# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001999371-26-000558
**Filing Date:** 2026-1
**Character Count:** 111536
**Document Hash:** 182cacc8c89d8fcf8b15e265ed1984fa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-000558.hdr.sgml**: 20260109

**ACCESSION NUMBER**: 0001999371-26-000558

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260109

**DATE AS OF CHANGE**: 20260109

**EFFECTIVENESS DATE**: 20260109

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22172
- **FILM NUMBER:** 26521867

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

 **FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-22172 |
| Exact name of registrant as specified in charter: | World Funds Trust |
| Address of principal executive offices: | 8730 Stony Point Parkway, <br> Suite 205<br> Richmond, VA 23235 |
| Name and address of agent for service | The Corporation Trust Co.,<br> Corporation Trust Center,<br> 1209 Orange St.,<br> Wilmington, DE 19801<br>With Copy to:<br>John H. Lively<br> Practus, LLP<br> 11300 Tomahawk Creek Parkway<br> Suite 310<br> Leawood, KS 66211  |
| Registrant's telephone number, including area code: | (804) 267-7400 |
| Date of fiscal year end: | April 30 |
| Date of reporting period: | October 31, 2025 |
|  | Applied Finance Dividend Fund; Applied Finance Explorer Fund; Applied Finance Select Fund (collectively, "the Applied Finance Funds") |

---

ITEM 1. (a) REPORT TO STOCKHOLDERS.

Applied Finance Dividend Fund Tailored Shareholder Report

semi-annual shareholder reportOctober 31, 2025 <br> **Applied Finance Dividend Fund** <br> **Institutional Class Shares (ticker: AFAZX)** <br>

This semi-annual shareholder report contains important information about the Applied Finance Dividend Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at appliedfinancefunds.com/MutualFunds/InvestorResources. You can also contact us at 800-673-0550.

**What were the Fund costs for the period?**

(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  | $51  | 0.97%¹  |

---

¹ Annualized

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Fund Net Assets  | $26003247  |
| Number of Holdings  | 39  |
| Total Net Advisory Fee  | $27121  |
| Portfolio Turnover Rate  | 3.86%  |

---

**What did the Fund invest in?**

(% of Net Assets as of October 31, 2025)

**Sector Breakdown**

![bar](qesdbj1mj3e5b6k.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** <br>  | <br>  |
| Marathon Petroleum Corp.  | 3.13%  |
| JPMorgan Chase & Co.  | 2.97%  |
| Omega Healthcare Investors, Inc.  | 2.94%  |
| RTX Corp.  | 2.94%  |
| Cisco Systems, Inc.  | 2.94%  |
| Sempra Energy  | 2.90%  |
| Chevron Corp.  | 2.90%  |
| Eli Lilly & Co.  | 2.87%  |
| Johnson & Johnson  | 2.82%  |
| Truist Financial Corp.  | 2.82%  |

---

For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit appliedfinancefunds.com/MutualFunds/InvestorResources.

Applied Finance Dividend Fund Tailored Shareholder Report

semi-annual Shareholder Report October 31, 2025 <br> **Applied Finance Dividend Fund** <br> **Investor Class Shares (ticker: AFALX)** <br>

This semi-annual shareholder report contains important information about the Applied Finance Dividend Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at appliedfinancefunds.com/MutualFunds/InvestorResources. You can also contact us at 800-673-0550.

**What were the Fund costs for the period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| Investor Class  | $64  | 1.21%¹  |

---

<sup>1</sup>Annualized

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Fund Net Assets  | $26003247  |
| Number of Holdings  | 39  |
| Total Net Advisory Fee  | $27121  |
| Portfolio Turnover Rate  | 3.86%  |

---

**What did the Fund invest in?**

(% of Net Assets as of October 31, 2025)

**Sector Breakdown**

![bar](qesdbj1mj3e5b6k.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** <br>  | <br>  |
| Marathon Petroleum Corp.  | 3.13%  |
| JPMorgan Chase & Co.  | 2.97%  |
| Omega Healthcare Investors, Inc.  | 2.94%  |
| RTX Corp.  | 2.94%  |
| Cisco Systems, Inc.  | 2.94%  |
| Sempra Energy  | 2.90%  |
| Chevron Corp.  | 2.90%  |
| Eli Lilly & Co.  | 2.87%  |
| Johnson & Johnson  | 2.82%  |
| Truist Financial Corp.  | 2.82%  |

---

For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit appliedfinancefunds.com/MutualFunds/InvestorResources.

Applied Finance Explorer Fund Tailored Shareholder Report

semi-annual Shareholder Report October 31, 2025 <br> **Applied Finance Explorer Fund** <br> **Institutional Class Shares (ticker: AFDZX)** <br>

This semi-annual shareholder report contains important information about the Applied Finance Explorer Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at www.appliedfinancefunds.com/MutualFunds/InvestorResources. You can also contact us at 800-673-0550.

**What were the Fund costs for the period?**

(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  | $46  | 0.84%¹  |

---

<sup>1</sup> Annualized

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Fund Net Assets  | $920349900  |
| Number of Holdings  | 144  |
| Total Net Advisory Fee  | $2699687  |
| Portfolio Turnover Rate  | 16.17%  |

---

**What did the Fund invest in?**

(% of Net Assets as of October 31, 2025)

**Sector Breakdown**

![bar](qesdbj1mj3dqu49.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** <br>  | <br>  |
| Sterling Infrastructure, Inc.  | 1.90%  |
| Comfort Systems USA, Inc.  | 1.87%  |
| InterDigital, Inc.  | 1.25%  |
| HCI Group, Inc.  | 1.12%  |
| Newmark Group, Inc.  | 1.07%  |
| Warrior Met Coal, Inc.  | 1.05%  |
| StoneX Group, Inc.  | 1.03%  |
| CSG Systems International, Inc.  | 1.01%  |
| OSI Systems, Inc.  | 1.01%  |
| Enova International, Inc.  | 1.01%  |

---

For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit www.appliedfinancefunds.com/MutualFunds/InvestorResources.

Applied Finance Explorer Fund Tailored Shareholder Report

semi-annual Shareholder Report October 31, 2025 <br> **Applied Finance Explorer Fund** <br> **Investor Class Shares (ticker: AFDVX)** <br>

This semi-annual shareholder report contains important information about the Applied Finance Explorer Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at www.appliedfinancefunds.com/MutualFunds/InvestorResources. You can also contact us at 800-673-0550.

**What were the Fund costs for the period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| Investor Class  | $59  | 1.09%¹  |

---

<sup>1</sup> Annualized

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Fund Net Assets  | $920349900  |
| Number of Holdings  | 144  |
| Total Net Advisory Fee  | $2699687  |
| Portfolio Turnover Rate  | 16.17%  |

---

**What did the Fund invest in?**

(% of Net Assets as of October 31, 2025)

**Sector Breakdown**

![bar](qesdbj1mj3dqu49.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** <br>  | <br>  |
| Sterling Infrastructure, Inc.  | 1.90%  |
| Comfort Systems USA, Inc.  | 1.87%  |
| InterDigital, Inc.  | 1.25%  |
| HCI Group, Inc.  | 1.12%  |
| Newmark Group, Inc.  | 1.07%  |
| Warrior Met Coal, Inc.  | 1.05%  |
| StoneX Group, Inc.  | 1.03%  |
| CSG Systems International, Inc.  | 1.01%  |
| OSI Systems, Inc.  | 1.01%  |
| Enova International, Inc.  | 1.01%  |

---

For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit www.appliedfinancefunds.com/MutualFunds/InvestorResources.

Applied Finance Select Fund Tailored Shareholder Report

semi-annual Shareholder Report October 31, 2025 <br> **Applied Finance Select Fund** <br> **Institutional Class Shares (ticker: AFVZX)** <br>

This semi-annual shareholder report contains important information about the Applied Finance Select Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at www.appliedfinancefunds.com/MutualFunds/InvestorResources. You can also contact us at 800-673-0550.

**What were the Fund costs for the period?**

(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  | $42  | 0.76%¹  |

---

<sup>1</sup> Annualized

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Fund Net Assets  | $661958190  |
| Number of Holdings  | 52  |
| Total Net Advisory Fee  | $1765760  |
| Portfolio Turnover Rate  | 11.89%  |

---

**What did the Fund invest in?**

(% of Net Assets as of October 31, 2025)

**Sector Breakdown**

![bar](qesdbj1mj7e6yr1.jpg)

---

| | |
|:---|:---|
| **Top 10 Holdings** <br>  | <br>  |
| Alphabet, Inc. Class A  | 3.98%  |
| KLA Corp.  | 3.85%  |
| Applied Materials, Inc.  | 3.77%  |
| Apple, Inc.  | 3.75%  |
| Oracle Corp.  | 3.36%  |
| Cisco Systems, Inc.  | 3.29%  |
| Microsoft Corp.  | 3.29%  |
| International Business Machines Corp.  | 3.28%  |
| HP, Inc.  | 3.13%  |
| Meta Platforms, Inc.  | 2.58%  |

---

For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit www.appliedfinancefunds.com/MutualFunds/InvestorResources.

Applied Finance Select Fund Tailored Shareholder Report

semi-annual Shareholder Report October 31, 2025 <br> **Applied Finance Select Fund** <br> **Investor Class Shares (ticker: AFVLX)** <br>

This semi-annual shareholder report contains important information about the Applied Finance Select Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at www.appliedfinancefunds.com/MutualFunds/InvestorResources. You can also contact us at 800-673-0550.

**What were the Fund costs for the period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| Investor Class  | $55  | 1.01%¹  |

---

<sup>1</sup> Annualized

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Fund Net Assets  | $661958190  |
| Number of Holdings  | 52  |
| Total Net Advisory Fee  | $1765760  |
| Portfolio Turnover Rate  | 11.89%  |

---

**What did the Fund invest in?**

(% of Net Assets as of October 31, 2025)

**Sector Breakdown**

![bar](qesdbj1mj7e6yr1.jpg)

---

| | |
|:---|:---|
| **Top 10 Holdings** <br>  | <br>  |
| Alphabet, Inc. Class A  | 3.98%  |
| KLA Corp.  | 3.85%  |
| Applied Materials, Inc.  | 3.77%  |
| Apple, Inc.  | 3.75%  |
| Oracle Corp.  | 3.36%  |
| Cisco Systems, Inc.  | 3.29%  |
| Microsoft Corp.  | 3.29%  |
| International Business Machines Corp.  | 3.28%  |
| HP, Inc.  | 3.13%  |
| Meta Platforms, Inc.  | 2.58%  |

---

For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit www.appliedfinancefunds.com/MutualFunds/InvestorResources.

ITEM 1. (b) Not applicable

ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

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

(b) Not applicable.

