# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001999371-26-005399
**Filing Date:** 2026-3
**Character Count:** 99822
**Document Hash:** d01e0a27fc11760f713e5c1a03c244fe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-005399.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001999371-26-005399

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22172
- **FILM NUMBER:** 26734476

**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

### LDR High Income Realty Fund (Series ID: S000046323)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000144756 | Institutional Shares | HLRRX           |
| C000144757 | Platform Shares      | HLPPX           |

?xml version='1.0' encoding='ASCII'? ldr_tsr

**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: | December 31 |
| Date of reporting period: | December 31, 2025 |
|  | LDR Real Estate Value-Opportunity Fund |

---

ITEM 1. (a) REPORT TO STOCKHOLDERS.

#### LDR Real Estate Value-Opportunity Fund Tailored Shareholder Report
**Annual Shareholder ReportDecember 31, 2025**<br> **LDR Real Estate Value-Opportunity Fund**<br> **Institutional Class Shares (Ticker: HLRRX)**<br>

This annual shareholder report contains important information about the LDR Real Estate Value-Opportunity Fund, Institutional Class Shares for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at ldrcapitalmgmt.com/mutual-funds/. You can also request this information by contacting us at (800) 673-0550.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Institutional Class | $463 | 4.84% |

---

#### Performance Summary
For the period of January 1, 2025, to December 31, 2025, the LDR Real Estate Value-Opportunity Fund Institutional Class (the "Fund") was down (8.89)%. This underperformed the FTSE NAREIT All Equity REIT Index, which returned 2.27% and the S&P 500<sup>®</sup> Index, which returned 17.88% during the same period.

Relative underperformance was driven in part by:

&nbsp;&nbsp;&nbsp;&nbsp;1. Extraordinary merger-related expenses associated with the merger of the Altegris/AACA Opportunistic Real Estate Fund into the LDR Real Estate Value-Opportunity Fund. The merger has been completed as of year-end 2025.

&nbsp;&nbsp;&nbsp;&nbsp;2. A substantial write down of a non-traded equity position in the life science sector. This position represents a de minimis portion of AUM as of year-end.

On a gross basis, the Fund's equity component returned (4.47)% while the REIT preferred positions returned 0.77%. Overall fund yield at 12/31/25 was 4.1%.

**Sector Allocation:** The Fund maintains exposure across real estate property segments that largely reflects the FTSE NAREIT All Equity REIT index. The biggest sector overweights include:

• **Data Center (10.4%)** – Very strong demand for data centers from both AI-related deployments and corporate enterprises that continue to migrate more workflow to data centers. This is coupled with constrained supply due to lack of ability of electric power.

• **Telecommunications (13.1%)** – Tower companies that provide the physical structure on which telecom companies place their antennas and radio equipment. This is a stable business with extremely limited new supply, and represents a critical part of their tenants' ability to execute their business.

• **Unique out of index positions (11.1%)** – Investments in unique opportunities that offer strong risk-adjusted returns.

• **Preferreds (4.5%)** – Preferred holdings contribute a high yield of 10.3%, enhancing portfolio cash flow. Holdings also trade at a discount to par, which provides potential capital appreciation.

#### Conclusion
The Fund's underperformance in 2025 was in part attributable to one-time expenses and write-downs, both of which are not expected to occur again. In conjunction with the successful merger with Altegris/AACA Opportunistic Real Estate Fund during the year, the Fund benefited from certain tax advantages and sought to provide investors with high levels of tax-advantaged income.

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

![line](qes1gaz1mltzicj2.jpg)

#### Annual Performance

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

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Institutional Class** | -8.89% | 4.03% | 3.76% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |
| **FTSE NAREIT All Equity REIT Index** | 2.27% | 4.85% | 5.77% |

---

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

The FTSE NAREIT All Equity REIT Index is a market capitalization weighted index that tracks the performance of U.S. publicly traded equity REITs, excluding mortgage REITs. It is widely used as a benchmark for the performance of income-producing real estate owned by publicly traded companies.

For more recent performance information visit ldrcapitalmgmt.com/mutual-funds/.

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

#### LDR Real Estate Value-Opportunity Fund Tailored Shareholder Report

#### Sector Breakdown
![bar](qesdjeno1mls8hflr.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | <br>  |
| **Money Market Fiduciary** | 9.80% |
| **Prologis, Inc.** | 8.25% |
| **American Tower Corporate REIT** | 5.93% |
| **Simon Property Group, Inc.** | 5.56% |
| **Equinix, Inc.** | 5.33% |
| **Welltower, Inc.** | 5.06% |
| **Crown Castle, Inc.** | 4.93% |
| **Ventas, Inc.** | 4.56% |
| **Realty Income Corp.** | 4.31% |
| **Digital Realty Trust, Inc.** | 4.29% |

---

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

---

| | |
|:---|:---|
| **Fund Net Assets** | $29132258 |
| **Number of Holdings** | 28 |
| **Total Net Advisory Fee** | $127703 |
| **Portfolio Turnover Rate** | 85.95% |

---

#### Material Changes

#### Fund Reorganization
Effective October 31, 2025, the Fund completed the reorganization of the Altegris/AACA Opportunistic Real Estate Fund, a series of Northern Lights Fund Trust, into the Fund. The reorganization was approved by the applicable boards and shareholders prior to closing. LDR Capital Management, LLC continues to serve as the Fund's investment adviser and retains overall investment discretion.

#### Expense Limitation Agreement
Effective November 1, 2025, the Fund implemented an expense limitation agreement under which the investment adviser agreed to limit the Fund's total annual operating expenses to 1.55%. This limit does not apply to distribution fees pursuant to Rule 12b-1 Plans, brokerage commissions, taxes, interest, dividend expenses on short sales, acquired fund fees and expenses, other expenditures capitalized in accordance with GAAP, or other extraordinary expenses not incurred in the ordinary course of business. No expense limitation agreement was in effect from January 1, 2025 through October 31, 2025.

**For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit ldrcapitalmgmt.com/mutual-funds/.**

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

#### LDR Real Estate Value-Opportunity Fund Tailored Shareholder Report
**annual Shareholder Report December 31, 2025**<br> **LDR Real Estate Value-Opportunity Fund**<br> **Platform Class Shares (Ticker: HLPPX)**<br>

This annual shareholder report contains important information about the LDR Real Estate Value-Opportunity Fund, Platform Class Shares for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at ldrcapitalmgmt.com/mutual-funds/. You can also request this information by contacting us at (800) 673-0550.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Platform Class | $589 | 6.17% |

---

#### Performance Summary
For the period of January 1, 2025, to December 31, 2025, the LDR Real Estate Value-Opportunity Fund Platform Class (the "Fund") was down (9.20%). This underperformed the FTSE NAREIT All Equity REIT Index, which returned 2.27% and the S&P 500<sup>®</sup> Index, which returned 17.88% during the same period.

Relative underperformance was driven in part by:

&nbsp;&nbsp;&nbsp;&nbsp;1. Extraordinary merger-related expenses associated with the merger of the Altegris/AACA Opportunistic Real Estate Fund into the LDR Real Estate Value-Opportunity Fund. The merger has been completed as of year-end 2025.

&nbsp;&nbsp;&nbsp;&nbsp;2. A substantial write down of a non-traded equity position in the life science sector. This position represents a de minimis portion of AUM as of year-end.

On a gross basis, the Fund's equity component returned (4.47)% while the REIT preferred positions returned 0.77%. Overall fund yield at 12/31/25 was 4.1%.

