# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001999371-25-019809
**Filing Date:** 2025-12
**Character Count:** 103319
**Document Hash:** 4af087f67eaef31f112a158025ea9327
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-019809.hdr.sgml**: 20251208

**ACCESSION NUMBER**: 0001999371-25-019809

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251208

**DATE AS OF CHANGE**: 20251208

**EFFECTIVENESS DATE**: 20251208

**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:** 251557005

**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

### Union Street Partners Value Fund (Series ID: S000030539)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000094720 | Class A Shares       | USPVX           |
| C000100111 | Class C Shares       | USPCX           |
| C000165788 | Advisor Class Shares | USPFX           |

?xml version='1.0' encoding='ASCII'? Certified Annual Shareholder

**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: | **September 30** |
| Date of reporting period: | **September 30, 2025** |
|  | Union Street Partners Value Fund |

---

ITEM 1. (a) REPORT TO STOCKHOLDERS.

#### Union Street Partners Value Fund Tailored Shareholder Report
**annual shareholder reportSeptember 30, 2025**<br>**Union Street Partners Value Fund**<br>**Class A Shares**<br>Ticker: USPVX<br>

This annual shareholder report contains important information about the Union Street Partners Value Fund, Class A Shares for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at unionstreetvaluefund.com. 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Union Street Partners Value Fund - Class A Shares** | $146 | 1.40% |

---

#### How did the Fund perform last year?
For the period of September 30, 2024 to September 30, 2025, the Union Street Partners Value Fund, Class A (without load) shares (the "Fund") returned 8.71%. During the same period, the Fund's broad-based index, the S&P 500<sup>®</sup> Index, and secondary index, the Russell 1000<sup>®</sup> Value Index, returned 17.60% and 9.44%, respectively.

#### What key factors affected the Fund's performance?
• Continued momentum in AI-driven companies helped propel the U.S. economy forward. The Fund benefited from this trend through its exposure to the Information Technology and Communication Services sectors.

• Large banks were among the strongest contributors, significantly outperforming over the 12-month period. These institutions benefited from a more favorable regulatory environment, monetary easing, and a surge in dealmaking and M&A activity.

• The Healthcare sector weighed on performance, facing headwinds from declining drug prices and regulatory uncertainty.

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

![line](qes9thsuvvy1mhf39wsz.jpg)

#### Annual Performance

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year**  | **10 Year** |
| **Union Street Partners Value Fund - Class A Shares (with load)** | 2.46% | 11.75% | 9.80% |
| **Union Street Partners Value Fund - Class A Shares (without load)** | 8.71% | 13.08% | 10.45% |
| **S&P 500<sup>®</sup> Index** | 17.60% | 16.47% | 15.30% |
| **Russell 1000<sup>®</sup> Value Index** | 9.44% | 13.88% | 10.72% |

---

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

The Russell 1000<sup>®</sup> Value Index is a broad-based, unmanaged index that measures the performance of U.S. large-cap value stocks, representing companies with lower price-to-book ratios and lower expected growth characteristics relative to the broader U.S. equity market.

Visit unionstreetvaluefund.com 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.***

#### Union Street Partners Value Fund Tailored Shareholder Report

#### Sector Breakdown
![bar](qesfiki1mhf3epmj.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** |  |
| **Microsoft Corp.** | 9.38% |
| **Meta Platforms, Inc.** | 9.21% |
| **JPMorgan Chase & Co.** | 8.40% |
| **Apple, Inc.** | 7.93% |
| **Goldman Sachs Group, Inc.** | 5.00% |
| **Dollar Tree, Inc.** | 4.90% |
| **UnitedHealth Group, Inc.** | 4.10% |
| **NIKE, Inc.** | 3.94% |
| **The Boeing Co** | 3.63% |
| **The Walt Disney Co** | 3.39% |

---

#### Key Fund Statistics
(as of September 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Net Assets** | $84492706 |
| **Number of Holdings** | 26 |
| **Total Net Advisory Fee** | $499414 |
| **Portfolio Turnover Rate** | 12.93% |

---

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

#### What did the Fund invest in?
(% of Net Assets as of September 30, 2025)

#### Union Street Partners Value Fund Tailored Shareholder Report
**annual Shareholder Report September 30, 2025**<br>**Union Street Partners Value Fund**<br>**Class C Shares**<br>Ticker: USPCX<br>

This annual shareholder report contains important information about the Union Street Partners Value Fund, Class C Shares for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at unionstreetvaluefund.com. 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Union Street Partners Value Fund - Class C Shares** | $223 | 2.15% |

---

#### How did the Fund perform last year?
For the period of September 30, 2024 to September 30, 2025, the Union Street Partners Value Fund, Class C shares (the "Fund") returned 7.76%. During the same period, the Fund's broad-based index, the S&P 500<sup>®</sup> Index, and secondary index, the Russell 1000<sup>®</sup> Value Index, returned 17.60% and 9.44%, respectively.

#### What key factors affected the Fund's performance?
• Continued momentum in AI-driven companies helped propel the U.S. economy forward. The Fund benefited from this trend through its exposure to the Information Technology and Communication Services sectors.

• Large banks were among the strongest contributors, significantly outperforming over the 12-month period. These institutions benefited from a more favorable regulatory environment, monetary easing, and a surge in dealmaking and M&A activity.

• The Healthcare sector weighed on performance, facing headwinds from declining drug prices and regulatory uncertainty.

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

![line](qes9thsuvvy1mhf47uzv.jpg)

#### Annual Performance

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year**  | **10 Year** |
| **Union Street Partners Value Fund - Class C Shares** | 7.76% | 12.26% | 9.64% |
| **S&P 500<sup>®</sup> Index** | 17.60% | 16.47% | 15.30% |
| **Russell 1000<sup>®</sup> Value Index** | 9.44% | 13.88% | 10.72% |

---

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

The Russell 1000<sup>®</sup> Value Index is a broad-based, unmanaged index that measures the performance of U.S. large-cap value stocks, representing companies with lower price-to-book ratios and lower expected growth characteristics relative to the broader U.S. equity market.

