# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001999371-25-008819
**Filing Date:** 2025-7
**Character Count:** 163485
**Document Hash:** 31eaa07c0f59acf4f528395adb4dd1ab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-008819.hdr.sgml**: 20250709

**ACCESSION NUMBER**: 0001999371-25-008819

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250709

**DATE AS OF CHANGE**: 20250709

**EFFECTIVENESS DATE**: 20250709

**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:** 251112224

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

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

---

ITEM 1. (a) REPORT TO STOCKHOLDERS.

**Applied Finance Dividend Fund** Tailored Shareholder Report**

**annual Shareholder Report April 30, 2025**<br> **Applied Finance Dividend Fund**<br> **Institutional Class Shares (Ticker: AFAZX)**<br>

This annual shareholder report contains important information about the Applied Finance Dividend Fund, Institutional Class Shares for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at appliedfinancefunds.com/MutualFunds/InvestorResources. 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** |
| **Applied Finance Dividend Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Institutional Class** | $99 | 0.97% |

---

#### How did the Fund perform?
For the period of May 1, 2024 to April 30, 2025, the Applied Finance Dividend Fund Institutional Class Shares (the "Fund") returned 4.99%.

In comparison, the Morningstar US Market Total Return Index returned 11.51% and the Morningstar US Large Mid Value Total Return Index returned 10.65% for the same period.

#### What key factors influenced performance?
US stocks rose gradually from May 2024 through January 2025 before peaking in mid-February. Uncertainty over tariffs and their effect on the economy pushed stocks lower in March and part of April, with indices rebounding by the end of the month.

The performance of the Morningstar US Market Total Return Index was strongest in the Financials and Information Technology sectors. During the 12 months ending April 30, 2025, Growth stocks outperformed Value stocks.

The Fund's holdings focus on dividend income and capital appreciation. The Fund's emphasis on dividend-paying stocks lowered performance relative to the Morningstar US Market Total Return Index. Health Care, Utilities and Financials sectors were leading contributors to the Fund's performance, while Information Technology, Consumer Staples and Materials sectors were leading detractors relative to the Morningstar US Market Total Return Index. Underperformance was generally due to stock selection.

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

![](a18wsgw1mcc4d2zz.jpg)

#### Annual Performance

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Applied Finance Dividend Fund - Institutional Class** | 4.99% | 13.42% | 9.00% |
| **Morningstar US Market Total Return Index¹**  | 11.51% | 15.18% | 11.81% |
| **Morningstar US Large Mid Value Total Return Index¹** | 10.65% | 14.11% | 9.18% |

---

The Morningstar US Market Total Return Index is a broad-based, unmanaged index that measures the performance of the overall U.S. equity market, covering approximately 97% of U.S. market capitalization.The Morningstar US Large-Mid Value Total Return Index is an unmanaged index that tracks the performance of U.S. large- and mid-cap stocks exhibiting value characteristics.Visit appliedfinancefunds.com/MutualFunds/InvestorResources 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.***

**Applied Finance Dividend Fund** Tailored Shareholder Report**

#### Sector Breakdown
![](d7qy1jqmbrxumkf.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** |  |
| **JPMorgan Chase & Co.** | 2.95% |
| **The Travelers Companies, Inc** | 2.91% |
| **Eli Lilly & Co.** | 2.91% |
| **Verizon Communications, Inc.** | 2.89% |
| **Abbvie, Inc.** | 2.88% |
| **Ingredion, Inc.** | 2.86% |
| **Hasbro, Inc.** | 2.85% |
| **UGI Corp.** | 2.83% |
| **Marathon Petroleum Corp.** | 2.81% |
| **Johnson & Johnson** | 2.77% |

---

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

---

| | |
|:---|:---|
|  |  |
| **Fund Net Assets** | $25241800 |
| **Number of Holdings**  | 39 |
| **Total Advisory Fee Paid** | $58064 |
| **Portfolio Turnover Rate** | 12.78% |

---

¹ The Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in equities generally or in the Fund in particular or the ability of the Morningstar Indexes to track general equity market performance.

THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR INDEXES OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

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

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

**Applied Finance Dividend Fund** Tailored Shareholder Report**

**annual Shareholder Report April 30, 2025**<br> **Applied Finance Dividend Fund**<br> **Investor Class Shares (Ticker: AFALX)**<br>

This annual shareholder report contains important information about the Applied Finance Dividend Fund, Investor Class Shares for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at appliedfinancefunds.com/MutualFunds/InvestorResources. 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** |
| **Applied Finance Dividend Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Investor Class** | $125 | 1.22% |

---

#### How did the Fund perform?
For the period of May 1, 2024 to April 30, 2025, the Applied Finance Dividend Fund Investor Class Shares (the "Fund") returned 4.71%.

In comparison, the Morningstar US Market Total Return Index returned 11.51% and the Morningstar US Large Mid Value Total Return Index returned 10.65% for the same period.

#### What key factors influenced performance?
US stocks rose gradually from May 2024 through January 2025 before peaking in mid-February. Uncertainty over tariffs and their effect on the economy pushed stocks lower in March and part of April, with indices rebounding by the end of the month.

The performance of the Morningstar US Market Total Return Index was strongest in the Financials and Information Technology sectors. During the 12 months ending April 30, 2025, Growth stocks outperformed Value stocks.

The Fund's holdings focus on dividend income and capital appreciation. The Fund's emphasis on dividend-paying stocks lowered performance relative to the Morningstar US Market Total Return Index. Health Care, Utilities and Financials sectors were leading contributors to the Fund's performance, while Information Technology, Consumer Staples and Materials sectors were leading detractors relative to the Morningstar US Market Total Return Index. Underperformance was generally due to stock selection.

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

![](a18wsgw1mcc4w2oz.jpg)

#### Annual Performance

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Applied Finance Dividend Fund - Investor Class** | 4.71% | 13.11% | 8.73% |
| **Morningstar US Market Total Return Index¹**  | 11.51% | 15.18% | 11.81% |
| **Morningstar US Large Mid Value Total Return Index¹** | 10.65% | 14.11% | 9.18% |

---

The Morningstar US Market Total Return Index is a broad-based, unmanaged index that measures the performance of the overall U.S. equity market, covering approximately 97% of U.S. market capitalization.The Morningstar US Large-Mid Value Total Return Index is an unmanaged index that tracks the performance of U.S. large- and mid-cap stocks exhibiting value characteristics.Visit appliedfinancefunds.com/MutualFunds/InvestorResources 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.***

**Applied Finance Dividend Fund** Tailored Shareholder Report**

#### Sector Breakdown
![](d7qy1jqmbrxumkf.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** |  |
| **JPMorgan Chase & Co.** | 2.95% |
| **The Travelers Companies, Inc** | 2.91% |
| **Eli Lilly & Co.** | 2.91% |
| **Verizon Communications, Inc.** | 2.89% |
| **Abbvie, Inc.** | 2.88% |
| **Ingredion, Inc.** | 2.86% |
| **Hasbro, Inc.** | 2.85% |
| **UGI Corp.** | 2.83% |
| **Marathon Petroleum Corp.** | 2.81% |
| **Johnson & Johnson** | 2.77% |

---

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

---

| | |
|:---|:---|
|  |  |
| **Fund Net Assets** | $25241800 |
| **Number of Holdings**  | 39 |
| **Total Advisory Fee Paid** | $58064 |
| **Portfolio Turnover Rate** | 12.78% |

---

¹ The Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in equities generally or in the Fund in particular or the ability of the Morningstar Indexes to track general equity market performance.

THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR INDEXES OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

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

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

**Applied Finance Explorer Fund** Tailored Shareholder Report**

**annual Shareholder Report April 30, 2025**<br> **Applied Finance Explorer Fund**<br> **Institutional Class Shares (Ticker: AFDZX)**<br>

This annual shareholder report contains important information about the Applied Finance Explorer Fund, Institutional Class Shares for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at appliedfinancefunds.com/MutualFunds/InvestorResources. 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** |
| **Applied Finance Explorer Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Institutional Class** | $84 | 0.84% |

---

#### How did the Fund perform?
For the period of May 1, 2024 to April 30, 2025, the Applied Finance Explorer Fund Institutional Class Shares (the "Fund") returned 0.83%.

In comparison, the Morningstar US Market Total Return Index returned 11.51% and the Morningstar US Small Total Return Index returned 2.94% for the same period.

#### What key factors influenced performance?
US stocks rose gradually from May 2024 through January 2025 before peaking in mid-February. Uncertainty over tariffs and their effect on the economy pushed stocks lower in March and part of April, with indices rebounding by the end of the month.

The performance of the Morningstar US Market Total Return Index was strongest in the Financials and Information Technology sectors. During the 12 months ending April 30, 2025, Growth stocks outperformed Value stocks.

The Fund's holdings consist of US small-cap stocks. The Fund's emphasis on small-cap stocks lowered performance relative to the Morningstar US Market Total Return Index. Financials and Utilities sectors were leading contributors to the Fund's performance, while Energy, Information Technology and Industrials sectors were leading detractors relative to the Morningstar US Market Total Return Index. Underperformance was generally due to stock selection.

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

![](a18wsgw1mcc4y09s.jpg)

\* Inception

#### Annual Performance

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception** |
| **Applied Finance Explorer Fund - Institutional Class** | 0.83% | 18.85% | 9.47% |
| **Morningstar US Market Total Return Index¹**  | 11.51% | 15.18% | 11.76% |
| **Morningstar US Small Total Return Index¹**  | 2.94% | 11.53% | 6.53% |

---

The Morningstar US Market Total Return Index is a broad-based, unmanaged index that measures the performance of the overall U.S. equity market, covering approximately 97% of U.S. market capitalization.The Morningstar US Small Total Return Index is an unmanaged index that represents the performance of small-cap U.S. stocks, reflecting the lower end of the U.S. equity market capitalization spectrum.Visit appliedfinancefunds.com/MutualFunds/InvestorResources 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.***

**Applied Finance Explorer Fund** Tailored Shareholder Report**

#### Sector Breakdown
![](hrm61mbz85q7p.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** |  |
| **Federated Treasury Obligations Fund - Institutional Class** | 3.30% |
| **StoneX Group, Inc.** | 1.46% |
| **Stride, Inc.** | 1.36% |
| **Sterling Infrastructure, Inc.** | 1.19% |
| **Pathward Financial, Inc.** | 1.17% |
| **Comfort Systems USA, Inc.** | 1.16% |
| **Enova International, Inc.** | 1.13% |
| **SLM Corp.** | 1.13% |
| **OSI Systems, Inc.** | 1.10% |
| **Performance Food Group Co.** | 1.09% |

---

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

---

| | |
|:---|:---|
|  |  |
| **Fund Net Assets** | $731052738 |
| **Number of Holdings**  | 140 |
| **Total Advisory Fee Paid** | $4557935 |
| **Portfolio Turnover Rate** | 37.29% |

---

¹ The Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in equities generally or in the Fund in particular or the ability of the Morningstar Indexes to track general equity market performance.

THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR INDEXES OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

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

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

**Applied Finance Explorer Fund** Tailored Shareholder Report**

**annual Shareholder Report April 30, 2025**<br> **Applied Finance Explorer Fund**<br> **Investor Class Shares (Ticker: AFDVX)**<br>

This annual shareholder report contains important information about the Applied Finance Explorer Fund, Investor Class Shares for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at appliedfinancefunds.com/MutualFunds/InvestorResources. 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** |
| **Applied Finance Explorer Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Investor Class** | $109 | 1.09% |

---

#### How did the Fund perform?
For the period of May 1, 2024 to April 30, 2025, the Applied Finance Explorer Fund Investor Class Shares (the "Fund") returned 0.55%.

In comparison, the Morningstar US Market Total Return Index returned 11.51% and the Morningstar US Small Total Return Index returned 2.94% for the same period.

#### What key factors influenced performance?
US stocks rose gradually from May 2024 through January 2025 before peaking in mid-February. Uncertainty over tariffs and their effect on the economy pushed stocks lower in March and part of April, with indices rebounding by the end of the month.

The performance of the Morningstar US Market Total Return Index was strongest in the Financials and Information Technology sectors. During the 12 months ending April 30, 2025, Growth stocks outperformed Value stocks.

The Fund's holdings consist of US small-cap stocks. The Fund's emphasis on small-cap stocks lowered performance relative to the Morningstar US Market Total Return Index. Financials and Utilities sectors were leading contributors to the Fund's performance, while Energy, Information Technology and Industrials sectors were leading detractors relative to the Morningstar US Market Total Return Index. Underperformance was generally due to stock selection.

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

![](a18wsgw1mcc4zky1.jpg)

\* Inception

#### Annual Performance

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception** |
| **Applied Finance Explorer Fund - Investor Class** | 0.55% | 18.62% | 9.27% |
| **Morningstar US Market Total Return Index¹**  | 11.51% | 15.18% | 12.07% |
| **Morningstar US Small Total Return Index¹**  | 2.94% | 11.53% | 6.76% |

---

The Morningstar US Market Total Return Index is a broad-based, unmanaged index that measures the performance of the overall U.S. equity market, covering approximately 97% of U.S. market capitalization.The Morningstar US Small Total Return Index is an unmanaged index that represents the performance of small-cap U.S. stocks, reflecting the lower end of the U.S. equity market capitalization spectrum.Visit appliedfinancefunds.com/MutualFunds/InvestorResources 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.***

**Applied Finance Explorer Fund** Tailored Shareholder Report**

#### Sector Breakdown
![](hrm61mbz85q7p.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** |  |
| **Federated Treasury Obligations Fund - Institutional Class** | 3.30% |
| **StoneX Group, Inc.** | 1.46% |
| **Stride, Inc.** | 1.36% |
| **Sterling Infrastructure, Inc.** | 1.19% |
| **Pathward Financial, Inc.** | 1.17% |
| **Comfort Systems USA, Inc.** | 1.16% |
| **Enova International, Inc.** | 1.13% |
| **SLM Corp.** | 1.13% |
| **OSI Systems, Inc.** | 1.10% |
| **Performance Food Group Co.** | 1.09% |

---

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

---

| | |
|:---|:---|
|  |  |
| **Fund Net Assets** | $731052738 |
| **Number of Holdings**  | 140 |
| **Total Advisory Fee Paid** | $4557935 |
| **Portfolio Turnover Rate** | 37.29% |

---

¹ The Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in equities generally or in the Fund in particular or the ability of the Morningstar Indexes to track general equity market performance.

THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR INDEXES OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

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

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

**Applied Finance Select Fund** Tailored Shareholder Report**

**annual Shareholder Report April 30, 2025**<br> **Applied Finance Select Fund**<br> **Institutional Class Shares (Ticker: AFVZX)**<br>

This annual shareholder report contains important information about the Applied Finance Select Fund, Institutional Class Shares for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at appliedfinancefunds.com/MutualFunds/InvestorResources. 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** |
| **Applied Finance Select Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Institutional Class** | $76 | 0.76% |

---

#### How did the Fund perform?
For the period of May 1, 2024 to April 30, 2025, the Applied Finance Select Fund Institutional Class Shares (the "Fund") returned 0.07%.

In comparison, the Morningstar US Market Total Return Index returned 11.51% and the Morningstar US Large Mid Value Total Return Index returned 10.65% for the same period.

#### What key factors influenced performance?
US stocks rose gradually from May 2024 through January 2025 before peaking in mid-February. Uncertainty over tariffs and their effect on the economy pushed stocks lower in March and part of April, with indices rebounding by the end of the month.

The performance of the Morningstar US Market Total Return Index was strongest in the Financials and Information Technology sectors. During the 12 months ending April 30, 2025, Growth stocks outperformed Value stocks.

The Fund's holdings focus on large-cap stocks in the US universe. The Fund's emphasis on Value oriented stocks lowered performance relative to the Morningstar US Market Total Return Index. Information Technology, Consumer Staples and Consumer Discretionary sectors were leading detractors relative to the Morningstar US Market Total Return Index. Underperformance was generally due to stock selection.

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

![](a18wsgw1mcc51ggq.jpg)

\* Inception

#### Annual Performance

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception** |
| **Applied Finance Select Fund - Institutional Class** | 0.07% | 13.46% | 11.06% |
| **Morningstar US Market Total Return Index¹**  | 11.51% | 15.18% | 12.72% |
| **Morningstar US Large Mid Value Total Return Index¹** | 10.65% | 14.11% | 9.25% |

---

The Morningstar US Market Total Return Index is a broad-based, unmanaged index that measures the performance of the overall U.S. equity market, covering approximately 97% of U.S. market capitalization.The Morningstar US Large-Mid Value Total Return Index is an unmanaged index that tracks the performance of U.S. large- and mid-cap stocks exhibiting value characteristics.Visit appliedfinancefunds.com/MutualFunds/InvestorResources 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.***

**Applied Finance Select Fund** Tailored Shareholder Report**

#### Sector Breakdown
![](d7qy1jqmbrzzl2g.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** |  |
| **KLA Corp.** | 3.54% |
| **Applied Materials, Inc.** | 3.33% |
| **Cisco Systems, Inc.** | 3.28% |
| **Roper Technologies, Inc.** | 3.28% |
| **International Business Machines Corp.** | 3.25% |
| **Adobe, Inc.** | 3.17% |
| **Apple, Inc.** | 3.14% |
| **Oracle Corp.** | 3.13% |
| **HP, Inc.** | 2.90% |
| **Verizon Communications, Inc.** | 2.65% |

---

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

---

| | |
|:---|:---|
|  |  |
| **Fund Net Assets** | $570963822 |
| **Number of Holdings**  | 51 |
| **Total Advisory Fee Paid** | $2998846 |
| **Portfolio Turnover Rate** | 27.63% |

---

¹ The Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in equities generally or in the Fund in particular or the ability of the Morningstar Indexes to track general equity market performance.

THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR INDEXES OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

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

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

**Applied Finance Select Fund** Tailored Shareholder Report**

**annual Shareholder Report April 30, 2025**<br> **Applied Finance Select Fund**<br> **Investor Class Shares (Ticker: AFVLX)**<br>

This annual shareholder report contains important information about the Applied Finance Select Fund, Investor Class Shares for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at appliedfinancefunds.com/MutualFunds/InvestorResources. 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** |
| **Applied Finance Select Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Investor Class** | $101 | 1.01% |

---

#### How did the Fund perform?
For the period of May 1, 2024 to April 30, 2025, the Applied Finance Select Fund Investor Class Shares (the "Fund") returned -0.16%.

In comparison, the Morningstar US Market Total Return Index returned 11.51% and the Morningstar US Large Mid Value Total Return Index returned 10.65% for the same period.

#### What key factors influenced performance?
US stocks rose gradually from May 2024 through January 2025 before peaking in mid-February. Uncertainty over tariffs and their effect on the economy pushed stocks lower in March and part of April, with indices rebounding by the end of the month.

The performance of the Morningstar US Market Total Return Index was strongest in the Financials and Information Technology sectors. During the 12 months ending April 30, 2025, Growth stocks outperformed Value stocks.

The Fund's holdings focus on large-cap stocks in the US universe. The Fund's emphasis on Value oriented stocks lowered performance relative to the Morningstar US Market Total Return Index. Information Technology, Consumer Staples and Consumer Discretionary sectors were leading detractors relative to the Morningstar US Market Total Return Index. Underperformance was generally due to stock selection.

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

![](a18wsgw1mcc52yy7.jpg)

\* Inception

#### Annual Performance

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception** |
| **Applied Finance Select Fund - Investor Class** | -0.16% | 13.17% | 10.82% |
| **Morningstar US Market Total Return Index¹**  | 11.51% | 15.18% | 12.83% |
| **Morningstar US Large Mid Value Total Return Index¹** | 10.65% | 14.11% | 9.24% |

---

The Morningstar US Market Total Return Index is a broad-based, unmanaged index that measures the performance of the overall U.S. equity market, covering approximately 97% of U.S. market capitalization.The Morningstar US Large-Mid Value Total Return Index is an unmanaged index that tracks the performance of U.S. large- and mid-cap stocks exhibiting value characteristics.Visit appliedfinancefunds.com/MutualFunds/InvestorResources 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.***

**Applied Finance Select Fund** Tailored Shareholder Report**

#### Sector Breakdown
![](d7qy1jqmbrzzl2g.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** |  |
| **KLA Corp.** | 3.54% |
| **Applied Materials, Inc.** | 3.33% |
| **Cisco Systems, Inc.** | 3.28% |
| **Roper Technologies, Inc.** | 3.28% |
| **International Business Machines Corp.** | 3.25% |
| **Adobe, Inc.** | 3.17% |
| **Apple, Inc.** | 3.14% |
| **Oracle Corp.** | 3.13% |
| **HP, Inc.** | 2.90% |
| **Verizon Communications, Inc.** | 2.65% |

---

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

---

| | |
|:---|:---|
|  |  |
| **Fund Net Assets** | $570963822 |
| **Number of Holdings**  | 51 |
| **Total Advisory Fee Paid** | $2998846 |
| **Portfolio Turnover Rate** | 27.63% |

---

¹ The Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in equities generally or in the Fund in particular or the ability of the Morningstar Indexes to track general equity market performance.

THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR INDEXES OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

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

#### What did the Fund invest in?
(% of Net Assets as of April 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 $54, 000 for 2025 and $57,000 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 $8,700 for 2025 and $8,550 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 $3,000 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) Less than 50% of the hours expended on the principal account's engagement to audit the Registrant's financial statement for the fiscal year ended April 30, 2025 were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

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

For the Year Ended April 30, 2025

![](appliedfinance_arimg001.jpg)

**APPLIED FINANCE FUNDS**

Applied Finance Dividend Fund

Applied Finance Explorer Fund

Applied Finance Select Fund

See Notes to Financial Statements

**1**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance DIVIDEND fund**

**Schedule of Investments** **April 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; **99.58%** | **COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp; **2.89%** | **COMMUNICATION SERVICES** |  |  |
|  | Verizon Communications, Inc.  | 16580  | $730515 <br>|
| &nbsp;&nbsp;&nbsp; **9.79%** | **CONSUMER DISCRETIONARY** |  |  |
|  | Darden Restaurants, Inc.  | 3322  | 666526 |
|  | Hasbro, Inc.  | 11617  | 719092 |
|  | Home Depot, Inc.  | 1749  | 630497 |
|  | Whirlpool Corp.  | 5983  | 456383 |
|  |  |  | 2472498 |
| &nbsp;&nbsp;&nbsp; **10.09%** | **CONSUMER STAPLES** |  |  |
|  | Ingredion, Inc.  | 5434  | 721744 |
|  | Molson Coors Beverage Co. Class B  | 10000  | 575300 |
|  | Target Corp.  | 5730  | 554091 |
|  | Unilever plc ADR  | 10948  | 695745 |
|  |  |  | 2546880 |
| &nbsp;&nbsp;&nbsp; **5.49%** | **ENERGY** |  |  |
|  | Chevron Corp.  | 4976  | 677035 |
|  | Marathon Petroleum Corp.  | 5155  | 708349 |
|  |  |  | 1385384 |
| &nbsp;&nbsp;&nbsp; **21.57%** | **FINANCIALS** |  |  |
|  | Ameriprise Financial, Inc.  | 1440  | 678269 |
|  | Huntington Bancshares  | 46783  | 679757 |
|  | JPMorgan Chase & Co.  | 3041  | 743889 |
|  | The PNC Financial Services Group, Inc  | 4005  | 643563 |
|  | Prudential Financial, Inc.  | 6235  | 640397 |
|  | State Street Corp.  | 7654  | 674317 |
|  | The Travelers Companies, Inc  | 2785  | 735602 |
|  | Truist Financial Corp.  | 16938  | 649403 |
|  |  |  | 5445197 |

---

See Notes to Financial Statements

**2**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance DIVIDEND fund**

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; **16.52%** | **HEALTH CARE** |  |  |
|  | Abbott Laboratories  | 5200  | $679900 <br>|
|  | Abbvie, Inc.  | 3724  | 726552 |
|  | Eli Lilly & Co.  | 816  | 733543 |
|  | Johnson & Johnson  | 4480  | 700269 |
|  | Merck & Company, Inc.  | 7419  | 632099 |
|  | Novartis AG ADR  | 6146  | 697510 |
|  |  |  | 4169873 |
| &nbsp;&nbsp;&nbsp; **10.34%** | **INDUSTRIALS** |  |  |
|  | Eaton Corp. plc  | 2228  | 655856 |
|  | Norfolk Southern Corp.  | 3089  | 692091 |
|  | PACCAR, Inc.  | 6786  | 612165 |
|  | RTX Corp.  | 5161  | 650957 |
|  |  |  | 2611069 |
| &nbsp;&nbsp;&nbsp; **9.87%** | **INFORMATION TECHNOLOGY** |  |  |
|  | Accenture plc Class A  | 2012  | 601890 |
|  | Cisco Systems, Inc.  | 12114  | 699341 |
|  | HP, Inc.  | 19500  | 498615 |
|  | Microsoft Corp.  | 1748  | 690915 |
|  |  |  | 2490761 |
| &nbsp;&nbsp;&nbsp; **2.27%** | **MATERIALS** |  |  |
|  | LyondellBasell Industries NV  | 9843  | 572961 |
| &nbsp;&nbsp;&nbsp; **2.71%** | **REAL ESTATE** |  |  |
|  | Omega Healthcare Investors, Inc. REIT  | 17497  | 683258 |
| &nbsp;&nbsp;&nbsp; **8.04%** | **UTILITIES** |  |  |
|  | Public Service Enterprise Group, Inc.  | 7946  | 635124 |
|  | Sempra Energy  | 9133  | 678308 |
|  | UGI Corp.  | 21800  | 714822 |
|  |  |  | 2028254 |

---

See Notes to Financial Statements

**3**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance DIVIDEND fund**

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; **99.58%** | **TOTAL COMMON STOCKS** |  |  |
|  | (Cost: $23,510,343)  | (Cost: $23,510,343)  | $25136650 <br>|
| &nbsp;&nbsp;&nbsp; **0.32%** | **MONEY MARKET FUND** |  |  |
|  | Federated Treasury Obligations Fund - Institutional Class 4.19%<sup>(A)</sup>  | 79278  | 79278 |
|  | (Cost: $79,278) |  |  |
| &nbsp;&nbsp;&nbsp; **99.90%** | **TOTAL INVESTMENTS** |  |  |
|  | (Cost: $23,589,621)  | (Cost: $23,589,621)  | 25215928 |
| &nbsp;&nbsp;&nbsp; **0.10%** | Other assets, net of liabilities  | Other assets, net of liabilities  | 25872 |
| &nbsp;&nbsp;&nbsp; **100.00%** | **NET ASSETS**  | **NET ASSETS**  | **$** **25241800** <br>|

---

<sup>(A)</sup>Effective 7 day yield as of April 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

**4**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance Explorer fund**

**Schedule of Investments** **April 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; **96.80%** | **COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp; **3.07%** | **COMMUNICATION SERVICES** |  |  |
|  | CarGurus, Inc.<sup>(A)</sup>  | 178168  | $4981577 <br>|
|  | John Wiley & Sons, Inc. Class A  | 134326  | 5861987 |
|  | Sinclair, Inc.  | 192051  | 2765534 |
|  | TEGNA, Inc.  | 376883  | 6116811 |
|  | Ziff Davis, Inc.<sup>(A)</sup>  | 90812  | 2681678 |
|  |  |  | 22407587 |
| &nbsp;&nbsp;&nbsp; **10.45%** | **CONSUMER DISCRETIONARY** |  |  |
|  | Monarch Casino & Resort, Inc.  | 70000  | 5473300 |
|  | Caleres, Inc.  | 159108  | 2424806 |
|  | Dana, Inc.  | 476417  | 6545970 |
|  | Frontdoor, Inc.<sup>(A)</sup>  | 121099  | 4978380 |
|  | G-III Apparel Group Ltd.<sup>(A)</sup>  | 145965  | 3681237 |
|  | Green Brick Partners, Inc.<sup>(A)</sup>  | 72561  | 4280373 |
|  | Group 1 Automotive, Inc.  | 18811  | 7592684 |
|  | Hovnanian Enterprises, Inc.<sup>(A)</sup>  | 24481  | 2369761 |
|  | KB Home  | 79280  | 4283498 |
|  | Patrick Industries, Inc.  | 83911  | 6459469 |
|  | Phinia, Inc.  | 129827  | 5212554 |
|  | Sally Beauty Holdings, Inc.<sup>(A)</sup>  | 432258  | 3518580 |
|  | Stride, Inc.<sup>(A)</sup>  | 69895  | 9942564 |
|  | Taylor Morrison Home Corp.<sup>(A)</sup>  | 112274  | 6438914 |
|  | Upbound Group, Inc.  | 159678  | 3177592 |
|  |  |  | 76379682 |
| &nbsp;&nbsp;&nbsp; **2.75%** | **CONSUMER STAPLES** |  |  |
|  | The Andersons, Inc  | 129968  | 4901093 |
|  | BellRing Brands, Inc.<sup>(A)</sup>  | 93095  | 7181348 |
|  | Performance Food Group Co.<sup>(A)</sup>  | 99136  | 7996310 |
|  |  |  | 20078751 |

---

See Notes to Financial Statements

**5**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance Explorer fund**

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; **5.66%** | **ENERGY** |  |  |
|  | Antero Resources Corp.<sup>(A)</sup>  | 145615  | $5071770 <br>|
|  | ChampionX Corporation  | 192151  | 4636604 |
|  | Civitas Resources, Inc.  | 61626  | 1679309 |
|  | Dorian LPG Ltd.  | 160760  | 3443479 |
|  | Gulfport Energy Corp.<sup>(A)</sup>  | 39494  | 6812715 |
|  | International Seaways, Inc.  | 118805  | 4034618 |
|  | Liberty Energy, Inc.  | 254537  | 2927176 |
|  | Murphy Oil Corp.  | 107435  | 2205641 |
|  | Peabody Energy Corporation  | 210775  | 2600964 |
|  | Permian Resources Corp.  | 291692  | 3441966 |
|  | SM Energy Co.  | 108436  | 2471256 |
|  | Weatherford International plc  | 49645  | 2055303 |
|  |  |  | 41380801 |
| &nbsp;&nbsp;&nbsp; **15.10%** | **FINANCIALS - BANKS** |  |  |
|  | Axos Financial, Inc.<sup>(A)</sup>  | 99487  | 6315435 |
|  | The Bancorp, Inc.<sup>(A)</sup>  | 140416  | 6783497 |
|  | Columbia Banking System, Inc.  | 275227  | 6170589 |
|  | Customers Bancorp, Inc.<sup>(A)</sup>  | 121142  | 6057100 |
|  | Enact Holdings, Inc.  | 173746  | 6218369 |
|  | Enova International, Inc.<sup>(A)</sup>  | 90388  | 8296715 |
|  | Hancock Whitney Corp.  | 114914  | 5985870 |
|  | Mr. Cooper Group, Inc.<sup>(A)</sup>  | 57527  | 6846288 |
|  | Navient Corp.  | 300272  | 3717367 |
|  | Pathward Financial, Inc.  | 107513  | 8533307 |
|  | PennyMac Financial Services, Inc.  | 50395  | 4910489 |
|  | PJT Partners, Inc.  | 48689  | 6899718 |
|  | Preferred Bank  | 45602  | 3641776 |
|  | QCR Holdings, Inc.  | 70000  | 4546500 |
|  | Radian Group, Inc.  | 205565  | 6565746 |
|  | SLM Corp.  | 285469  | 8252909 |
|  | StoneX Group, Inc.<sup>(A)</sup>  | 120328  | 10656849 |
|  |  |  | 110398524 |