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

**FINANCIAL STATEMENTS AND OTHER INFORMATION**

Six Months Ended October 31, 2025 (unaudited)

![](applied_10312025img001.jpg)

**APPLIED FINANCE FUNDS**

Applied Finance Dividend Fund

Applied Finance Explorer Fund

Applied Finance Select Fund

See Notes to Financial Statements

**1**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance DIVIDEND fund**

**Schedule of Investments** **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; **100.05%**  | **COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp; **2.53%** | **COMMUNICATION SERVICES** |  |  |
|  | Verizon Communications, Inc.  | 16580 | $658889 <br>|
| &nbsp;&nbsp;&nbsp; **9.72%** | **CONSUMER DISCRETIONARY** |  |  |
|  | Darden Restaurants, Inc.  | 3522 | 634488 |
|  | Hasbro, Inc.  | 8935 | 681830 |
|  | Home Depot, Inc.  | 1819 | 690474 |
|  | Whirlpool Corp.  | 7283 | 521681 |
|  |  |  | 2528473 |
| &nbsp;&nbsp;&nbsp; **9.46%** | **CONSUMER STAPLES** |  |  |
|  | Ingredion, Inc.  | 5434 | 627138 |
|  | Molson Coors Beverage Co. Class B  | 12600 | 550872 |
|  | Target Corp.  | 6730 | 624006 |
|  | Unilever plc ADR  | 10948 | 658960 |
|  |  |  | 2460976 |
| &nbsp;&nbsp;&nbsp; **6.03%** | **ENERGY** |  |  |
|  | Chevron Corp.  | 4778 | 753586 |
|  | Marathon Petroleum Corp.  | 4173 | 813359 |
|  |  |  | 1566945 |
| &nbsp;&nbsp;&nbsp; **21.46%** | **FINANCIALS** |  |  |
|  | Ameriprise Financial, Inc.  | 1366 | 618484 |
|  | Huntington Bancshares  | 44283 | 683730 |
|  | JPMorgan Chase & Co.  | 2482 | 772200 |
|  | The PNC Financial Services Group, Inc  | 3701 | 675618 |
|  | Prudential Financial, Inc.  | 6435 | 669240 |
|  | State Street Corp.  | 6227 | 720215 |
|  | The Travelers Companies, Inc  | 2635 | 707814 |
|  | Truist Financial Corp.  | 16438 | 733628 |
|  |  |  | 5580929 |

---

See Notes to Financial Statements

**2**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance DIVIDEND fund**

**Schedule of Investments - continued** **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; **16.09%** | **HEALTH CARE** |  |  |
|  | Abbott Laboratories  | 5200 | $642824 <br>|
|  | Abbvie, Inc.  | 3183 | 694021 |
|  | Eli Lilly & Co.  | 866 | 747237 |
|  | Johnson & Johnson  | 3888 | 734327 |
|  | Merck & Company, Inc.  | 7919 | 680876 |
|  | Novartis AG ADR  | 5530 | 684559 |
|  |  |  | 4183844 |
| &nbsp;&nbsp;&nbsp; **10.99%** | **INDUSTRIALS** |  |  |
|  | Eaton Corp. plc  | 1922 | 733358 |
|  | Norfolk Southern Corp.  | 2444 | 692581 |
|  | PACCAR, Inc.  | 6786 | 667742 |
|  | RTX Corp.  | 4277 | 763444 |
|  |  |  | 2857125 |
| &nbsp;&nbsp;&nbsp; **10.45%** | **INFORMATION TECHNOLOGY** |  |  |
|  | Accenture plc Class A  | 2462 | 615746 |
|  | Cisco Systems, Inc.  | 10440 | 763268 |
|  | HP, Inc.  | 22500 | 622575 |
|  | Microsoft Corp.  | 1381 | 715096 |
|  |  |  | 2716685 |
| &nbsp;&nbsp;&nbsp; **2.26%** | **MATERIALS** |  |  |
|  | LyondellBasell Industries NV  | 12643 | 586888 |
| &nbsp;&nbsp;&nbsp; **2.94%** | **REAL ESTATE** |  |  |
|  | Omega Healthcare Investors, Inc. REIT  | 18197 | 764820 |
| &nbsp;&nbsp;&nbsp; **8.12%** | **UTILITIES** |  |  |
|  | Public Service Enterprise Group, Inc.  | 8246 | 664298 |
|  | Sempra Energy  | 8208 | 754643 |
|  | UGI Corp.  | 20695 | 691834 |
|  |  |  | 2110775 |

---

See Notes to Financial Statements

**3**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance DIVIDEND fund**

**Schedule of Investments - continued** **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; **100.05%** | **TOTAL COMMON STOCKS** |  |  |
|  | (Cost: $22,812,874)  | (Cost: $22,812,874)  | $26016349 <br>|
| &nbsp;&nbsp;&nbsp; **100.05%** | **TOTAL INVESTMENTS** |  |  |
|  | (Cost: $22,812,874)  | (Cost: $22,812,874)  | 26016349 |
| &nbsp;&nbsp;&nbsp; **(0.05%)** | Liabilities in excess of other assets  | Liabilities in excess of other assets  | (13102) |
| &nbsp;&nbsp;&nbsp; **100.00%** | **NET ASSETS**  | **NET ASSETS**  | **$&nbsp;&nbsp;&nbsp;&nbsp;26003247** <br>|

---

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

REIT - Real Estate Investment Trust.

See Notes to Financial Statements

**4**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance Explorer fund**

**Schedule of Investments** **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; **99.14%** | **COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp; **3.01%** | **COMMUNICATION SERVICES** |  |  |
|  | CarGurus, Inc.<sup>(A)</sup>  | 202746 | $7120440 <br>|
|  | Cars.com, Inc.<sup>(A)</sup>  | 421024 | 4521798 |
|  | John Wiley & Sons, Inc. Class A  | 154902 | 5711237 |
|  | Sinclair, Inc.  | 334556 | 4570035 |
|  | Ziff Davis, Inc.<sup>(A)</sup>  | 171785 | 5823512 |
|  |  |  | 27747022 |
| &nbsp;&nbsp;&nbsp; **10.19%** | **CONSUMER DISCRETIONARY** |  |  |
|  | Adtalem Global Education, Inc.<sup>(A)</sup>  | 47432 | 4649285 |
|  | Asbury Automotive Group, Inc.<sup>(A)</sup>  | 21000 | 4926600 |
|  | Dana, Inc.  | 416417 | 8453265 |
|  | Frontdoor, Inc.<sup>(A)</sup>  | 125304 | 8323945 |
|  | G-III Apparel Group Ltd.<sup>(A)</sup>  | 164220 | 4409307 |
|  | Green Brick Partners, Inc.<sup>(A)</sup>  | 76371 | 4944259 |
|  | Group 1 Automotive, Inc.  | 14811 | 5887965 |
|  | Hilton Grand Vacations, Inc.<sup>(A)</sup>  | 140888 | 5839808 |
|  | KB Home  | 83673 | 5222869 |
|  | Monarch Casino & Resort, Inc.  | 52000 | 4683640 |
|  | Patrick Industries, Inc.  | 82526 | 8613239 |
|  | Phinia, Inc.  | 135083 | 7012159 |
|  | Sally Beauty Holdings, Inc.<sup>(A)</sup>  | 457929 | 6919307 |
|  | Stride, Inc.<sup>(A)</sup>  | 54895 | 3735056 |
|  | Taylor Morrison Home Corp.<sup>(A)</sup>  | 116264 | 6890967 |
|  | Upbound Group, Inc.  | 169517 | 3285239 |
|  |  |  | 93796910 |
| &nbsp;&nbsp;&nbsp; **2.02%** | **CONSUMER STAPLES** |  |  |
|  | The Andersons, Inc  | 149968 | 6945018 |
|  | BellRing Brands, Inc.<sup>(A)</sup>  | 115347 | 3475405 |
|  | Performance Food Group Co.<sup>(A)</sup>  | 84136 | 8139317 |
|  |  |  | 18559740 |

---

See Notes to Financial Statements

**5**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance Explorer fund**

**Schedule of Investments - continued** **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; **6.86%** | **ENERGY** |  |  |
|  | Antero Resources Corp.<sup>(A)</sup>  | 164401 | $5081635 <br>|
|  | Civitas Resources, Inc.  | 160265 | 4620440 |
|  | Dorian LPG Ltd.  | 207272 | 5979797 |
|  | Gulfport Energy Corp.<sup>(A)</sup>  | 39494 | 7346279 |
|  | International Seaways, Inc.  | 144115 | 7383011 |
|  | Murphy Oil Corp.  | 150012 | 4245340 |
|  | Par Pacific Holdings, Inc.<sup>(A)</sup>  | 199126 | 7961057 |
|  | Peabody Energy Corporation  | 287001 | 7869567 |
|  | Permian Resources Corp.  | 370699 | 4655979 |
|  | SM Energy Co.  | 128560 | 2685618 |
|  | Weatherford International plc  | 71785 | 5289837 |
|  |  |  | 63118560 |
| &nbsp;&nbsp;&nbsp; **13.25%** | **FINANCIALS- BANKS** |  |  |
|  | Axos Financial, Inc.<sup>(A)</sup>  | 99451 | 7755189 |
|  | The Bancorp, Inc<sup>(A)</sup>  | 121423 | 7937422 |
|  | Columbia Banking System, Inc.  | 284134 | 7614791 |
|  | Customers Bancorp, Inc.<sup>(A)</sup>  | 125197 | 8403223 |
|  | Enact Holdings, Inc.  | 177080 | 6325298 |
|  | Enova International, Inc.<sup>(A)</sup>  | 77427 | 9257946 |
|  | Hancock Whitney Corp.  | 118768 | 6782840 |
|  | Navient Corp.  | 458786 | 5610953 |
|  | Old National Bancorp of Indiana  | 257113 | 5252819 |
|  | Pathward Financial, Inc.  | 95243 | 6482239 |
|  | PennyMac Financial Services, Inc.  | 52585 | 6615719 |
|  | PJT Partners, Inc.  | 42077 | 6779025 |
|  | Preferred Bank  | 53757 | 4851569 |
|  | Radian Group, Inc.  | 211816 | 7189035 |
|  | Rocket Cos, Inc.  | 539759 | 8992385 |
|  | SLM Corp.  | 244540 | 6565899 |
|  | StoneX Group, Inc.<sup>(A)</sup>  | 103328 | 9497910 |
|  |  |  | 121914262 |