Visit unionstreetvaluefund.com 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.***

#### Union Street Partners Value Fund Tailored Shareholder Report

#### Sector Breakdown
![bar](qesfiki1mhf3epmj.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** |  |
| **Microsoft Corp.** | 9.38% |
| **Meta Platforms, Inc.** | 9.21% |
| **JPMorgan Chase & Co.** | 8.40% |
| **Apple, Inc.** | 7.93% |
| **Goldman Sachs Group, Inc.** | 5.00% |
| **Dollar Tree, Inc.** | 4.90% |
| **UnitedHealth Group, Inc.** | 4.10% |
| **NIKE, Inc.** | 3.94% |
| **The Boeing Co** | 3.63% |
| **The Walt Disney Co** | 3.39% |

---

#### Key Fund Statistics
(as of September 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Net Assets** | $84492706 |
| **Number of Holdings** | 26 |
| **Total Net Advisory Fee** | $499414 |
| **Portfolio Turnover Rate** | 12.93% |

---

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

#### What did the Fund invest in?
(% of Net Assets as of September 30, 2025)

#### Union Street Partners Value Fund Tailored Shareholder Report
**annual Shareholder Report September 30, 2025**<br>**Union Street Partners Value Fund**<br>**Advisor Class Shares**<br>Ticker: USPFX<br>

This annual shareholder report contains important information about the Union Street Partners Value Fund, Advisor Class Shares for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at unionstreetvaluefund.com. 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Union Street**<br>**Partners Value**<br>**Fund - Advisor**<br>**Class Shares** | $120 | 1.15% |

---

#### How did the Fund perform last year?
For the period of September 30, 2024 to September 30, 2025, the Union Street Partners Value Fund, Advisor Class shares (the "Fund") returned 8.95%. During the same period, the Fund's broad-based index, the S&P 500<sup>®</sup> Index, and secondary index, the Russell 1000<sup>®</sup> Value Index, returned 17.60% and 9.44%, respectively.

#### What key factors affected the Fund's performance?
• Continued momentum in AI-driven companies helped propel the U.S. economy forward. The Fund benefited from this trend through its exposure to the Information Technology and Communication Services sectors.

• Large banks were among the strongest contributors, significantly outperforming over the 12-month period. These institutions benefited from a more favorable regulatory environment, monetary easing, and a surge in dealmaking and M&A activity.

• The Healthcare sector weighed on performance, facing headwinds from declining drug prices and regulatory uncertainty.

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

![line](qes7z5f1mhf4mzet.jpg)

\* Inception

#### Annual Performance

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year**  | **Since Inception** |
| **Union Street Partners Value Fund - Advisor Class Shares** | 8.95% | 13.39% | 10.53% |
| **S&P 500<sup>®</sup> Index** | 17.60% | 16.47% | 15.08% |
| **Russell 1000<sup>®</sup> Value Index** | 9.44% | 13.88% | 10.22% |

---

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

The Russell 1000<sup>®</sup> Value Index is a broad-based, unmanaged index that measures the performance of U.S. large-cap value stocks, representing companies with lower price-to-book ratios and lower expected growth characteristics relative to the broader U.S. equity market.

Visit unionstreetvaluefund.com 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.***

#### Union Street Partners Value Fund Tailored Shareholder Report

#### Sector Breakdown
![bar](qesfiki1mhf3epmj.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** |  |
| **Microsoft Corp.** | 9.38% |
| **Meta Platforms, Inc.** | 9.21% |
| **JPMorgan Chase & Co.** | 8.40% |
| **Apple, Inc.** | 7.93% |
| **Goldman Sachs Group, Inc.** | 5.00% |
| **Dollar Tree, Inc.** | 4.90% |
| **UnitedHealth Group, Inc.** | 4.10% |
| **NIKE, Inc.** | 3.94% |
| **The Boeing Co** | 3.63% |
| **The Walt Disney Co** | 3.39% |

---

#### Key Fund Statistics
(as of September 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Net Assets** | $84492706 |
| **Number of Holdings** | 26 |
| **Total Net Advisory Fee** | $499414 |
| **Portfolio Turnover Rate** | 12.93% |

---

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

#### What did the Fund invest in?
(% of Net Assets as of September 30, 2025)

ITEM 1. (b). Not applicable.

ITEM 2. CODE OF ETHICS.

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

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

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

(e) Not applicable.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

(a)(2) Not applicable.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $15,950 for 2025 and $15,950 for 2024.

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

(c) Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $3,300 for 2025 and $3,300 for 2024. The nature of the services comprising these fees include preparation of excise filings and income tax returns and assistance with calculation of required income, capital gain and excise distributions.

(d) All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are and $0 for 2025 and $0 for 2024.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) NA

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) NA

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

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

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

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

(b) Not applicable.

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

**FINANCIAL STATEMENTS**

**AND OTHER INFORMATION**

Year Ended September 30, 2025

Union Street Partners Value Fund

![](union-fs_093025img001.jpg)

See Notes to Financial Statements

**1**

FINANCIAL STATEMENTS \| September 30, 2025

**UNION STREET PARTNERS VALUE FUND**

**Schedule of Investments** **September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **99.39%** | **COMMON STOCKS** |  |  |
| **12.60%** | **COMMUNICATION SERVICES** |  |  |
|  | Meta Platforms, Inc.  | 10600 | $7784428<br>|
|  | The Walt Disney Co.  | 25000 | 2862500 |
|  |  |  | 10646928 |
| **11.62%** | **CONSUMER DISCRETIONARY** |  |  |
|  | Home Depot, Inc.  | 5750 | 2329843 |
|  | LVMH Moët Hennessy - Louis Vuitton SE  | 15000 | 1834650 |
|  | Nike, Inc.  | 47750 | 3329608 |
|  | Starbucks Corp.  | 27500 | 2326500 |
|  |  |  | 9820601 |
| **9.18%** | **CONSUMER STAPLES** |  |  |
|  | Diageo plc ADR  | 27050 | 2581382 |
|  | Dollar Tree, Inc.<sup>(A)</sup>  | 43850 | 4138125 |
|  | Target Corp.  | 11600 | 1040520 |
|  |  |  | 7760027 |
| **7.88%** | **ENERGY** |  |  |
|  | Chevron Corp.  | 14000 | 2174060 |
|  | Exxon Mobil Corp.  | 24700 | 2784924 |
|  | Schlumberger Ltd.  | 49500 | 1701315 |
|  |  |  | 6660299 |
| **16.59%** | **FINANCIALS** |  |  |
|  | Bank of America Corp.  | 52350 | 2700737 |
|  | Goldman Sachs Group, Inc.  | 5300 | 4220654 |
|  | JPMorgan Chase & Co.  | 22500 | 7097175 |
|  |  |  | 14018566 |
| **9.19%** | **HEALTH CARE** |  |  |
|  | Johnson & Johnson  | 14500 | 2688590 |
|  | Merck & Company, Inc.  | 19135 | 1606001 |
|  | UnitedHealth Group, Inc.  | 10040 | 3466812 |
|  |  |  | 7761403 |

