continued** **October 31, 2022 (unaudited)**

The Trust has a policy that contemplates the use of fair value pricing to determine the NAV per share of the Funds when market prices are unavailable as well as under special circumstances, such as: (i) if the primary market for a portfolio security suspends or limits trading or price movements of the security; and (ii) when an event occurs after the close of the exchange on which a portfolio security is principally traded that is likely to have changed the value of the security.

When the Trust uses fair value pricing to determine the NAV per share of each 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 Trust'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. However, fair values determined pursuant to the Trust's procedures may not reflect an actual market price for a security. Under Rule 2a-5 the Board has designated the Advisor as the Valuation Designee for the Fund to perform fair value determinations relating to all Fund investments.

The Funds have adopted fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs used to develop the measurements of fair value. These inputs are summarized in the three broad levels listed below.

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

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

**37**

SEMI-ANNUAL REPORT

**Applied finance funds**

**Notes to the Financial Statements - continued** **October 31, 2022 (unaudited)**

The following is a summary of the level of inputs used to value the Funds' investments as of October 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br>Quoted<br>Prices** | **Level 2<br>Other<br>Significant<br>Observable<br>Inputs** | **Level 3<br>Significant<br>Observable<br>Inputs** | **Total** |
|  **Dividend Fund** |  |  |  |  |
|  Common Stocks  | $27116207<br>| $—<br>| $—<br>| $27116207<br>|
|  Exchange Traded Funds  | 1496143 |  |  | 1496143 |
|  Money Market Fund  | 521737 |  |  | 521737 |
|  | $29134087<br>| $—<br>| $—<br>| $29134087<br>|
|  **Explorer Fund** |  |  |  |  |
|  Common Stocks  | $284841592<br>| $—<br>| $—<br>| $284841592<br>|
|  Exchange Traded Funds  | 278127 |  |  | 278127 |
|  Money Market Fund  | 32606759 |  |  | 32606759 |
|  | $317726478<br>| $—<br>| $—<br>| $317726478<br>|
|  **Select Fund** |  |  |  |  |
|  Common Stocks  | $343973575<br>| $—<br>| $—<br>| $343973575<br>|
|  Money Market Fund  | 40134265 |  |  | 40134265 |
|  | $384107840<br>| $—<br>| $—<br>| $384107840<br>|

---

Refer to the Funds' Schedules of Investments for a listing of the securities by type and sector.

There were no transfers into or out of any levels during the six months ended October 31, 2022. The Funds held no Level 3 securities at any time during the six months ended October 31, 2022.

**Security Transactions and Income**

Security transactions are accounted for on the trade date. The cost of securities sold is determined generally on specific identification basis. Dividends are recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

**38**

SEMI-ANNUAL REPORT

**Applied finance funds**

**Notes to the Financial Statements - continued** **October 31, 2022 (unaudited)**

**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 Funds have complied and intend 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 Funds also intend 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 reviewed the Funds' tax positions for each of the open tax years (2019-2021), and the Funds' tax positions expected to be taken in the Funds' 2022 tax returns and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the Funds' tax returns. The Funds have no examinations in progress and management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change.

**Reclassification of Capital Accounts**

GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. For the six months ended October 31, 2022, there were no such reclassifications.

**Class Net Asset Values and Expenses**

All income and expenses not attributable to a particular class and realized and unrealized gains or losses on investments are allocated to each class based upon its relative net assets on a daily basis for purposes of determining the net

**39**

SEMI-ANNUAL REPORT

**Applied finance funds**

**Notes to the Financial Statements - continued** **October 31, 2022 (unaudited)**

asset value of each class. Certain shareholder servicing plans, administrative services plans, and distribution fees are allocated to the particular class to which they are attributable.

The Funds currently offer two classes of shares: Institutional Class and Investor Class shares. Each class of shares has equal rights as to assets of the Funds, and the classes are identical except for differences in their ongoing distribution and service fees, and shareholder servicing. Income, expenses (other than distribution and service fees and shareholder servicing fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based upon its relative net assets. All classes have equal voting privileges, except where otherwise required by law or when the Trustees determine that the matter to be voted on affects only the interests of the shareholders of a particular class. The Funds' share classes include a redemption fee of 2% on the proceeds of shares redeemed within 60 days of purchase.

**Derivatives**

The Dividend Fund may utilize 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 Dividend Fund. The Dividend 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 Dividend Fund held no derivatives during the six months ended October 31, 2022.