---

See Notes to Financial Statements

**6**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance Explorer fund**

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; **11.86%** | **FINANCIALS - NON-BANKS** |  |  |
|  | Arbor Realty Trust, Inc. REIT  | 395665  | $4562017 <br>|
|  | ARMOUR Residential REIT, Inc.<sup>(A)</sup>  | 240000  | 3952800 |
|  | CNO Financial Group, Inc.  | 187393  | 7109690 |
|  | Donnelley Financial Solutions<sup>(A)</sup>  | 104089  | 5017090 |
|  | Dynex Capital, Inc. REIT  | 408217  | 5033316 |
|  | F&G Annuities & Life, Inc.  | 140000  | 4873400 |
|  | Federated Hermes, Inc.  | 131162  | 5326489 |
|  | HCI Group, Inc.  | 51009  | 7462617 |
|  | Jackson Financial, Inc.  | 85598  | 6668940 |
|  | MFA Financial, Inc. REIT  | 460548  | 4522581 |
|  | NCR Atleos Corp.<sup>(A)</sup>  | 190669  | 5323479 |
|  | NMI Holdings, Inc.<sup>(A)</sup>  | 175843  | 6360241 |
|  | PennyMac Mortgage Investment Trust REIT | 344491  | 4423265 |
|  | Prog Holdings, Inc.  | 110931  | 2924141 |
|  | Rithm Capital Corp. REIT  | 504667  | 5642177 |
|  | Victory Capital Holdings, Inc. Class A  | 130792  | 7493074 |
|  |  |  | 86695317 |
| &nbsp;&nbsp;&nbsp; **12.61%** | **HEALTH CARE** |  |  |
|  | Acadia Pharmaceuticals, Inc.<sup>(A)</sup>  | 300000  | 4380000 |
|  | Amneal Pharmaceuticals, Inc.<sup>(A)</sup>  | 606953  | 4649260 |
|  | Amphastar Pharmaceuticals, Inc.<sup>(A)</sup>  | 90068  | 2198560 |
|  | ANI Pharmaceuticals, Inc.<sup>(A)</sup>  | 77956  | 5520844 |
|  | Catalyst Pharmaceuticals, Inc.<sup>(A)</sup>  | 266124  | 6464152 |
|  | Collegium Pharmaceutical, Inc.<sup>(A)</sup>  | 165208  | 4459790 |
|  | The Ensign Group, Inc  | 46835  | 6041247 |
|  | Halozyme Therapeutics, Inc.<sup>(A)</sup>  | 92701  | 5693695 |
|  | Harmony Biosciences Holdings, Inc.<sup>(A)</sup>  | 127823  | 3766944 |
|  | Innoviva, Inc.<sup>(A)</sup>  | 250000  | 4672500 |
|  | Lantheus Holdings, Inc.<sup>(A)</sup>  | 63139  | 6587923 |
|  | Mednax, Inc.<sup>(A)</sup>  | 410000  | 5280800 |
|  | Owens & Minor, Inc.<sup>(A)</sup>  | 399411  | 2819842 |
|  | Prestige Consumer Healthcare Inc.<sup>(A)</sup>  | 74617  | 6061139 |
|  | Supernus Pharmaceuticals, Inc.<sup>(A)</sup>  | 190998  | 6203615 |
|  | Tenet Healthcare Corp.<sup>(A)</sup>  | 48230  | 6894478 |
|  | United Therapeutics Corp.<sup>(A)</sup>  | 19993  | 6059678 |
|  | Waystar Holding Corp.<sup>(A)</sup>  | 118965  | 4421929 |
|  |  |  | 92176396 |

---

See Notes to Financial Statements

**7**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance Explorer fund**

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; **12.75%** | **INDUSTRIALS** |  |  |
|  | Alight, Inc.  | 720000  | $3679200 <br>|
|  | American Woodmark Corp.<sup>(A)</sup>  | 57251  | 3377809 |
|  | API Group Corp.<sup>(A)</sup>  | 153643  | 5812315 |
|  | Atkore, Inc.  | 52886  | 3377829 |
|  | Atmus Filtration Technologies, Inc.  | 123035  | 4265623 |
|  | BrightView Holdings, Inc.<sup>(A)</sup>  | 328156  | 4502300 |
|  | Builders FirstSource, Inc.<sup>(A)</sup>  | 39135  | 4681720 |
|  | Comfort Systems USA, Inc.  | 21282  | 8460659 |
|  | CSG Systems International, Inc.  | 129096  | 7762542 |
|  | Genco Shipping & Trading Ltd.  | 280855  | 3639881 |
|  | GMS, Inc.<sup>(A)</sup>  | 71295  | 5223072 |
|  | The Greenbrier Companies, Inc  | 83969  | 3561965 |
|  | Herc Holdings, Inc.  | 32843  | 3594338 |
|  | Hillman Solutions Corp.<sup>(A)</sup>  | 406288  | 2839953 |
|  | ICF International, Inc.  | 31188  | 2649733 |
|  | Maximus, Inc.  | 56485  | 3782236 |
|  | SkyWest, Inc.<sup>(A)</sup>  | 69450  | 6192856 |
|  | Sterling Infrastructure, Inc.<sup>(A)</sup>  | 58205  | 8697573 |
|  | Terex Corp.  | 72903  | 2566186 |
|  | Verra Mobility Corp.<sup>(A)</sup>  | 208870  | 4553366 |
|  |  |  | 93221156 |
| &nbsp;&nbsp;&nbsp; **7.06%** | **INFORMATION TECHNOLOGY** |  |  |
|  | ACI Worldwide, Inc.<sup>(A)</sup>  | 121351  | 6475289 |
|  | Adeia, Inc.  | 341035  | 4198141 |
|  | ASGN, Inc.<sup>(A)</sup>  | 56585  | 2850752 |
|  | Consensus Cloud Solutions, Inc.<sup>(A)</sup>  | 108472  | 2154254 |
|  | Insight Enterprises, Inc.<sup>(A)</sup>  | 31126  | 4304103 |
|  | InterDigital, Inc.  | 39684  | 7976484 |
|  | Netgear, Inc.<sup>(A)</sup>  | 209559  | 5054563 |
|  | OSI Systems, Inc.<sup>(A)</sup>  | 39301  | 8046487 |
|  | Progress Software Corp.  | 89243  | 5351010 |
|  | ScanSource, Inc.<sup>(A)</sup>  | 99949  | 3297318 |
|  | Xerox Corporation  | 440256  | 1941529 |
|  |  |  | 51649930 |

---

See Notes to Financial Statements

**8**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance Explorer fund**

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; **3.33%** | **MATERIALS** |  |  |
|  | Alpha Metallurgical Resources<sup>(A)</sup>  | 31503  | $3822889 <br>|
|  | Commercial Metals Co.  | 126197  | 5620814 |
|  | Element Solutions, Inc.  | 236133  | 4819475 |
|  | Ryerson Holding Corp.  | 170222  | 3979790 |
|  | Warrior Met Coal, Inc.  | 128058  | 6123734 |
|  |  |  | 24366702 |
| &nbsp;&nbsp;&nbsp; **7.68%** | **REAL ESTATE** |  |  |
|  | American Assets Trust, Inc. REIT  | 136119  | 2549509 |
|  | DiamondRock Hospitality Co. REIT  | 652555  | 4789754 |
|  | Douglas Emmett, Inc. REIT  | 362545  | 5013997 |
|  | Empire State Realty Trust REIT  | 486981  | 3467305 |
|  | Kite Realty Group Trust REIT  | 246088  | 5327805 |
|  | The Macerich Co REIT  | 385393  | 5649861 |
|  | Newmark Group, Inc.  | 545738  | 5997661 |
|  | Ryman Hospitality Properties, Inc. REIT  | 53269  | 4685009 |
|  | Sabra Health Care REIT, Inc.  | 340744  | 6082280 |
|  | SL Green Realty Corp. REIT  | 97683  | 5139103 |
|  | Tanger Factory Outlet Centers, Inc. REIT  | 235281  | 7413704 |
|  |  |  | 56115988 |
| &nbsp;&nbsp;&nbsp; **4.48%** | **UTILITIES** |  |  |
|  | California Water Service Group  | 123577  | 6259175 |
|  | Middlesex Water Company  | 32500  | 2051400 |
|  | New Jersey Resources Corp.  | 108080  | 5289435 |
|  | One Gas, Inc.  | 82823  | 6502434 |
|  | Southwest Gas Corp.  | 81943  | 5917104 |
|  | TXNM Energy, Inc.  | 126991  | 6755921 |
|  |  |  | 32775469 |
| &nbsp;&nbsp;&nbsp; **96.80%** | **TOTAL COMMON STOCKS** |  |  |
|  | (Cost: $651,650,729)  | (Cost: $651,650,729)  | 707646303 |

---

See Notes to Financial Statements

**9**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance Explorer fund**

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; **3.30%** | **MONEY MARKET FUND** |  |  |
|  | Federated Treasury Obligations Fund - Institutional Class 4.19%<sup>(B)</sup>  | 24122660  | $24122660 <br>|
|  | (Cost: $24,122,660) |  |  |
| &nbsp;&nbsp;&nbsp; **100.10%** | **TOTAL INVESTMENTS** |  |  |
|  | (Cost: $675,773,389)  | (Cost: $675,773,389)  | 731768963 |
| &nbsp;&nbsp;&nbsp; **(0.10%)** | Liabilities in excess of other assets  | Liabilities in excess of other assets  | (716225) |
| &nbsp;&nbsp;&nbsp; **100.00%** | **NET ASSETS**  | **NET ASSETS**  | **$** **731052738** <br>|

---

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

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

REIT - Real Estate Investment Trust.