**Sector Allocation:** The Fund maintains exposure across real estate property segments that largely reflects the FTSE NAREIT All Equity REIT index. The biggest sector overweights include:

• **Data Center (10.4%)** – Very strong demand for data centers from both AI-related deployments and corporate enterprises that continue to migrate more workflow to data centers. This is coupled with constrained supply due to lack of ability of electric power.

• **Telecommunications (13.1%)** – Tower companies that provide the physical structure on which telecom companies place their antennas and radio equipment. This is a stable business with extremely limited new supply, and represents a critical part of their tenants' ability to execute their business.

• **Unique out of index positions (11.1%)** – Investments in unique opportunities that offer strong risk-adjusted returns.

• **Preferreds (4.5%)** – Preferred holdings contribute a high yield of 10.3%, enhancing portfolio cash flow. Holdings also trade at a discount to par, which provides potential capital appreciation.

#### Conclusion
The Fund's underperformance in 2025 was in part attributable to one-time expenses and write-downs, both of which are not expected to occur again. In conjunction with the successful merger with Altegris/AACA Opportunistic Real Estate Fund during the year, the Fund benefited from certain tax advantages and sought to provide investors with high levels of tax-advantaged income.

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

![line](qesdjeno1mltyqx6j.jpg)

#### Annual Performance

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

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Platform Class** | -9.20% | 3.72% | 3.47% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |
| **FTSE NAREIT All Equity REIT Index** | 2.27% | 4.85% | 5.77% |

---

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

The FTSE NAREIT All Equity REIT Index is a market capitalization weighted index that tracks the performance of U.S. publicly traded equity REITs, excluding mortgage REITs. It is widely used as a benchmark for the performance of income-producing real estate owned by publicly traded companies.

For more recent performance information visit ldrcapitalmgmt.com/mutual-funds/.

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

#### LDR Real Estate Value-Opportunity Fund Tailored Shareholder Report

#### Sector Breakdown
![bar](qesdjeno1mls8hflr.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | <br>  |
| **Money Market Fiduciary** | 9.80% |
| **Prologis, Inc.** | 8.25% |
| **American Tower Corporate REIT** | 5.93% |
| **Simon Property Group, Inc.** | 5.56% |
| **Equinix, Inc.** | 5.33% |
| **Welltower, Inc.** | 5.06% |
| **Crown Castle, Inc.** | 4.93% |
| **Ventas, Inc.** | 4.56% |
| **Realty Income Corp.** | 4.31% |
| **Digital Realty Trust, Inc.** | 4.29% |

---

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

---

| | |
|:---|:---|
| **Fund Net Assets** | $29132258 |
| **Number of Holdings** | 28 |
| **Total Net Advisory Fee** | $127703 |
| **Portfolio Turnover Rate** | 85.95% |

---

#### Material Changes

#### Fund Reorganization
Effective October 31, 2025, the Fund completed the reorganization of the Altegris/AACA Opportunistic Real Estate Fund, a series of Northern Lights Fund Trust, into the Fund. The reorganization was approved by the applicable boards and shareholders prior to closing. LDR Capital Management, LLC continues to serve as the Fund's investment adviser and retains overall investment discretion.

#### Expense Limitation Agreement
Effective November 1, 2025, the Fund implemented an expense limitation agreement under which the investment adviser agreed to limit the Fund's total annual operating expenses to 1.55%. This limit does not apply to distribution fees pursuant to Rule 12b-1 Plans, brokerage commissions, taxes, interest, dividend expenses on short sales, acquired fund fees and expenses, other expenditures capitalized in accordance with GAAP, or other extraordinary expenses not incurred in the ordinary course of business. No expense limitation agreement was in effect from January 1, 2025 through October 31, 2025.

**For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit ldrcapitalmgmt.com/mutual-funds/.**

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

ITEM 1. (b). Not applicable.

ITEM 2. CODE OF ETHICS.

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

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

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

(e) Not applicable.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

(a)(2) Not applicable.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $18,200 for 2025 and $17,750 for 2024.

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

(c) Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $5,000 for 2025 and $4,800 for 2024. The nature of the services comprising these fees include preparation of excise filings and income tax returns and assistance with calculation of required income, capital gain and excise distributions.

(d) All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $1,000 for 2025 and $1,000 for 2024.

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

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

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

(b) NA

(c) 0%

(d) NA

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

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

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

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

(b) Not applicable.

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

**LDR Real Estate Value-Opportunity Fund**

**FINANCIAL STATEMENTS** **AND OTHER INFORMATION**

Year Ended December 31, 2025

![](ldr-realestate_arimg001.gif)

**LDR Real Estate Value-Opportunity Fund**

**Schedule of Investments** **December 31, 2025**

See Notes to Financial Statements

**3**

FINANCIAL STATEMENTS \| DECEMBER 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **85.79%** | **COMMON STOCKS** |  |  |
| **40.90%** | **DIVERSIFIED/OTHER** |  |  |
|  | American Tower Corporate REIT  | 9835 | $1726731 <br>|
|  | Crown Castle, Inc. REIT  | 16156 | 1435784 |
|  | Digital Realty Trust, Inc. REIT  | 8085 | 1250830 |
|  | Equinix, Inc. REIT  | 2028 | 1553772 |
|  | Extra Space Storage, Inc. REIT  | 5298 | 689906 |
|  | FTAI Aviation Ltd.  | 4664 | 918108 |
|  | Iron Mountain, Inc. REIT  | 12216 | 1013317 |
|  | NewLake Capital Partners, Inc. REIT  | 43271 | 689091 |
|  | Public Storage REIT  | 3006 | 780057 |
|  | SBA Communications Corp. REIT  | 2005 | 387827 |
|  | Vertiv Holdings Co.  | 5636 | 913088 |
|  | Vici Properties, Inc. REIT  | 19830 | 557620 |
|  |  |  | 11916131 |
| **16.13%** | **HEALTHCARE** |  |  |
|  | Community Healthcare Trust, Inc. REIT  | 37558 | 616702 |
|  | Diversified Healthcare Trust REIT  | 162538 | 788309 |
|  | IQHQ, Inc.<sup>(A)(C)</sup>  | 890864 | 489975 |
|  | Ventas, Inc. REIT  | 17168 | 1328460 |
|  | Welltower, Inc. REIT  | 7946 | 1474857 |
|  |  |  | 4698303 |
| **8.25%** | **INDUSTRIALS** |  |  |
|  | Prologis, Inc.  | 18832 | 2404093 |
| **8.07%** | **RESIDENTIAL** |  |  |
|  | Essex Property Trust, Inc. REIT  | 4664 | 1220476 |
|  | Invitation Homes, Inc. REIT  | 17897 | 497358 |
|  | UMH Properties, Inc. REIT  | 39697 | 631579 |
|  |  |  | 2349413 |
| **12.44%** | **RETAIL** |  |  |
|  | CTO Realty Growth, Inc. REIT  | 40790 | 750944 |
|  | Realty Income Corp. REIT  | 22266 | 1255134 |
|  | Simon Property Group, Inc. REIT  | 8746 | 1618972 |
|  |  |  | 3625050 |
| **85.79%** | **TOTAL COMMON STOCKS**  | **TOTAL COMMON STOCKS**  | 24992990 |
|  | (Cost: $41,922,559) |  |  |