**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

**40**

SEMI-ANNUAL REPORT

**Applied finance funds**

**Notes to the Financial Statements - continued** **October 31, 2022 (unaudited)**

seller (writer) of an option to obtain the right to buy/sell a specified amount of a security at a fixed price (the exercise price) during a specified period (exercise period). Conversely, the seller (writer) of an option, upon payment by the holder of the premium, has the obligation to sell/buy the security from the holder of the option at the exercise price during the exercise period. When an option is exercised, the premium originally received decreases the cost basis of the underlying security (or increases the proceeds on the security sold short) and the 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 a Fund's obligation on an option, a capital gain or loss will be realized, depending upon whether the price of the closing transaction is more or less than the premium previously paid on the option purchased or received on the option written.

---

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

---

Pursuant to Investment Advisory Agreements, the Funds' investment advisor, Applied Finance Advisors, LLC (the "Advisor"), provides investment services for an annual fee on the daily net assets of the Funds.

**41**

SEMI-ANNUAL REPORT

**Applied finance funds**

**Notes to the Financial Statements - continued** **October 31, 2022 (unaudited)**

The Advisor earned and waived fees for the six months ended October 31, 2022 for the Funds as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Fee** | **Management<br>Fee Earned** | **Management<br>Fee Waived** |
|  Dividend  | 0.90% | $142475<br>| $111480<br>|
|  Explorer  | 1.14% | 1617104 | 848484 |
|  Select  | 0.90% | 1549918 | 703899 |

---

The Advisor has entered into a written expense limitation agreement under which it has agreed to limit the total expenses for each Fund (exclusive of interest, expenses incurred under a plan or distribution adopted pursuant to the Rule 12b-1 under the 1940 Act, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other extraordinary expenses not incurred in the ordinary course of business) to an annual rate of 0.95%, 0.83%, and 0.75% of the average daily net assets of the Dividend Fund, Explorer Fund and Select Fund, respectively. Each waiver and/or reimbursement of an expense by the Advisor is subject to repayment by the respective fund within thirty-six months following the date such waiver and/or reimbursement was made, provided that the respective 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. This expense cap may not be terminated prior to September 1, 2023 unless mutually agreed to in writing by the parties.

The total amounts of recoverable reimbursements for the Funds as of October 31, 2022, and expiration dates are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Recoverable Reimbursements and Expiration Dates** | **Recoverable Reimbursements and Expiration Dates** | **Recoverable Reimbursements and Expiration Dates** | **Recoverable Reimbursements and Expiration Dates** | **Recoverable Reimbursements and Expiration Dates** |
| **Fund** | **2023** | **2024** | **2025** | **2026** | **Total** |
|  Dividend  | $308634<br>| $265422<br>| $225628<br>| $111480<br>| $911164<br>|
|  Explorer  | 208540 | 333261 | 1191063 | 848484 | 2581348 |
|  Select  | 607307 | 951652 | 1302098 | 703899 | 3564956 |

---

The Funds have adopted a Distribution Plan with respect to Investor Class shares in accordance with Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Funds compensate the Funds' principal underwriter for services rendered and expenses borne in connection with activities primarily intended to result in the sale of each Fund's shares (this compensation is commonly referred to as "12b-1 fees"). The Distribution Plan provides that the Funds will pay the annual rate of up to 0.25% of the average daily net assets

**42**

SEMI-ANNUAL REPORT

**Applied finance funds**

**Notes to the Financial Statements - continued** **October 31, 2022 (unaudited)**

of each Fund's Investor Class shares for activities primarily intended to result in the sale of those shares. These activities include reimbursement to entities for providing distribution and shareholder servicing with respect to each Fund's shares. Because the 12b-1 fees are paid out of the Funds' assets on an on-going basis, these fees, over time, will increase the cost of your investment and may cost you more than paying other types of sales charges. The Institutional Class shares are sold without the imposition of 12b-1 fees.