See Notes to Financial Statements

**10**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance Select fund**

**Schedule of Investments** **April 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; **99.55%** | **COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp; **9.98%** | **COMMUNICATION SERVICES** |  |  |
|  | Alphabet, Inc. Class A  | 88699  | $14085401 <br>|
|  | Meta Platforms, Inc.  | 26339  | 14460111 |
|  | Verizon Communications, Inc.  | 342858  | 15106323 |
|  | The Walt Disney Co.  | 146499  | 13324084 |
|  |  |  | 56975919 |
| &nbsp;&nbsp;&nbsp; **10.68%** | **CONSUMER DISCRETIONARY** |  |  |
|  | Aptiv plc<sup>(A)</sup>  | 215795  | 12313263 |
|  | Darden Restaurants, Inc.  | 62097  | 12459142 |
|  | DR Horton, Inc.  | 97271  | 12289218 |
|  | LKQ Corp.  | 305743  | 11682440 |
|  | Lowe's Companies, Inc.  | 54679  | 12224037 |
|  |  |  | 60968100 |
| &nbsp;&nbsp;&nbsp; **6.23%** | **CONSUMER STAPLES** |  |  |
|  | Constellation Brands, Inc. Class A  | 48037  | 9008859 |
|  | Keurig Dr Pepper, Inc.  | 267854  | 9265070 |
|  | Target Corp.  | 81916  | 7921277 |
|  | Tyson Foods, Inc. Class A  | 153328  | 9389807 |
|  |  |  | 35585013 |
| &nbsp;&nbsp;&nbsp; **3.11%** | **ENERGY** |  |  |
|  | Chevron Corp.  | 45142  | 6142021 |
|  | ConocoPhillips  | 63668  | 5674092 |
|  | Valero Energy Corp.  | 51382  | 5964936 |
|  |  |  | 17781049 |
| &nbsp;&nbsp;&nbsp; **14.76%** | **FINANCIALS** |  |  |
|  | Ameriprise Financial, Inc.  | 25449  | 11986988 |
|  | Bank of America Corp.  | 315875  | 12597095 |
|  | Fiserv, Inc.<sup>(A)</sup>  | 57092  | 10537470 |
|  | JPMorgan Chase & Co.  | 51162  | 12515248 |

---

See Notes to Financial Statements

**11**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance Select fund**

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  | Mastercard, Inc. Class A  | 22748  | $12467269 <br>|
|  | MetLife, Inc.  | 153048  | 11535228 |
|  | The Travelers Companies, Inc  | 47919  | 12656845 |
|  |  |  | 84296143 |
| &nbsp;&nbsp;&nbsp; **11.04%** | **HEALTH CARE** |  |  |
|  | CVS Health Corp.  | 125204  | 8352359 |
|  | Danaher Corp.  | 36873  | 7349895 |
|  | Incyte Corp.<sup>(A)</sup>  | 133907  | 8390613 |
|  | McKesson Corp.  | 11710  | 8346771 |
|  | Merck & Company, Inc.  | 91034  | 7756097 |
|  | Regeneron Pharmaceuticals, Inc.  | 12755  | 7637184 |
|  | Stryker Corp.  | 21548  | 8057228 |
|  | Thermo Fisher Scientific, Inc.  | 16585  | 7114965 |
|  |  |  | 63005112 |
| &nbsp;&nbsp;&nbsp; **8.44%** | **INDUSTRIALS** |  |  |
|  | Cummins, Inc.  | 29878  | 8779352 |
|  | Quanta Services, Inc.  | 35371  | 10352738 |
|  | Union Pacific Corp.  | 43308  | 9339803 |
|  | United Rentals, Inc.  | 15973  | 10086151 |
|  | Wabtec Corp.  | 52182  | 9640103 |
|  |  |  | 48198147 |
| &nbsp;&nbsp;&nbsp; **29.01%** | **INFORMATION TECHNOLOGY** |  |  |
|  | Adobe, Inc.<sup>(A)</sup>  | 48263  | 18097660 |
|  | Apple, Inc.  | 84337  | 17921613 |
|  | Applied Materials, Inc.  | 126103  | 19004983 |
|  | Cisco Systems, Inc.  | 324481  | 18732288 |
|  | HP, Inc.  | 648473  | 16581455 |
|  | International Business Machines Corp.  | 76673  | 18541065 |
|  | KLA Corp.  | 28783  | 20225526 |
|  | Oracle Corp.  | 126803  | 17843718 |
|  | Roper Technologies, Inc.  | 33388  | 18699951 |
|  |  |  | 165648259 |

---

See Notes to Financial Statements

**12**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance Select fund**

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; **1.78%** | **MATERIALS** |  |  |
|  | Celanese Corp. Class A  | 91785  | $4085350 <br>|
|  | The Sherwin-Williams Co.  | 17185  | 6064930 |
|  |  |  | 10150280 |
| &nbsp;&nbsp;&nbsp; **2.11%** | **REAL ESTATE** |  |  |
|  | CBRE Group, Inc.<sup>(A)</sup>  | 98525  | 12037784 |
| &nbsp;&nbsp;&nbsp; **2.41%** | **UTILITIES** |  |  |
|  | DTE Energy Co.  | 52413  | 7180581 |
|  | Public Service Enterprise Group, Inc.  | 82202  | 6570406 |
|  |  |  | 13750987 |
| &nbsp;&nbsp;&nbsp; **99.55%** | **TOTAL COMMON STOCKS** |  |  |
|  | (Cost: $478,710,869)  | (Cost: $478,710,869)  | 568396793 |
| &nbsp;&nbsp;&nbsp; **0.40%** | **MONEY MARKET FUND** |  |  |
|  | Federated Treasury Obligations Fund - Institutional Class 4.19%<sup>(B)</sup>  | 2287361  | 2287361 |
|  | (Cost: $2,287,361) |  |  |
| &nbsp;&nbsp;&nbsp; **99.95%** | **TOTAL INVESTMENTS** |  |  |
|  | (Cost: $480,998,230)  | (Cost: $480,998,230)  | 570684154 |
| &nbsp;&nbsp;&nbsp; **0.05%** | Other assets, net of liabilities  | Other assets, net of liabilities  | 279668 |
| &nbsp;&nbsp;&nbsp; **100.00%** | **NET ASSETS**  | **NET ASSETS**  | **$** **570963822** <br>|

---

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

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

See Notes to Financial Statements

**14**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance funds**

**Statements of Assets and Liabilities**

---

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

---

See Notes to Financial Statements

**15**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance funds**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Applied Finance Dividend Fund** | **Applied Finance Explorer Fund** | **Applied Finance <br>Select Fund** |
| $25215928 <br>| $731768963 <br>| $570684154 <br>|
| 367 | 382379 | 267145 |
| 37855 | 311296 | 618430 |
| 8699 |  |  |
| 20040 | 73665 | 60686 |
| 25282889 | 732536303 | 571630415 |
| 2350 | 866668 | 343141 |
| 749 | 393529 | 246655 |
| 8365 | 62312 | 18114 |
| 5446 | 57684 | 26894 |
| 21349 |  |  |
| 2830 | 103372 | 31789 |
| 41089 | 1483565 | 666593 |
| $25241800 <br>| $731052738 <br>| $570963822 <br>|
| $23141452 <br>| $667836231 <br>| $456573190 <br>|
| 2100348 | 63216507 | 114390632 |
| $25241800 <br>| $731052738 <br>| $570963822 <br>|
| $17630599 <br>| $560749587 <br>| $502950110 <br>|
| 7611201 | 170303151 | 68013712 |
| $25241800 <br>| $731052738 <br>| $570963822 <br>|
| 1599809 | 27788824 | 24431306 |
| 703260 | 8506979 | 3319524 |
| 2303069 | 36295803 | 27750830 |
| $11.02 <br>| $20.18 <br>| $20.59 <br>|
| 10.82 | 20.02 | 20.49 |
| $23589621 <br>| $675773389 <br>| $480998230 <br>|

---

See Notes to Financial Statements

**16**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance funds**

**Statements of Operations**

---

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

---

See Notes to Financial Statements

**17**

FINANCIAL STATEMENTS \| April 30, 2025

---

| | | |
|:---|:---|:---|
| **Applied Finance Dividend Fund** | **Applied Finance Explorer Fund** | **Applied Finance <br>Select Fund** |
| $848131 <br>| $14535902 <br>| $10087647 <br>|
| 9740 | 751421 | 290237 |
| 857871 | 15287323 | 10377884 |
| 246915 | 8733638 | 5067321 |
| 21943 | 477059 | 137887 |
| 15013 | 283230 | 203500 |
| 6894 | 188817 | 134296 |
| 9183 | 56029 | 39017 |
| 35302 | 169923 | 69397 |
| 26558 | 57726 | 48605 |
| 58333 | 164643 | 100000 |
| 889 | 24796 | 18554 |
| 5091 | 12943 | 10762 |
| 12559 | 79942 | 58282 |
| 6038 | 440728 | 417270 |
| 15535 | 278536 | 90310 |
| 2804 | 6399 | 6643 |
| 4593 | 59998 | 31794 |
|  |  | 2051 |
| 8370 | 37055 | 27285 |
| 476020 | 11071462 | 6462974 |
| (188851) | (4175703) | (2068475) |
| 287169 | 6895759 | 4394499 |
| 570702 | 8391564 | 5983385 |
| (79447) | 24856493 | 32384661 |
| 949543 | (33627179) | (43577599) |
| 870096 | (8770686) | (11192938) |
| $1440798 <br>| $(379122 ) | $(5209553 ) |
| $70 <br>| $13015 <br>| $— <br>|

---

**Applied finance funds**

**Year Ended April 30, 2025**

See Notes to Financial Statements

**18**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance funds**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Applied Finance Dividend Fund** | **Applied Finance Dividend Fund** |
|  | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** |
| **INCREASE (DECREASE) IN NET ASSETS FROM** |  |  |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $570702 <br>| $635159 <br>|
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments  | (79447) | 760522 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments  | 949543 | 1906162 |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 1440798 | 3301843 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp; Distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | (802759) | (504275) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class  | (350230) | (216532) |
| &nbsp;&nbsp;&nbsp; Decrease in net assets from distributions  | (1152989) | (720807) |
| **CAPITAL STOCK TRANSACTIONS (Note 5)** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | 681662 | 730660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class  | 2403025 | 982284 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | 763268 | 478259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class  | 342450 | 211923 |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | (2349905) | (2909993) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class  | (4265453) | (1971525) |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from capital stock transactions  | (2424953) | (2478392) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Increase (decrease) during year  | (2137144) | 102644 |
| &nbsp;&nbsp;&nbsp; Beginning of year  | 27378944 | 27276300 |
| &nbsp;&nbsp;&nbsp; End of year  | $25241800 <br>| $27378944 <br>|

---

See Notes to Financial Statements

**19**

FINANCIAL STATEMENTS \| April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Applied Finance Explorer Fund** | **Applied Finance Explorer Fund** | **Applied Finance Select Fund** | **Applied Finance Select Fund** |
| **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
| **2025** | **2024** | **2025** | **2024** |
| $8391564 <br>| $6326103 <br>| $5983385 <br>| $6791231 <br>|
| 24856493 | (4661123) | 32384661 | 9639809 |
| (33627179) | 90760618 | (43577599) | 65164078 |
| (379122) | 92425598 | (5209553) | 81595118 |
| (14531489) | (3323652) | (18026775) | (6978662) |
| (4463601) | (1240333) | (1730301) | (504785) |
| (18995090) | (4563985) | (19757076) | (7483447) |
| 187050956 | 208402860 | 179337667 | 137448276 |
| 63073813 | 66318133 | 46317827 | 25504360 |
| 10281484 | 2053367 | 10925629 | 4339371 |
| 3941536 | 1085977 | 1603393 | 426199 |
| (102032245) | (42760945) | (179022876) | (111740836) |
| (68812670) | (42576862) | (28898569) | (12302561) |
| 93502874 | 192522530 | 30263071 | 43674809 |
| 74128662 | 280384143 | 5296442 | 117786480 |
| 656924076 | 376539933 | 565667380 | 447880900 |
| $731052738 <br>| $656924076 <br>| $570963822 <br>| $565667380 <br>|

---

**Applied finance funds**

See Notes to Financial Statements

**20**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance DIVIDEND fund**

**Financial Highlights**

---

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

---

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

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

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

<sup>(4)</sup> Ratio of total expenses before management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been 1.59% for the year ended April 30, 2025, and 1.58% for the year ended April 30, 2023.