---

See Notes to Financial Statements

**4**

FINANCIAL STATEMENTS \| DECEMBER 31, 2025

**LDR Real Estate Value-Opportunity Fund**

**Schedule of Investments - continued** **December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **4.51%** | **PREFERRED STOCKS** |  |  |
| **1.69%** | **FINANCIALS** |  |  |
|  | DigitalBridge Group, Inc. Series J  | 15850 | $351712 <br>|
|  | TPG RE Finance Trust, Inc.  | 7728 | 139104 |
|  |  |  | 490816 |
| **2.82%** | **UTILITIES** |  |  |
|  | Cadiz, Inc.  | 41959 | 821977 |
| **4.51%** | **TOTAL PREFERRED STOCKS**  | **TOTAL PREFERRED STOCKS**  | 1312793 |
|  | (Cost: $1,970,615)  |  |  |
| **9.80%** | **MONEY MARKET FUND** |  |  |
|  | Money Market Fiduciary 3.43%<sup>(B)</sup>  | 2855937 | 2855937 |
|  | (Cost: $2,855,937) |  |  |
| **100.10%** | **TOTAL INVESTMENTS**  | **TOTAL INVESTMENTS**  | 29161720 |
|  | (Cost: $46,749,111) |  |  |
| **(0.10%)** | Liabilities in excess of other assets  | Liabilities in excess of other assets  | (29462) |
| **100.00%** | **NET ASSETS**  | **NET ASSETS**  | **$** **29132258** <br>|

---

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

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

<sup>(C)</sup>Level 3 Security. See Note 1.

REIT - Real Estate Investment Trust.

**LDR Real Estate Value-Opportunity Fund**

**Statement of Assets and Liabilities** **December 31, 2025**

See Notes to Financial Statements

**5**

FINANCIAL STATEMENTS \| DECEMBER 31, 2025

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp; Investments at value<sup>(1)</sup> (Note 1)  | $29161720 <br>|
| &nbsp;&nbsp;&nbsp; Cash at brokers  | 15876 |
| &nbsp;&nbsp;&nbsp; Receivable for capital stock sold  | 2836 |
| &nbsp;&nbsp;&nbsp; Dividends and reclaims receivable  | 207124 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses  | 38973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSETS  | 29426529 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp; Payable for capital stock redeemed  | 196763 |
| &nbsp;&nbsp;&nbsp; Accrued investment advisory fees  | 19762 |
| &nbsp;&nbsp;&nbsp; Accrued 12b-1 fees  | 10149 |
| &nbsp;&nbsp;&nbsp; Accrued administration, accounting and transfer agent fees  | 15176 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses  | 52421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES  | 294271 |
| **NET ASSETS**  | $29132258 <br>|
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp; Paid-in-capital  | $152605558 <br>|
| &nbsp;&nbsp;&nbsp; Distributable earnings (accumulated deficits)  | (123473300) |
| &nbsp;&nbsp;&nbsp; **Net Assets**  | $29132258 <br>|
| **NET ASSET VALUE PER SHARE** |  |
| **Net Assets** |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | $21559749 <br>|
| &nbsp;&nbsp;&nbsp; Platform Class  | 7572509 |
| &nbsp;&nbsp;&nbsp; **Total**  | $29132258 <br>|
| **Shares Outstanding** |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | 2378331 |
| &nbsp;&nbsp;&nbsp; Platform Class  | 843311 |
| &nbsp;&nbsp;&nbsp; **Total**  | 3221642 |
| **Net Asset Value and Offering Price Per Share** |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | $9.07 <br>|
| &nbsp;&nbsp;&nbsp; Platform Class  | $8.98 <br>|
| <sup>(1)</sup> Identified cost of  | $46749111 <br>|

---

**LDR Real Estate Value-Opportunity Fund**

**Statement of Operations** **Year Ended December 31, 2025**

See Notes to Financial Statements

**6**

FINANCIAL STATEMENTS \| DECEMBER 31, 2025

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp; Dividends  | $466556 <br>|
| &nbsp;&nbsp;&nbsp; Interest  | 17717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 484273 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees (Note 2)  | 155091 |
| &nbsp;&nbsp;&nbsp; 12b-1 fees, Platform Class (Note 2)  | 14516 |
| &nbsp;&nbsp;&nbsp; Recordkeeping and administrative services (Note 2)  | 42870 |
| &nbsp;&nbsp;&nbsp; Accounting fees (Note 2)  | 35190 |
| &nbsp;&nbsp;&nbsp; Custodian fees  | 3819 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees (Note 2)  | 33909 |
| &nbsp;&nbsp;&nbsp; Professional fees  | 61106 |
| &nbsp;&nbsp;&nbsp; Filing and registration fees  | 55279 |
| &nbsp;&nbsp;&nbsp; Trustee fees  | 16773 |
| &nbsp;&nbsp;&nbsp; Compliance fees (Note 2)  | 9222 |
| &nbsp;&nbsp;&nbsp; Shareholder reporting  | 51924 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing (Note 2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | 5128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platform Class  | 14516 |
| &nbsp;&nbsp;&nbsp; Proxy expense  | 409441 |
| &nbsp;&nbsp;&nbsp; Other  | 30625 |
| &nbsp;&nbsp;&nbsp; Total expenses  | 939409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fee waivers and expenses reimbursed (Note 2)  | (27388) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses  | 912021 |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | (427748) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments  | 2801971 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) <br>of investments  | (4335966) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | (1533995) |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS**  | $(1961743 ) |

---

**LDR Real Estate Value-Opportunity Fund**

**Statements of Changes in Net Assets**

See Notes to Financial Statements

**7**

FINANCIAL STATEMENTS \| DECEMBER 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** |
| **INCREASE (DECREASE) IN NET ASSETS FROM** |  |  |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $(427748 ) | $168259 <br>|
| &nbsp;&nbsp;&nbsp; Net realized gain on investments  | 2801971 | 2375840 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments  | (4335966) | (1133004) |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | (1961743) | 1411095 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp; Distributions  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | (1702473) | (516041) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platform Class  | (618083) | (267315) |
| &nbsp;&nbsp;&nbsp; Decrease in net assets from distributions  | (2320556) | (783356) |
| **CAPITAL STOCK TRANSACTIONS (Note 6)** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | 463123 | 104233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platform Class  | 289058 | 129514 |
| &nbsp;&nbsp;&nbsp; Shares issued in connection with reorganization<sup>(1</sup><sup>)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | 30118616 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platform Class  | 3146065 |  |
| &nbsp;&nbsp;&nbsp; Distributions reinvested  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | 1559780 | 472718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platform Class  | 602982 | 262179 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | (16399299) | (8783769) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platform Class  | (1219565) | (886217) |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from capital <br>stock transactions  | 18560760 | (8701342) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Increase (decrease) during year  | 14278461 | (8073603) |
| &nbsp;&nbsp;&nbsp; Beginning of year  | 14853797 | 22927400 |
| &nbsp;&nbsp;&nbsp; End of year  | $29132258 <br>| $14853797 <br>|

---

<sup>(1)</sup> See Note 12.