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

For the six months ended October 31, 2022, the following expenses were incurred:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class** | **Type of Plan** | **Fees Incurred** |
|  Dividend  | Investor<br> Investor<br> Institutional | 12b-1<br> Shareholder Service<br> Shareholder Service | $12399<br>9322<br> 6111 |
|  Explorer  | Investor<br> Investor<br> Institutional | 12b-1<br> Shareholder Service<br> Shareholder Service | 132606<br> 79564<br> 71047 |
|  Select  | Investor<br> Investor<br> Institutional | 12b-1<br> Shareholder Service<br> Shareholder Service | 41322<br> 32157<br> 115266 |

---

**43**

SEMI-ANNUAL REPORT

**Applied finance funds**

**Notes to the Financial Statements - continued** **October 31, 2022 (unaudited)**

Commonwealth Fund Services, Inc. ("CFS") acts as the Funds' administrator, transfer and dividend disbursing agent, and accounting agent. As administrator, CFS provides shareholder, recordkeeping, administrative and blue-sky filing services. Fees to CFS are computed daily and paid monthly. For the six months ended October 31, 2022, the following fees were paid by the Funds to CFS:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Administration** | **Transfer Agent** | **Accounting** |
|  Dividend  | $12136<br>| $15628<br>| $4554<br>|
|  Explorer  | 56829 | 36397 | 33668 |
|  Select  | 73242 | 38683 | 44929 |

---

The amounts reflected on the Statements of Operations for Administration, Transfer Agent and Accounting fees include some 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., Assistant Secretary of the Trust, is a Partner of Practus LLP. Gino E. Malaspina, Assistant Secretary of the Trust, serves as Counsel of Practus, LLP. Neither the officers and/or directors of CFS, Mr. Lively, Mr. King or Mr. Malaspina receive any special compensation from the Trust or the Funds for serving as officers of the Trust.

**NOTE 3 – INVESTMENTS**

The cost of purchases and the proceeds from sales of securities other than short-term notes for the six months ended October 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Dividend  | $3329038<br>| $7118881<br>|
|  Explorer  | 106631195 | 51726008 |
|  Select  | 44686704 | 13451977 |

---

---

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

---

Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized in different periods for financial statement and tax purposes;

**44**

SEMI-ANNUAL REPORT

**Applied finance funds**

**Notes to the Financial Statements - continued** **October 31, 2022 (unaudited)**

these differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.

The tax character of distributions paid during the six months ended October 31, 2022 and for the year ended April 30, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| **Dividend Fund** | **Dividend Fund** | **Dividend Fund** |
|  | **Six months ended<br>October 31, 2022<br>(unaudited)** | **Year ended<br>April 30, 2022** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income  | $—<br>| $284280<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated net realized gain on investments  |  | 17067087 |
|  | $—<br>| $17351367<br>|

---

---

| | | |
|:---|:---|:---|
| **Explorer Fund** | **Explorer Fund** | **Explorer Fund** |
|  | **Six months ended<br>October 31, 2022<br>(unaudited)** | **Year ended<br>April 30, 2022** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income  | $—<br>| $363762<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated net realized gain on investments  |  | 1114508 |
|  | $—<br>| $1478270<br>|

---

---

| | | |
|:---|:---|:---|
| **Select Fund** | **Select Fund** | **Select Fund** |
|  | **Six months ended<br>October 31, 2022<br>(unaudited)** | **Year ended<br>April 30, 2022** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income  | $—<br>| $4162943<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated net realized gain on investments  |  | 3302316 |
|  | $—<br>| $7465259<br>|

---

**45**

SEMI-ANNUAL REPORT

**Applied finance funds**

**Notes to the Financial Statements - continued** **October 31, 2022 (unaudited)**

As of October 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Dividend**<br> **Fund** | **Explorer<br>Fund** | **Select<br>Fund** |
|  Accumulated net investment income (loss)  | $966471<br>| $1581115<br>| $3309389<br>|
|  Accumulated net realized gain (loss) <br>on investments  | 2800619 | 4891070 | 4854534 |
|  Net unrealized appreciation (depreciation) <br>of investments  | (1539410) | 3355663 | 57022692 |
|  | $2227680<br>| $9827848<br>| $65186615<br>|

---

Cost of securities for Federal Income tax purpose and the related tax-based net unrealized appreciation (depreciation) consists of:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Total<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  Dividend  | $30674541<br>| $2168207<br>| $(3707617) | $(1539410) |
|  Explorer  | 314370815 | 33790200 | (30434537) | 3355663 |
|  Select  | 327085148 | 79523670 | (22500978) | 57022692 |

---

**NOTE 5 – CAPITAL STOCK TRANSACTIONS**

Shares of beneficial interest transactions for the Funds were:

---

| | | |
|:---|:---|:---|
| **Dividend Fund** | **Dividend Fund** | **Dividend Fund** |
|  | **Six months ended<br>October 31, 2022<br>(unaudited)** | **Six months ended<br>October 31, 2022<br>(unaudited)** |
|  | **Institutional<br>Class Shares** | **Investor <br>Class Shares** |
|  Shares sold  | 23697 | 169489 |
|  Shares reinvested  |  |  |
|  Shares redeemed  | (386233) | (153024) |
|  Net increase (decrease)  | (362536) | 16465 |

