# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001999371-26-012089
**Filing Date:** 2026-6
**Character Count:** 88089
**Document Hash:** 1271bc95485fcdb76e82df5826edf665
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-012089.hdr.sgml**: 20260604

**ACCESSION NUMBER**: 0001999371-26-012089

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260604

**DATE AS OF CHANGE**: 20260604

**EFFECTIVENESS DATE**: 20260604

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22172
- **FILM NUMBER:** 261064614

**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

### Philotimo Focused Growth and Income Fund (Series ID: S000071684)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000227130 | Philotimo Focused Growth and Income Fund | PHLOX           |

?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: | March 31 |
| Date of reporting period: | March 31, 2026 |
|  | Philotimo Focused Growth and Income Fund |

---

ITEM 1. (a) REPORT TO STOCKHOLDERS.

 **Philotimo Focused Growth and Income Fund Tailored Shareholder Report** 

annual shareholder report March 31, 2026 <br> **Philotimo Focused Growth and Income Fund** <br> Ticker: PHLOX <br>

This annual shareholder report contains important information about the Philotimo Focused Growth and Income Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at theworldfundstrust.com/funds/Philotimo/Philotimo.php. You can also request this information by contacting us at (800) 673-0550.

 **What were the Fund costs for the past year?** 

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| Philotimo Focused Growth and Income Fund  | $159  | 1.45%  |

---

 **How did the Fund perform last year?**

The Philotimo Focused Growth and Income Fund (the "Fund"), returned 19.65% for the period of April 1, 2025, to March 31, 2026, compared to 18.09% for the Russell 3000® Index and 25.72% for the Russell 2000® Index, during the same period. We buy small cap value stocks that we believe can generate significant alpha, targeting 5% concentration at cost for our "best ideas". Additionally, we typically hold dividend paying stocks and fixed income to cushion during market sell offs.

 **What Factors Influenced Performance?** 

The Fund had several large positions that drove alpha during the reporting period. EZCORP, Inc. (EZPW), The RealReal, Inc. (REAL), and Outdoor Holding Company (POWW) increased meaningfully, which contributed to our performance. Most recently, fixed income has underperformed, which has been a drag on returns, along with Software Co's in general.

 **Cumulative Performance** 

(based on a hypothetical $10,000 investment)

![line](qes8qcrcf1molxy1k5.jpg)

<sup>\*</sup> Inception

 **Annual Performance** 

---

| | | |
|:---|:---|:---|
| <br>  | **1 Year** <br>  | **Average Annual Return** <br> **Since Inception** <br> **(8/20/2021)** <br>  |
| Philotimo Focused Growth and Income Fund  | 19.65%  | 5.16%  |
| Russell 3000® Index  | 18.09%  | 9.60%  |
| Russell 2000® Index  | 25.72%  | 4.56%  |

---

The Russell 3000® Index measures the performance of the largest 3,000 publicly traded U.S. companies, representing approximately 98% of the investable U.S. equity market.

The Russell 2000® Index is a subset of the Russell 3000® Index and measures the performance of the 2,000 smallest publicly traded U.S. companies in the index, widely usedas a benchmark for small-cap stocks.

Visit *theworldfundstrust.com/funds/Philotimo/Philotimo.php* for more recent performance information.

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

 **Philotimo Focused Growth and Income Fund Tailored Shareholder Report** 

 **Sector Breakdown**

![bar](qes13mgva1moly4e6q.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** <br>  | <br>  |
| AMMO, Inc.  | 7.16%  |
| Allot Ltd.  | 7.12%  |
| Compass, Inc.  | 6.51%  |
| Barnes & Noble Education, Inc.  | 5.90%  |
| Inspired Entertainment, Inc.  | 4.45%  |
| Six Flags Entertainment Corp.  | 4.44%  |
| The Lovesac Co.  | 4.20%  |
| The RealReal, Inc.  | 4.05%  |
| 1stdibs.com, Inc.  | 3.88%  |
| Peloton Interactive, Inc.  | 3.82%  |

---

 **Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| Fund Net Assets  | $112265692  |
| Number of Holdings  | 43  |
| Total Net Advisory Fee  | $1133640  |
| Portfolio Turnover Rate  | 107.05%  |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, visit

**theworldfundstrust.com/funds/Philotimo/Philotimo.php**.

 **What did the Fund invest in?**

(% of Net Assets as of March 31, 2026)

ITEM 1. (b). Not applicable.

ITEM 2. CODE OF ETHICS.

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

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

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

(e) Not applicable.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

(a)(2) Not applicable.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $18,600 for 2026 and $18,000 for 2025.

(b) Audit-Related Fees. The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2026 and $0 for 2025.

(c) Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $3,500 for 2026 and $3,500 for 2025. The nature of the services comprising these fees include preparation of excise filings and income tax returns and assistance with calculation of required income, capital gain and excise distributions.

(d) All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2026 and $0 for 2025.

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

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

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

(b) NA

(c) 0%

(d) NA

(f) Less than 50% of the hours expended on the principal account's engagement to audit the Registrant's financial statement for the fiscal year ended March 31, 2026 were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2026 and $0 for 2025.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

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

(b) Not
 applicable.