See Notes to Financial Statements

**8**

FINANCIAL STATEMENTS \| DECEMBER 31, 2025

**LDR Real Estate Value-Opportunity Fund**

**Financial Highlights**

---

| |
|:---|
| **Net asset value, beginning of year**  |
| Investment activities  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  |
| **Total from investment activities**  |
| **Distributions**  |
| &nbsp;&nbsp;&nbsp; Net investment income  |
| &nbsp;&nbsp;&nbsp; Realized gains  |
| **Total distributions**  |
| **Net asset value, end of year**  |
| **Total Return**  |
| **Ratios/Supplemental Data**  |
| Ratios to average net assets<sup>(2)</sup><sup>(6)</sup>  |
| &nbsp;&nbsp;&nbsp; Expenses, gross<sup>(3)</sup><sup>(4)</sup>  |
| &nbsp;&nbsp;&nbsp; Expenses, net of management fee waivers and reimbursements<sup>(5)</sup>  |
| &nbsp;&nbsp;&nbsp; Net investment income  |
| Portfolio turnover rate  |
| Net assets, end of year (000s)  |

---

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

<sup>(2)</sup> Effective May 1, 2024, the Advisor discontinued the expense limitation agreement. See Note 2.

<sup>(3)</sup> Gross expense ratio reflects the effect of interest, dividend and proxy expenses which are excluded from the Fund's expense limitation agreement.

<sup>(4)</sup> Ratio of total expenses before management fee waivers and reimbursements, excluding proxy costs, dividend and interest expenses, would have been; 2.82%, 2.51%, 2.15% 1.74%, and 1.58% for the years ended December 31, 2025 through December 31, 2021, respectively.

<sup>(5)</sup> Ratio of total expenses net of management fee waivers and reimbursements, excluding proxy costs, dividend and interest expenses, would have been; 2.66%, 1.52%, 1.00%, 1.00%, and 1.00% for the years ended December 31, 2025 through December 31, 2021, respectively.

<sup>(6)</sup> Effective November 1, 2025, the Advisor contractually agreed to waive its fees and reimburse expenses so that the annual fund operating expenses for the Fund do not exceed 1.55% of the average daily net assets of the Fund. See Note 2.

**LDR Real Estate Value-Opportunity Fund**

**Selected Per Share Data Throughout Each Year** 

See Notes to Financial Statements

**9**

FINANCIAL STATEMENTS \| DECEMBER 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| **2025** | **2024** | **2023** | **2022** | **2021** |
| **$** **10.89** <br>| **$** **10.47** <br>| **$** **10.03** <br>| **$** **14.48** <br>| **$** **12.10** <br>|
| (0.24) | 0.12 | 0.24 | 0.10 | 0.11 |
| (0.73) | 0.84 | 0.77 | (3.17) | 4.73 |
| (0.97) | 0.96 | 1.01 | (3.07) | 4.84 |
| (0.15) | (0.26) | (0.34) | (0.29) | (0.24) |
| (0.70) | (0.28) | (0.23) | (1.09) | (2.22) |
| (0.85) | (0.54) | (0.57) | (1.38) | (2.46) |
| **$** **9.07** <br>| **$** **10.89** <br>| **$** **10.47** <br>| **$** **10.03** <br>| **$** **14.48** <br>|
| **(8.89**<br>**%)** | **9.38%** | **10.48%** | **(21.25**<br>**%)** | **40.50%** |
| 5.00% | 3.06% | 2.19% | 1.97% | 1.72% |
| 4.84% | 2.51% | 1.04% | 1.23% | 1.14% |
| (2.40%) | 1.10% | 2.41% | 0.84% | 0.74% |
| 85.95% | 58.24% | 20.10% | 38.12% | 55.36% |
| $21560 <br>| $8884 <br>| $16692 <br>| $22194 <br>| $38418 <br>|

---

 

 

<sup>

</sup>

<sup>

</sup>

<sup>

</sup>

<sup>

</sup>

See Notes to Financial Statements

**10**

FINANCIAL STATEMENTS \| DECEMBER 31, 2025

**LDR Real Estate Value-Opportunity Fund**

**Financial Highlights**

---

| |
|:---|
| **Net asset value, beginning of year**  |
| Investment activities  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  |
| **Total from investment activities**  |
| **Distributions**  |
| &nbsp;&nbsp;&nbsp; Net investment income  |
| &nbsp;&nbsp;&nbsp; Realized gains  |
| **Total distributions**  |
| **Net asset value, end of year**  |
| **Total Return**  |
| **Ratios/Supplemental Data**  |
| Ratios to average net assets<sup>(2)</sup><sup>(6)</sup>  |
| &nbsp;&nbsp;&nbsp; Expenses, gross<sup>(3)</sup><sup>(4)</sup>  |
| &nbsp;&nbsp;&nbsp; Expenses, net of management fee waivers and reimbursements<sup>(5)</sup>  |
| &nbsp;&nbsp;&nbsp; Net investment income  |
| Portfolio turnover rate  |
| Net assets, end of year (000s)  |

---

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

<sup>(2)</sup> Effective May 1, 2024, the Advisor discontinued the expense limitation agreement. See Note 2.

<sup>(</sup><sup>3</sup><sup>)</sup>Gross expense ratio reflects the effect of interest, dividend and proxy expenses which are excluded from the Fund's expense limitation agreement.

<sup>(</sup><sup>4</sup><sup>)</sup>Ratio of total expenses before management fee waivers and reimbursements, excluding proxy costs, dividend and interest expenses, would have been; 3.58%, 2.91%, 2.56%, 2.17%, and 2.02% for the years ended December 31, 2025 through December 31, 2021, respectively.

<sup>(</sup><sup>5</sup><sup>)</sup>Ratio of total expenses net of management fee waivers and reimbursements, excluding proxy costs, dividend and interest expenses, would have been; 3.42%, 1.87%, 1.25%, 1.25%, and 1.25% for the years ended December 31, 2025 through December 31, 2021, respectively.

<sup>(6)</sup> Effective November 1, 2025, the Advisor contractually agreed to waive its fees and reimburse expenses so that the annual fund operating expenses for the Fund do not exceed 1.55% of the average daily net assets of the Fund. See Note 2.

**LDR Real Estate Value-Opportunity Fund**

**Selected Per Share Data Throughout Each Year** 

See Notes to Financial Statements

**11**

FINANCIAL STATEMENTS \| DECEMBER 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Platform Class Shares**  | **Platform Class Shares**  | **Platform Class Shares**  | **Platform Class Shares**  | **Platform Class Shares**  |
| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| **2025** | **2024** | **2023** | **2022** | **2021** |
| **$** **10.80** <br>| **$** **10.38** <br>| **$** **9.93** <br>| **$** **14.34** <br>| **$** **11.98** <br>|
| (0.26) | 0.06 | 0.22 | 0.08 | 0.07 |
| (0.74) | 0.85 | 0.77 | (3.16) | 4.69 |
| (1.00) | 0.91 | 0.99 | (3.08) | 4.76 |
| (0.12) | (0.21) | (0.31) | (0.24) | (0.18) |
| (0.70) | (0.28) | (0.23) | (1.09) | (2.22) |
| (0.82) | (0.49) | (0.54) | (1.33) | (2.40) |
| **$** **8.98** <br>| **$** **10.80** <br>| **$** **10.38** <br>| **$** **9.93** <br>| **$** **14.34** <br>|
| **(9.20**<br>**%)** | **8.93%** | **10.26%** | **(21.51**<br>**%)** | **40.18%** |
| 6.33% | 3.55% | 2.59% | 2.41% | 2.16% |
| 6.17% | 3.05% | 1.28% | 1.49% | 1.39% |
| (2.64%) | 0.61% | 2.21% | 0.64% | 0.48% |
| 85.95% | 58.24% | 20.10% | 38.12% | 55.36% |
| $7573 <br>| $5970 <br>| $6235 <br>| $6039 <br>| $8750 <br>|

---

 

 

<sup>

</sup>

<sup>

</sup>

<sup>

</sup>

<sup>

</sup>

**12**

FINANCIAL STATEMENTS \| DECEMBER 31, 2025

**LDR Real Estate Value-Opportunity Fund**

**Notes to the Financial Statements** **December 31, 2025**

**NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES**

The LDR Real Estate Value-Opportunity Fund (the "Fund") is a diversified series of the World Funds Trust (the "Trust") which was organized as a Delaware statutory trust on April 9, 2007 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company. The Fund was established in December, 2002 originally as a series of Hillview Investment Trust II. Effective November 23, 2005, the Fund was reorganized as a series of The World Funds, Inc. ("TWF"). On August 15, 2014, the Fund was reorganized from TWF into the Trust. The Fund maintains its financial statements, information, and performance history in accordance with the reorganizations. Prior to March 26, 2022, the Fund was known as REMS Real Estate Value-Opportunity Fund.