---

**46**

SEMI-ANNUAL REPORT

**Applied finance funds**

**Notes to the Financial Statements - continued** **October 31, 2022 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Dividend Fund** | **Dividend Fund** | **Dividend Fund** |
|  | **Year ended<br>April 30, 2022** | **Year ended<br>April 30, 2022** |
|  | **Institutional<br>Class Shares** | **Investor <br>Class Shares** |
|  Shares sold  | 210513 | 39235 |
|  Shares reinvested  | 1048510 | 349955 |
|  Shares redeemed  | (1512242) | (276848) |
|  Net increase (decrease)  | (253219) | 112342 |

---

---

| | | |
|:---|:---|:---|
| **Explorer Fund** | **Explorer Fund** | **Explorer Fund** |
|  | **Six months ended<br>October 31, 2022<br>(unaudited)** | **Six months ended<br>October 31, 2022<br>(unaudited)** |
|  | **Institutional<br>Class Shares** | **Investor <br>Class Shares** |
|  Shares sold  | 3856753 | 2347114 |
|  Shares reinvested  |  |  |
|  Shares redeemed  | (1269555) | (1035306) |
|  Net increase (decrease)  | 2587198 | 1311808 |

---

---

| | | |
|:---|:---|:---|
| **Explorer Fund** | **Explorer Fund** | **Explorer Fund** |
|  | **Year ended<br>April 30, 2022** | **Year ended<br>April 30, 2022** |
|  | **Institutional<br>Class Shares** | **Investor <br>Class Shares** |
|  Shares sold  | 5239523 | 4925793 |
|  Shares reinvested  | 31375 | 28091 |
|  Shares redeemed  | (852951) | (2079723) |
|  Net increase (decrease)  | 4417947 | 2874161 |

---

---

| | | |
|:---|:---|:---|
| **Select Fund** | **Select Fund** | **Select Fund** |
|  | **Six months ended<br>October 31, 2022<br>(unaudited)** | **Six months ended<br>October 31, 2022<br>(unaudited)** |
|  | **Institutional<br>Class Shares** | **Investor <br>Class Shares** |
|  Shares sold  | 3594935 | 635287 |
|  Shares reinvested  |  |  |
|  Shares redeemed  | (1572805) | (303657) |
|  Net increase (decrease)  | 2022131 | 331630 |

---

**47**

SEMI-ANNUAL REPORT

**Applied finance funds**

**Notes to the Financial Statements - continued** **October 31, 2022 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Select Fund** | **Select Fund** | **Select Fund** |
|  | **Year ended<br>April 30, 2022** | **Year ended<br>April 30, 2022** |
|  | **Institutional<br>Class Shares** | **Investor <br>Class Shares** |
|  Shares sold  | 5287909 | 729737 |
|  Shares reinvested  | 212656 | 24558 |
|  Shares redeemed  | (2171588) | (315474) |
|  Net increase (decrease)  | 3328977 | 438821 |

---

**NOTE 6 – SECTOR RISK**

If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of that Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Funds and increase the volatility of the Funds' NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of October 31, 2022, 18.84%, and 15.95% of the value of the net assets of the Dividend Fund were invested in securities within the Financials and Health Care sectors, respectively; 20.61% of the value of the net assets of the Explorer Fund were invested in securities within the Financials sector; and 24.73% of the value of the net assets of the Select Fund were invested in securities within the Information Technology sector.

**NOTE 7 – RECENT MARKET EVENTS**

**Market Disruption and Geopolitical Events.** Geopolitical and other events, such as war, terrorist attacks, natural disasters, epidemics or pandemics could result in unplanned or significant securities market closures, volatility or declines. Russia's recent military invasion of Ukraine and the resulting broad-ranging economic sanctions imposed by the United States and other countries, as well as the ongoing COVID-19 pandemic, may continue to disrupt securities markets and adversely affect global economies and companies, thereby decreasing the value of the Funds' investments. Additionally, sudden or significant changes in the supply or prices of commodities or other economic inputs may have material and unexpected effects on both global securities markets and individual countries, regions, industries, or companies, which could reduce the value of the Funds' investments.