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

Philotimo Focused Growth and Income Fund

**FINANCIAL STATEMENTS**

**AND OTHER INFORMATION**

**Year Ended March 31, 2026**

**3**

FINANCIAL STATEMENTS \| March 31, 2026

**Philotimo Focused Growth and Income Fund**

**Schedule of Investments** **March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **74.68%** | **COMMON STOCKS** |  |  |
| **6.60%** | **COMMUNICATION SERVICES** |  |  |
|  | Marchex, Inc.<sup>(A)</sup>  | 1300388 | $2015601<br>|
|  | Stagwell, Inc.<sup>(A)</sup>  | 665435 | 4185586 |
|  | WildBrain Ltd.<sup>(A)</sup>  | 83225 | 79896 |
|  | WildBrain Ltd.<sup>(A)</sup>  | 1207950 | 1128844 |
|  |  |  | 7409927 |
| **11.61%** | **CONSUMER DISCRETIONARY - ENTERTAINMENT** |  |  |
|  | AMMO, Inc.<sup>(A)</sup>  | 4000000 | 8040000 |
|  | Inspired Entertainment, Inc.<sup>(A)</sup>  | 700000 | 4991000 |
|  |  |  | 13031000 |
| **36.04%** | **CONSUMER DISCRETIONARY - RETAIL** |  |  |
|  | 1stdibs.com, Inc.<sup>(A)</sup>  | 792368 | 4358024 |
|  | Barnes & Noble Education, Inc.<sup>(A)</sup>  | 750428 | 6626279 |
|  | CDON AB<sup>(A)</sup>  | 536715 | 3957335 |
|  | Fossil Group, Inc.<sup>(A)</sup>  | 430898 | 1857170 |
|  | Haverty Furniture Cos., Inc.  | 281 | 5952 |
|  | The Lovesac Co.<sup>(A)</sup>  | 319304 | 4716120 |
|  | Natuzzi S.p.A<sup>(A)</sup>  | 441962 | 1347984 |
|  | The One Group Hospitality, Inc.<sup>(A)</sup>  | 393975 | 701276 |
|  | Peloton Interactive, Inc.<sup>(A)</sup>  | 1000000 | 4290000 |
|  | The RealReal, Inc.<sup>(A)</sup>  | 500535 | 4544858 |
|  | Six Flags Entertainment Corp.<sup>(A)</sup>  | 280683 | 4982123 |
|  | Xponential Fitness, Inc.<sup>(A)</sup>  | 510901 | 3075624 |
|  |  |  | 40462745 |
| **0.26%** | **CONSUMER STAPLES** |  |  |
|  | Zevia PBC<sup>(A)</sup>  | 250000 | 292500 |
| **2.40%** | **HEALTH CARE** |  |  |
|  | The Oncology Institute, Inc.<sup>(A)</sup>  | 878231 | 2696169 |

---

See Notes to Financial Statements

**4**

FINANCIAL STATEMENTS \| March 31, 2026

**PHILOTIMO FOCUSED GROWTH AND INCOME FUND**

**Schedule of Investments - continued** **March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **11.26%** | **INFORMATION TECHNOLOGY** |  |  |
|  | Allot Ltd.<sup>(A)</sup>  | 1200000 | $7992000<br>|
|  | Data I/O Corp.<sup>(A)</sup>  | 327401 | 828325 |
|  | Immersion Corporation  | 700000 | 3822000 |
|  |  |  | 12642325 |
| **6.51%** | **REAL ESTATE** |  |  |
|  | Compass, Inc.<sup>(A)</sup>  | 1000351 | 7312566 |
| **74.68%** | **TOTAL COMMON STOCKS**  | **TOTAL COMMON STOCKS**  | 83847232 |
|  | (Cost: $79,263,332) |  |  |
| **0.54%** | **PREFERRED STOCKS** |  |  |
| **0.54%** | **CONSUMER DISCRETIONARY - ENTERTAINMENT** |  |  |
|  | AMMO, Inc. 8.750%<sup>(A)</sup>  | 24133 | 602842 |
| **0.54%** | **TOTAL PREFERRED STOCKS**  | **TOTAL PREFERRED STOCKS**  | 602842 |
|  | (Cost: $527,776) |  |  |
| **10.30%** | **CLOSED-END MUTUAL FUNDS** |  |  |
| **3.42%** | **FLOATING RATE BOND FUNDS** |  |  |
|  | Nuveen Floating Rate Income Fund  | 509919 | 3834591 |
| **4.95%** | **SECTOR BOND FUNDS** |  |  |
|  | Duff & Phelps Utility and Infrastructure Fund, Inc.  | 221564 | 3199384 |
|  | Nuveen Real Estate Income Fund  | 316500 | 2361090 |
|  |  |  | 5560474 |

---

**PHILOTIMO FOCUSED GROWTH AND INCOME FUND**

**Schedule of Investments - continued** **March 31, 2026**

See Notes to Financial Statements

**5**

FINANCIAL STATEMENTS \| March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **1.93%** | **SHORT-TERM BOND FUNDS** |  |  |
|  | Eaton Vance Limited Duration Income Fund^ |  |  |
|  | (US Treasury Yield Curve Rate Constant Maturity 5 Year +3.010%)  | 229225 | $2166176<br>|
| **10.30%** | **TOTAL CLOSED-END** **MUTUAL FUNDS**  | **TOTAL CLOSED-END** **MUTUAL FUNDS**  | 11561241 |
|  | (Cost: $11,589,741) |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **10.74%** | **DEBT SECURITIES** |  |  |
| **1.81%** | **CONSUMER DISCRETIONARY** |  |  |
|  | Fossil Group, Inc. 01/01/2029 9.500%  | $2256119<br>| $2030507<br>|
| **7.54%** | **FINANCIALS** |  |  |
|  | Allstate Corp. 05/15/2057 6.500%  | 1000000 | 1019524 |
|  | Bank of Montreal 11/26/2084 7.300%^ |  |  |
|  | (US Treasury Yield Curve Rate Constant Maturity 10 Year +2.757%)  | 1000000 | 1023499 |
|  | Citigroup Global Markets 01/22/2035 0.000%<sup>(A)(C)</sup>  | 300000 | 259920 |
|  | Citigroup Global Markets 10/01/2040 7.250%<sup>(C)</sup>  | 84000 | 61681 |
|  | Citigroup Global Markets 03/19/2041 10.500%<sup>(C)</sup>  | 273000 | 215861 |
|  | Citigroup Global Markets 09/03/2041 0.000%<sup>(A)(C)</sup>  | 400000 | 356500 |
|  | Citigroup Global Markets 09/20/2041 0.000%<sup>(A)(C)</sup>  | 130000 | 100178 |
|  | Citigroup, Inc. Series DD Perpetual 7.000%  | 1350000 | 1389396 |
|  | Morgan Stanley 03/31/2035 0.000%<sup>(A)(C)</sup>  | 95000 | 62197 |
|  | Nationwide Financial Services 05/15/2037 6.750%  | 2975000 | 2951248 |
|  | (ICE LIBOR USD 3 Month +2.120%) |  |  |
|  | Prudential Financial, Inc. 03/15/2054 6.500%  | 1000000 | 1024348 |
|  |  |  | 8464352 |