---

See Notes to Financial Statements

**2**

FINANCIAL STATEMENTS \| September 30, 2025

**UNION STREET PARTNERS VALUE FUND**

**Schedule of Investments - continued** **September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **7.01%** | **INDUSTRIALS** |  |  |
|  | The Boeing Co<sup>(A)</sup>  | 14200 | $3064785<br>|
|  | FedEx Corp.  | 12100 | 2853301 |
|  |  |  | 5918086 |
| **19.75%** | **INFORMATION TECHNOLOGY** |  |  |
|  | Apple, Inc.  | 26325 | 6703135 |
|  | Intel Corp.<sup>(A)</sup>  | 61300 | 2056614 |
|  | Microsoft Corp.  | 15300 | 7924635 |
|  |  |  | 16684384 |
| **2.82%** | **REAL ESTATE** |  |  |
|  | Simon Property Group, Inc. REIT  | 12675 | 2378717 |
| **2.75%** | **UTILITIES** |  |  |
|  | PG&E Corp.  | 154295 | 2326769 |
| **99.39%** | **TOTAL COMMON STOCKS** |  |  |
|  | (Cost: $39,079,622)  |  | 83975780 |
| **0.57%** | **MONEY MARKET FUND** |  |  |
|  | Fidelity Government Portfolio - <br>Institutional Class 4.040%<sup>(B)</sup>  | 482558 | 482558 |
|  | (Cost: $482,558) |  |  |
| **99.96%** | **TOTAL INVESTMENTS** |  |  |
|  | (Cost: $39,562,180)  | (Cost: $39,562,180)  | 84458338 |
| **0.04%** | Other assets, net of liabilities  | Other assets, net of liabilities  | 34368 |
| **100.00%** | **NET ASSETS**  | **NET ASSETS**  | **$** **84492706**<br>|

---

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

<sup>(B)</sup>Effective 7 day yield as of September 30, 2025.

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

**3**

FINANCIAL STATEMENTS \| September 30, 2025

**UNION STREET PARTNERS VALUE FUND**

**Statement of Assets and Liabilities** **September 30, 2025**

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (cost of $39,562,180) (Note 1)  | $84458338<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for capital stock sold  | 2306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable  | 70456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses  | 22514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSETS  | 84553614 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued net investment advisory fees  | 32610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued administration, accounting and transfer agent fees  | 13530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses  | 14768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES  | 60908 |
| **NET ASSETS**  | $84492706<br>|
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital applicable to 2,506,208 no par value shares of beneficial interest outstanding, unlimited shares authorized  | $37921662<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable accumulated earnings  | 46571044 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  | $84492706<br>|
| **NET ASSET VALUE AND REDEMPTION PRICE PER SHARE** |  |
| **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A  | $8122230<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class C  | 1058793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class  | 75311683 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total**  | $84492706<br>|
| **Shares Outstanding**  | **Shares Outstanding**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A  | 244003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C  | 33729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class  | 2228476 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total**  | 2506208 |
| **Net Asset Value and Offering Price Per Share** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<sup>(1)</sup>  | $33.29<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class C  | $31.39<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class  | $33.80<br>|
| **Maximum Offering Price Per Share<sup>(2)</sup>** **and Redemption Price<sup>(3)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A<sup>(2)</sup>  | $35.32<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class C<sup>(3)</sup>  | $31.08<br>|

---

<sup>(1)</sup> Includes a maximum contingent deferred sales charge ("CDSC") or redemption fee of 1% on the proceeds of certain redemptions made less than one year from purchase if those shares were purchased without paying a front-end sales charge.

<sup>(2)</sup> Maximum Offering Price per Share including Sales Charge of 5.75%.

<sup>(3)</sup> Redemption Price per Share including CDSC of 1% on the proceeds redeemed less than one year from purchase.

See Notes to Financial Statements

**4**

FINANCIAL STATEMENTS \| September 30, 2025

**UNION STREET PARTNERS VALUE FUND**

**Statement of Operations** **Year Ended September 30, 2025**

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends  | $1414870<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 1414870 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 2)  | 781818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution (12b-1) and Service Fees (Note 2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  | 10992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  | 45153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recordkeeping and administrative services (Note 2)  | 91735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting fees (Note 2)  | 35979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody fees  | 8693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees (Note 2)  | 23217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees  | 25879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees  | 19250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Filing and registration fees  | 44858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees (Note 2)  | 14086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance fees (Note 2)  | 8000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports  | 36105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing (Note 2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  | 1962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class  | 79475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance  | 2189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other  | 7504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 1237639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fee waivers (Note 2)  | (282404) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 955235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | 459635 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments  | 1210293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments  | 5237538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 6447831 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS**  | $6907466<br>|