---

See Notes to Financial Statements

**6**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance Explorer fund**

**Schedule of Investments - continued** **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; **13.10%** | **FINANCIALS- NON-BANKS** |  |  |
|  | Apollo Commercial Real Estate Finance, Inc. | 500000 | $4895000 <br>|
|  | Arbor Realty Trust, Inc. REIT  | 634359 | 6400682 |
|  | ARMOUR Residential REIT, Inc.  | 380850 | 6177387 |
|  | CNO Financial Group, Inc.  | 193031 | 7725101 |
|  | Donnelley Financial Solutions<sup>(A)</sup>  | 107832 | 4954880 |
|  | Dynex Capital, Inc. REIT  | 417651 | 5529699 |
|  | F&G Annuities & Life, Inc.  | 113563 | 3367143 |
|  | Federated Hermes, Inc.  | 136146 | 6600358 |
|  | HCI Group, Inc.  | 50331 | 10268027 |
|  | Heritage Insurance Holdings, Inc.<sup>(A)</sup>  | 255266 | 6031936 |
|  | Jackson Financial, Inc.  | 88150 | 8886402 |
|  | MFA Financial, Inc. REIT  | 666811 | 5994631 |
|  | NCR Atleos Corp.<sup>(A)</sup>  | 198483 | 7324023 |
|  | NMI Holdings, Inc.<sup>(A)</sup>  | 181202 | 6601189 |
|  | PennyMac Mortgage Investment Trust REIT  | 498194 | 5998256 |
|  | Prog Holdings, Inc.  | 207497 | 6002888 |
|  | Rithm Capital Corp. REIT  | 523321 | 5740831 |
|  | Sezzle, Inc.<sup>(A)</sup>  | 70346 | 4611180 |
|  | Victory Capital Holdings, Inc. Class A  | 119170 | 7420716 |
|  |  |  | 120530329 |
| &nbsp;&nbsp;&nbsp; **10.74%** | **HEALTH CARE** |  |  |
|  | Amneal Pharmaceuticals, Inc.<sup>(A)</sup>  | 606953 | 6567231 |
|  | Amphastar Pharmaceuticals, Inc.<sup>(A)</sup>  | 175516 | 4475658 |
|  | ANI Pharmaceuticals, Inc.<sup>(A)</sup>  | 77956 | 7062814 |
|  | Catalyst Pharmaceuticals, Inc.<sup>(A)</sup>  | 266124 | 5660457 |
|  | Collegium Pharmaceutical, Inc.<sup>(A)</sup>  | 165208 | 5947488 |
|  | The Ensign Group, Inc  | 40544 | 7301974 |
|  | Halozyme Therapeutics, Inc.<sup>(A)</sup>  | 92701 | 6043178 |
|  | Harmony Biosciences Holdings, Inc.<sup>(A)</sup>  | 127823 | 3651903 |
|  | Innoviva, Inc.<sup>(A)</sup>  | 250000 | 4550000 |
|  | Lantheus Holdings, Inc.<sup>(A)</sup>  | 63139 | 3642489 |
|  | Mednax, Inc.<sup>(A)</sup>  | 410000 | 6957700 |
|  | Option Care Health, Inc.<sup>(A)</sup>  | 200000 | 5206000 |

---

See Notes to Financial Statements

**7**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance Explorer fund**

**Schedule of Investments - continued** **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  | Owens & Minor, Inc.<sup>(A)</sup>  | 399411 | $1585662 <br>|
|  | Supernus Pharmaceuticals, Inc.<sup>(A)</sup>  | 167126 | 9213656 |
|  | Tenet Healthcare Corp.<sup>(A)</sup>  | 37704 | 7785499 |
|  | United Therapeutics Corp.<sup>(A)</sup>  | 19993 | 8905482 |
|  | Waystar Holding Corp.<sup>(A)</sup>  | 118965 | 4264895 |
|  |  |  | 98822086 |
| &nbsp;&nbsp;&nbsp; **16.61%** | **INDUSTRIALS** |  |  |
|  | Alight, Inc.  | 740000 | 2131200 |
|  | API Group Corp.<sup>(A)</sup>  | 205751 | 7575752 |
|  | Array Technologies, Inc.<sup>(A)</sup>  | 806080 | 6980653 |
|  | Atmus Filtration Technologies, Inc.  | 138668 | 6306621 |
|  | BrightView Holdings, Inc.<sup>(A)</sup>  | 366850 | 4519592 |
|  | Builders FirstSource, Inc.<sup>(A)</sup>  | 44480 | 5167242 |
|  | Comfort Systems USA, Inc.  | 17782 | 17169944 |
|  | CSG Systems International, Inc.  | 119223 | 9331584 |
|  | Genco Shipping & Trading Ltd.  | 451237 | 7689078 |
|  | The Greenbrier Companies, Inc  | 137314 | 5735606 |
|  | Herc Holdings, Inc.  | 46055 | 6542113 |
|  | Hillenbrand, Inc.  | 251858 | 7958713 |
|  | Hillman Solutions Corp.<sup>(A)</sup>  | 829197 | 7645196 |
|  | Huron Consulting Group, Inc.<sup>(A)</sup>  | 45563 | 7492380 |
|  | Janus International Group, Inc.<sup>(A)</sup>  | 769856 | 7390618 |
|  | Maximus, Inc.  | 78306 | 6508795 |
|  | SkyWest, Inc.<sup>(A)</sup>  | 75409 | 7577096 |
|  | Sterling Infrastructure, Inc.<sup>(A)</sup>  | 46205 | 17460870 |
|  | Terex Corp.  | 136165 | 6266313 |
|  | Verra Mobility Corp.<sup>(A)</sup>  | 233157 | 5411574 |
|  |  |  | 152860940 |
| &nbsp;&nbsp;&nbsp; **7.96%** | **INFORMATION TECHNOLOGY** |  |  |
|  | ACI Worldwide, Inc.<sup>(A)</sup>  | 132613 | 6316357 |
|  | Adeia, Inc.  | 341035 | 5811236 |
|  | ASGN, Inc.<sup>(A)</sup>  | 113954 | 5100581 |
|  | Consensus Cloud Solutions, Inc.<sup>(A)</sup>  | 108472 | 3180399 |

---

See Notes to Financial Statements

**8**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance Explorer fund**

**Schedule of Investments - continued** **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  | Diebold Nixdorf, Inc.<sup>(A)</sup>  | 105388 | $6233700 <br>|
|  | Insight Enterprises, Inc.<sup>(A)</sup>  | 48617 | 4861700 |
|  | InterDigital, Inc.  | 31766 | 11498021 |
|  | Netgear, Inc.<sup>(A)</sup>  | 225289 | 7822034 |
|  | OSI Systems, Inc.<sup>(A)</sup>  | 33301 | 9272996 |
|  | Penguin Solutions, Inc.<sup>(A)</sup>  | 234421 | 5220556 |
|  | ScanSource, Inc.<sup>(A)</sup>  | 150259 | 6446862 |
|  | Xerox Corporation  | 440256 | 1461650 |
|  |  |  | 73226092 |
| &nbsp;&nbsp;&nbsp; **4.02%** | **MATERIALS** |  |  |
|  | Alpha Metallurgical Resources<sup>(A)</sup>  | 51967 | 9003802 |
|  | Commercial Metals Co.  | 140523 | 8341445 |
|  | Element Solutions, Inc.  | 267802 | 7155670 |
|  | Ryerson Holding Corp.  | 130222 | 2872697 |
|  | Warrior Met Coal, Inc.  | 142548 | 9670456 |
|  |  |  | 37044070 |
| &nbsp;&nbsp;&nbsp; **6.79%** | **REAL ESTATE** |  |  |
|  | American Assets Trust, Inc. REIT  | 156119 | 2983434 |
|  | Apple Hospitality REIT, Inc.  | 400000 | 4476000 |
|  | DiamondRock Hospitality Co. REIT  | 703104 | 5498273 |
|  | Douglas Emmett, Inc. REIT  | 389116 | 5035161 |
|  | Empire State Realty Trust REIT  | 506842 | 3745562 |
|  | Innovative Industrial Properties, Inc.  | 120424 | 6039264 |
|  | Newmark Group, Inc.  | 550499 | 9815397 |
|  | Ryman Hospitality Properties, Inc. REIT  | 57247 | 4975337 |
|  | Sabra Health Care REIT, Inc.  | 362257 | 6455420 |
|  | SL Green Realty Corp.  | 104124 | 5346767 |
|  | Tanger Factory Outlet Centers, Inc. REIT  | 248264 | 8083476 |
|  |  |  | 62454091 |
| &nbsp;&nbsp;&nbsp; **4.59%** | **UTILITIES** |  |  |
|  | California Water Service Group  | 123577 | 5484347 |
|  | Middlesex Water Company  | 78434 | 4507602 |
|  | New Jersey Resources Corp.  | 108080 | 4787944 |

---

See Notes to Financial Statements

**9**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance Explorer fund**

**Schedule of Investments - continued** **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  | One Gas, Inc.  | 82823 | $6641576 <br>|
|  | Otter Tail Corp.  | 91945 | 7099993 |
|  | Southwest Gas Corp.  | 81943 | 6514468 |
|  | TXNM Energy, Inc.  | 126991 | 7213089 |
|  |  |  | 42249019 |
| &nbsp;&nbsp;&nbsp; **99.14%** | **TOTAL COMMON STOCKS** |  |  |
|  | (Cost: $756,282,658)  | (Cost: $756,282,658)  | 912323121 |
| &nbsp;&nbsp;&nbsp; **0.93%** | **MONEY MARKET FUND** |  |  |
|  | Federated Treasury Obligations Fund 3.910%<sup>(B)</sup>  |  |  |
|  | (Cost: $8,544,481)  | 8544481 | 8544481 |
| &nbsp;&nbsp;&nbsp; **100.07%** | **TOTAL INVESTMENTS** |  |  |
|  | (Cost: $764,827,139)  | (Cost: $764,827,139)  | $920867602 <br>|
| &nbsp;&nbsp;&nbsp; **(0.07%)** | Liabilities in excess of other assets  | Liabilities in excess of other assets  | (517702) |
| &nbsp;&nbsp;&nbsp; **100.00%** | **NET ASSETS**  | **NET ASSETS**  | **$&nbsp;&nbsp;&nbsp;&nbsp;920349900** <br>|

---

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

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

REIT - Real Estate Investment Trust.