---

See Notes to Financial Statements

**6**

FINANCIAL STATEMENTS \| March 31, 2026

**PHILOTIMO FOCUSED GROWTH AND INCOME FUND**

**Schedule of Investments - continued** **March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **1.39%** | **GOVERNMENT** |  |  |
|  | Farm Credit Bank of Texas Perpetual 7.750%^ |  |  |
|  | (US Treasury Yield Curve Rate Constant Maturity 5 Year +2.404%)  | $1500000<br>| $1560000<br>|
| **10.74%** | **TOTAL DEBT SECURITIES**  |  | 12054859 |
|  | (Cost: $11,506,724) |  |  |
|  |  | **Shares** | **Value** |
| **3.20%** | **MONEY MARKET FUND** |  |  |
|  | Federated Government Obligations Fund 3.540%<sup>(B)</sup>  | 3590581 | $3590581<br>|
|  | (Cost: $3,590,581)  |  |  |
| **99.46%** | **TOTAL INVESTMENTS**  | **TOTAL INVESTMENTS**  | 111656755 |
|  | (Cost: $106,478,154) |  |  |
| **0.54%** | Other assets, net of liabilities  | Other assets, net of liabilities  | 608937 |
| **100.00%** | **NET ASSETS**  | **NET ASSETS**  | **$** **112265692**<br>|

---

^Rate is determined periodically. Rate shown is the rate as of March 31, 2026.

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

<sup>(B)</sup>Effective 7 day yield as of March 31, 2026.

<sup>(C)</sup>Structured Note.

ICE LIBOR - Intercontinental Exchange London Interbank Offered Rate.

**PHILOTIMO FOCUSED GROWTH AND INCOME FUND**

**Statement of Assets and Liabilities** **March 31, 2026**

See Notes to Financial Statements

**7**

FINANCIAL STATEMENTS \| March 31, 2026

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (cost of $106,478,154) (Note 1)  | $111656755<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold  | 466279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends receivable  | 265401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses  | 27785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSETS  | 112416220 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for capital stock redeemed  | 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued investment advisory fees  | 102862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued 12b-1 fees  | 29144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued administration, accounting and transfer agent fees  | 10835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses  | 6163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES  | 150528 |
| **NET ASSETS**  | $112265692<br>|
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital applicable to 10,342,799 no par value shares of beneficial interest outstanding, unlimited shares authorized  | $98132418<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (accumulated deficits)  | 14133274 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  | $112265692<br>|
| **NET ASSET VALUE PER SHARE** |  |
| Shares Outstanding  | 10342799 |
| Net Asset Value Per Share Offering, and Redemption Price  | $10.85<br>|

---

See Notes to Financial Statements

**8**

FINANCIAL STATEMENTS \| March 31, 2026

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of foreign taxes withheld of $4,017)  | $888642<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Interest  | 1249312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 2137954 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 2)  | 1094711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recordkeeping and administrative services (Note 2)  | 96763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting fees (Note 2)  | 62088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody fees  | 14590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees (Note 2)  | 30711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees  | 28104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees  | 22245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Filing and registration fees  | 17000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees  | 13410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance fees (Note 2)  | 9770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports  | 23161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing (Note 2)  | 109729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance  | 2780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proxy expense  | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other  | 27009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 1552506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recovery of previously waived advisory fees (Note 2)  | 38929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 1591435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | 546519 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments  | 8767577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on foreign currency transactions  | (33886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and foreign currency transactions  | 8733691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 9340978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 18074669 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS**  | $18621188<br>|

---

**PHILOTIMO FOCUSED GROWTH AND INCOME FUND**

**Statement of Operations** **Year Ended** **March 31, 2026**

**PHILOTIMO FOCUSED GROWTH AND INCOME FUND**

**Statements of Changes in Net Assets**

See Notes to Financial Statements

**9**

FINANCIAL STATEMENTS \| March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Years Ended March 31,** | **Years Ended March 31,** |
|  | **2026** | **2025** |
| **INCREASE (DECREASE) IN NET ASSETS FROM** |  |  |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $546519<br>| $1309429<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and foreign currency transactions  | 8733691 | 11057366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments  | 9340978 | (4266759) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from <br>operations  | 18621188 | 8100036 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from earnings  | (6307286) | (1821000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from distributions  | (6307286) | (1821000) |
| **CAPITAL STOCK TRANSACTIONS (NOTE 5)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 3644969 | 3821715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 6307286 | 1821000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (5678986) | (7611119) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from capital stock transactions  | 4273269 | (1968404) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) during year  | 16587171 | 4310632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year  | 95678521 | 91367889 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year  | $112265692<br>| $95678521<br>|