The Fund currently offers Institutional, Platform and Z Shares. At December 31, 2025, there were no Z Shares outstanding for the Fund.

The investment objectives of the Fund are to achieve long-term capital growth and current income through a portfolio of publicly traded real estate securities that may include equity REITs, mortgage REITs, REIT preferred and other publicly traded companies whose primary business is in the real estate industry.

The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy, as outlined in the Fund's prospectus under the heading "Principal Investment Strategies", are used by LDR Capital Management, LLC ("LDR") to make investment decisions, and the results of the Fund's operations, as shown in the Statement of Operations and Financial Highlights, is the information utilized for the day-to-day management of the Fund. Due to the significance of oversight and its role in the Fund's management, the Advisor's Chief Investment Officer is deemed to be the Chief Operating Decision Maker.

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

**13**

FINANCIAL STATEMENTS \| DECEMBER 31, 2025

**LDR Real Estate Value-Opportunity Fund**

**Notes to the Financial Statements - continued** **December 31, 2025**

**Security Valuation**

The Fund's securities are valued at current market prices. Investments in securities traded on the national securities exchanges are valued at the last reported sale price. Investments in securities included in the NASDAQ National Market System are valued at the NASDAQ Official Closing Price. Other securities traded in the over-the-counter market and listed securities for which no sales are reported on a given date are valued at the last reported bid price. Short-term debt securities (less than 60 days to maturity) are valued at their fair market value using amortized cost. Other assets for which market prices are not readily available are valued at their fair value as determined in good faith under procedures set by the Board of Trustees of the Trust (the "Board"). Although the Board is ultimately responsible for fair value determinations under Rule 2a-5 of the 1940 Act, the Board has delegated day-to-day responsibility for oversight of the valuation of the Fund's assets to LDR as the Valuation Designee pursuant to the Fund's policies and procedures. Generally, trading in corporate bonds, U.S. government securities and money market instruments is substantially completed each day at various times before the scheduled close of the New York Stock Exchange. The value of these securities used in computing the net asset value ("NAV") is determined as of such times.

The Fund has a policy that contemplates the use of fair value pricing to determine the NAV per share of the Fund when market prices are unavailable for a portfolio security 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. It is anticipated that the use of fair value pricing will be limited.

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

The Fund has 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.

**14**

FINANCIAL STATEMENTS \| DECEMBER 31, 2025

**LDR Real Estate Value-Opportunity Fund**

**Notes to the Financial Statements - continued** **December 31, 2025**

Various inputs are used in determining the value of the Fund's investments. GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments).

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

The following is a summary of the level of inputs used to value the Fund's investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br>Quoted Prices** | **Level 2<br>Other Significant Observable Inputs** | **Level 3<br>Significant Unobservable Inputs** | **Total** |
| Common Stocks  | $24503015 <br>| $— <br>| $489975 <br>| $24992990 <br>|
| Preferred Stocks  | 1312793 |  |  | 1312793 |
| Money Market Fund  | 2855937 |  |  | 2855937 |
|  | $28671745 <br>| $— <br>| $489975 <br>| $29161720 <br>|

---

Refer to the Fund's Schedule of Investments for a listing of the securities by type and sector. On December 31, 2025, the Fund held assets in which significant unobservable inputs were used determining fair value (Level 3). These assets were valued at $489,975 (1.68% of net assets).

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for the Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance as of December 31, 2024** | **Realized Gain (Loss)** | **Net <br>Change in<br> Unrealized <br>Appreciation <br>(Depreciation)** | **Purchases** | **Sales** | **Transfer into <br>Level 3\*** | **Transfers out of Level 3** | **Balance**<br> **as of December 31, 2025** |
| Common Stock | $— <br>| $— <br>| $(757235) <br>| $— <br>| $— <br>| $1247210 <br>| $— <br>| $489975 <br>|
|  | $— <br>| $— <br>| $(757235) <br>| $— <br>| $— <br>| $1247210 <br>| $— <br>| $489975 <br>|

---

\*Security acquired in Fund's reorganization. See Note 12.

The following is a quantitative summary of the techniques and inputs used to fair value the Level 3 securities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at December 31, 2025** | **Valuation Technique(s)** | **Unobservable Input** | **Per Share Value** |
| Common Stocks  | $489975 | Market Approach | Calibration | $0.55 |

---

**15**

FINANCIAL STATEMENTS \| DECEMBER 31, 2025

**LDR Real Estate Value-Opportunity Fund**

**Notes to the Financial Statements - continued** **December 31, 2025**

**Security Transactions and Income**

Security transactions are accounted for on the trade date. The cost of securities sold is determined generally on a specific identification basis. Realized gains and losses from security transactions are determined on the basis of identified cost for book and tax purposes. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis.

The Fund uses a major financial institution as its prime broker to process securities transactions and to provide custodial and other services. Any cash balances include amounts of "restricted cash" consisting of proceeds from securities sold, not yet purchased. Cash balances maintained in the custody of the prime broker bear interest based on the prime rate. The Fund also borrows on margin for security purchases.

Securities are held as collateral by the prime broker against margin obligations. The clearance agreements permit the prime broker to pledge or otherwise hypothecate the Fund's investment securities subject to certain limitations. The prime broker may also sell such securities in limited instances where required collateral is not posted in a timely manner. These arrangements subject the Fund to concentration of credit risk with respect to the prime broker.

**Accounting Estimates**

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

**Federal Income Taxes**

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

Management has reviewed the tax positions taken for the Fund for each of the open tax years (2022-2024) and expected to be taken in the 2025 tax returns and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the Fund's tax returns.

**16**

FINANCIAL STATEMENTS \| DECEMBER 31, 2025

**LDR Real Estate Value-Opportunity Fund**

**Notes to the Financial Statements - continued** **December 31, 2025**

The Fund has no examinations in progress and management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change.

**Reclassification of Capital Accounts**

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. As of December 31, 2025, permanent book and tax differences, primarily attributable to the net operating loss and basis adjustment resulted in a decrease in paid-in capital and an increase in distributable earnings of $779,244.