**48**

SEMI-ANNUAL REPORT

**Applied finance funds**

**Notes to the Financial Statements - continued** **October 31, 2022 (unaudited)**

**Cyber Security Risk***.* Failures or breaches of the electronic systems of the Advisor and the Funds' other service providers, market makers, or the issuers of securities in which the Funds invest have the ability to cause disruptions and negatively impact the Funds' business operations, potentially resulting in financial losses to the Funds and their shareholders. While the Funds have established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Funds cannot control the cyber security plans and systems of the Funds' service providers, market makers, or issuers of securities in which the Funds invest.

**NOTE 8 – 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.

**49**

SEMI-ANNUAL REPORT

**World Funds Trust (the "Trust")**

**Supplemental Information**

**VOTING PROXIES ON FUND PORTFOLIO SECURITIES**

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds' portfolio is available, without charge and upon request, by calling 800-673-0550 or on the SEC's website at <u><u>http://www.sec.gov</u></u>. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent twelve months ended June 30 is available on or through the SEC's website at <u><u>http://www.sec.gov</u></u>.

**QUARTERLY PORTFOLIO HOLDINGS**

The Funds file with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on "Form N-PORT". These filings are available, without charge and upon request, by calling 800-673-0550 or on the SEC's website <u><u>http://www.sec.gov</u></u>.

**50**

SEMI-ANNUAL REPORT

**Applied finance funds**

**Fund Expenses (unaudited)**

**Fund Expenses Example**

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, redemption fees on certain redemptions made within 60 days of purchase of Institutional Class and Investor Class shares for Dividend Fund, Explorer Fund, and Select Fund; and (2) ongoing costs, including management fees, administrative services fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Applied Finance Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period, May 1, 2022 and held for the six months ended October 31, 2022.

**Actual Expenses Example**

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

**51**

SEMI-ANNUAL REPORT

**Applied finance funds**

**Fund Expenses (unaudited) - continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account <br>Value<br>5/1/22** | **Ending<br>Account <br>Value<br>10/31/22** | **Annualized<br>Expense <br>Ratio** | **Expenses Paid<br>During Period<br>Ended\*<br>10/31/22** |
|  **Dividend Fund** |  |  |  |  |
|  Institutional Class Actual  | $1000.00 | $984.22<br>| 0.99% | $4.95 |
|  Institutional Class Hypothetical\*\*  | $1000.00 | $1020.21<br>| 0.99% | $5.04 |
|  Investor Class Actual  | $1000.00 | $983.95<br>| 1.24% | $6.20 |
|  Investor Class Hypothetical\*\*  | $1000.00 | $1018.95<br>| 1.24% | $6.31 |
|  **Explorer Fund** |  |  |  |  |
|  Institutional Class Actual  | $1000.00 | $983.97<br>| 0.83% | $4.15 |
|  Institutional Class Hypothetical\*\*  | $1000.00 | $1021.02<br>| 0.83% | $4.23 |
|  Investor Class Actual  | $1000.00 | $983.59<br>| 1.08% | $5.40 |
|  Investor Class Hypothetical\*\*  | $1000.00 | $1019.76<br>| 1.08% | $5.50 |
|  **Select Fund** |  |  |  |  |
|  Institutional Class Actual  | $1000.00 | $981.47<br>| 0.75% | $3.75 |
|  Institutional Class Hypothetical\*\*  | $1000.00 | $1021.42<br>| 0.75% | $3.82 |
|  Investor Class Actual  | $1000.00 | $980.84<br>| 1.00% | $4.99 |
|  Investor Class Hypothetical\*\*  | $1000.00 | $1020.16<br>| 1.00% | $5.09 |

---

\*Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value for the period, multiplied by 184 days in the most recent fiscal half year divided by 365 days in the current year.

\*\*5% return before expenses.

**52**

SEMI-ANNUAL REPORT

**Applied finance funds**

**Privacy Notice**

The following is a description of the Funds' policies regarding disclosure of nonpublic personal information that you provide to the Funds or that the Funds collect from other sources. In the event that you hold shares of the Funds through a broker-dealer or other financial intermediary, the privacy policy of your financial intermediary would govern how your nonpublic personal information would be shared with unaffiliated third parties.

**Categories of Information the Funds Collect.** The Funds collect the following nonpublic personal information about you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information the Funds receive from you on or in applications or other forms, correspondence, or conversations (such as your name, address, phone number, social security number, assets, income and date of birth); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information about your transactions with the Funds, its affiliates, or others (such as your account number and balance, payment history, parties to transactions, cost basis information, and other financial information).