---

**PHILOTIMO FOCUSED GROWTH AND INCOME FUND**

**Selected Per Share Data Throughout Each Period**

See Notes to Financial Statements

**11**

FINANCIAL STATEMENTS \| March 31, 2026

See Notes to Financial Statements

**10**

FINANCIAL STATEMENTS \| March 31, 2026

**PHILOTIMO FOCUSED GROWTH AND INCOME FUND**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Period Ended March 31, 2022\*** |
|  | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Period Ended March 31, 2022\*** |
|  | **2026** | **2025** | **2024** | **2023** | **Period Ended March 31, 2022\*** |
| **Net asset value, beginning of period**  | **$** **9.57**<br>| **$** **8.95**<br>| **$** **8.76**<br>| **$** **10.02**<br>| **$** **10.00**<br>|
| **Investment activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | 0.05 | 0.13 | 0.20 | 0.08 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and<br>foreign currency transactions  | 1.88 | 0.67 | 0.07 | (0.83) | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment activities**  | 1.93 | 0.80 | 0.27 | (0.75) | 0.16 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | (0.11) | (0.18) | (0.08) | —<br><sup>(2)</sup> | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain  | (0.54) |  |  | (0.21) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital  |  |  |  | (0.30) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions**  | (0.65) | (0.18) | (0.08) | (0.51) | (0.14) |
| **Net asset value, end of period**  | **$** **10.85**<br>| **$** **9.57**<br>| **$** **8.95**<br>| **$** **8.76**<br>| **$** **10.02**<br><sup>**(3)**</sup> |
| **Total Return<sup>(4)</sup>**  | **19.65%** | **8.71%** | **3.05%** | **(7.36**<br>**%)** | **1.57%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratios to average net assets<sup>(5)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, gross  | 1.45%<sup>(6)</sup> | 1.45%<sup>(6)</sup> | 1.64%<sup>(7)</sup> | 1.60%<sup>(7)</sup> | 1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waiver or recovery (Note 2)  | 1.49%<sup>(6)</sup> | 1.51%<sup>(6)</sup> | 1.59%<sup>(7)</sup> | 1.59%<sup>(7)</sup> | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | 0.50%<sup>(6)</sup> | 1.37%<sup>(6)</sup> | 2.31% | 0.97% | 1.36% |
| Portfolio turnover rate<sup>(4)</sup>  | 107.05% | 105.51% | 76.00% | 128.74% | 117.87% |
| Net assets, end of period (000s)  | $112266<br>| $95679<br>| $91368<br>| $77920<br>| $58611<br>|

---

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

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

<sup>(3)</sup> Adjusted to conform with accounting principles generally accepted in the United States of America.

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

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

<sup>(6)</sup> Recovery of previously waived fees increased the expense ratio and decreased the net investment income ratio by 0.04% for the year ended March 31, 2026 and 0.06% for the year ended March 31, 2025.

<sup>(7)</sup> Gross and net expenses reflect the effect of proxy expense which is excluded from the Fund's expense limitation agreement. Gross and net expenses excluding proxy expense would have been: 1.60% and 1.55%, respectively, for the year ended March 31, 2024; and 1.53% and 1.52%, respectively, for the year ended March 31, 2023.

\*The Fund commenced operations on August 20, 2021.

**12**

FINANCIAL STATEMENTS \| March 31, 2026

**PHILOTIMO FOCUSED GROWTH AND INCOME FUND**

**Notes to Financial Statements** **March 31, 2026**

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

The Philotimo Focused Growth and Income Fund (the "Fund") is a non-diversified series of the World Funds Trust ("WFT" or "Trust"), which is registered under the Investment Company Act of 1940, as amended, (the "1940 Act"), as an open-end management company. The Trust was organized as a Delaware statutory trust on April 9, 2007 and may issue its shares of beneficial interest in separate series and issue classes of any series or divide shares of any series into two or more classes. The Fund commenced operations on August 20, 2021.

The Fund's investment objective is to seek current income and long-term growth.

The Fund is deemed to be an individual operating and reporting segment and is not part of a consolidated reporting entity. The objective and strategy, as outlined in the Fund's prospectus under the heading "Principal Investment Strategies", are used by Kanen Wealth Management, LLC (the "Advisor") to make investment decisions, and the results of the Fund's operations, as shown in its Statement of Operations and Financial Highlights, are the information utilized for the day-to-day management of the Fund. The Fund and the Advisor are parties to expense agreements as disclosed in the Notes to the Financial Statements, and resources are not allocated to the Fund based on performance measurements. Due to the significance of oversight and its role in the Fund's management, the Advisor's portfolio manager is deemed to be the Chief Operating Decision Maker.

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

**Security Valuation**

The Fund's securities are valued at current market prices. Investments in securities traded on national securities exchanges are valued at the last reported sale price. Investment securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price. Securities traded in the over-the-counter market are valued at the last available sale price in the over-the-counter market prior to time of valuation. Securities that are listed on an exchange and which are not traded on the valuation date are valued at the last quoted bid price. If available, debt securities (other than short-term obligations) are priced

**PHILOTIMO FOCUSED GROWTH AND INCOME FUND**

**Notes to Financial Statements - continued** **March 31, 2026**

**13**

FINANCIAL STATEMENTS \| March 31, 2026

based upon valuations provided by independent, third-party pricing agents approved by the Trust's Board of Trustees (the "Board"). Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing supplied valuations, or other methodologies that utilize actual market transactions, broker supplied valuations, or other methodologies designed to identify the market value for such securities. Short-term debt securities (less than 60 days to maturity) are valued at amortized cost which approximates market value. Investments in investment companies and money market funds are valued at net asset value per share as reported by such investment company. Other assets for which market prices are not readily available are valued at their fair value as determined in good faith under procedures set by the Board. 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") and the value of these securities used in computing the net asset value ("NAV") is determined as of such times.