<sup>(5)</sup> Ratio of total expenses net of management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been 0.95% for the year ended April 30, 2025, and 0.95% for the year ended April 30, 2023.

See Notes to Financial Statements

**21**

FINANCIAL STATEMENTS \| April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| **Years ended April 30,**  | **Years ended April 30,**  | **Years ended April 30,**  | **Years ended April 30,**  | **Years ended April 30,**  |
| **2025** | **2024** | **2023** | **2022** | **2021** |
| **$** **10.97** <br>| **$** **9.93** <br>| **$** **11.50** <br>| **$** **16.79** <br>| **$** **11.99** <br>|
| 0.25 | 0.25 | 0.24 | 0.19 | 0.10 |
| 0.32 | 1.09 | (0.26) | 0.36 | 6.11 |
| 0.57 | 1.34 | (0.02) | 0.55 | 6.21 |
| (0.26) | (0.30) | (0.25) | (0.08) | (0.13) |
| (0.26) |  | (1.30) | (5.76) | (1.28) |
| (0.52) | (0.30) | (1.55) | (5.84) | (1.41) |
|  |  | —<br><sup>(2)</sup>  | —<br><sup>(2)</sup>  | —<br><sup>(2)</sup>  |
| **$** **11.02** <br>| **$** **10.97** <br>| **$** **9.93** <br>| **$** **11.50** <br>| **$** **16.79** <br>|
| **4.99%** | **13.61%** | **0.15%** | **2.05%** | **53.94%** |
| 1.61%<sup>(4)</sup>  | 1.61% | 1.64%<sup>(4)</sup>  | 1.41% | 1.52% |
| 0.97%<sup>(5)</sup>  | 0.95% | 1.01%<sup>(5)</sup>  | 0.95% | 0.95% |
| 2.16% | 2.46% | 2.29% | 1.34% | 0.70% |
| 12.78% | 7.36% | 14.85% | 81.95% | 14.95% |
| $17631 <br>| $18400 <br>| $18319 <br>| $24173 <br>| $39543 <br>|

---

<sup>

</sup>

 

 

<sup>

</sup>

<sup>

</sup>

**Applied finance DIVIDEND fund**

**Selected Per Share Data Throughout Each Year**

See Notes to Financial Statements

**22**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance DIVIDEND fund**

**Financial Highlights**

---

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

---

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

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

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

<sup>(4)</sup> Ratio of total expenses before management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been 1.98% for the year ended April 30, 2025, and 1.96% for the year ended April 30, 2023.

<sup>(5)</sup> Ratio of total expenses net of management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been 1.20% for the year ended April 30, 2025, and 1.20% for the year ended April 30, 2023.

See Notes to Financial Statements

**23**

FINANCIAL STATEMENTS \| April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** |
| **Years ended April 30,**  | **Years ended April 30,**  | **Years ended April 30,**  | **Years ended April 30,**  | **Years ended April 30,**  |
| **2025** | **2024** | **2023** | **2022** | **2021** |
| **$** **10.80** <br>| **$** **9.79** <br>| **$** **11.31** <br>| **$** **16.61** <br>| **$** **11.94** <br>|
| 0.22 | 0.23 | 0.21 | 0.16 | 0.06 |
| 0.31 | 1.06 | (0.25) | 0.35 | 6.06 |
| 0.53 | 1.29 | (0.04) | 0.51 | 6.12 |
| (0.25) | (0.28) | (0.18) | (0.05) | (0.17) |
| (0.26) |  | (1.30) | (5.76) | (1.28) |
| (0.51) | (0.28) | (1.48) | (5.81) | (1.45) |
|  |  | —<br><sup>(2)</sup>  | —<br><sup>(2)</sup>  | —<br><sup>(2)</sup>  |
| **$** **10.82** <br>| **$** **10.80** <br>| **$** **9.79** <br>| **$** **11.31** <br>| **$** **16.61** <br>|
| **4.71%** | **13.29%** | **(0.03**<br>**%)** | **1.80%** | **53.41%** |
| 2.00%<sup>(4)</sup>  | 2.03% | 2.03%<sup>(4)</sup>  | 1.80% | 1.88% |
| 1.22%<sup>(5)</sup>  | 1.20% | 1.27%<sup>(5)</sup>  | 1.20% | 1.20% |
| 1.91% | 2.21% | 2.01% | 1.13% | 0.45% |
| 12.78% | 7.36% | 14.85% | 81.95% | 14.95% |
| $7611 <br>| $8979 <br>| $8957 <br>| $9948 <br>| $12742 <br>|

---

<sup>

</sup>

 

 

<sup>

</sup>

<sup>

</sup>

**Applied finance DIVIDEND fund**

**Selected Per Share Data Throughout Each Year**

See Notes to Financial Statements

**24**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance Explorer fund**

**Financial Highlights**

---

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

---

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

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

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

<sup>(4)</sup> Ratio of total expenses before management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been 1.36% for the year ended April 30, 2025, and 1.45% for the year ended April 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 0.83% for the year ended April 30, 2025, and 0.83% for the year ended April 30, 2021.

See Notes to Financial Statements

**25**

FINANCIAL STATEMENTS \| April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| **Years ended April 30,**  | **Years ended April 30,**  | **Years ended April 30,**  | **Years ended April 30,**  | **Years ended April 30,**  |
| **2025** | **2024** | **2023** | **2022** | **2021** |
| **$** **20.51** <br>| **$** **16.89** <br>| **$** **17.93** <br>| **$** **17.31** <br>| **$** **9.09** <br>|
| 0.25 | 0.26 | 0.20 | 0.08 | 0.02 |
| (0.04) | 3.55 | (0.92) | 0.70 | 8.26 |
| 0.21 | 3.81 | (0.72) | 0.78 | 8.28 |
| (0.24) | (0.19) | (0.13) | (0.04) | (0.06) |
| (0.30) |  | (0.19) | (0.12) |  |
| (0.54) | (0.19) | (0.32) | (0.16) | (0.06) |
|  |  | —<br><sup>(2)</sup>  | —<br><sup>(2)</sup>  | —<br><sup>(2)</sup>  |
| **$** **20.18** <br>| **$** **20.51** <br>| **$** **16.89** <br>| **$** **17.93** <br>| **$** **17.31** <br>|
| **0.83%** | **22.57%** | **(3.97**<br>**%)** | **4.50%** | **91.26%** |
| 1.37%<sup>(4)</sup>  | 1.37% | 1.41% | 1.45% | 1.61%<sup>(4)</sup>  |
| 0.84%<sup>(5)</sup>  | 0.83% | 0.83% | 0.83% | 0.86%<sup>(5)</sup>  |
| 1.16% | 1.37% | 1.14% | 0.45% | 0.15% |
| 37.29% | 32.00% | 29.88% | 31.62% | 42.02% |
| $560750 <br>| $480381 <br>| $251913 <br>| $161652 <br>| $79647 <br>|

---

<sup>

</sup>

 

 

<sup>

</sup>

<sup>

</sup>

**Applied finance Explorer fund**

**Selected Per Share Data Throughout Each Year**

See Notes to Financial Statements

**26**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance Explorer fund**

**Financial Highlights**

---

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

---

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

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

<sup>(</sup><sup>3</sup><sup>)</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 April 30, 2025, and 1.93% for the year ended April 30, 2021.

<sup>(</sup><sup>4</sup><sup>)</sup> Ratio of total expenses net of management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been 1.08% for the year ended April 30, 2025, and 1.08% for the year ended April 30, 2021.

See Notes to Financial Statements

**27**

FINANCIAL STATEMENTS \| April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** |
| **Years ended April 30,**  | **Years ended April 30,**  | **Years ended April 30,**  | **Years ended April 30,**  | **Years ended April 30,**  |
| **2025** | **2024** | **2023** | **2022** | **2021** |
| **$** **20.37** <br>| **$** **16.79** <br>| **$** **17.82** <br>| **$** **17.19** <br>| **$** **9.02** <br>|
| 0.20 | 0.21 | 0.15 | 0.04 | (0.02) |
| (0.05) | 3.53 | (0.90) | 0.68 | 8.19 |
| 0.15 | 3.74 | (0.75) | 0.72 | 8.17 |
| (0.20) | (0.16) | (0.10) | (0.01) | (0.02) |
| (0.30) |  | (0.19) | (0.12) |  |
| (0.50) | (0.16) | (0.29) | (0.13) | (0.02) |
|  |  | 0.01 | 0.04 | 0.02 |
| **$** **20.02** <br>| **$** **20.37** <br>| **$** **16.79** <br>| **$** **17.82** <br>| **$** **17.19** <br>|
| **0.55%** | **22.27%** | **(4.13**<br>**%)** | **4.40%** | **90.87%** |
| 1.69%<sup>(3)</sup>  | 1.69% | 1.73% | 1.76% | 1.96%<sup>(3)</sup>  |
| 1.09%<sup>(4)</sup>  | 1.08% | 1.08% | 1.08% | 1.11%<sup>(4)</sup>  |
| 0.91% | 1.13% | 0.89% | 0.20% | (0.13%) |
| 37.29% | 32.00% | 29.88% | 31.62% | 42.02% |
| $170303 <br>| $176543 <br>| $124627 <br>| $92813 <br>| $40114 <br>|

---

<sup>

</sup>

 

<sup>

</sup>

<sup>

</sup>

**Applied finance Explorer fund**

**Selected Per Share Data Throughout Each Year**

See Notes to Financial Statements

**28**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance Select fund**

**Financial Highlights**

---

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

---

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

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

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

<sup>(4)</sup> Ratio of total expenses before management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been 1.11% for the year ended April 30, 2025.

<sup>(5)</sup> Ratio of total expenses net of management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been 0.75% for the year ended April 30, 2025.