**Class Net Asset Values and Expenses**

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

**Real Estate Investment Trust Securities**

The Fund has made certain investments in real estate investment trusts ("REITs") which make distributions to their shareholders based upon available funds from operations. Each REIT reports annually the tax character of its distribution. Dividend income, capital gain distributions received, and unrealized appreciation (depreciation) reflect the amounts of taxable income, capital gain and return of capital reported by the REITs. It is common for these distributions to exceed the REIT's taxable earnings and profits resulting in the excess portion of such distributions being designated as a return of capital. The Fund intends to include the gross dividends from such REITs in the periodic distributions to the shareholders and, accordingly, a portion of the Fund's distributions may also be designated as a return of capital. A domestic REIT is generally not taxed on income distributed to shareholders so long as it meets certain tax related requirements, including the requirement that it distribute substantially all of its taxable income to its shareholders. Foreign REITs and REIT-like entities that are organized outside of the U.S. and have operations may receive tax treatment similar to that of U.S. REITs in their respective countries. Management does not estimate the tax character of REIT distributions for which actual information has not been reported.

**17**

FINANCIAL STATEMENTS \| DECEMBER 31, 2025

**LDR Real Estate Value-Opportunity Fund**

**Notes to the Financial Statements - continued** **December 31, 2025**

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

Pursuant to an Investment Advisory Agreement, the Fund's investment advisor, LDR, provides investment advisory services for an annual fee of 0.90% of the daily net assets of the Fund.

LDR earned advisory fees and waived for the year ended December 31, 2025 as follows:

---

| | | |
|:---|:---|:---|
| **Fee** | **Management Fee Earned** | **Management Fee Waived** |
| 0.90% | $155091 | $27388 |

---

LDR contractually agreed to waive its fees and reimburse expenses so that the annual fund operating expenses for the Fund did not exceed 1.00% of the average daily net assets of the Fund until April 30, 2024. For the year ended December 31, 2025, there was no expense limitation in place for the period January 1, 2025 through October 31, 2025. Effective November 1, 2025, LDR contractually agreed to waive its fees and reimburse expenses so that the annual fund operating expenses for the Fund do not exceed 1.55% of the average daily net assets of the Fund. This limit does not apply to distribution fees pursuant to Rule 12b-1 Plans, brokerage commissions, taxes, interest, dividend expenses on short sales, acquired fund fees and expenses, other expenditures capitalized in accordance with GAAP, or other extraordinary expenses not incurred in the ordinary course of business. Each waiver and/or reimbursement of an expense by LDR is subject to repayment by the Fund within the three years following the date such waiver and/or reimbursement was made, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement is recouped.

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

---

| | | | |
|:---|:---|:---|:---|
| **Recoverable Reimbursements and Expiration Dates** | **Recoverable Reimbursements and Expiration Dates** | **Recoverable Reimbursements and Expiration Dates** | **Recoverable Reimbursements and Expiration Dates** |
| **2026** | **2027** | **2028** | **Total** |
| $288460 | $96006 | $27388 | $411854 |

---

The Board has adopted a Distribution Plan for the Fund's Platform Shares (the "12b-1 Plan"). Pursuant to the 12b-1 Plan, the Fund may pay from the assets of the Platform Shares certain activities or expenses that are intended primarily to result in the sale of shares of such class. The fee paid by the Fund is computed on an annualized basis reflecting the average daily net assets of the class, up to a maximum of 0.25% for expenses of the Platform Shares. With respect to

**18**

FINANCIAL STATEMENTS \| DECEMBER 31, 2025

**LDR Real Estate Value-Opportunity Fund**

**Notes to the Financial Statements - continued** **December 31, 2025**

Platform Shares, 0.25% represents 12b-1 distribution fees paid to institutions that have agreements with the Distributor to provide such services. Because these fees are paid out of the Platform Shares' assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost more than paying other types of sales charges. The 12b-1 Plan, while primarily intended to compensate for shareholder services expenses, was adopted pursuant to Rule 12b-1 under the 1940 Act, and therefore may be used to pay for certain expenditures related to financing distribution related activities of the Fund.

The Fund has adopted a shareholder services plan with respect to its Institutional and Platform Shares. Under the shareholder services plan, the Fund 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 shareholders concerning their investment in the Fund; (iii) assisting shareholders in changing dividend options, account designations and addresses; (iv) providing information periodically to shareholders showing their position in Fund shares; (v) forwarding shareholder communications from the Fund such as proxies, shareholder reports, annual reports, and dividend distribution and tax notices to shareholders; (vi) processing purchase, exchange and redemption requests from shareholders and placing orders with the Fund or their service providers; (vii) providing sub-accounting with respect to Fund Shares beneficially owned by shareholders; and (viii) processing dividend payments from the Fund on behalf of shareholders.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Type of Plan** | **Fees Incurred** |
| Institutional | Shareholder Servicing | $5128 |
| Platform | Shareholder Servicing | 14516 |
| Platform | 12b-1 | 14516 |

---

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

---

| | | |
|:---|:---|:---|
| **Administration** | **Transfer Agent** | **Accounting** |
| $38434 | $32347 | $29036 |

---

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

**19**

FINANCIAL STATEMENTS \| DECEMBER 31, 2025

**LDR Real Estate Value-Opportunity Fund**

**Notes to the Financial Statements - continued** **December 31, 2025**

Certain officers of the Trust are also officers and/or directors of CFS. Additionally, Practus, LLP serves as legal counsel to the Trust. John H. Lively, Secretary of the Trust, is Managing Partner of Practus, LLP. J. Stephen King Jr. and Robert J. Rhatigan, each an Assistant Secretary of the Trust, are Partners of Practus, LLP. None of the officers and/or directors of CFS, Mr. Lively, Mr. King or Mr. Rhatigan receives any special compensation from the Trust or the Fund for serving as officers of the Trust.

The Fund's Chief Compliance Officer is the Managing Member of Watermark Solutions, LLC ("Watermark"), which provides certain compliance services to the Fund. For the year ended December 31, 2025, Watermark received $9,222 in fees from the Fund.

**NOTE 3 – INVESTMENTS**

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

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $15675244 | $34230585 |

---

**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; 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.

Monthly income dividends declared by the Fund are reallocated at December 31 to ordinary income, capital gains, and return of capital to reflect their tax character.

The tax character of distributions paid during the years ended December 31, 2025 and 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income  | $550912 <br>| $414152 <br>|
| &nbsp;&nbsp;&nbsp; Long term realized gains  | 1769644 | 369204 |
|  | $2320556 <br>| $783356 <br>|

---

**20**

FINANCIAL STATEMENTS \| DECEMBER 31, 2025

**LDR Real Estate Value-Opportunity Fund**

**Notes to the Financial Statements - continued** **December 31, 2025**

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

---

| | |
|:---|:---|
| Other accumulated undistributed losses  | $(105982204 ) |
| Net unrealized appreciation (depreciation)  | (17491096) |
|  | $(123473300 ) |

---

As of December 31, 2025, the Fund had a capital loss carryforward of $105,982,204, $47,453,258 of which is considered short term and $58,528,946 of which is considered long term. This loss may be carried forward indefinitely. During the year ended December 31, 2025, the Fund utilized $3,072,912 of capital loss carryforward generated in previous years.

As of December 31, 2025, the cost of securities for Federal Income tax purposes and the related tax-based net unrealized appreciation (depreciation) consist of:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross Unrealized Appreciation** | **Gross Unrealized Depreciation** | **Total Unrealized Appreciation (Depreciation)** |
| $46652816 | $2918046 | $(20409142) | $(17491096) |

---

The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the deferral of wash sale losses and the tax treatment of C-Corp return of capital.