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

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

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

**14**

FINANCIAL STATEMENTS \| March 31, 2026

**PHILOTIMO FOCUSED GROWTH AND INCOME FUND**

**Notes to Financial Statements - continued** **March 31, 2026**

interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments).

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

The following is a summary of the level of inputs used to value the Fund's investments as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br>Quoted Prices** | **Level 2<br>Other Significant Observable Inputs** | **Level 3<br>Significant Unobservable Inputs** | **Total** |
| Common Stocks  | $83847232<br>| $—<br>| $—<br>| $83847232<br>|
| Preferred Stocks  | 602842 |  |  | 602842 |
| Closed-end Mutual Funds  | 11561241 |  |  | 11561241 |
| Debt Securities  |  | 12054859 |  | 12054859 |
| Money Market Fund  | 3590581 |  |  | 3590581 |
|  | $99601896<br>| $12054859<br>| $—<br>| $111656755<br>|

---

Refer to the Fund's Schedule of Investments for a listing of the securities by security type and sector. The Fund held no Level 3 securities at any time during the year ended March 31, 2026.

**Security Transactions and Income**

Security transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Discount or premiums are accreted or amortized to interest income using the effective interest method or the worst yield for callable bonds. The cost of securities sold is determined on a specific identification basis. Realized gains and losses from security transactions are determined on the basis of identified cost for book and tax purposes. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

**Accounting Estimates**

In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date

**PHILOTIMO FOCUSED GROWTH AND INCOME FUND**

**Notes to Financial Statements - continued** **March 31, 2026**

**15**

FINANCIAL STATEMENTS \| March 31, 2026

of the financial statements, as well as the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Federal Income Taxes**

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

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

**Reclassification of Capital Accounts**

GAAP requires certain components of net assets be reclassified related to permanent differences between financial and tax reporting. These reclassifications are caused primarily by differences in the timing of the recognition of certain components of income, expenses or realized capital gains for federal income tax purposes and have no effect on net assets or net asset value per share. For the year ended March 31, 2026, such reclassifications were attributable primarily to the utilization of earnings and profits distributed to shareholders on redemption of shares.

---

| | |
|:---|:---|
| **Paid-in Capital** | **Distributable Earnings**  |
| $315123 | $(315123) |

---

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

Pursuant to the Investment Advisory Agreement ("Agreement"), the Advisor provides investment advisory services to the Fund for an annual fee of 1.00% of the Fund's daily net assets.

**16**

FINANCIAL STATEMENTS \| March 31, 2026

**PHILOTIMO FOCUSED GROWTH AND INCOME FUND**

**Notes to Financial Statements - continued** **March 31, 2026**

The Advisor has contractually agreed to reduce its fees and/or reimburse Fund expenses until July 31, 2026 to keep Total Annual Operating Expenses (exclusive of interest, fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, other expenditures which are capitalized in accordance with GAAP and other extraordinary expenses not incurred in the ordinary course of business) from exceeding 1.50% of the Fund's daily net assets. The Trust and the Advisor may terminate this expense limitation agreement prior to July 31, 2026 only by mutual written consent. Each waiver or reimbursement of an expense by the Advisor is subject to repayment by the Fund within the three years following the date such waiver and/or reimbursement was made, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.

During the year ended March 31, 2026, the advisory fees earned, waived, and recoupment of previously waived fees under the expense limitation agreement were as follows:

---

| | | |
|:---|:---|:---|
| **Advisory Fees Earned** | **Advisory Fees Waived** | **Recoupment of Previously Waived Fees by Advisor** |
| $1094711 | $— | $38929 |

---

The Fund had adopted a Distribution and Shareholder Services (12b-1) Plan under which the Fund was authorized to pay an annual fee of up to 0.25% of the daily net assets of the Fund as compensation for certain shareholder service and distribution related activities. The Board has adopted a resolution to spend not more than 0.05% of the Fund's daily net assets under the Rule 12b-1 Plan until at the earliest, July 31, 2024. On May 28, 2024, the Advisor requested the 12b-1 accruals be suspended when the resolution expired on July 31, 2024, until such time that relevant marketing opportunities are identified to assist in promotion of the Fund and its asset growth.

The Fund has adopted a shareholder services plan. Under the shareholder services plan, the Fund may pay an authorized firm up to 0.25% on an annualized basis of average daily net assets attributable to its customers who are shareholders. For this fee, the authorized firms may provide a variety of services, including but not limited to: (i) arranging for bank wires; (ii) responding to inquiries from shareholders concerning their investment in the Fund; (iii) assisting shareholders in changing dividend options, account designations and addresses; (iv) providing information periodically to shareholders showing their position in the Fund; (v) forwarding shareholder communications from

**PHILOTIMO FOCUSED GROWTH AND INCOME FUND**

**Notes to Financial Statements - continued** **March 31, 2026**

**17**

FINANCIAL STATEMENTS \| March 31, 2026

the Fund such as proxies, shareholder reports, annual reports, and dividend distribution and tax notices to shareholders; (vi) processing purchase, exchange and redemption requests from shareholders and placing orders with the Fund or their service providers; (vii) providing sub-accounting with respect to Fund shares beneficially owned by shareholders; and (viii) processing dividend payments from the Fund on behalf of shareholders.