---

**UNION STREET PARTNERS VALUE FUND**

**Statements of Changes in Net Assets**

See Notes to Financial Statements

**5**

FINANCIAL STATEMENTS \| September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Years Ended September 30,** | **Years Ended September 30,** |
|  | **2025** | **2024** |
| **INCREASE (DECREASE) IN NET ASSETS FROM**  |  |  |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $459635<br>| $441073<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments  | 1210293 | 1436679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments  | 5237538 | 9982799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in net assets from operations  | 6907466 | 11860551 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  |  | (16389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class  | (118799) | (528275) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from distributions  | (118799) | (544664) |
| **CAPITAL STOCK TRANSACTIONS (NOTE 5)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  | 5073493 | 124345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  | 71732 | 237510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class  | 3551180 | 3608403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class  | 117828 | 524720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  | (397199) | (365362) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  | (5870620) | (831867) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class  | (3555697) | (2677470) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets from capital stock <br>transactions  | (1009283) | 636667 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) during year  | 5779384 | 11952554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year  | 78713322 | 66760768 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year  | $84492706<br>| $78713322<br>|

---

**UNION STREET PARTNERS VALUE FUND**

**Financial Highlights** **Selected Per Share Data Throughout Each Year**

See Notes to Financial Statements

**6**

FINANCIAL STATEMENTS \| September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Years Ended September 30,** | **Years Ended September 30,** | **Years Ended September 30,** | **Years Ended September 30,** | **Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning <br>of year**  | $30.62<br>| $26.21<br>| $21.56<br>| $24.79<br>| $18.21  |
| **Investment activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(1)</sup>  | 0.15 | 0.13 | 0.19 | 0.09 | 0.02  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 2.52 | 4.46 | 4.58 | (3.32) | 6.56  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment activities**  | 2.67 | 4.59 | 4.77 | (3.23) | 6.58  |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  |  | (0.18) | (0.12) |  | -  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions**  |  | (0.18) | (0.12) |  | -  |
| **Net asset value, end of year**  | **$** **33.29**<br>| **$** **30.62**<br>| **$** **26.21**<br>| **$** **21.56**<br>| **$24.79**  |
| **Total Return**  | **8.71%** | **17.59%** | **22.15%** | **(13.03**<br>**%)** | **36.13%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratios to average net assets  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, gross  | 1.68% | 1.69%<sup>(2)</sup> | 1.72% | 1.79% | 2.00%<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of fee waivers and reimbursements  | 1.40% | 1.49%<sup>(3)</sup> | 1.50% | 1.50% | 1.69%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | 0.50% | 0.43% | 0.72% | 0.35% | 0.09% |
| Portfolio turnover rate  | 12.93% | 7.18% | 5.36% | 18.43% | 18.00% |
| Net assets, end of year (000's)  | $8122<br>| $2561<br>| $2397<br>| $2171<br>| $2750  |

---

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

<sup>(2)</sup> Ratio of total expenses before management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been 1.68% for the year ended September 30, 2024 and 1.85% for the year ended September 30, 2021.

<sup>(3)</sup> Ratio of total expenses net of management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been 1.48% for the year ended September 30, 2024 and 1.53% for the year ended September 30, 2021.

See Notes to Financial Statements

**7**

FINANCIAL STATEMENTS \| September 30, 2025

**UNION STREET PARTNERS VALUE FUND**

**Financial Highlights - continued** **Selected Per Share Data Throughout Each Year**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Years Ended September 30,** | **Years Ended September 30,** | **Years Ended September 30,** | **Years Ended September 30,** | **Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning <br>of year**  | $29.13<br>| $24.95<br>| $20.58<br>| $23.80<br>| $17.61<br>|
| **Investment activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | (0.12) | (0.09) | (0.01) | (0.10) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup>  | 2.38 | 4.27 | 4.38 | (3.12) | 6.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment activities**  | 2.26 | 4.18 | 4.37 | (3.22) | 6.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Redemption fees**  |  |  |  |  | —<br><sup>(3)</sup> |
| **Net asset value, end of year**  | **$** **31.39**<br>| **$** **29.13**<br>| **$** **24.95**<br>| **$** **20.58**<br>| **$** **23.80**<br>|
| **Total Return**  | **7.76%** | **16.75%** | **21.23%** | **(13.53**<br>**%)** | **35.15%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, gross  | 2.44% | 2.46%<sup>(4)</sup> | 2.48% | 2.54% | 2.75%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of fee waivers and reimbursements  | 2.15% | 2.24%<sup>(5)</sup> | 2.25% | 2.25% | 2.44%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | (0.44%) | (0.31%) | (0.03%) | (0.40%) | (0.66%) |
| Portfolio turnover rate  | 12.93% | 7.18% | 5.36% | 18.43% | 18.00% |
| Net assets, end of year (000's)  | $1059<br>| $7038<br>| $6579<br>| $5611<br>| $6804<br>|

---

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

<sup>(2)</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the year.

<sup>(3)</sup> Less than $0.005 per share.

<sup>(4)</sup> Ratio of total expenses before management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been 2.45% for the year ended September 30, 2024 and 2.60% for the year ended September 30, 2021.

<sup>(5)</sup> Ratio of total expenses net of management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been 2.23% for the year ended September 30, 2024 and 2.29% for the year ended September 30, 2021.

See Notes to Financial Statements

**8**

FINANCIAL STATEMENTS \| September 30, 2025

**UNION STREET PARTNERS VALUE FUND**

**Financial Highlights - continued** **Selected Per Share Data Throughout Each Year**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Years Ended September 30,** | **Years Ended September 30,** | **Years Ended September 30,** | **Years Ended September 30,** | **Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning <br>of year**  | $31.07<br>| $26.58<br>| $21.85<br>| $25.04<br>| $18.35<br>|
| **Investment activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | 0.21 | 0.20 | 0.26 | 0.15 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 2.57 | 4.53 | 4.64 | (3.32) | 6.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment activities**  | 2.78 | 4.73 | 4.90 | (3.17) | 6.69 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | (0.05) | (0.24) | (0.17) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions**  | (0.05) | (0.24) | (0.17) | (0.02) |  |
| **Net asset value, end of year**  | **$** **33.80**<br>| **$** **31.07**<br>| **$** **26.58**<br>| **$** **21.85**<br>| **$** **25.04**<br>|
| **Total Return**  | **8.95%** | **17.91%** | **22.47%** | **(12.69**<br>**%)** | **36.46%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, gross  | 1.52% | 1.56%<sup>(2)</sup> | 1.51% | 1.61% | 1.82%<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of fee waivers and reimbursements  | 1.15% | 1.24%<sup>(3)</sup> | 1.25% | 1.25% | 1.46%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | 0.66% | 0.69% | 0.97% | 0.60% | 0.24% |
| Portfolio turnover rate  | 12.93% | 7.18% | 5.36% | 18.43% | 18.00% |
| Net assets, end of year (000's)  | $75312  | $69114  | $57785  | $44712  | $44249  |

---

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

<sup>(2)</sup> Ratio of total expenses before management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been 1.55% for the year ended September 30, 2024 and 1.63% for the year ended September 30, 2021.