See Notes to Financial Statements

**10**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance Select fund**

**Schedule of Investments** **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; **96.43%** | **COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp; **10.81%** | **COMMUNICATION SERVICES** |  |  |
|  | Alphabet, Inc. Class A  | 93699 | $26347222 <br>|
|  | Meta Platforms, Inc.  | 26339 | 17076891 |
|  | Verizon Communications, Inc.  | 301926 | 11998539 |
|  | The Walt Disney Co.  | 143544 | 16165925 |
|  |  |  | 71588577 |
| &nbsp;&nbsp;&nbsp; **9.32%** | **CONSUMER DISCRETIONARY** |  |  |
|  | Aptiv plc<sup>(A)</sup>  | 181007 | 14679668 |
|  | Darden Restaurants, Inc.  | 66097 | 11907375 |
|  | DR Horton, Inc.  | 93271 | 13904841 |
|  | LKQ Corp.  | 255560 | 8167698 |
|  | Lowe's Companies, Inc.  | 54679 | 13020710 |
|  |  |  | 61680292 |
| &nbsp;&nbsp;&nbsp; **3.64%** | **CONSUMER STAPLES** |  |  |
|  | Constellation Brands, Inc. Class A  | 26186 | 3440317 |
|  | Keurig Dr Pepper, Inc.  | 300854 | 8171195 |
|  | Target Corp.  | 56364 | 5226070 |
|  | Tyson Foods, Inc. Class A  | 141351 | 7266855 |
|  |  |  | 24104437 |
| &nbsp;&nbsp;&nbsp; **2.94%** | **ENERGY** |  |  |
|  | ConocoPhillips  | 97668 | 8678778 |
|  | Valero Energy Corp.  | 63827 | 10822506 |
|  |  |  | 19501284 |
| &nbsp;&nbsp;&nbsp; **12.66%** | **FINANCIALS** |  |  |
|  | Ameriprise Financial, Inc.  | 24638 | 11155347 |
|  | Bank of America Corp.  | 286675 | 15322779 |
|  | Fiserv, Inc.<sup>(A)</sup>  | 51644 | 3444138 |

---

See Notes to Financial Statements

**11**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance Select fund**

**Schedule of Investments - continued** **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  | JPMorgan Chase & Co.  | 48795 | $15181100 <br>|
|  | Mastercard, Inc. Class A  | 23435 | 12935886 |
|  | MetLife, Inc.  | 159048 | 12695211 |
|  | The Travelers Companies, Inc  | 48656 | 13069975 |
|  |  |  | 83804436 |
| &nbsp;&nbsp;&nbsp; **10.10%** | **HEALTH CARE** |  |  |
|  | CVS Health Corp.  | 107060 | 8366739 |
|  | Danaher Corp.  | 39145 | 8431050 |
|  | Incyte Corp.<sup>(A)</sup>  | 91294 | 8534163 |
|  | McKesson Corp.  | 10973 | 8902834 |
|  | Merck & Company, Inc.  | 89834 | 7723927 |
|  | Regeneron Pharmaceuticals, Inc.  | 13052 | 8507294 |
|  | Stryker Corp.  | 20380 | 7260171 |
|  | Thermo Fisher Scientific, Inc.  | 16131 | 9152568 |
|  |  |  | 66878746 |
| &nbsp;&nbsp;&nbsp; **8.55%** | **INDUSTRIALS** |  |  |
|  | Cummins, Inc.  | 28483 | 12466439 |
|  | Quanta Services, Inc.  | 28440 | 12773257 |
|  | Union Pacific Corp.  | 43308 | 9543784 |
|  | United Rentals, Inc.  | 12180 | 10610972 |
|  | Wabtec Corp.  | 54847 | 11212921 |
|  |  |  | 56607373 |
| &nbsp;&nbsp;&nbsp; **19.61%** | **INFORMATION TECHNOLOGY-Hardware** |  |  |
|  | Apple, Inc.  | 91772 | 24812396 |
|  | Applied Materials, Inc.  | 107074 | 24958949 |
|  | Cisco Systems, Inc.  | 297894 | 21779030 |
|  | HP, Inc.  | 748473 | 20710248 |
|  | International Business Machines Corp.  | 70688 | 21730198 |
|  | Roper Technologies, Inc.  | 35388 | 15788356 |
|  |  |  | 129779177 |

---

See Notes to Financial Statements

**12**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance Select fund**

**Schedule of Investments - continued** **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; **12.65%** | **INFORMATION TECHNOLOGY-Software & Services** | **INFORMATION TECHNOLOGY-Software & Services** |  |
|  | Adobe, Inc.<sup>(A)</sup>  | 41757 | $14210325 <br>|
|  | KLA Corp.  | 21065 | 25462108 |
|  | Microsoft Corp.  | 42000 | 21748020 |
|  | Oracle Corp.  | 84655 | 22231250 |
|  |  |  | 83651703 |
| &nbsp;&nbsp;&nbsp; **1.96%** | **MATERIALS** |  |  |
|  | The Sherwin-Williams Co  | 17185 | 5927794 |
|  | Steel Dynamics, Inc.  | 45000 | 7056000 |
|  |  |  | 12983794 |
| &nbsp;&nbsp;&nbsp; **2.04%** | **REAL ESTATE** |  |  |
|  | CBRE Group, Inc.<sup>(A)</sup>  | 88619 | 13508194 |
| &nbsp;&nbsp;&nbsp; **2.15%** | **UTILITIES** |  |  |
|  | DTE Energy Co.  | 52413 | 7104058 |
|  | Public Service Enterprise Group, Inc.  | 88216 | 7106681 |
|  |  |  | 14210739 |
| &nbsp;&nbsp;&nbsp; **96.43%** | **TOTAL COMMON STOCKS** |  |  |
|  | (Cost: $461,171,066)  | (Cost: $461,171,066)  | 638298752 |
| &nbsp;&nbsp;&nbsp; **2.31%** | **EXCHANGE TRADED FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp; **2.31%** | **LARGE CAP** |  |  |
|  | Applied Finance Valuation Large Cap ETF  | 350000 | 15305500 |
| &nbsp;&nbsp;&nbsp; **2.31%** | **TOTAL EXCHANGE TRADED FUNDS** |  |  |
|  | (Cost: $15,442,000)  | (Cost: $15,442,000)  | 15305500 |

---

See Notes to Financial Statements

**13**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance Select fund**

**Schedule of Investments - continued** **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; **1.22%** | **MONEY MARKET FUND** |  |  |
|  | Federated Treasury Obligations Fund 3.910%<sup>(B)</sup>  |  |  |
|  | (Cost: $8,093,222)  | 8093222 | $8093222 <br>|
| &nbsp;&nbsp;&nbsp; **99.96%** | **TOTAL INVESTMENTS** |  |  |
|  | (Cost: $484,706,288)  | (Cost: $484,706,288)  | 661697474 |
| &nbsp;&nbsp;&nbsp; **0.04%** | Other assets, net of liabilities  | Other assets, net of liabilities  | 260716 |
| &nbsp;&nbsp;&nbsp; **100.00%** | **NET ASSETS**  | **NET ASSETS**  | **$661958190** <br>|

---

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

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

See Notes to Financial Statements

**14**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance funds**

**Statements of Assets and Liabilities**

---

| |
|:---|
| **ASSETS** |
| &nbsp;&nbsp;&nbsp; Investments at value<sup>(1)</sup>  |
| &nbsp;&nbsp;&nbsp; Receivable for capital stock sold  |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable  |
| &nbsp;&nbsp;&nbsp; Tax reclaims receivable  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses  |
| &nbsp;&nbsp;&nbsp; TOTAL ASSETS  |
| **LIABILITIES** |
| &nbsp;&nbsp;&nbsp; Due to custodian  |
| &nbsp;&nbsp;&nbsp; Payable for capital stock redeemed  |
| &nbsp;&nbsp;&nbsp; Accrued investment advisory fees  |
| &nbsp;&nbsp;&nbsp; Accrued 12b-1 fees  |
| &nbsp;&nbsp;&nbsp; Accrued administrative, accounting and transfer agent fees  |
| &nbsp;&nbsp;&nbsp; Other accrued expenses  |
| &nbsp;&nbsp;&nbsp; TOTAL LIABILITIES  |
| **NET ASSETS**  |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |
| &nbsp;&nbsp;&nbsp; Paid-in-capital  |
| &nbsp;&nbsp;&nbsp; Distributable earnings  |
| &nbsp;&nbsp;&nbsp; **Net Assets**  |
| **NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE** |
| **Net Assets** |
| &nbsp;&nbsp;&nbsp; Institutional Class  |
| &nbsp;&nbsp;&nbsp; Investor Class  |
| &nbsp;&nbsp;&nbsp; **Total**  |
| **Shares Outstanding (unlimited number of shares of beneficial interest authorized without par value)** |
| &nbsp;&nbsp;&nbsp; Institutional Class  |
| &nbsp;&nbsp;&nbsp; Investor Class  |
| &nbsp;&nbsp;&nbsp; **Total**  |
| **Net Asset Value Per Share** |
| &nbsp;&nbsp;&nbsp; Institutional Class  |
| &nbsp;&nbsp;&nbsp; Investor Class  |
| <sup>(1)</sup> Identified cost of:  |

---

See Notes to Financial Statements

**15**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance funds**

**October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Applied Finance <br>Dividend Fund** | **Applied Finance <br>Explorer Fund** | **Applied Finance <br>Select Fund** |
| $26016349 <br>| $920867602 <br>| $661697474 <br>|
| 668 | 487422 | 306396 |
| 34600 | 336223 | 548962 |
| 8699 |  |  |
| 13140 | 104608 | 69137 |
| 26073456 | 921795855 | 662621969 |
| 28961 |  |  |
| 350 | 611000 | 255072 |
| 8858 | 551358 | 329485 |
| 9345 | 77480 | 17094 |
| 6010 | 42123 | 11194 |
| 16685 | 163994 | 50934 |
| 70209 | 1445955 | 663779 |
| $26003247 <br>| $920349900 <br>| $661958190 <br>|
| $21502096 <br>| $732672082 <br>| $449428867 <br>|
| 4501151 | 187677818 | 212529323 |
| $26003247 <br>| $920349900 <br>| $661958190 <br>|
| $18375242 <br>| $726497918 <br>| $604597742 <br>|
| 7628005 | 193851982 | 57360448 |
| $26003247 <br>| $920349900 <br>| $661958190 <br>|
| 1521939 | 31007348 | 25115840 |
| 644140 | 8350366 | 2397165 |
| 2166079 | 39357714 | 27513005 |
| $12.07 <br>| $23.43 <br>| $24.07 <br>|
| 11.84 | 23.22 | 23.93 |
| $22812874 <br>| $764827139 <br>| $484706288 <br>|

---

See Notes to Financial Statements

**16**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance funds**

**Statements of Operations**

---

| |
|:---|
| **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp; Dividends<sup>(1)</sup>  |
| &nbsp;&nbsp;&nbsp; Interest  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  |
| **EXPENSES** |
| &nbsp;&nbsp;&nbsp; Investment advisory fees (Note 2)  |
| &nbsp;&nbsp;&nbsp; Rule 12b-1 and servicing fees (Note 2)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class  |
| &nbsp;&nbsp;&nbsp; Recordkeeping and fund administrative services (Note 2)  |
| &nbsp;&nbsp;&nbsp; Accounting fees (Note 2)  |
| &nbsp;&nbsp;&nbsp; Custody fees  |
| &nbsp;&nbsp;&nbsp; Transfer agent fees (Note 2)  |
| &nbsp;&nbsp;&nbsp; Professional fees  |
| &nbsp;&nbsp;&nbsp; Filing and registration fees  |
| &nbsp;&nbsp;&nbsp; Trustees fees (Note 2)  |
| &nbsp;&nbsp;&nbsp; Compliance fees (Note 2)  |
| &nbsp;&nbsp;&nbsp; Shareholder services and reports  |
| &nbsp;&nbsp;&nbsp; Shareholder servicing (Note 2)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class  |
| &nbsp;&nbsp;&nbsp; Insurance  |
| &nbsp;&nbsp;&nbsp; Proxy expense  |
| &nbsp;&nbsp;&nbsp; Other  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fee waivers  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income  |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS**  |
| <sup>(1)</sup> Net of foreign tax withheld of:  |