For the year ended March 31, 2026, the following fees were incurred:

---

| | |
|:---|:---|
| **Type of Plan** | **Fees Incurred** |
| Shareholder Services  | $109729 |

---

Commonwealth Fund Services, Inc. ("CFS") acts as the Fund's administrator, transfer and dividend disbursing agent and fund accountant. Fees to CFS are computed daily and paid monthly. For the year ended March 31, 2026, the following fees were paid by the Fund to CFS:

---

| | | |
|:---|:---|:---|
| **Administrator** | **Transfer Agent** | **Fund Accountant** |
| $90339 | $29642 | $53582 |

---

The amounts reflected on the Statement of Operations for Administration, Transfer Agent and Accounting fees may 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 J. Rhatigan, each an Assistant Secretary of the Trust, are Partners of Practus, LLP. None of the officers and/or directors of CFS, Mr. Lively, Mr. King or Mr. Rhatigan receives any special compensation from the Trust or the Fund for serving as officers of the Trust.

The Fund's Chief Compliance Officer is the Managing Member of Watermark Solutions, LLC ("Watermark"), which provides certain compliance services to the Fund. For the year ended March 31, 2026, Watermark received $9,770 in fees incurred by the Fund.

**NOTE 3 – INVESTMENTS**

The costs of purchases and proceeds from the sales of securities other than short-term investments for the year ended March 31, 2026, were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $109850486 | $114846751 |

---

**18**

FINANCIAL STATEMENTS \| March 31, 2026

**PHILOTIMO FOCUSED GROWTH AND INCOME FUND**

**Notes to Financial Statements - continued** **March 31, 2026**

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

Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.

The tax character of distributions paid during the years ended March 31, 2026, and 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Distributions paid from:** | **Year Ended** **March 31, 2026** | **Year Ended** **March 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income  | $6307286<br>| $1821000<br>|
|  | $6307286<br>| $1821000<br>|

---

As of March 31, 2026, the components of distributable earnings (accumulated deficits) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income  | $512252<br>|
| Accumulated net realized gain (loss)  | 8387112 |
| Net unrealized appreciation (depreciation)  | 5233910 |
|  | $14133274<br>|

---

As of March 31, 2026, cost of securities for Federal income tax purposes and the related tax-based net unrealized appreciation (depreciation) consists of:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross Unrealized Appreciation** | **Gross Unrealized Depreciation** | **Net Unrealized Appreciation (Depreciation)** |
| $106422845 | $15020910 | $(9787000) | $5233910 |

---

The difference between book basis and tax basis unrealized appreciation (depreciation) is attributable primarily to basis adjustments on Non-REIT investments held by the Fund.

**PHILOTIMO FOCUSED GROWTH AND INCOME FUND**

**Notes to Financial Statements - continued** **March 31, 2026**

**19**

FINANCIAL STATEMENTS \| March 31, 2026

**NOTE 5 – CAPITAL STOCK TRANSACTIONS**

Capital stock transactions were:

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br> **March 31, 2026** | **Year Ended**<br> **March 31, 2025** |
| Shares sold  | 326017 | 421959 |
| Shares reinvested  | 531811 | 169553 |
| Shares redeemed  | (514079) | (799771) |
| Net increase (decrease)  | 343749 | (208259) |

---

**NOTE 6 – SECTOR RISK**

If the Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of March 31, 2026, 36.04% of the value of the net assets of the Fund were invested in securities within the Consumer Discretionary - Retail sector.

**NOTE 7 – RISKS OF INVESTING IN THE FUND**

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

**NOTE 8 – SUBSEQUENT EVENTS**

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

**20**

FINANCIAL STATEMENTS \| March 31, 2026

**PHILOTIMO FOCUSED GROWTH AND INCOME FUND**

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of Philotimo Focused Growth and Income Fund and Board of Trustees of World Funds Trust

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Philotimo Focused Growth and Income Fund (the "Fund"), a series of World Funds Trust, as of March 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the period ended March 31, 2022 were audited by other auditors whose report dated May 31, 2022, expressed an unqualified opinion on those financial highlights.

<u>Basis</u> <u>for Opinion</u>

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

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

**21**

FINANCIAL STATEMENTS \| March 31, 2026

**PHILOTIMO FOCUSED GROWTH AND INCOME FUND**

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provides a reasonable basis for our opinion.

We have served as the Fund's auditor since 2023.

![](philo-fs_033126img001.gif)

COHEN & COMPANY, LTD.

Cleveland, Ohio

May 29, 2026

**22**

FINANCIAL STATEMENTS \| March 31, 2026

**PHILOTIMO FOCUSED GROWTH AND INCOME FUND**

**Supplemental Information (unaudited)**

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

Not applicable.

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

Not applicable.

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

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

**Advisory Agreement Renewal**

<u>**Renewal of Investment Advisory Agreement – Philotimo Focused Growth** **and Income Fund (WFT)**</u>

At a meeting held on December 10-11, 2025 (the "Meeting"), the Board of Trustees (the "Board") of World Funds Trust (the "Trust") considered the renewal of the Investment Advisory Agreement between the Trust and Kanen Wealth Management, LLC ("KWM") (the "KWM Advisory Agreement") on behalf of the Philotimo Focused Growth and Income Fund (the "Philotimo Fund" or "Fund"). The Board discussed the arrangements between KWM and the Trust with respect to the Philotimo Fund and reflected on its discussions with representatives from KWM at the Meeting and in earlier meetings of the Board regarding the manner in which the Philotimo Fund is managed and the roles and responsibilities of KWM under the KWM Advisory Agreement.