<sup>(3)</sup> Ratio of total expenses net of management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been 1.23% for the year ended September 30, 2024 and 1.27% for the year ended September 30, 2021.

**9**

FINANCIAL STATEMENTS \| September 30, 2025

**UNION STREET PARTNERS VALUE FUND**

**Notes to Financial Statements** **September 30, 2025**

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

The Union Street Partners Value 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 currently offers Class A, Class C, and Advisor Class shares. Class A shares of the Fund commenced operations on December 29, 2010, Class C shares of the Fund commenced operations on April 14, 2011 and the Advisor Class shares of the Fund commenced operations on April 27, 2016.

The Fund's investment objective is to achieve capital appreciation.

The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by Union Street Partners, LLC (the "Advisor") to make investment decisions, and the results of the Fund's operations, as shown in its Statement of Operations and Financial Highlights, is 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 records its investments at fair value. 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. Other securities traded in the over-the-counter market and listed securities for which no sales are reported on a given date are valued at the last reported bid price. Debt securities are valued by appraising them at prices supplied by a pricing agent approved by the Trust,

**10**

FINANCIAL STATEMENTS \| September 30, 2025

**UNION STREET PARTNERS VALUE FUND**

**Notes to Financial Statements - continued** **September 30, 2025**

which prices may reflect broker-dealer supplied valuations and electronic data processing techniques. Short-term debt securities (less than 60 days to maturity) are valued at their fair value using amortized cost. Investments in investment companies and money market funds are valued at net asset value per share. 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 Trust's Board of Trustees (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, but prior to the time as of which the Fund's NAV is calculated, that is likely to have changed the value of the security. Since most of the Fund's investments are traded on U.S. securities exchanges, it is anticipated that the use of fair value pricing will be limited.

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

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

**11**

FINANCIAL STATEMENTS \| September 30, 2025

**UNION STREET PARTNERS VALUE FUND**

**Notes to Financial Statements - continued** **September 30, 2025**

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 September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br>Quoted Prices** | **Level 2<br>Other Significant Observable Inputs** | **Level 3<br>Significant Unobservable Inputs** | **Total** |
| Common Stocks  | $83975780<br>| $—<br>| $—<br>| $83975780<br>|
| Money Market Fund  | 482558 |  |  | 482558 |
|  | $84458338<br>| $—<br>| $—<br>| $84458338<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 September 30, 2025.

**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. The cost of securities sold is determined generally on a specific identification basis. Distributions from underlying registered investment companies are recorded on the ex-date and reflected as dividend income on the Statement of Operations unless designated as long term capital gain.

**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 disclosures of contingent assets and liabilities at the date 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

**12**

FINANCIAL STATEMENTS \| September 30, 2025

**UNION STREET PARTNERS VALUE FUND**

**Notes to Financial Statements - continued** **September 30, 2025**

and to distribute all of its taxable income to its shareholders. Dividends from net investment income and distributions of net realized capital gains, if any, will be declared and paid at least annually. Income and capital gain distributions, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. 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. The Fund identifies its major tax jurisdiction as U. S. Federal.

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 relating to permanent differences be reclassified between financial and tax reporting. For the year ended September 30, 2025, such reclassifications were due to the utilization of earnings and profits distributed to shareholders on redemption of shares.

---

| | |
|:---|:---|
| Paid-in capital  | $24041<br>|
| Distributable earnings  | (24041) |

---

**Class Net Asset Values** **and Expenses**

All income, expenses not attributable to a particular class, and realized and unrealized gains, are allocated to each class proportionately on a daily basis for purposes of determining the net asset value of each class. Each class bears different distribution expenses. Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds based on each fund's relative net assets or another appropriate basis as determined by the Board.

The Fund currently offers three classes of shares: Class A, Class C and Advisor Class. Each class of shares has equal rights as to assets of the Fund, and the classes are identical except for differences in their sales charge structures, ongoing distribution and service fees, and shareholder servicing fees. Income, expenses (other than distribution and service fees and shareholder servicing fees), and realized and unrealized gains or losses on investments are allocated

**13**

FINANCIAL STATEMENTS \| September 30, 2025

**UNION STREET PARTNERS VALUE FUND**

**Notes to Financial Statements - continued** **September 30, 2025**

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. Class A shares include a maximum front-end sales charge of 5.75% and a maximum deferred sales charge of 1% on the proceeds of certain redemptions of Class A shares made within 1 year of purchase if those shares were purchased without paying a front-end sales charge. Class A shares may be purchased without a front-end sales charge in amounts of $1,000,000 or more. Class C shares include a maximum deferred sales charge of 1% on the proceeds of Class C shares redeemed within 1 year of purchase. Advisor Class shares are not subject to redemption fees or deferred sales charges.

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

Pursuant to the Investment Advisory Agreement ("Agreement") between the Advisor and the Fund and also the Investment Sub-Advisory Agreement ("Sub-Advisory Agreement") between the Advisor and McGinn Penninger Investment Management, Inc. ("McGinn"), the Advisor provides investment advisory services for an annual fee of 1.00% of the Fund's daily net assets. The Advisor analyzes economic and market trends, periodically assesses the Fund's investment policies and recommends changes regarding the policies to the Board where appropriate. The Advisor evaluates the performance of McGinn in light of selected benchmarks and the needs of the Fund, recommends changes to the Board where appropriate, and reports to the Board on the foregoing. Pursuant to the Sub-Advisory Agreement, McGinn is responsible for the day–to–day decision making with respect to the Fund's investment program. McGinn, with the Advisor's oversight, manages the investment and reinvestment of the assets on the Fund, continuously reviews, supervises and administers the investment program of the Fund, determines in its discretion the securities to be purchased or sold, and provides the Fund and its agents with records relating to its activities. For its services, McGinn is entitled to receive a sub-advisory fee of 0.50% of average daily net assets. McGinn's fee for sub-advisory services is paid by the Advisor from the investment advisory fees it receives and not by the Fund. McGinn and the Advisor are affiliated investment advisors. Mr. Bernard F. McGinn, one of the Fund's portfolio managers, is a majority shareholder of McGinn and Mr. McGinn owns 50% of the Advisor.

The Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of interest, distribution fees pursuant to Rule 12b-1 Plans, taxes,

**14**

FINANCIAL STATEMENTS \| September 30, 2025

**UNION STREET PARTNERS VALUE FUND**

**Notes to Financial Statements - continued** **September 30, 2025**

acquired fund fees and expenses, brokerage commissions, extraordinary expenses and dividend expense on short sales) do not exceed 1.15% of the daily net assets of the Fund. The Trust and the Advisor may terminate this expense limitation agreement prior to January 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 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. For the year ended September 30, 2025, the Advisor earned $781,818 and waived $282,404 in advisory fees. The total amount of recoverable reimbursements as of September 30, 2025 was $676,766 which expires as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Recoverable Waivers and Reimbursements and Expiration Dates** | **Recoverable Waivers and Reimbursements and Expiration Dates** | **Recoverable Waivers and Reimbursements and Expiration Dates** | **Recoverable Waivers and Reimbursements and Expiration Dates** |
| **2026** | **2027** | **2028** | **Total** |
| $169482 | $224880 | $282404 | $676766 |

---

The Fund has adopted a plan pursuant to Rule 12b-1 under the 1940 Act whereby the Class A and Class C shares may finance activities or expenses that are intended primarily to result in the sale of shares of such class. The fee paid by each class is computed on an annualized basis reflecting the average daily net assets of a class, up to a maximum of 0.25% for Class A share expenses and 1.00% for Class C share expenses. With respect to Class C shares, 0.75% represents 12b-1 distribution fees and 0.25% represents shareholder servicing fees paid to institutions that have agreements with the Distributor to provide such services. Because these fees are paid out of the Fund's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost more than paying other types of sales charges.

The 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 of each class 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 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

**15**

FINANCIAL STATEMENTS \| September 30, 2025

**UNION STREET PARTNERS VALUE FUND**

**Notes to Financial Statements - continued** **September 30, 2025**

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 September 30, 2025, the following fees were incurred:

---

| | | |
|:---|:---|:---|
| **Class** | **Type of Plan** | **Fees Incurred** |
| Class A | 12b-1 | $10992<br>|
| Class A | Shareholder Services | 744 |
| Class C | 12b-1 and Service Fees | 45153 |
| Class C | Shareholder Services | 1962 |
| Advisor Class | Shareholder Services | 79475 |

---

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 September 30, 2025, CFS received the following fees incurred by the Fund to CFS:

---

| | | |
|:---|:---|:---|
| **Administration** | **Transfer Agent** | **Accounting** |
| $91735 | $17818 | $35601 |

---

The amounts reflected on the Statement 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 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 September 30, 2025, Watermark received $8,000 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 September 30, 2025, were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $12320664 | $9870074 |

---

**16**

FINANCIAL STATEMENTS \| September 30, 2025

**UNION STREET PARTNERS VALUE FUND**

**Notes to Financial Statements - continued** **September 30, 2025**

**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 September 30, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>September 30, 2025** | **Year Ended<br>September 30, 2024** |
| Distributions paid from: |  |  |
| Ordinary income  | $118799<br>| $544664<br>|

---

As of September 30, 2025, the components of distributable earnings (accumulated deficits) on a tax basis were as follows:

---

| | |
|:---|:---|
| Accumulated undistributed net investment income (loss)  | $459050<br>|
| Accumulated net realized gain (loss)  | 994836 |
| Other accumulated earnings  | 221000 |
| Net unrealized appreciation (depreciation) on investments  | 44896158 |
|  | $46571044<br>|

---

As of September 30, 2025, the Fund had a prior year deficiency dividend payable of $221,000. During the year ended September 30, 2025, the fund utilized capital loss carryforwards of $215,457 to reduce its distributable earnings.

As of September 30, 2025, 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** |
| $39562180 | $45926860 | $(1030702) | $44896158 |

---

**17**

FINANCIAL STATEMENTS \| September 30, 2025

**UNION STREET PARTNERS VALUE FUND**

**Notes to Financial Statements - continued** **September 30, 2025**

**NOTE 5 – CAPITAL STOCK TRANSACTIONS**

Capital stock transactions were:

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** |
|  | **Class A**  | **Class C** | **Advisor Class** |
| Shares sold  | 172998 | 2427 | 114351 |
| Shares reinvested  |  |  | 3707 |
| Shares redeemed  | (12626) | (210349) | (114060) |
| Net increase (decrease)  | 160372 | (207922) | 3998 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Class A**  | **Class C** | **Advisor Class** |
| Shares sold  | 4313 | 8547 | 123017 |
| Shares reinvested  | 597 |  | 18893 |
| Shares redeemed  | (12729) | (30595) | (91334) |
| Net increase (decrease)  | (7819) | (22048) | 50576 |

---

**NOTE 6 – 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 7 – SUBSEQUENT EVENTS**

Management has evaluated all transactions and events subsequent to the date of the Statement of assets and Liabilities through the date on which these financial statements were issued and no additional items require disclosure.

**18**

FINANCIAL STATEMENTS \| September 30, 2025

**UNION STREET PARTNERS VALUE FUND**

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of Union Street Partners Value 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 Union Street Partners Value Fund (the "Fund"), a series of World Funds Trust, as of September 30, 2025, 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 five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, 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 five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<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.

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 September 30, 2025, by correspondence with the custodian. 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 provide a reasonable basis for our opinion.

**19**

FINANCIAL STATEMENTS \| September 30, 2025

**UNION STREET PARTNERS VALUE FUND**

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

We have served as the Fund's auditor since 2010.