---

See Notes to Financial Statements

**17**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

---

| | | |
|:---|:---|:---|
| **Applied Finance <br>Dividend Fund** | **Applied Finance <br>Explorer Fund** | **Applied Finance <br>Select Fund** |
| $419519 <br>| $8923587 <br>| $5195557 <br>|
| 2027 | 190615 | 100586 |
| 421546 | 9114202 | 5296143 |
| 120502 | 5040524 | 2924446 |
| 10008 | 232874 | 73306 |
| 8051 | 142210 | 105412 |
| 3780 | 95179 | 72450 |
| 2741 | 25324 | 19088 |
| 18172 | 89190 | 51001 |
| 12425 | 28730 | 23653 |
| 30762 | 83860 | 50446 |
| 475 | 12489 | 8901 |
| 2622 | 6570 | 5414 |
| 7183 | 41407 | 26596 |
| 3254 | 279201 | 232142 |
| 5000 | 139724 | 58644 |
| 1422 | 3225 | 3352 |
| 2194 | 27959 | 19366 |
| 4188 | 23059 | 14178 |
| 232779 | 6271525 | 3688395 |
| (93381) | (2340837) | (1158686) |
| 139398 | 3930688 | 2529709 |
| 282148 | 5183514 | 2766434 |
| 541486 | 19232907 | 8066994 |
| 1577170 | 100044889 | 87305262 |
| 2118656 | 119277796 | 95372256 |
| $2400804 <br>| $124461310 <br>| $98138690 <br>|
| $106 <br>| $161 <br>| $— <br>|

---

**Applied finance funds**

**For the Six Months Ended October 31, 2025 (unaudited)**

See Notes to Financial Statements

**18**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance funds**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Applied Finance Dividend Fund** | **Applied Finance Dividend Fund** |
| | **Six Months Ended <br>October 31, 2025<br>(unaudited)** | **Year Ended<br>April 30, 2025** |
| | **Six Months Ended <br>October 31, 2025<br>(unaudited)** | **Year Ended<br>April 30, 2025** |
| | **Six Months Ended <br>October 31, 2025<br>(unaudited)** | **Year Ended<br>April 30, 2025** |
| **INCREASE (DECREASE) IN NET ASSETS FROM** |  |  |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $282148 <br>| $570702 <br>|
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments  | 541486 | (79447) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments  | 1577170 | 949543 |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations  | 2400804 | 1440798 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp; Distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  |  | (802759) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class  |  | (350230) |
| &nbsp;&nbsp;&nbsp; Decrease in net assets from distributions  |  | (1152989) |
| **CAPITAL STOCK TRANSACTIONS (Note 5)** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | 380868 | 681662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class  | 301674 | 2403025 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  |  | 763268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class  |  | 342450 |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | (1317356) | (2349905) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class  | (1004543) | (4265453) |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from <br>capital stock transactions  | (1639357) | (2424953) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Increase (decrease) during period  | 761447 | (2137144) |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 25241800 | 27378944 |
| &nbsp;&nbsp;&nbsp; End of period  | $26003247 <br>| $25241800 <br>|

---

See Notes to Financial Statements

**19**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Applied Finance Explorer Fund** | **Applied Finance Explorer Fund** | **Applied Finance Select Fund** | **Applied Finance Select Fund** |
| **Six Months Ended<br>October 31, 2025<br>(unaudited)** | **Year Ended<br>April 30, 2025** | **Six Months Ended<br>October 31, 2025<br>(unaudited)** |  |
| **Six Months Ended<br>October 31, 2025<br>(unaudited)** | **Year Ended<br>April 30, 2025** | **Six Months Ended<br>October 31, 2025<br>(unaudited)** | **Year Ended<br>April 30, 2025** |
| **Six Months Ended<br>October 31, 2025<br>(unaudited)** | **Year Ended<br>April 30, 2025** | **Six Months Ended<br>October 31, 2025<br>(unaudited)** | **Year Ended<br>April 30, 2025** |
| $5183514 <br>| $8391564 <br>| $2766434 <br>| $5983385 <br>|
| 19232907 | 24856493 | 8066994 | 32384661 |
| 100044889 | (33627179) | 87305262 | (43577599) |
| 124461310 | (379122) | 98138690 | (5209553) |
|  | (14531489) |  | (18026775) |
|  | (4463601) |  | (1730301) |
|  | (18995090) |  | (19757076) |
| 159932867 | 187050956 | 89414012 | 179337667 |
| 21014033 | 63073813 | 10033361 | 46317827 |
|  | 10281484 |  | 10925629 |
|  | 3941536 |  | 1603393 |
| (92222757) | (102032245) | (76596598) | (179022876) |
| (23888291) | (68812670) | (29995097) | (28898569) |
| 64835852 | 93502874 | (7144322) | 30263071 |
| 189297162 | 74128662 | 90994368 | 5296442 |
| 731052738 | 656924076 | 570963822 | 565667380 |
| $920349900 <br>| $731052738 <br>| $661958190 <br>| $570963822 <br>|

---

**Applied finance funds**

See Notes to Financial Statements

**20**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance DIVIDEND fund**

**Financial Highlights**

---

| |
|:---|
| **Net asset value, beginning of period**  |
| **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; Net realized gain  |
| **Total distributions**  |
| **Paid-in capital from redemption fees <sup>(3)</sup>**  |
| **Net asset value, end of period**  |
| **Total Return<sup>(4)</sup>**  |
| **Ratios/Supplemental Data** |
| Ratios to average net assets<sup>(5)</sup>  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  |
| &nbsp;&nbsp;&nbsp; Expenses, net of management fee waivers and reimbursements  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  |
| Portfolio turnover rate<sup>(4)</sup>  |
| Net assets, end of period (000's)  |

---

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

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

<sup>(3)</sup> Redemption fees were eliminated effective January 12, 2023.

<sup>(4)</sup> Total return and portfolio turnover rate are for the year indicated and have not been annualized for years less than one year.

<sup>(5)</sup> Ratios to average net assets have been annualized for years less than one year.

<sup>(6)</sup> Ratio of total expenses before management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been: 1.62% for the six months ended October 31, 2025; 1.59% for the year ended April 30, 2025; and 1.58% for the year ended April 30, 2023.

<sup>(7)</sup> Ratio of total expenses net of management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been: 0.95% for the six months ended October 31, 2025; 0.95% for the year ended April 30, 2025; and 0.95% for the year ended April 30, 2023.

See Notes to Financial Statements

**21**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| **Six months<br>Ended<br>October 31,<br>2025<br>(unaudited)** | **Years Ended April 30,**  | **Years Ended April 30,**  | **Years Ended April 30,**  | **Years Ended April 30,**  | **Years Ended April 30,**  |
| **Six months<br>Ended<br>October 31,<br>2025<br>(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| $11.02 <br>| **$** **10.97** <br>| **$** **9.93** <br>| **$** **11.50** <br>| **$** **16.79** <br>| **$** **11.99** <br>|
| 0.13 | 0.25 | 0.25 | 0.24 | 0.19 | 0.10 |
| 0.92 | 0.32 | 1.09 | (0.26) | 0.36 | 6.11 |
| 1.05 | 0.57 | 1.34 | (0.02) | 0.55 | 6.21 |
|  | (0.26) | (0.30) | (0.25) | (0.08) | (0.13) |
|  | (0.26) |  | (1.30) | (5.76) | (1.28) |
|  | (0.52) | (0.30) | (1.55) | (5.84) | (1.41) |
|  |  |  | —<br><sup>(2)</sup>  | —<br><sup>(2)</sup>  | —<br><sup>(2)</sup>  |
| $12.07 <br>| **$** **11.02** <br>| **$** **10.97** <br>| **$** **9.93** <br>| **$** **11.50** <br>| **$** **16.79** <br>|
| 9.60% | 4.99% | 13.61% | 0.15% | 2.05% | 53.94% |
| 1.64%<sup>(6)</sup>  | 1.61%<sup>(6)</sup>  | 1.61% | 1.64%<sup>(6)</sup>  | 1.41% | 1.52% |
| 0.97%<sup>(7)</sup>  | 0.97%<sup>(7)</sup>  | 0.95% | 1.01%<sup>(7)</sup>  | 0.95% | 0.95% |
| 2.18% | 2.16% | 2.46% | 2.29% | 1.34% | 0.70% |
| 3.86% | 12.78% | 7.36% | 14.85% | 81.95% | 14.95% |
| $18375 <br>| $17631 <br>| $18400 <br>| $18319 <br>| $24173 <br>| $39543 <br>|

---

<sup>

</sup>

 

 

<sup>

</sup>

 

<sup>

</sup>

<sup>

</sup>

**Applied finance DIVIDEND fund**

**Selected Per Share Data Throughout Each Period**

See Notes to Financial Statements

**22**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance DIVIDEND fund**

**Financial Highlights**

---

| |
|:---|
| **Net asset value, beginning of period**  |
| **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; Net realized gain  |
| **Total distributions**  |
| **Paid-in capital from redemption fees<sup>(3)</sup>**  |
| **Net asset value, end of period**  |
| **Total Return<sup>(4)</sup>**  |
| **Ratios/Supplemental Data** |
| Ratios to average net assets<sup>(5)</sup>  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  |
| &nbsp;&nbsp;&nbsp; Expenses, net of management fee waivers and reimbursements  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  |
| Portfolio turnover rate<sup>(4)</sup>  |
| Net assets, end of period (000's)  |

---

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

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

<sup>(3)</sup> Redemption fees were eliminated effective January 12, 2023.

<sup>(4)</sup> Total return and portfolio turnover rate are for the year indicated and have not been annualized for years less than one year.

<sup>(5)</sup> Ratios to average net assets have been annualized for years less than one year.

<sup>(6)</sup> Ratio of total expenses before management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been: 1.96% for the six months ended October 31, 2025; 1.98% for the year ended April 30, 2025; and 1.96% for the year ended April 30, 2023.

<sup>(7)</sup> Ratio of total expenses net of management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been: 1.20% for the six months ended October 31, 2025; 1.20% for the year ended April 30, 2025; and 1.20% for the year ended April 30, 2023.