The Trustees reviewed a memorandum from counsel to the Trust ("Trust Counsel") that addressed the Trustees' duties when considering the continuation of the KWM Advisory Agreement. A copy of this memorandum had been provided to the Trustees in advance of the Meeting. The Trustees also reviewed KWM's response to requests for information prepared by Trust Counsel on behalf of the Board and noted that the responses included a copy of financial information for KWM, an expense comparison analysis for the Philotimo Fund and comparable mutual funds, and the KWM Advisory Agreement. The Trustees discussed the types of information and factors that should be considered by the Board in order to make an informed decision regarding the approval of the continuation of the KWM Advisory Agreement, including the following material factors: (i) the

**23**

FINANCIAL STATEMENTS \| March 31, 2026

**PHILOTIMO FOCUSED GROWTH AND INCOME FUND**

**Supplemental Information (unaudited)**

nature, extent, and quality of the services provided by KWM; (ii) the investment performance of the Philotimo Fund and KWM; (iii) the costs of the services provided and profits realized by KWM from its relationship with the Philotimo Fund; (iv) the extent to which economies of scale would be realized if the Philotimo Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Philotimo Fund's investors; and (v) KWM's practices regarding possible conflicts of interest and benefits received by KWM.

In assessing these factors and reaching its decisions, the Board took into consideration information specifically prepared and/or presented in connection with the approval process with respect to the Philotimo Fund, including information presented to the Board in KWM's presentation earlier in the Meeting, as well as prior presentations by KWM's staff and Trust management at other meetings of the Board, including information regarding expense limitation arrangements and the manner in which the Philotimo Fund is managed. The Board requested and was provided with information and reports relevant to the approval of the continuation of the KWM Advisory Agreement, including: (i) reports regarding the services and support provided to the Philotimo Fund and its shareholders by KWM; (ii) quarterly assessments of the investment performance of the Philotimo Fund from KWM; (iii) periodic commentary on the reasons for the performance; (iv) presentations by KWM's management addressing the investment philosophy, investment strategy, and personnel utilized in managing the Philotimo Fund; (v) compliance and audit reports concerning the Philotimo Fund and KWM; (vi) disclosure information contained in the registration statement of the Trust and the Form ADV of KWM; and (vii) the memorandum from Trust Counsel that summarized the fiduciary duties and responsibilities of the Board in reviewing and approving the KWM Advisory Agreement, including the material factors set forth above and the types of information included in each factor that should be considered by the Board in order to make an informed decision.

The Board also requested and received various informational materials including, without limitation: (i) documents containing information about KWM, including financial information, a description of personnel and the services provided to the Philotimo Fund, information on investment advice, performance, summaries of the Philotimo Fund's expenses, information on KWM's compliance program, current legal matters, and other general information; (ii) comparative expense and performance information for other mutual funds with strategies similar to the Philotimo Fund; and (iii) benefits realized by KWM from its relationship with the Philotimo Fund. The Board did not identify any particular information that was most relevant to its consideration of whether to approve the continuation of the KWM Advisory Agreement and each Trustee may have afforded different weight

**24**

FINANCIAL STATEMENTS \| March 31, 2026

**PHILOTIMO FOCUSED GROWTH AND INCOME FUND**

**Supplemental Information (unaudited)**

to the various factors. In deciding whether to approve the continuation of the KWM Advisory Agreement, the Trustees considered numerous factors, including:

(1)<u>The nature, extent, and quality of the services provided</u> <u>by KWM</u>. 

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

(2)<u>Investment Performance of the Philotimo</u> <u>Fund</u> <u>and KWM</u>.

The Board reviewed the performance of the Philotimo Fund. In considering the investment performance of the Philotimo Fund, the Board reviewed reports prepared by Broadridge Financial Solutions ("Broadridge"), and compared the performance of the Philotimo Fund with the performance of its benchmark index, the Russell 2000 Index (the "Index"), a custom category of funds in its Morningstar Category, the Moderately Aggressive Allocation Category, selected by Broadridge based on factors such as whether the funds have an active or passive strategy, and share class characteristics ("Category"), and a peer group selected from the Category by Broadridge using Morningstar data as being comparable to the Philotimo Fund in terms of investment style, share class characteristics and asset levels for each comparative fund ("Peer Group"). The Board noted that the Philotimo Fund outperformed the Index, and the medians of its Category and Peer Group for the one-year period ended September 30, 2025, and the Fund outperformed the Index, and the median of its Peer Group, but underperformed the median of the Category, for the three-year period ended September 30, 2025. The Board noted that KWM manages an unregistered fund with an investment strategy that has some similarities to the Philotimo Fund's investment strategy, and the Board noted that the Philotimo Fund had underperformed the unregistered fund recently, and acknowledged KWM's belief that the Philotimo Fund's relative performance was consistent with its more conservative investment strategy, among other differences that may render a

**25**

FINANCIAL STATEMENTS \| March 31, 2026

**PHILOTIMO FOCUSED GROWTH AND INCOME FUND**

**Supplemental Information (unaudited)**

comparison of their performance less relevant. The Board considered KWM's investment processes and philosophy for the Philotimo Fund and concluded that the investment performance of the Philotimo Fund was satisfactory.

(3)<u>The costs of services to be provided and profits to be realized by KWM from the relationship with the</u> <u>Philotimo Fund</u>.