![](union-fs_093025img002.gif)

COHEN & COMPANY, LTD.

Cleveland, Ohio

November 26, 2025

**20**

FINANCIAL STATEMENTS \| September 30, 2025

**UNION STREET PARTNERS VALUE FUND**

**Supplemental Information**

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

Not applicable.

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

Not applicable.

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

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

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

Advisory Agreement Renewal and Approval – Union Street Partners Value Fund (*including Sub-Advisory Agreement Renewal*)

At a meeting held on September 23-24, 2025 (the "Meeting"), the Board of Trustees (the "Board") of World Funds Trust (the "Trust") considered the approval of the continuation of the Investment Advisory Agreement between Union Street Partners, LLC ("USP" or "Adviser") and the Trust, on behalf of the Union Street Value Partners Fund (the "Union Street Fund"), and the Sub-Advisory Agreement between USP and McGinn Penninger Investment Management, Inc. ("MPIM" or "Sub-Adviser") (together, the "Union Street Fund Advisory Agreements"). The Board reflected on its discussions regarding the Union Street Fund Advisory Agreements with advisory representatives earlier in the Meeting.

The Trustees reviewed a memorandum from counsel to the Trust ("Counsel") that addressed the Trustees' duties when considering the continuation of the Union Street Fund Advisory Agreements. The Trustees also reviewed the responses of USP and MPIM to requests for information from Counsel on behalf of the Board and noted that the responses included a copy of financial information for USP and MPIM, an expense comparison analysis for the Union Street Fund and comparable mutual funds, and the Union Street Fund Advisory Agreements. 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 Union Street Fund Advisory Agreements, including the following material factors: (i) the nature, extent, and quality of the services provided by USP and MPIM; (ii) the investment performance of the Union Street Fund; (iii) the

**21**

FINANCIAL STATEMENTS \| September 30, 2025

**UNION STREET PARTNERS VALUE FUND**

**Supplemental Information - continued**

costs of the services provided and profits realized by USP and MPIM from the relationship with the Union Street Fund; (iv) the extent to which economies of scale would be realized if the Union Street Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Union Street Fund's investors; and (v) USP's and MPIM's practices regarding possible conflicts of interest and other benefits derived by USP and MPIM.

In assessing these factors and reaching its decisions, the Board took into consideration information furnished for the Board's review and consideration throughout the year at regular Board meetings, as well as information specifically prepared and/or presented in connection with the annual renewal process, including information presented to the Board at this Meeting and prior Board meetings throughout the year. The Board requested and was provided with information and reports relevant to the annual renewal of the Union Street Fund Advisory Agreements, including: (i) reports regarding the services and support provided to the Union Street Fund and its shareholders; (ii) quarterly assessments of the investment performance of the Union Street Fund; (iii) commentary on the reasons for the performance; (iv) presentations by USP and MPIM on their investment philosophy, investment strategy, personnel and operations; (v) compliance reports concerning the Union Street Fund, USP and MPIM; (vi) disclosure information contained in the Union Street Fund's registration statement and the respective Forms ADV of USP and MPIM; and (vii) the memorandum from Counsel, that summarized the fiduciary duties and responsibilities of the Board in reviewing and approving the Union Street Fund Advisory Agreements, 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 USP and MPIM, including financial information, a description of personnel and the services provided to the Union Street Fund, information on investment advice, performance, summaries of Union Street Fund expenses, their compliance programs, current legal matters (if any), and other general information; (ii) comparative expense and performance information for other mutual funds with strategies similar to the Union Street Fund; and (iii) benefits to be realized by USP and MPIM from their relationship with the Union Street Fund. The Board did not identify any particular information that was most relevant to its consideration to approve the Union Street Fund Advisory Agreements, and each Trustee may have afforded different weight to the various factors.

**22**

FINANCIAL STATEMENTS \| September 30, 2025

**UNION STREET PARTNERS VALUE FUND**

**Supplemental Information - continued**

1. <u>Nature, Extent and Quality of the Services Provided by the Adviser</u> <u>and Sub-Adviser</u> 

In considering the nature, extent, and quality of the services provided by the Adviser and the Sub-Adviser, the Trustees reviewed the responsibilities of the Adviser and the Sub-Adviser under the Union Street Fund Advisory Agreements. The Trustees reviewed the services being provided by USP and MPIM to the Union Street Fund, including, without limitation: the investment advisory services rendered to the Union Street Fund pursuant to the Union Street Fund Advisory Agreements and the personnel providing the services; the investment decision-making process; each of USP's and MPIM's efforts to promote the Union Street Fund and grow its assets and USP's oversight of MPIM. The Trustees evaluated each of USP's and MPIM's personnel, focusing in particular on the education and experience of each of USP's and MPIM's compliance and portfolio management personnel. The Trustees considered the expense limitation agreement in place for the Union Street Fund and USP's renewal of that agreement through January 31, 2026. The Trustees also considered the letters of support from principals of USP and MPIM committing to provide financial support to USP, if necessary, to ensure it can satisfy its expense commitments to the Union Street Fund. After reviewing the foregoing information and further information in the materials provided by USP and MPIM (including the respective Forms ADV), the Board concluded that, in light of all the facts and circumstances, the nature, extent, and quality of the services provided by USP and MPIM were satisfactory and adequate for the Union Street Fund.

2. <u>Investment Performance of the Union Street Fund, the Adviser and</u> <u>the Sub-Adviser</u>

In considering the investment performance of the Union Street Fund, USP and MPIM, the Trustees compared the investment performance of the Union Street Fund with its benchmark index and to aggregated peer group data selected by Broadridge using data from Morningstar Inc. The Board noted that the Union Street Fund's peer group was derived by Broadridge by screening funds with Morningstar's Large Value category ("Custom Category"), which resulted in a peer group of 13 funds ("Peer Group"). The Board reviewed the comparative performance data for the Union Street Fund versus the Russell 1000® Value Total Return Index, noting that the Fund underperformed the Index for the one-year, three-year and five-year periods ended June 30, 2025. The Board also considered that the Union Street Fund underperformed the median of its Peer Group and Custom Category for the one-year, three-year and five-year periods ended June 30, 2025.