See Notes to Financial Statements

**23**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** |
| **Six months<br>Ended<br>October 31,<br>2025<br>(unaudited)** | **Years Ended April 30,**  | **Years Ended April 30,**  | **Years Ended April 30,**  | **Years Ended April 30,**  | **Years Ended April 30,**  |
| **Six months<br>Ended<br>October 31,<br>2025<br>(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| $10.82 <br>| **$** **10.80** <br>| **$** **9.79** <br>| **$** **11.31** <br>| **$** **16.61** <br>| **$** **11.94** <br>|
| 0.11 | 0.22 | 0.23 | 0.21 | 0.16 | 0.06 |
| 0.91 | 0.31 | 1.06 | (0.25) | 0.35 | 6.06 |
| 1.02 | 0.53 | 1.29 | (0.04) | 0.51 | 6.12 |
|  | (0.25) | (0.28) | (0.18) | (0.05) | (0.17) |
|  | (0.26) |  | (1.30) | (5.76) | (1.28) |
|  | (0.51) | (0.28) | (1.48) | (5.81) | (1.45) |
|  |  |  | —<br><sup>(2)</sup>  | —<br><sup>(2)</sup>  | —<br><sup>(2)</sup>  |
| $11.84 <br>| **$** **10.82** <br>| **$** **10.80** <br>| **$** **9.79** <br>| **$** **11.31** <br>| **$** **16.61** <br>|
| 9.48% | 4.71% | 13.29% | (0.03%) | 1.80% | 53.41% |
| 1.98%<sup>(6)</sup>  | 2.00%<sup>(6)</sup>  | 2.03% | 2.03%<sup>(6)</sup>  | 1.80% | 1.88% |
| 1.22%<sup>(7)</sup>  | 1.22%<sup>(7)</sup>  | 1.20% | 1.27%<sup>(7)</sup>  | 1.20% | 1.20% |
| 1.94% | 1.91% | 2.21% | 2.01% | 1.13% | 0.45% |
| 3.86% | 12.78% | 7.36% | 14.85% | 81.95% | 14.95% |
| $7628 <br>| $7611 <br>| $8979 <br>| $8957 <br>| $9948 <br>| $12742 <br>|

---

<sup>

</sup>

 

 

<sup>

</sup>

 

<sup>

</sup>

<sup>

</sup>

**Applied finance DIVIDEND fund**

**Selected Per Share Data Throughout Each Period**

See Notes to Financial Statements

**24**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance Explorer fund**

**Financial Highlights**

---

| |
|:---|
| **Net asset value, beginning of period**  |
| **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; Net realized gain  |
| **Total distributions**  |
| **Paid-in capital from redemption fees<sup>(3)</sup>**  |
| **Net asset value, end of period**  |
| **Total Return<sup>(4)</sup>**  |
| **Ratios/Supplemental Data** |
| Ratios to average net assets<sup>(5)</sup>  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  |
| &nbsp;&nbsp;&nbsp; Expenses, net of management fee waivers and reimbursements  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  |
| Portfolio turnover rate<sup>(4)</sup>  |
| Net assets, end of period (000's)  |

---

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

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

<sup>(3)</sup> Redemption fees were eliminated effective January 12, 2023.

<sup>(4)</sup> Total return and portfolio turnover rate are for the year indicated and have not been annualized for years less than one year.

<sup>(5)</sup> Ratios to average net assets have been annualized for years less than one year.

<sup>(6)</sup> Ratio of total expenses before management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been: 1.34% for the six months ended October 31, 2025; 1.36% for the year ended April 30, 2025; and 1.45% for the year ended April 30, 2021.

<sup>(7)</sup> Ratio of total expenses net of management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been: 0.83% for the six months ended October 31, 2025; 0.83% for the year ended April 30, 2025; and 0.83% for the year ended April 30, 2021.

See Notes to Financial Statements

**25**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| **Six months<br>Ended<br>October 31,<br>2025<br>(unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
| **Six months<br>Ended<br>October 31,<br>2025<br>(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| $20.18 <br>| **$** **20.51** <br>| **$** **16.89** <br>| **$** **17.93** <br>| **$** **17.31** <br>| **$** **9.09** <br>|
| 0.14 | 0.25 | 0.26 | 0.20 | 0.08 | 0.02 |
| 3.11 | (0.04) | 3.55 | (0.92) | 0.70 | 8.26 |
| 3.25 | 0.21 | 3.81 | (0.72) | 0.78 | 8.28 |
|  | (0.24) | (0.19) | (0.13) | (0.04) | (0.06) |
|  | (0.30) |  | (0.19) | (0.12) |  |
|  | (0.54) | (0.19) | (0.32) | (0.16) | (0.06) |
|  |  |  | —<br><sup>(2)</sup>  | —<br><sup>(2)</sup>  | —<br><sup>(2)</sup>  |
| $23.43 <br>| **$** **20.18** <br>| **$** **20.51** <br>| **$** **16.89** <br>| **$** **17.93** <br>| **$** **17.31** <br>|
| 16.11% | 0.83% | 22.57% | (3.97%) | 4.50% | 91.26% |
| 1.35%<sup>(6)</sup>  | 1.37%<sup>(6)</sup>  | 1.37% | 1.41% | 1.45% | 1.61%<sup>(6)</sup>  |
| 0.84%<sup>(7)</sup>  | 0.84%<sup>(7)</sup>  | 0.83% | 0.83% | 0.83% | 0.86%<sup>(7)</sup>  |
| 1.23% | 1.16% | 1.37% | 1.14% | 0.45% | 0.15% |
| 16.17% | 37.29% | 32.00% | 29.88% | 31.62% | 42.02% |
| $726498 <br>| $560750 <br>| $480381 <br>| $251913 <br>| $161652 <br>| $79647 <br>|

---

<sup>

</sup>

 

 

<sup>

</sup>

 

<sup>

</sup>

<sup>

</sup>

**Applied finance Explorer fund**

**Selected Per Share Data Throughout Each Period**

See Notes to Financial Statements

**26**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance Explorer fund**

**Financial Highlights**

---

| |
|:---|
| **Net asset value, beginning of period**  |
| **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; Net realized gain  |
| **Total distributions**  |
| **Paid-in capital from redemption fees<sup>(2)</sup>**  |
| **Net asset value, end of period**  |
| **Total Return<sup>(3)</sup>**  |
| **Ratios/Supplemental Data** |
| Ratios to average net assets<sup>(4)</sup>  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  |
| &nbsp;&nbsp;&nbsp; Expenses, net of management fee waivers and reimbursements  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  |
| Portfolio turnover rate<sup>(3)</sup>  |
| Net assets, end of period (000's)  |

---

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

<sup>(2)</sup> Redemption fees were eliminated effective January 12, 2023.

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

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

<sup>(5)</sup> Ratio of total expenses before management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been: 1.66% for the six months ended October 31, 2025; 1.68% for the year ended April 30, 2025; and 1.93% for the year ended April 30, 2021.

<sup>(6)</sup> Ratio of total expenses net of management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been: 1.08% for the six months ended October 31, 2025; 1.08% for the year ended April 30, 2025; and 1.08% for the year ended April 30, 2021.

See Notes to Financial Statements

**27**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** |
| **Six months<br>Ended<br>October 31,<br>2025<br>(unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
| **Six months<br>Ended<br>October 31,<br>2025<br>(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| $20.02 <br>| **$** **20.37** <br>| **$** **16.79** <br>| **$** **17.82** <br>| **$** **17.19** <br>| **$** **9.02** <br>|
| 0.11 | 0.20 | 0.21 | 0.15 | 0.04 | (0.02) |
| 3.09 | (0.05) | 3.53 | (0.90) | 0.68 | 8.19 |
| 3.20 | 0.15 | 3.74 | (0.75) | 0.72 | 8.17 |
|  | (0.20) | (0.16) | (0.10) | (0.01) | (0.02) |
|  | (0.30) |  | (0.19) | (0.12) |  |
|  | (0.50) | (0.16) | (0.29) | (0.13) | (0.02) |
|  |  |  | 0.01 | 0.04 | 0.02 |
| $23.22 <br>| **$** **20.02** <br>| **$** **20.37** <br>| **$** **16.79** <br>| **$** **17.82** <br>| **$** **17.19** <br>|
| 15.96% | 0.55% | 22.27% | (4.13%) | 4.40% | 90.87% |
| 1.67%<sup>(5)</sup>  | 1.69%<sup>(5)</sup>  | 1.69% | 1.73% | 1.76% | 1.96%<sup>(5)</sup>  |
| 1.09%<sup>(6)</sup>  | 1.09%<sup>(6)</sup>  | 1.08% | 1.08% | 1.08% | 1.11%<sup>(6)</sup>  |
| 0.97% | 0.91% | 1.13% | 0.89% | 0.20% | (0.13%) |
| 16.17% | 37.29% | 32.00% | 29.88% | 31.62% | 42.02% |
| $193852 <br>| $170303 <br>| $176543 <br>| $124627 <br>| $92813 <br>| $40114 <br>|

---

<sup>

</sup>

 

<sup>

</sup>

 

<sup>

</sup>

<sup>

</sup>

**Applied finance Explorer fund**

**Selected Per Share Data Throughout Each Period**

See Notes to Financial Statements

**28**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance Select fund**

**Financial Highlights**

---

| |
|:---|
| **Net asset value, beginning of period**  |
| **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; Net realized gain  |
| **Total distributions**  |
| **Paid-in capital from redemption fees<sup>(3)</sup>**  |
| **Net asset value, end of period**  |
| **Total Return<sup>(4)</sup>**  |
| **Ratios/Supplemental Data** |
| Ratios to average net assets<sup>(5)</sup>  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  |
| &nbsp;&nbsp;&nbsp; Expenses, net of management fee waivers and reimbursements  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  |
| Portfolio turnover rate<sup>(4)</sup>  |
| Net assets, end of period (000's)  |

---

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

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

<sup>(3)</sup> Redemption fees were eliminated effective January 12, 2023.

<sup>(4)</sup> Total return and portfolio turnover rate are for the year indicated and have not been annualized for years less than one year.

<sup>(5)</sup> Ratios to average net assets have been annualized for years less than one year.

<sup>(6)</sup> Ratio of total expenses before management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been; 1.10% for the six months ended October 31, 2025; and 1.11% for the year ended April 30, 2025.

<sup>(7)</sup> Ratio of total expenses net of management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been: 0.75% for the six months ended October 31, 2025; and 0.75% for the year ended April 30, 2025.