See Notes to Financial Statements

**29**

FINANCIAL STATEMENTS \| April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| **Years ended April 30,**  | **Years ended April 30,**  | **Years ended April 30,**  | **Years ended April 30,**  | **Years ended April 30,**  |
| **2025** | **2024** | **2023** | **2022** | **2021** |
| **$** **21.35** <br>| **$** **18.39** <br>| **$** **18.50** <br>| **$** **18.62** <br>| **$** **12.11** <br>|
| 0.24 | 0.27 | 0.26 | 0.18 | 0.15 |
| (0.19) | 2.99 | (0.16) | 0.17 | 6.56 |
| 0.05 | 3.26 | 0.10 | 0.35 | 6.71 |
| (0.25) | (0.23) | (0.05) | (0.16) | (0.14) |
| (0.56) | (0.07) | (0.16) | (0.31) | (0.06) |
| (0.81) | (0.30) | (0.21) | (0.47) | (0.20) |
|  |  | —<br><sup>(2)</sup>  | —<br><sup>(2)</sup>  | —<br><sup>(2)</sup>  |
| **$** **20.59** <br>| **$** **21.35** <br>| **$** **18.39** <br>| **$** **18.50** <br>| **$** **18.62** <br>|
| **0.07%** | **17.81%** | **0.60%** | **1.82%** | **55.70%** |
| 1.12%<sup>(4)</sup>  | 1.13% | 1.15% | 1.16% | 1.23% |
| 0.76%<sup>(5)</sup>  | 0.75% | 0.75% | 0.75% | 0.75% |
| 1.09% | 1.36% | 1.44% | 0.95% | 0.97% |
| 27.63% | 6.99% | 11.26% | 8.26% | 13.89% |
| $502950 <br>| $513424 <br>| $415019 <br>| $312612 <br>| $252690 <br>|

---

<sup>

</sup>

 

 

<sup>

</sup>

<sup>

</sup>

**Applied finance Select fund**

**Selected Per Share Data Throughout Each Year**

See Notes to Financial Statements

**30**

FINANCIAL STATEMENTS \| April 30, 2025

---

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

---

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

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

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

<sup>(4)</sup> Ratio of total expenses before management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been 1.44% for the year ended April 30, 2025.

<sup>(5)</sup> Ratio of total expenses net of management fee waivers and reimbursements, excluding proxy costs and interest expense, would have been 1.00% for the year ended April 30, 2025.

**Applied finance Select fund**

**Financial Highlights**

See Notes to Financial Statements

**31**

FINANCIAL STATEMENTS \| April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** |
| **Years ended April 30,**  | **Years ended April 30,**  | **Years ended April 30,**  | **Years ended April 30,**  | **Years ended April 30,**  |
| **2025** | **2024** | **2023** | **2022** | **2021** |
| **$** **21.24** <br>| **$** **18.30** <br>| **$** **18.42** <br>| **$** **18.54** <br>| **$** **12.07** <br>|
| 0.18 | 0.22 | 0.21 | 0.13 | 0.11 |
| (0.18) | 2.97 | (0.15) | 0.16 | 6.53 |
| 0.00 | 3.19 | 0.06 | 0.29 | 6.64 |
| (0.19) | (0.18) | (0.02) | (0.11) | (0.11) |
| (0.56) | (0.07) | (0.16) | (0.31) | (0.06) |
| (0.75) | (0.25) | (0.18) | (0.42) | (0.17) |
|  |  | —<br><sup>(2)</sup>  | 0.01 | —<br><sup>(2)</sup>  |
| **$** **20.49** <br>| **$** **21.24** <br>| **$** **18.30** <br>| **$** **18.42** <br>| **$** **18.54** <br>|
| **(0.16**<br>**%)** | **17.46%** | **0.37%** | **1.55%** | **55.30%** |
| 1.45%<sup>(4)</sup>  | 1.44% | 1.46% | 1.48% | 1.57% |
| 1.01%<sup>(5)</sup>  | 1.00% | 1.00% | 1.00% | 1.00% |
| 0.84% | 1.09% | 1.20% | 0.69% | 0.71% |
| 27.63% | 6.99% | 11.26% | 8.26% | 13.89% |
| $68014 <br>| $52243 <br>| $32862 <br>| $29014 <br>| $21060 <br>|

---

<sup>

</sup>

 

 

<sup>

</sup>

<sup>

</sup>

**Applied finance Select fund**

**Selected Per Share Data Throughout Each Year**

**32**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance funds**

**Notes to the Financial Statements** **April 30, 2025**

**NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES** 

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

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

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

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

**Security Valuation**

The Funds' securities are valued at fair value. Investments in securities traded on a principal exchange (U.S. or foreign) are valued at the last reported sales

**33**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance funds**

**Notes to the Financial Statements - continued** **April 30, 2025**

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

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

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

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

**34**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance funds**

**Notes to the Financial Statements - continued** **April 30, 2025**

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

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

The following is a summary of the level of inputs used to value the Funds' investments as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 <br>Quoted <br>Prices** | **Level 2 Other Significant Observable Inputs** | **Level 3 Significant Unobservable Inputs** | **Total** |
| **Dividend Fund** |  |  |  |  |
| Common Stocks  | $25136650 <br>| $— <br>| $— <br>| $25136650 <br>|
| Money Market Fund  | 79278 |  |  | 79278 |
|  | $25215928 <br>| $— <br>| $— <br>| $25215928 <br>|
| **Explorer Fund** |  |  |  |  |
| Common Stocks  | $707646303 <br>| $— <br>| $— <br>| $707646303 <br>|
| Money Market Fund  | 24122660 |  |  | 24122660 |
|  | $731768963 <br>| $— <br>| $— <br>| $731768963 <br>|
| **Select Fund** |  |  |  |  |
| Common Stocks  | $568396793 <br>| $— <br>| $— <br>| $568396793 <br>|
| Money Market Fund  | 2287361 |  |  | 2287361 |
|  | $570684154 <br>| $— <br>| $— <br>| $570684154 <br>|

---

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

The Funds held no Level 3 securities at any time during the year ended April 30, 2025.

**35**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance funds**

**Notes to the Financial Statements - continued** **April 30, 2025**

**Security Transactions and Income** 

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

**Cash and Cash Equivalents**

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

**Accounting Estimates** 

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

**Federal Income Taxes**

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

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

**36**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance funds**

**Notes to the Financial Statements - continued** **April 30, 2025**

**Reclassification of Capital Accounts** 

GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. For the year ended April 30, 2025, such reclassifications were due primarily to the utilization of earnings and profits distributed to shareholders on redemption of fund shares.

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-in capital** | **Distributable earnings** |
| Dividend  | $— <br>| $— <br>|
| Explorer  | 3031955 | (3031955) |
| Select  | 7036589 | (7036589) |

---

**Class Net Asset Values and Expenses** 

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

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

**37**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance funds**

**Notes to the Financial Statements - continued** **April 30, 2025**

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

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

The Advisor earned and waived fees for the year ended April 30, 2025, for the Funds as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Fee** | **Management Fee Earned** | **Management Fee Waived** |
| Dividend  | 0.90% | $246915 <br>| $188851 <br>|
| Explorer  | 1.14% | 8733638 | 4175703 |
| Select  | 0.90% | 5067321 | 2068475 |

---

The Advisor has entered into a written expense limitation agreement under which it has agreed to limit the total expenses for each Fund (exclusive of interest, expenses incurred under a plan of distribution adopted pursuant to the Rule 12b-1 under the 1940 Act, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other extraordinary expenses not incurred in the ordinary course of business) to an annual rate of 0.95%, 0.83%, and 0.75% of the average daily net assets of the Dividend Fund, Explorer Fund and Select Fund, respectively. Each waiver and/or reimbursement of an expense by the Advisor is subject to repayment by the respective fund within thirty-six months following the date such waiver and/or reimbursement was made, provided that the respective Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped. This expense cap may not be terminated prior to September 1, 2025 unless mutually agreed to in writing by the parties.

The total amounts of recoverable reimbursements for the Funds as of April 30, 2025, and expiration dates are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Recoverable Reimbursements and Expiration Dates** | **Recoverable Reimbursements and Expiration Dates** | **Recoverable Reimbursements and Expiration Dates** | **Recoverable Reimbursements and Expiration Dates** |
| **Fund** | **2026** | **2027** | **2028** | **Total** |
| Dividend  | $201128 <br>| $190628 <br>| $188851 <br>| $580607 <br>|
| Explorer  | 1940470 | 2735145 | 4175703 | 8851318 |
| Select  | 1502981 | 1934437 | 2068475 | 5505893 |

---

The Funds have adopted a Distribution Plan with respect to Investor Class shares in accordance with Rule 12b-1 under the 1940 Act. Pursuant to the

**38**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance funds**

**Notes to the Financial Statements - continued** **April 30, 2025**

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

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

For the year ended April 30, 2025, the following expenses were incurred:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class** | **Type of Plan** | **Fees Incurred** |
| Dividend  | Investor | 12b-1 | $21943 <br>|
|  | Institutional | Shareholder Service | 6038 |
|  | Investor | Shareholder Service | 15535 |
| Explorer  | Investor | 12b-1 | 477059 |
|  | Institutional | Shareholder Service | 440728 |
|  | Investor | Shareholder Service | 278536 |
| Select  | Investor | 12b-1 | 137887 |
|  | Institutional | Shareholder Service | 417270 |
|  | Investor | Shareholder Service | 90310 |

---

**39**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance funds**

**Notes to the Financial Statements - continued** **April 30, 2025**

Commonwealth Fund Services, Inc. ("CFS") acts as the Funds' administrator, transfer and dividend disbursing agent, and accounting agent. As administrator, CFS provides shareholder, recordkeeping, administrative and blue-sky filing services. Fees to CFS are computed daily and paid monthly. For the year ended April 30, 2025, the following fees were paid by the Funds to CFS:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Administration** | **Transfer Agent** | **Accounting** |
| Dividend  | $14789 <br>| $35287 <br>| $6549 <br>|
| Explorer  | 277144 | 169508 | 179440 |
| Select  | 199047 | 69091 | 127419 |

---

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

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

The Funds' Chief Compliance Officer is the Managing Member of Watermark Solutions, LLC ("Watermark"), which provides certain compliance services to the Funds. For the year ended April 30, 2025, Watermark received the following fees incurred by the Funds:

---

| | |
|:---|:---|
| **Fund** |  |
| Dividend  | $5091 <br>|
| Explorer  | 12943 |
| Select  | 10762 |

---

**NOTE 3 – INVESTMENTS** 

The cost of purchases and the proceeds from sales of securities other than short-term notes for the year ended April 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Dividend  | $3487989 <br>| $5937682 <br>|
| Explorer  | 353611951 | 279540074 |
| Select  | 183915121 | 155046486 |

---

**40**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance funds**

**Notes to the Financial Statements - continued** **April 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 years 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 April 30, 2025 and 2024, respectively, were as follows:

---

| | | |
|:---|:---|:---|
| **Dividend Fund** | **Dividend Fund** | **Dividend Fund** |
|  | **Year Ended<br>April 30, 2025** | **Year Ended<br>April 30, 2024** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | $571010 <br>| $720807 <br>|
| &nbsp;&nbsp;&nbsp; Accumulated net realized gain on investments  | 581979 |  |
|  | $1152989 <br>| $720807 <br>|
| **Explorer Fund** | **Explorer Fund** | **Explorer Fund** |
|  | **Year Ended<br>April 30, 2025** | **Year Ended<br>April 30, 2024** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income  | $8315267 <br>| $4423338 <br>|
| &nbsp;&nbsp;&nbsp; Accumulated net realized gain on investments  | 10679823 | 140647 |
|  | $18995090 <br>| $4563985 <br>|
| **Select Fund** | **Select Fund** | **Select Fund** |
|  | **Year Ended<br>April 30, 2025** | **Year Ended<br>April 30, 2024** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | $6063980 <br>| $5736241 <br>|
| &nbsp;&nbsp;&nbsp; Accumulated net realized gain on investments  | 13693096 | 1747206 |
|  | $19757076 <br>| $7483447 <br>|