**23**

FINANCIAL STATEMENTS \| September 30, 2025

**UNION STREET PARTNERS VALUE FUND**

**Supplemental Information - continued**

After further review and discussion of the investment performance of the Union Street Fund, the Board concluded, in light of all the facts and circumstances, that the investment performance of the Union Street Fund, USP and MPIM was satisfactory.

3. <u>Costs of the Services Provided and Profits Realized by the Adviser</u> <u>and Sub-Adviser</u>

In considering the costs of the services provided and profits realized by the USP and MPIM from the relationship with the Union Street Fund, the Trustees considered: USP's and MPIM's financial condition and the level of commitment to the Union Street Fund by the principals of USP and MPIM; the asset level of the Union Street Fund; the overall expenses of the Union Street Fund; and the nature and frequency of advisory fee payments. The Trustees reviewed information provided by the Adviser and Sub-Adviser regarding profits associated with managing the Union Street Fund. The Trustees also considered potential benefits for USP and MPIM in managing the Union Street Fund. The Trustees considered the split of the advisory fees paid to USP versus those paid to MPIM and the respective services provided by each to the Union Street Fund. The Board also considered the fees charged by MPIM to manage separate accounts with objectives and strategies similar to the Union Street Fund, noting that MPIM is being paid less to provide sub-advisory services to the Fund than it is paid to manage its average separate account. The Board considered the advisory fee and total expense ratio of the Union Street Fund compared to the medians of its Custom Category and Peer Group noting that the Union Street Fund's advisory fee was higher than the Peer Group median and the Custom Category median, and that its gross expense ratio was higher than the Peer Group median but the net expense ratio was in the range with others in the Custom Category median. The Board noted that the Union Street Fund's advisory fee was the highest in its Custom Category and Peer Group. The Board considered that the Union Street Fund has not yet achieved economies of scale to offset its high operational expenses at this time and that USP has entered into expense limitation arrangements to lower the Union Street Fund's expense cap to the benefit of Union Street Fund shareholders. Based on the foregoing, the Board concluded that the fees paid to USP and MPIM and the profits realized by USP and MPIM, in light of all the facts and circumstances, were fair and reasonable in relation to the nature, extent and quality of the services provided by USP and MPIM.

**24**

FINANCIAL STATEMENTS \| September 30, 2025

**UNION STREET PARTNERS VALUE FUND**

**Supplemental Information - continued**

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

The Board next considered the impact of economies of scale from increases of the Union Street Fund's size and whether advisory fee levels reflect those economies of scale for the benefit of the Union Street Fund's shareholders. The Trustees considered that while the advisory fee remained the same at all asset levels, the Union Street Fund's shareholders had experienced benefits from the Union Street Fund's expense limitation arrangement. It was noted that USP has entered into expense limitation arrangements for the benefit of the Union Street Fund. The Trustees noted that the Union Street Fund's shareholders will continue to benefit from the expense limitation arrangement until the Union Street Fund's expenses fall below the expense cap. In light of its ongoing consideration of the Union Street Fund's asset levels, expectations for growth in the Union Street Fund, and fee levels, the Board determined that the Union Street Fund's fee arrangements, in light of all the facts and circumstances, were fair and reasonable in relation to the nature and quality of the services provided by USP and MPIM.

5. <u>USP's and MPIM's Practices Regarding Possible Conflicts of Interest and Benefits to USP</u> <u>and MPIM</u>

In considering USP's and MPIM's practices regarding conflicts of interest, the Trustees evaluated the potential for conflicts of interest and considered such matters as the experience and ability of the advisory personnel assigned to the Union Street Fund; the basis of decisions to buy or sell securities for the Union Street Fund; the substance and administration of each of USP's and MPIM's code of ethics and certain of MPIM's allocation policies and procedures designed to manage conflicts of interest between the Union Street Fund and its separately managed accounts. The Board briefly considered the ownership structure of each of USP and MPIM and any conflicts that may arise from that structure noting that a principal owner of MPIM is a principal owner of USP. It was also noted that USP and MPIM identified specific benefits, including increased access to certain broker-dealers, using the Union Street Fund as an investment option for smaller accounts, and benefits from the publicity of managing a public fund. Based on the foregoing, the Board determined that USP's and MPIM's standards and practices relating to the identification and mitigation of possible conflicts of interest, as well as the benefits to be derived by USP and MPIM were satisfactory.

After additional consideration of the factors delineated in the memorandum provided by Counsel and further discussion and careful review by the Board, the Board determined that the compensation payable under the Investment

**25**

FINANCIAL STATEMENTS \| September 30, 2025

**UNION STREET PARTNERS VALUE FUND**

**Supplemental Information - continued**

Advisory Agreement and Sub-Advisory Agreement was fair, reasonable and within a range of what could have been negotiated at arm's-length in light of all the surrounding circumstances, and the Investment Advisory Agreement and Sub-Advisory Agreement were 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.

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

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

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

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

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

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

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

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

---

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

---

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

ITEM 16. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

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

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

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

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

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

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

SIGNATURES

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

Registrant: World Funds Trust

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
| | Karen Shupe<br> Principal Executive Officer |
| Date: December 8, 2025 | |

---

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: December 8, 2025 |  |
| By (Signature and Title)\*: | /s/ Ann MacDonald |
|  | Ann MacDonald<br> Principal Financial Officer |
| Date: December 8, 2025 |  |

---

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

## Ex-99.Coe

[World Funds Trust N-CSR](union-ncsr_093025.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.

Approved: August 2, 2013

## Ex-99.Cert

[World Funds Trust N-CSR](union-ncsr_093025.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 Union Street Partners Value 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: December 8, 2025

/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 Union Street Partners Value 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: December 8, 2025

/s/ Ann MacDonald

Principal Financial Officer

## Exhibit 99.906

[World Funds Trust N-CSR](union-ncsr_093025.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 September 30, 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: December 8, 2025

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| | |
|:---|:---|
| Name: | /s/ Karen Shupe |

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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 September 30, 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: December 8, 2025

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| | |
|:---|:---|
| Name: | /s/ Ann MacDonald |

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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.