In this regard, the Board considered KWM's staffing and personnel; the financial condition of KWM; the current and expected asset levels of the Philotimo Fund; the advisory fee and overall expenses of the Fund, including the nature and frequency of advisory fee payments. The Board also considered potential benefits for KWM in managing the Philotimo Fund. The Board compared the fees and expenses of the Philotimo Fund (including the advisory fee) to other funds in the Peer Group and Category. The Trustees noted that while KWM continues to limit Fund expenses to 1.50% annually, it does not expect to institute breakpoints in the advisory fee payable by the Fund as Fund assets grow. The Trustees considered that the Philotimo Fund's advisory fee was higher than the median gross and net advisory fees of the Peer Group and Category, but was within the range of other funds in the Peer Group and Category, The Trustees also considered that the Fund's gross and net expense ratios were higher than the median expense ratios of the Peer Group and Category, but was within the range of other funds in the Peer Group and Category.

The Trustees also considered that the Philotimo Fund's advisory fees were lower than those charged to the unregistered fund managed by KWM and to its separately-managed accounts. In addition, the Trustees considered KWM's profitability with respect to its relationship with the Philotimo Fund, and noted KWM's agreement to cap the Philotimo Fund's expenses. Upon further consideration and discussion of the foregoing, the Board concluded that the advisory fees paid to KWM by the Fund were within the range of such fees that could have been negotiated at arm's length, and KWMs profitability in managing the Philotimo Fund was acceptable.

(4)<u>The extent to which economies of scale would be realized as the Philotimo Fund grows and whether advisory fee levels reflect these economies of scale for the benefit of the</u> <u>Fund's investors</u>.

The Board considered the Philotimo Fund's advisory fee arrangements with KWM. The Board noted that the advisory fee would stay the same as asset levels increased, although it noted that KWM had entered into an expense limitation arrangement pursuant to which it agreed to cap the Philotimo Fund's expenses at 1.50%, excluding certain expenses. The Trustees noted that while the Fund

**26**

FINANCIAL STATEMENTS \| March 31, 2026

**PHILOTIMO FOCUSED GROWTH AND INCOME FUND**

**Supplemental Information (unaudited)**

benefits from KWM's expense limitation agreement, Fund shareholders also benefit from the overall expense structure as other Fund service providers have fixed or semi-fixed costs that can result in economies of scale. Following further discussion of the Philotimo Fund's current asset levels and expectations for growth, the Board determined that the Fund's fee arrangements with KWM were fair and reasonable in relation to the nature, extent and quality of the services provided by KWM.

(5)<u>Possible conflicts of interest and</u> <u>other benefits</u>.

In evaluating the possibility for conflicts of interest, the Board considered such matters as: the experience and ability of the advisory personnel assigned to the Philotimo Fund; the basis of decisions to buy or sell securities for the Fund; the method for allocating of portfolio securities transactions; KWM's use of soft-dollars; the substance and administration of KWM's Code of Ethics and other relevant policies described in KWM's Form ADV. The Trustees considered how conflicts of interest were managed by KWM under its compliance policies. The Trustees noted the possible benefits to KWM from advising the Fund. Following further consideration and discussion, the Board indicated that KWM's standards and practices relating to the identification and mitigation of potential conflicts of interest, as well as the benefits to be derived by KWM from managing the Philotimo Fund, were satisfactory.

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

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.

STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

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

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

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

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

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

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

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

---

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

---

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

ITEM 16. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

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

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

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

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

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

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

SIGNATURES

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

Registrant: World Funds Trust

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
| | Karen Shupe<br> Principal Executive Officer |
| Date: June 4, 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: June 4, 2026 |  |
| By (Signature and Title)\*: | /s/ Ann MacDonald |
|  | Ann MacDonald<br> Principal Financial Officer |
| Date: June 4, 2026 |  |

---

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

## Ex-99.Code

[World Funds Trust N-CSR](philotimo-ncsr_033126.htm)

**Exhibit 99.COE**

WORLD FUNDS TRUST

CODE OF ETHICS FOR SENIOR OFFICERS

Preamble

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

Statement of Policy

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

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

Covered Persons

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

Promotion of Honest and Ethical Conduct

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

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

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

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

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

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

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

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

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

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

Promotion of Compliance with Applicable Government Laws, Rules and Regulations

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

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

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

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

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

Promoting Prompt Internal Reporting of Violations

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

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

Sanctions

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

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

No Rights Created

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

Recordkeeping

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

Amendments

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

Dated: June 4, 2026

CODE OF ETHICS FOR SENIOR OFFICERS

I HEREBY CERTIFY THAT:

&nbsp;&nbsp;&nbsp;&nbsp;(1) I
have read and I understand the Code of Ethics for Senior Officers adopted by World Funds Trust (the "Code of Ethics");

&nbsp;&nbsp;&nbsp;&nbsp;(2) I
recognize that I am subject to the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;(3) I
have complied with the requirements of the Code of Ethics during the calendar year ending December 31, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;(4) I
have reported all violations of the Code of Ethics required to be reported pursuant to the requirements of the Code during the calendar
year ending December 31, 2025.

Set forth below exceptions to items (3) and (4), if any:

------

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
|  | Karen Shupe<br> Principal Executive Officer<br>|
| Date: June 4, 2026 |  |
| By (Signature and Title)\*: | /s/ Ann MacDonald |
|  | Ann MacDonald<br> Principal Financial Officer |
| Date: June 4, 2026 |  |

---

------

## Ex-99.Cert

[World Funds Trust N-CSR](philotimo-ncsr_033126.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 Philotimo Focused Growth and Income Fund;

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

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

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

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

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

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

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

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of 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: June 4, 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 Philotimo Focused Growth and Income Fund;

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

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

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

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

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

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

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

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of 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: June 4, 2026

/s/ Ann MacDonald

Principal Financial Officer

## Exhibit 99.906

[World Funds Trust N-CSR](philotimo-ncsr_033126.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 March 31, 2026 (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: | June 4, 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 March 31, 2026 (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: | June 4, 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.