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

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

**NOTE 6 – CAPITAL STOCK TRANSACTIONS**

Capital stock transactions were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
|  | **Institutional<br>Shares** | **Platform<br>Shares** |
| Shares sold  | 44500 | 29399 |
| Shares issued in connection with reorganization  | 3013519 | 317640 |
| Shares reinvested  | 170791 | 66153 |
| Shares redeemed  | (1666266) | (122743) |
| Net increase (decrease)  | 1562544 | 290449 |

---

**21**

FINANCIAL STATEMENTS \| DECEMBER 31, 2025

**LDR Real Estate Value-Opportunity Fund**

**Notes to the Financial Statements - continued** **December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | **Institutional<br>Shares** | **Platform<br>Shares** |
| Shares sold  | 9838 | 12301 |
| Shares reinvested  | 45262 | 25111 |
| Shares redeemed  | (833336) | (85190) |
| Net increase (decrease)  | (778236) | (47778) |

---

**NOTE 7 – COMMISSION RECAPTURE AGREEMENT**

The Fund entered into an agreement with ConvergEx Execution Solutions LLC ("ConvergEx") and Capital Institutional Services, Inc. ("CAPIS"), brokerage services providers, whereby a portion of the commissions from each portfolio transaction would be used to reduce the operating expenses incurred by the Fund, including but not limited to custodial, transfer agent, administrative, legal, trustee, accounting and printing fees and expenses, and other expenses charged to the Fund by third-party service providers which are properly disclosed in the prospectus of the Fund. Pursuant to the terms of the commission recapture agreement, the broker transfers the available commissions earned monthly to the Fund's administrator. There was no transfer to the Fund's administrator to offset operating expenses during the year ended December 31, 2025.

**NOTE 8 – RISKS AND CONCENTRATIONS**

The Fund concentrates its assets in the real estate industry. An investment in the Fund involves many of the risks of investing directly in real estate such as declining real estate values, changing economic conditions and increasing interest rates. The Fund also engages in borrowing for leverage. The Fund has the ability to borrow funds (leverage) on a secured basis to invest in portfolio securities. However, the Fund may have no leverage for an extended period of time when the Fund believes that leverage is not in the best interest of the Fund. Borrowings can be made only to the extent that the value of the Fund's assets, less its liabilities other than borrowings, is equal to at least 300% of all borrowings (including proposed borrowing).

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

**22**

FINANCIAL STATEMENTS \| DECEMBER 31, 2025

**LDR Real Estate Value-Opportunity Fund**

**Notes to the Financial Statements - continued** **December 31, 2025**

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

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

The Fund has a leverage agreement with ConvergEx Group. The interest rate charged for these borrowings is Fed Fund open rate plus 0.50%. During the year ended December 31, 2025, no interest was incurred by the Fund.

**NOTE 9 – ADVANCES**

The Fund has a custody agreement with UMB Bank N.A. ("Custodian") which allows overdrafts ("Advances"). Any such Advance shall not exceed the Fund's or the 1940 Act's limitation concerning borrowings. The Fund accrues interest on these Advances at a rate agreed upon in writing from time to time by the Custodian and the Fund. During the year ended December 31, 2025, there were no such advances made to the Fund under the custody agreement.

**NOTE 10 – RISKS OF INVESTING IN THE FUND**

It is important that you closely review and understand the risks of investing in the Fund. The Fund's NAV and investment return will fluctuate based upon changes in the value of their portfolio securities. You could lose money on your investment in the Fund, and the Fund could underperform other investments. There is no

**23**

FINANCIAL STATEMENTS \| DECEMBER 31, 2025

**LDR Real Estate Value-Opportunity Fund**

**Notes to the Financial Statements - continued** **December 31, 2025**

guarantee that the Fund will meet its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. A complete description of the principal risks is included in the Fund's prospectus under the heading "Principal Risks."

**NOTE 11 – SECTOR RISK**

If the Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of December 31, 2025, 40.90% of the value of the net assets of the Fund were invested in securities within the Diversified/Other sector.

**NOTE 12 – FUND REORGANIZATION**

As of close of business on October 31, 2025 pursuant to an Agreement and Plan of Reorganization previously approved by the Trust's Board of Trustees, all of the assets and liabilities of Altegris/AACA Opportunistic Real Estate Fund (the "Target Fund") were transferred to the LDR Real Estate Value-Opportunity Fund (the "Acquiring Fund") in exchange for shares of the Acquiring Fund (the "Reorganization"). The Reorganization was a tax-free Reorganization for federal income tax purposes. For financial reporting purposes, the Acquiring Fund was deemed to be the accounting survivor and as a result, the financial statements and financial highlights do not reflect the operations of the Target Fund, before the reorganization. However, the cost basis of investments being received from the Target Fund were carried forward to align with the ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Additionally, there was $109,055,116 of capital loss carryforwards from the Target Fund, which can be used by the acquiring Fund with no annual limit. Information with respect to

**LDR Real Estate Value-Opportunity Fund**

**Notes to the Financial Statements - continued**

**24**

FINANCIAL STATEMENTS \| DECEMBER 31, 2025

the net assets and other relevant operating data for the Target Fund on the Reorganization date is included below:

---

| | | | |
|:---|:---|:---|:---|
| **Target Fund:** |  |  |  |
| **Altegris/AACA Opportunistic Real Estate Fund** | **Class A** | **Class C** | **Institutional Class** |
| Net Assets  | $3076409 <br>| $69656 <br>| $30118616 <br>|
| Shares Outstanding  | 307389 | 7149 | 2970571 |
| Net Asset Value  | $10.01 <br>| $9.74 <br>| $10.14 <br>|
| Exchange rate for shares issued  | 1.01 | 0.98 | 1.01 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring Fund:** |  |  |
| **LDR Real Estate Value-Opportunity Fund** | **Institutional Class** | **Platform Class** |
| Net Assets immediately prior to Reorganization  | $6451006 <br>| $5158039 <br>|
| Shares outstanding immediately prior to Reorganization | 645449 | 520750 |
| Net Asset Value immediately prior to Reorganization  | $9.99 <br>| $9.90 <br>|
| Net Assets immediately after Reorganization  | $36569622 <br>| $8304104 <br>|
| Shares outstanding immediately after Reorganization | 3658968 | 838390 |
| Net Asset Value immediately after Reorganization  | $9.99 <br>| $9.90 <br>|
| Fund Shares Issued in exchange for acquired Fund  | 3013519 | 317640 |

---

Assuming the Reorganization had been completed on January 1, 2025, the beginning of the annual reporting period of the Funds, the Acquiring Fund's pro forma results of operations for the year ended December 31, 2025, are as follows:

---

| | |
|:---|:---|
|  | **LDR Real Estate Value-Opportunity Fund** |
| Net investment income  | $129713 <br>|
| Net realized gain(loss) on investments  | (7478261) |
| Net change in unrealized appreciation/depreciation of investments  | (15941676) |
| Total increase(decrease in net assets resulting from operations  | $(23290224 ) |

---

**NOTE 13 – 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 and, except as noted above, has noted no additional items require disclosure.

**25**

FINANCIAL STATEMENTS \| DECEMBER 31, 2025

---

| | |
|:---|:---|
| ![](ldr-realestate_arimg002.gif)  | taitweller.com |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of Directors of the World Funds Trust and Shareholders of LDR Real Estate Value-Opportunity Fund Richmond, Virginia**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of the LDR Real Estate Value-Opportunity Fund (the "Fund"), a series of the World Funds Trust (the "Trust"), including the schedule of investments, as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes for the Fund (collectively referred to as the "financial statements"). In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 1995.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audits, we are required to obtain an

**LDR Real Estate Value-Opportunity Fund**

**Report of Independent Registered Public Accounting Firm - continued**

**26**

FINANCIAL STATEMENTS \| DECEMBER 31, 2025

understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodians. We believe that our audits provide a reasonable basis for our opinion.