See Notes to Financial Statements

**29**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| **Six months Ended<br>October 31, 2025<br>(unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
| **Six months Ended<br>October 31, 2025<br>(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **$** **20.59** <br>| **$** **21.35** <br>| **$** **18.39** <br>| **$** **18.50** <br>| **$** **18.62** <br>| **$** **12.11** <br>|
| 0.10 | 0.24 | 0.27 | 0.26 | 0.18 | 0.15 |
| 3.38 | (0.19) | 2.99 | (0.16) | 0.17 | 6.56 |
| 3.48 | 0.05 | 3.26 | 0.10 | 0.35 | 6.71 |
|  | (0.25) | (0.23) | (0.05) | (0.16) | (0.14) |
|  | (0.56) | (0.07) | (0.16) | (0.31) | (0.06) |
|  | (0.81) | (0.30) | (0.21) | (0.47) | (0.20) |
|  |  |  | —<br><sup>(2)</sup>  | —<br><sup>(2)</sup>  | —<br><sup>(2)</sup>  |
| **$** **24.07** <br>| **$** **20.59** <br>| **$** **21.35** <br>| **$** **18.39** <br>| **$** **18.50** <br>| **$** **18.62** <br>|
| 16.91% | 0.07% | 17.81% | 0.60% | 1.82% | 55.70% |
| 1.11%<sup>(6)</sup>  | 1.12%<sup>(6)</sup>  | 1.13% | 1.15% | 1.16% | 1.23% |
| 0.76%<sup>(7)</sup>  | 0.76%<sup>(7)</sup>  | 0.75% | 0.75% | 0.75% | 0.75% |
| 0.87% | 1.09% | 1.36% | 1.44% | 0.95% | 0.97% |
| 11.89% | 27.63% | 6.99% | 11.26% | 8.26% | 13.89% |
| $604598 <br>| $502950 <br>| $513424 <br>| $415019 <br>| $312612 <br>| $252690 <br>|

---

<sup>

</sup>

 

 

<sup>

</sup>

 

<sup>

</sup>

<sup>

</sup>

**Applied finance Select fund**

**Selected Per Share Data Throughout Each Period**

See Notes to Financial Statements

**30**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

---

| |
|:---|
| **Net asset value, beginning of period**  |
| **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; Net realized gain  |
| **Total distributions**  |
| **Paid-in capital from redemption fees<sup>(3)</sup>**  |
| **Net asset value, end of period**  |
| **Total Return<sup>(4)</sup>**  |
| **Ratios/Supplemental Data** |
| Ratios to average net assets<sup>(5)</sup>  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  |
| &nbsp;&nbsp;&nbsp; Expenses, net of management fee waivers and reimbursements  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  |
| Portfolio turnover rate<sup>(4)</sup>  |
| Net assets, end of period (000's)  |

---

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

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

<sup>(3)</sup> Redemption fees were eliminated effective January 12, 2023.

<sup>(4)</sup> Total return and portfolio turnover rate are for the year indicated and have not been annualized for years less than one year.

<sup>(5)</sup> Ratios to average net assets have been annualized for years less than one year.

<sup>(6)</sup> Ratio of total expenses before management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been: 1.47% for the six months ended October 31, 2025; and 1.44% for the year ended April 30, 2025.

<sup>(7)</sup> Ratio of total expenses net of management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been: 1.00% for the six months ended October 31, 2025; and 1.00% for the year ended April 30, 2025.

**Applied finance Select fund**

**Financial Highlights**

See Notes to Financial Statements

**31**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class Shares**  | **Investor Class Shares**  | **Investor Class Shares**  | **Investor Class Shares**  | **Investor Class Shares**  | **Investor Class Shares**  |
| **Six months Ended<br>October 31, 2025<br>(unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
| **Six months Ended<br>October 31, 2025<br>(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| $20.49 <br>| **$** **21.24** <br>| **$** **18.30** <br>| **$** **18.42** <br>| **$** **18.54** <br>| **$** **12.07** <br>|
| 0.07 | 0.18 | 0.22 | 0.21 | 0.13 | 0.11 |
| 3.37 | (0.18) | 2.97 | (0.15) | 0.16 | 6.53 |
| 3.44 | 0.00 | 3.19 | 0.06 | 0.29 | 6.64 |
|  | (0.19) | (0.18) | (0.02) | (0.11) | (0.11) |
|  | (0.56) | (0.07) | (0.16) | (0.31) | (0.06) |
|  | (0.75) | (0.25) | (0.18) | (0.42) | (0.17) |
|  |  |  | —<br><sup>(2)</sup>  | 0.01 | —<br><sup>(2)</sup>  |
| $23.93 <br>| **$** **20.49** <br>| **$** **21.24** <br>| **$** **18.30** <br>| **$** **18.42** <br>| **$** **18.54** <br>|
| 16.78% | (0.16%) | 17.46% | 0.37% | 1.55% | 55.30% |
| 1.48%<sup>(6)</sup>  | 1.45%<sup>(6)</sup>  | 1.44% | 1.46% | 1.48% | 1.57% |
| 1.01%<sup>(7)</sup>  | 1.01%<sup>(7)</sup>  | 1.00% | 1.00% | 1.00% | 1.00% |
| 0.65% | 0.84% | 1.09% | 1.20% | 0.69% | 0.71% |
| 11.89% | 27.63% | 6.99% | 11.26% | 8.26% | 13.89% |
| $57360 <br>| $68014 <br>| $52243 <br>| $32862 <br>| $29014 <br>| $21060 <br>|

---

<sup>

</sup>

 

 

<sup>

</sup>

 

<sup>

</sup>

<sup>

</sup>

**Applied finance Select fund**

**Selected Per Share Data Throughout Each Period**

**32**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance funds**

**Notes to the Financial Statements** **October 31, 2025 (unaudited)**

**NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

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

**33**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance funds**

**Notes to the Financial Statements - continued October 31, 2025 (unaudited)**

**Security Valuation**

The Funds' securities are valued at fair value. Investments in securities traded on a principal exchange (U.S. or foreign) are valued at the last reported sales price on the exchange on which the securities are traded as of the close of business on the last day of the year or, lacking any sales, at the last reported bid price on the valuation date. Investments in securities included in the NASDAQ National Market System are valued at the NASDAQ Official Closing Price. In cases where securities are traded on more than one exchange, the securities are valued on the exchange designated by or under the authority of the Funds' Board of Trustees. Money marker and other debt securities (less than 60 days to maturity) are valued at their fair market value using amortized cost, which approximated market value. Other assets for which market prices are not readily available are valued at their fair value as determined in good faith by Valuation Designee under procedures set by the Board. Although the Board is ultimately responsible for fair value determinations under Rule 2a-5 of the 1940 Act, the Board has delegated day-to-day responsibility for oversight of the valuation of the Fund's assets to the Advisor as the Valuation Designee pursuant to the Fund's policies and procedures. Generally, trading in corporate bonds, U.S. government securities and money market instruments is substantially completed each day at various times before the scheduled close of the New York Stock Exchange ("NYSE"). The value of these securities used in computing the net asset value ("NAV") is determined as of such times.

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

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

**34**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance funds**

**Notes to the Financial Statements - continued** **October 31, 2025 (unaudited)**

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

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

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

The following is a summary of the level of inputs used to value the Funds' investments as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br>Quoted<br>Prices** | **Level 2<br>Other<br>Significant<br>Observable<br>Inputs** | **Level 3<br>Significant<br>Unobservable<br>Inputs** | **Total** |
| **Dividend Fund** |  |  |  |  |
| Common Stocks  | $26016349 <br>| $— <br>| $— <br>| $26016349 <br>|
|  | $26016349 <br>| $— <br>| $— <br>| $26016349 <br>|
| **Explorer Fund** |  |  |  |  |
| Common Stocks  | $912322121 <br>| $— <br>| $— <br>| $912322121 <br>|
| Money Market Fund  | 8544481 |  |  | 8544481 |
|  | $920867602 <br>| $— <br>| $— <br>| $920867602 <br>|
| **Select Fund** |  |  |  |  |
| Common Stocks  | $638298752 <br>| $— <br>| $— <br>| $638298752 <br>|
| Exchange Traded Fund  | 15305500 |  |  | 15305500 |
| Money Market Fund  | 8093322 |  |  | 8093322 |
|  | $661697474 <br>| $— <br>| $— <br>| $661697474 <br>|

---

**35**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance funds**

**Notes to the Financial Statements - continued** **October 31, 2025 (unaudited)**

Refer to the Funds' Schedules of Investments for a listing of the securities by type and sector. The Funds held no Level 3 securities at any time during the six months ended October 31, 2025.

**Security Transactions and Income**

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

**Cash and Cash Equivalents**

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

**Accounting Estimates**

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

**Federal Income Taxes**

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

Management has reviewed the Funds' tax positions for each of the open tax years (2022-2024) for Dividend Fund, Explorer Fund and Select Fund, and the Funds' tax positions expected to be taken in the Funds' 2025 tax returns and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the Funds' tax returns. The Funds have no examinations in progress and management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change.

**36**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance funds**

**Notes to the Financial Statements - continued** **October 31, 2025 (unaudited)**

**Reclassification of Capital Accounts**

GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. For the six months ended October 31, 2025, there were no such reclassifications.

**Class Net Asset Values and Expenses**

All income and expenses not attributable to a particular class and realized and unrealized gains or losses on investments are allocated to each class based upon its relative net assets on a daily basis for purposes of determining the net asset value of each class. Certain shareholder servicing plans, administrative services plans, and distribution fees are allocated to the particular class to which they are attributable.

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

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

Pursuant to an Investment Advisory Agreement, the Advisor provides investment services for an annual fee on the daily net assets of the Funds.

The Advisor earned and waived fees for the six months ended October 31, 2025, for the Funds as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Fee** | **Management Fee Earned** | **Management Fee Waived** |
| Dividend  | 0.90% | $120502 <br>| $93381 <br>|
| Explorer  | 1.14% | 5040524 | 2340837 |
| Select  | 0.90% | 2924446 | 1158686 |

---

**37**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance funds**

**Notes to the Financial Statements - continued** **October 31, 2025 (unaudited)**

The Advisor has entered into a written expense limitation agreement under which it has agreed to limit the total expenses for each Fund (exclusive of interest, expenses incurred under a plan or distribution adopted pursuant to the Rule 12b-1 under the 1940 Act, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other extraordinary expenses not incurred in the ordinary course of business) to an annual rate of 0.95%, 0.83%, and 0.75% of the average daily net assets of the Dividend Fund, Explorer Fund and Select Fund, respectively. Each waiver and/or reimbursement of an expense by the Advisor is subject to repayment by the respective fund within thirty-six months following the date such waiver and/or reimbursement was made, provided that the respective Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped. This expense cap may not be terminated prior to September 1, 2026 unless mutually agreed to in writing by the parties.