**Categories of Information the Funds Disclose.** The Funds do not disclose any non-public personal information about their current or former shareholders to unaffiliated third parties, except as required or permitted by law. The Funds are permitted by law to disclose all of the information it collects, as described above, to their service providers (such as the Funds' custodian, administrator and transfer agent) to process your transactions and otherwise provide services to you.

**Confidentiality and Security.** The Funds restrict access to your nonpublic personal information to those persons who require such information to provide products or services to you. The Funds maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

The Funds' Privacy Notice is not part of this semi-annual report.

**53**

SEMI-ANNUAL REPORT

**Applied finance funds**

**Important Disclosure Statement**

*The prospectuses of the Applied Finance Dividend Fund, the Applied Finance Explorer Fund and the Applied Finance Select Fund (the "Funds") contain important information about the Funds' investment objectives, potential risks, management fees, charges and expenses, and other information and should be read and considered carefully before investing. To obtain the Funds' prospectus containing this and other important information, please call* 800-673-0550 *or click here. Please read the prospectus carefully before you invest. Foreside Fund Services, LLC is the distributor and Applied Finance Advisors, LLC (the "Advisor") is the investment advisor for the Funds.*

**The performance data quoted represents past performance and is not a guarantee of future results. Current perfor** **mance of the Funds may be** **lower or higher than the** **performance data quoted. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Informati** **on provided with respect to th** **e Funds' Performance Data, Portfolio Holdings, Se** **ctor Weightings, Number of** **Holdings and Expense Ra** **tios are as of** **October 31,** **2022 and are s** **ubject to change at any tim** **e. For most recent information, please** **call 800-673-0550.**

*The Advisor waived or reimbursed part of the Funds' total expenses. Had the Advisor not waived or reimbursed expenses of the Funds, the Funds' performance would have been lower.*

![](aff-ncsrs_103122img001.jpg)

**Investment Advisor:**

Applied Finance Advisors, LLC<br>17806 IH 10, Suite 300<br>San Antonio, Texas 78257

**Distributor:**

Foreside Fund Services, LLC<br>Three Canal Plaza, Suite 100<br>Portland, Maine 04101

**Fund Administrator, Transfer Agent and Fund Accountant:**

Commonwealth Fund Services, Inc.<br>8730 Stony Point Parkway, Suite 205<br>Richmond, Virginia 23235

**Custodian:**

Fifth Third Bank<br>38 Fountain Square Plaza<br>Cincinnati, Ohio 45263

**Legal Counsel:**

Practus LLP<br>11300 Tomahawk Creek Parkway, Suite 310<br>Leawood, Kansas 66211

**Independent Registered Public Accounting Firm:**

Tait, Weller and Baker LLP<br>Two Liberty Place<br>50 S 16th St, Suite 2900<br>Philadelphia, Pennsylvania 19102-2529

ITEM 2. CODE OF ETHICS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable when filing a semi-annual report to shareholders.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule filed under Item 1 of the Form.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

<br> Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

Not applicable.

ITEM 11. 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 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a)(1) Code of Ethics in response to Item 2 of this Form N-CSR: Not applicable.

[(a)(2)](ex99cert.htm) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Solicitations to purchase securities under Rule 23c-1 under the Act: Not applicable.

(a)(4) Change in registrant's independent public accountant: Not applicable.

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

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: January 9, 2023 | |

---

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: January 9, 2023 |  |
| By (Signature and Title)\*: | /s/ Ann MacDonald |
|  | Ann MacDonald<br> Principal Financial Officer |
| Date: January 9, 2023 |  |

---

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

## Ex-99.Cert

[World Funds Trust N-CSRS](aff-ncsrs_103122.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 Applied Finance Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 9, 2023

<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 Applied Finance Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 9, 2023

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

Principal Financial Officer

## Exhibit 99.906

[World Funds Trust N-CSRS](aff-ncsrs_103122.htm)

**Exhibit 99.906 CERT**

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. ss.1350, the undersigned officer of World Funds Trust (the "Company"), hereby certifies that the Company's Report on Form N-CSR for the period ended October 31, 2022 (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:

January 9, 2023

Name:

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

Karen Shupe

Title:

Treasurer and Principal Executive Officer

A signed original of this written statement required by Section 906 has been provided to the Funds and will be retained by the Funds and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report.

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. ss.1350, the undersigned officer of World Funds Trust (the "Company"), hereby certifies that the Company's Report on Form N-CSR for the period ended October 31, 2022 (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:

January 9, 2023

Name:

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

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.