![](ldr-realestate_arimg003.gif)

**TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania March 2, 2026**

**LDR Real Estate Value-Opportunity Fund**

**Supplemental Information (unaudited)**

**27**

FINANCIAL STATEMENTS \| DECEMBER 31, 2025

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

Not applicable.

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

Not applicable.

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

Not applicable.

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

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

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

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

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

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

---

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

---

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

ITEM 16. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

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

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

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

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

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

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: World Funds Trust

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
| | Karen Shupe<br> Principal Executive Officer |
| Date: March 9, 2026 | |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
|  | Karen Shupe<br> Principal Executive Officer<br>|
| Date: March 9, 2026 |  |
| By (Signature and Title)\*: | /s/ Ann MacDonald |
|  | Ann MacDonald<br> Principal Financial Officer |
| Date: March 9, 2026 |  |

---

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

## Ex-99.Code

[World Funds Trust N-CSR](ldr-ncsr_123125.htm)

**Exhibit 99.CODE ETH**

**World Funds Trust**

**CODE OF ETHICS FOR SENIOR OFFICERS**

**Preamble**

Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted disclosing whether a company has a code of ethics for senior financial officers. The U.S. Securities and Exchange Commission (the "SEC") has adopted rules requiring annual disclosure of an investment company's code of ethics applicable to the company's principal executive as well as principal financial officers, if such a code has been adopted. In response, World Funds Trust (the "Company") has adopted this Code of Ethics (the "Code").

**Statement of Policy**

It is the obligation of the senior officers of the Company to provide full, fair, timely and comprehensible disclosure--financial and otherwise--to Company shareholders, regulatory authorities and the general public. In fulfilling that obligation, senior officers must act ethically, honestly and diligently. This Code is intended to enunciate guidelines to be followed by persons who serve the Company in senior officer positions. No Code of Ethics can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the letter of applicable laws, rules and regulations, and to provide the type of clear and complete disclosure and information Company shareholders have a right to expect.

The purpose of this Code of Ethics is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Company, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities. This Code supplements other policies that the Company and its adviser has adopted or may adopt in the future with which Company officers are also required to comply (e.g., code of ethics relating to personal trading and conduct).

**Covered Persons**

This Code of Ethics applies to those persons appointed by the Company's Board of Trustees as Chief Executive Officer, President, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions.

**Promotion of Honest and Ethical Conduct**

In serving as an officer of the Company, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to the Company, whether directly or indirectly, to do the same.

Each Covered Person understands that as an officer of the Company, he has a duty to act in the best interests of the Company and its shareholders. The interests of the Covered Person's personal interests should not be allowed to compromise the Covered Person from fulfilling his duties as an officer of the Company.

If a Covered Person believes that his personal interests are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of the Company, he should consult with the Company's chief legal officer or outside counsel. Under appropriate circumstances, a Covered Person should also consider whether to present the matter to the Trustees of the Company or a committee thereof.

No Covered Person shall suggest that any person providing, or soliciting to be retained to provide, services to a Company give a gift or an economic benefit of any kind to him in connection with the person's retention or the provision of services.

**Promotion of Full, Fair, Accurate, Timely and Understandable Disclosure**

No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Company shareholders. No Covered Person shall conceal or fail to disclose information within the Covered Person's possession legally required to be disclosed or necessary to make the disclosure made not misleading. If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Company counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.

Each Covered Person, consistent with his responsibilities, shall exercise appropriate supervision over, and shall assist, Company service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner. Each Covered Person shall use his best efforts within his area of expertise to assure that Company reports reveal, rather than conceal, the Company's financial condition.

Each Covered Person shall seek to obtain additional resources if he believes that available resources are inadequate to enable the Company to provide full, fair and accurate financial information and other disclosure to regulators and Company shareholders.

Each Covered Person shall inquire of other Company officers and service providers, as appropriate, to assure that information provided is accurate and complete and presented in an understandable format using comprehensible language.

Each Covered Person shall diligently perform his services to the Company, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and required certifications.

**Promotion of Compliance with Applicable Government Laws, Rules and Regulations**

Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to the Company and its operations and shall act with competence and due care in serving as an officer of the Company. Each Covered Person with specific responsibility for financial statement disclosure will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements and other accounting and tax literature and developments.

Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Company.

Each Covered Person shall cooperate with the Company's independent auditors, regulatory agencies and internal auditors in their review or inspection of the Company and its operations.

No Covered Person shall knowingly violate any law or regulation relating to the Company or their operations or seek to illegally circumvent any such law or regulation.

No Covered Person shall engage in any conduct involving dishonesty, fraud, deceit or misrepresentation involving the Company or their operations.

Promoting Prompt Internal Reporting of Violations

Each Covered Person shall promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the Company's Audit Committee.

Any requests for a waiver from or an amendment to this Code shall be made to the Chairman of the Company's Audit Committee. All waivers and amendments shall be disclosed as required by law.

**Sanctions**

Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include censure, suspension or termination of position as an officer of the Company. Sanctions shall be imposed by the Company's Audit Committee, subject to review by the entire Board of Trustees of the Company.

<br> Each Covered Person shall be required to certify annually whether he has complied with this Code.

**No Rights Created**

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern the Company's senior officers in the conduct of the Company's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

**Recordkeeping**

The Company will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board (1) that provided the basis for any amendment or waiver to this Code and (2) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

**Amendments**

The Trustees will make and approve such changes to this Code of Ethics as they deem necessary or appropriate to effectuate the purposes of this Code.

Approved: August 2, 2013

## Ex-99.Cert

[World Funds Trust N-CSR](ldr-ncsr_123125.htm)

**Exhibit 99.CERT**

PRINCIPAL EXECUTIVE OFFICER CERTIFICATION

I, Karen Shupe, Principal Executive Officer of World Funds Trust, certify that:

1. I have reviewed this report on Form N-CSR of the LDR Real Estate Value-Opportunity Fund;

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

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

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

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

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

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

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

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

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

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

Date: March 9, 2026

/s/ Karen Shupe

Principal Executive Officer

PRINCIPAL FINANCIAL OFFICER CERTIFICATION

I, Ann MacDonald, Principal Financial Officer of World Funds Trust, certify that:

1. I have reviewed this report on Form N-CSR of the LDR Real Estate Value-Opportunity Fund;

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

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

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

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

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

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

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

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

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

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

Date: March 9, 2026

/s/ Ann MacDonald

Principal Financial Officer

## Exhibit 99.906

[World Funds Trust N-CSR](ldr-ncsr_123125.htm)

**Exhibit 99.906 CERT**

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. ss.1350, the undersigned officer of World Funds Trust (the "Company"), hereby certifies that the Company's Report on Form N-CSR for the period ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: | March 9, 2026 |
| Name: | /s/ Karen Shupe |
|  | Karen Shupe |
| Title: | Treasurer and Principal Executive Officer |

---

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

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. ss.1350, the undersigned officer of World Funds Trust (the "Company"), hereby certifies that the Company's Report on Form N-CSR for the period ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: | March 9, 2026 |
| Name: | /s/ Ann MacDonald |
|  | Ann MacDonald |
| Title: | Assistant Treasurer and Principal Financial Officer |

---

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