The total amounts of recoverable reimbursements for the Funds as of October 31, 2025, and expiration dates are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Recoverable Reimbursements and Expiration Dates** | **Recoverable Reimbursements and Expiration Dates** | **Recoverable Reimbursements and Expiration Dates** | **Recoverable Reimbursements and Expiration Dates** | **Recoverable Reimbursements and Expiration Dates** |
| **Fund** | **2026** | **2027** | **2028** | **2029** | **Total** |
| Dividend  | $201128 <br>| $190628 <br>| $188851 <br>| $93381 <br>| $673988 <br>|
| Explorer  | 1940470 | 2735145 | 4175703 | 2340837 | 11192155 |
| Select  | 1502981 | 1934437 | 2068475 | 1158686 | 6664579 |

---

The Funds have adopted a Distribution Plan with respect to Investor Class shares in accordance with Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Funds may finance certain activities or expenses that are primarily intended to result in the sale of each Fund's shares (this compensation is commonly referred to as "12b-1 fees"). The Distribution Plan provides that the Funds will pay the annual rate of up to 0.25% of the average daily net assets of each Fund's Investor Class shares for activities primarily intended to result in the sale of those shares. These activities include reimbursement to entities for providing distribution and shareholder servicing with respect to each Fund's shares. Because the 12b-1 fees are paid out of the Funds' assets on an on-going basis, these fees, over time, will increase the cost of your investment and may cost you more than paying other types of sales charges. The Institutional Class shares are sold without the imposition of 12b-1 fees.

Each of the Funds has adopted a shareholder services plan with respect to its Investor and Institutional Class shares. Under a shareholder services plan, each of the Funds may pay an authorized firm up to 0.25% on an annualized basis

**38**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance funds**

**Notes to the Financial Statements - continued** **October 31, 2025 (unaudited)**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class** | **Type of Plan** | **Fees Incurred** |
| Dividend  | Investor | 12b-1 | $10008 <br>|
|  | Institutional | Shareholder Service | 3254 |
|  | Investor | Shareholder Service | 5000 |
| Explorer  | Investor | 12b-1 | 232874 |
|  | Institutional | Shareholder Service | 279201 |
|  | Investor | Shareholder Service | 139724 |
| Select  | Investor | 12b-1 | 73306 |
|  | Institutional | Shareholder Service | 232142 |
|  | Investor | Shareholder Service | 58644 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Administration** | **Transfer Agent** | **Accounting** |
| Dividend  | $7890 <br>| $16665 <br>| $3602 <br>|
| Explorer  | 137172 | 87473 | 89673 |
| Select  | 101615 | 41388 | 68253 |

---

**39**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance funds**

**Notes to the Financial Statements - continued** **October 31, 2025 (unaudited)**

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

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

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

---

| | |
|:---|:---|
| **Fund** |  |
| Dividend  | $2622 <br>|
| Explorer  | 6570 |
| Select  | 5414 |

---

**NOTE 3 – INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Dividend  | $873927 <br>| $2109757 <br>|
| Explorer  | 207457982 | 122058961 |
| Select  | 75295794 | 85460591 |

---

**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 years for financial statement and tax purposes; these

**40**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance funds**

**Notes to the Financial Statements - continued** **October 31, 2025 (unaudited)**

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

The tax character of distributions paid during the six months ended October 31, 2025 and the year ended April 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Dividend Fund** | **Dividend Fund** | **Dividend Fund** |
|  | **Six Months Ended<br>October 31, 2025** | **Year Ended<br>April 30, 2025** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income  | $— <br>| $571010 <br>|
| &nbsp;&nbsp;&nbsp; Accumulated net realized gain on investments  |  | 581979 |
|  | $— <br>| $1152989 <br>|

---

---

| | | |
|:---|:---|:---|
| **Explorer Fund** | **Explorer Fund** | **Explorer Fund** |
|  | **Six Months Ended<br>October 31, 2025** | **Year Ended<br>April 30, 2025** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income  | $— <br>| $8315267 <br>|
| &nbsp;&nbsp;&nbsp; Accumulated net realized gain on investments  |  | 10679823 |
|  | $— <br>| $18995090 <br>|

---

---

| | | |
|:---|:---|:---|
| **Select Fund** | **Select Fund** | **Select Fund** |
|  | **Six Months Ended<br>October 31, 2025** | **Year Ended<br>April 30, 2025** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income  | $— <br>| $6063980 <br>|
| &nbsp;&nbsp;&nbsp; Accumulated net realized gain on investments  |  | 13693096 |
|  | $— <br>| $19757076 <br>|

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Dividend<br>Fund** | **Explorer<br>Fund** | **Select<br>Fund** |
| Accumulated net investment <br>income (loss)  | $852780 <br>| $9590961 <br>| $7259027 <br>|
| Accumulated net realized gain (loss) <br>on investments  | 444895 | 22046393 | 28279110 |
| Net unrealized appreciation (depreciation) of investments  | 3203476 | 156040464 | 176991186 |
|  | $4501151 <br>| $187677818 <br>| $212529323 <br>|

---

**41**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance funds**

**Notes to the Financial Statements - continued** **October 31, 2025 (unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Gross Unrealized<br>Appreciation** | **Gross Unrealized<br>Depreciation** | **Total Unrealized<br>Appreciation<br>(Depreciation)** |
| Dividend  | $22812874 <br>| $5718694 <br>| $(2515218 ) | $3203476 <br>|
| Explorer  | 764827139 | 222875351 | (66834887) | 156040464 |
| Select  | 484706288 | 196824444 | (19833258) | 176991186 |

---

**NOTE 5 – CAPITAL STOCK TRANSACTIONS**

Shares of beneficial interest transactions for the Funds were:

---

| | | |
|:---|:---|:---|
| **Dividend Fund** | **Dividend Fund** | **Dividend Fund** |
|  | **Six Months Ended October 31, 2025** | **Six Months Ended October 31, 2025** |
|  | **Institutional<br>Class Shares** | **Investor <br>Class Shares** |
| Shares sold  | 32218 | 25904 |
| Shares reinvested  |  |  |
| Shares redeemed  | (110087) | (85024) |
| Net increase (decrease)  | (77869) | (59120) |

---

---

| | | |
|:---|:---|:---|
| **Dividend Fund** | **Dividend Fund** | **Dividend Fund** |
|  | **Year Ended April 30, 2025** | **Year Ended April 30, 2025** |
|  | **Institutional<br>Class Shares** | **Investor <br>Class Shares** |
| Shares sold  | 59402 | 212489 |
| Shares reinvested  | 66953 | 30576 |
| Shares redeemed  | (204494) | (371458) |
| Net increase (decrease)  | (78139) | (128393) |

---

---

| | | |
|:---|:---|:---|
| **Explorer Fund** | **Explorer Fund** | **Explorer Fund** |
|  | **Six Months Ended October 31, 2025** | **Six Months Ended October 31, 2025** |
|  | **Institutional<br>Class Shares** | **Investor <br>Class Shares** |
| Shares sold  | 7318439 | 921713 |
| Shares reinvested  |  |  |
| Shares redeemed  | (4099915) | (1078327) |
| Net increase (decrease)  | 3218524 | (156614) |

---

**42**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance funds**

**Notes to the Financial Statements - continued** **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Explorer Fund** | **Explorer Fund** | **Explorer Fund** |
|  | **Year Ended April 30, 2025** | **Year Ended April 30, 2025** |
|  | **Institutional<br>Class Shares** | **Investor <br>Class Shares** |
| Shares sold  | 8602568 | 2846055 |
| Shares reinvested  | 469903 | 181387 |
| Shares redeemed  | (4702162) | (3188392) |
| Net increase (decrease)  | 4370309 | (160950) |

---

---

| | | |
|:---|:---|:---|
| **Select Fund** | **Select Fund** | **Select Fund** |
|  | **Six Months Ended October 31, 2025** | **Six Months Ended October 31, 2025** |
|  | **Institutional<br>Class Shares** | **Investor <br>Class Shares** |
| Shares sold  | 4014563 | 437300 |
| Shares reinvested  |  |  |
| Shares redeemed  | (3330029) | (1359660) |
| Net increase (decrease)  | 684534 | (922360) |

---

---

| | | |
|:---|:---|:---|
| **Select Fund** | **Select Fund** | **Select Fund** |
|  | **Year Ended April 30, 2025** | **Year Ended April 30, 2025** |
|  | **Institutional<br>Class Shares** | **Investor <br>Class Shares** |
| Shares sold  | 8141458 | 2132430 |
| Shares reinvested  | 504881 | 74403 |
| Shares redeemed  | (8267510) | (1346715) |
| Net increase (decrease)  | 378829 | 860118 |

---

**NOTE 6 – RISKS OF INVESTING IN THE FUND**

It is important that you closely review and understand the risks of investing in the Funds. The Funds' 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 Funds, and the Funds could underperform other investments. There is no guarantee that the Funds will meet their investment objectives. An investment in the Funds 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 Funds' prospectus under the heading "Principal Risks."

**43**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

**Applied finance funds**

**Notes to the Financial Statements - continued** **October 31, 2025 (unaudited)**

**NOTE 7 – SUBSEQUENT EVENTS**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Record Date** | **Ex-Dividend Date** | **Character** | **Amount** |
| Dividend Fund | December 20, 2025 | December 23, 2025 | Net investment income | $570940 <br>|
| Dividend Fund | December 20, 2025 | December 23, 2025 | Long term capital gains | 581979 |
| Explorer Fund | December 20, 2025 | December 23, 2025 | Net investment income | 8313561 |
| Explorer Fund | December 20, 2025 | December 23, 2025 | Long term capital gains | 10679772 |
| Select Fund | December 20, 2025 | December 23, 2025 | Net investment income | 5962665 |
| Select Fund | December 20, 2025 | December 23, 2025 | Long term capital gains | 13693412 |
| Select Fund | December 20, 2025 | December 23, 2025 | Short term capital gains | 99175 |

---

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 that require disclosure.

**44**

FINANCIAL STATEMENTS \| OCTOBER 31, 2025

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

**Supplemental Information (unaudited)**

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

Not applicable.

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

Not applicable.

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

See the 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 because it is not a closed-end management investment company.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

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

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

(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.

SIGNATURES

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

Registrant: World Funds Trust

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
| | Karen Shupe<br> Principal Executive Officer |
| Date: January 8, 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: January 8, 2026 |  |
| By (Signature and Title)\*: | /s/ Ann MacDonald |
|  | Ann MacDonald<br> Principal Financial Officer |
| Date: January 8, 2026 |  |

---

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

## Ex-99.Cert

[World Funds Trust N-CSRS](applied-ncsrs_103125.htm)

**Exhibit 99.CERT**

PRINCIPAL EXECUTIVE OFFICER CERTIFICATION

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

1. I have reviewed this report on Form N-CSR of the Applied Finance Funds;

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

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

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

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

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

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

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

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

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

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

Date: January 8, 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 Applied Finance Funds;

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

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

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

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

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

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

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

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

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

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

Date: January 8, 2026

/s/ Ann MacDonald

Principal Financial Officer

## Exhibit 99.906

[World Funds Trust N-CSRS](applied-ncsrs_103125.htm)

**Exhibit 99.906 CERT**

SECTION 906 CERTIFICATION

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

Dated:

January 8, 2026

Name:

/s/ Karen Shupe

Karen Shupe

Title:

Treasurer and Principal Executive Officer

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

SECTION 906 CERTIFICATION

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

Dated:

January 8, 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.