---

**41**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance funds**

**Notes to the Financial Statements - continued** **April 30, 2025**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Dividend <br>Fund** | **Explorer<br>Fund** | **Select <br>Fund** |
| Accumulated net investment income (loss) | $570633 <br>| $4407447 <br>| $4492592 <br>|
| Accumulated net realized gain (loss) on investments | (88527) | 2813718 | 20401486 |
| Net unrealized appreciation (depreciation) of investments | 1618242 | 55995342 | 89496554 |
|  | $2100348 <br>| $63216507 <br>| $114390632 <br>|

---

As of April 30, 2025, the Dividend Fund had a capital loss carryforward of $88,527, all of which is considered short term. This loss may be carried forward indefinitely. The Explorer Fund utilized $8,693,288 of capital loss carryforwards from the year ended April 30, 2024 to offset net realized gains from the year ended April 30, 2025.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Gross Unrealized Appreciation** | **Gross Unrealized Depreciation** | **Total Unrealized Appreciation (Depreciation)** |
| Dividend  | $23597686 <br>| $4054794 <br>| $(2436552 ) | $1618242 <br>|
| Explorer  | 675773621 | 128580248 | (72584906) | 55995342 |
| Select  | 481187600 | 128219975 | (38723421) | 89496554 |

---

The difference between book basis and tax basis unrealized appreciation (depreciation) is attributable primarily to the deferral of wash sale losses.

**NOTE 5 – CAPITAL STOCK TRANSACTIONS**

Shares of beneficial interest transactions for the Funds were:

---

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

---

**42**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance funds**

**Notes to the Financial Statements - continued** **April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Dividend Fund** | **Dividend Fund** | **Dividend Fund** |
|  | **Year Ended April 30, 2024** | **Year Ended April 30, 2024** |
|  | **Institutional Class Shares** | **Investor Class Shares** |
| Shares sold  | 68301 | 91650 |
| Shares reinvested  | 45986 | 20675 |
| Shares redeemed  | (281371) | (195969) |
| Net increase (decrease)  | (167084) | (83644) |

---

---

| | | |
|:---|:---|:---|
| **Explorer Fund** | **Explorer Fund** | **Explorer Fund** |
|  | **Year Ended April 30, 2025** | **Year Ended April 30, 2025** |
|  | **Institutional Class Shares** | **Investor Class Shares** |
| Shares sold  | 8602568 | 2846055 |
| Shares reinvested  | 469903 | 181387 |
| Shares redeemed  | (4702162) | (3188392) |
| Net increase (decrease)  | 4370309 | (160950) |
| **Explorer Fund** | **Explorer Fund** | **Explorer Fund** |
|  | **Year ended April 30, 2024** | **Year ended April 30, 2024** |
|  | **Institutional Class Shares** | **Investor Class Shares** |
| Shares sold  | 10662717 | 3491075 |
| Shares reinvested  | 102565 | 54599 |
| Shares redeemed  | (2258159) | (2299985) |
| Net increase (decrease)  | 8507123 | 1245689 |

---

---

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

---

**43**

FINANCIAL STATEMENTS \| April 30, 2025

**Applied finance funds**

**Notes to the Financial Statements - continued** **April 30, 2025**

---

| | | |
|:---|:---|:---|
| **Select Fund** | **Select Fund** | **Select Fund** |
|  | **Year ended April 30, 2024** | **Year ended April 30, 2024** |
|  | **Institutional Class Shares** | **Investor Class Shares** |
| Shares sold  | 6849473 | 1269620 |
| Shares reinvested  | 211162 | 20821 |
| Shares redeemed  | (5575685) | (627102) |
| Net increase (decrease)  | 1484950 | 663339 |

---

**NOTE 6 – SECTOR RISK**

If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of that Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Funds and increase the volatility of the Funds' NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of April 30, 2025, 29.01% of the value of the net assets of the Select Fund were invested in securities within the Information Technology sector.

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

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

**NOTE 8 – SUBSEQUENT EVENTS**

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

**44**

FINANCIAL STATEMENTS \| April 30, 2025

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| | |
|:---|:---|
| ![](appliedfinance_arimg002.gif)  | **taitweller.com** |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Shareholders of the Applied Finance Funds and the Board of Trustees of The World Funds Trust**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of the Applied Finance Dividend Fund, Applied Finance Explorer Fund and Applied Finance Select Fund (the "Funds"), each a series of The World Funds Trust (the "Trust"), including the schedules of investments, as of April 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and 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 Funds as of April 30, 2025, the results of their operations for the year then ended, the changes in their 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.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Funds' 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 Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 1995.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

**45**

FINANCIAL STATEMENTS \| April 30, 2025

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodians. We believe that our audits provide a reasonable basis for our opinion.

![](appliedfinance_arimg003.gif)

**TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania June 23, 2025**

**46**

FINANCIAL STATEMENTS \| April 30, 2025

**APPLIED FINANCE FUNDS**

**Supplemental Information (unaudited)**

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

Not applicable.

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

Not applicable.

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

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

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

<u>Renewal of Investment Advisory Agreement</u>

*This annual report pertains only to the to the Applied Finance Dividend Fund, the Applied Finance Explorer Fund and the Applied Finance Select Fund (collectively, the "Applied Finance Funds" for purposes of this disclosure document); however, the disclosure below references the Applied Finance Valuation Large Cap ETF, which is an exchange traded fund that is part of the Applied Finance family of Funds.*

At meetings held on December 17-18, 2024 (the "December Meeting") and March 11-12, 2025 (the "March Meeting") (collectively, the "Meeting"), the Board of Trustees (the "Board") of the World Funds Trust (the "Trust")considered the approval of the continuation of the Investment Advisory Agreements (the "AF Advisory Agreements") between the Trust and Applied Finance Advisors, LLC ("Applied Finance"), with respect to the Applied Finance Dividend Fund, the Applied Finance Explorer Fund and the Applied Finance Select Fund (collectively the "Applied Finance Funds" solely for purposes of this section). The Board reflected on its discussions with the representatives from Applied Finance at the Meeting regarding the manner in which the Applied Finance Funds are managed and the roles and responsibilities of Applied Finance under the AF Advisory Agreements.

The Trustees reviewed the responses of Applied Finance to a request for information from counsel to the Trust ("Counsel") on behalf of the Board. The Trustees observed Applied Finance's representation that their responses to the information requested for the March Meeting are identical to the responses

**47**

FINANCIAL STATEMENTS \| April 30, 2025

**APPLIED FINANCE FUNDS**

**Supplemental Information (unaudited) - continued**

provided in its response letter dated October 24, 2024 for the December Meeting, except that financial information and Profitability Analysis has been updated. The Trustees noted that the AF Advisory Agreements were being reconsidered for approval at the March Meeting for the administrative purpose of aligning the advisory agreement approvals for all funds within the Trusts that were managed by Applied Finance. The Trustees noted that the responses included financial information for Applied Finance Funds, an expense comparison analysis for the Applied Finance Funds and comparable other investment funds, and the AF 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 Applied Finance Advisory Agreement, including the following material factors: (i) the nature, extent, and quality of the services provided by Applied Finance; (ii) the investment performance of the Applied Finance Funds and Applied Finance; (iii) the costs of the services to be provided and profits to be realized by Applied Finance from the relationship with the Applied Finance Funds ; (iv) the extent to which economies of scale would be realized if the Applied Finance Funds grow and whether advisory fee levels reflect those economies of scale for the benefit of their investors; and (v) possible conflicts of interest and other benefits.

In assessing these factors and reaching its decisions, the Board took into consideration information specifically prepared and/or presented in connection with the approval process with respect to the Applied Finance Funds, including information presented to the Board in Applied Finance's presentation earlier in the Meeting, as well as prior presentations by Applied Finance's staff and Trust management at other meetings of the Board. The Board requested and was provided with information and reports relevant to the approval of the continuation of the AF Advisory Agreements, including: (i) reports regarding the services provided to the Applied Finance Funds and their shareholders by Applied Finance; (ii) quarterly assessments of the investment performance of the Applied Finance Funds from Applied Finance; (iii) periodic commentary on the reasons for the performance; (iv) presentations by Applied Finance's management addressing the investment strategy, personnel and operations utilized in managing the Applied Finance Funds; (v) compliance reports concerning the Applied Finance Funds and Applied Finance; (vi) disclosure information contained in the Applied Finance Funds' registration statement and the Form ADV of Applied Finance; and (vii) the memorandum from Trust Counsel that summarized the fiduciary duties and responsibilities of the Board in reviewing and approving the AF 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.

**48**

FINANCIAL STATEMENTS \| April 30, 2025

**APPLIED FINANCE FUNDS**

**Supplemental Information (unaudited) - continued**

The Board also requested and received various informational materials including, without limitation: (i) documents containing information about Applied Finance, including financial information, a description of personnel and the services provided to the Applied Finance Funds, information on investment advice, performance, summaries of the Applied Finance Funds' expenses, its compliance program, current legal matters, and other general information; (ii) comparative expense and performance information for other mutual funds with strategies similar to the Applied Finance Funds; and (iii) benefits realized by Applied Finance from its relationship with the Applied Finance Funds. It was noted that Applied Finance is a privately held company and typically does not provide its financial information, although it made such information available to the Board for purposes of its consideration of whether to approve the AF Advisory Agreements. The Board did not identify any particular information that was most relevant to its consideration of whether to approve the continuation of the AF Advisory Agreements and each Trustee may have afforded different weight to the various factors. In deciding whether to approve the continuation of the AF Advisory Agreements, the Trustees considered numerous factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)<u>The nature, extent, and quality of the services provided by Applied Finance</u>.

In this regard, the Board considered the responsibilities Applied Finance has under the AF Advisory Agreements for each Applied Finance Fund. The Board reviewed the services provided by Applied Finance to the Applied Finance Funds including, without limitation: Applied Finance's investment strategies and techniques used in managing the Applied Finance Funds; the investment decision-making process and sources of information relied upon by Applied Finance in providing portfolio management services to the Applied Finance Funds; and its efforts to promote the Applied Finance Funds, grow assets, and assist in the distribution of Applied Finance Funds' shares. The Board considered: Applied Finance's staffing, personnel, and methods of operating; the education and experience of Applied Finance's personnel; and Applied Finance's compliance program, policies, and procedures. After reviewing the foregoing and further information from Applied Finance, the Board concluded that the nature, extent, and quality of the services provided by Applied Finance were satisfactory and adequate for the Applied Finance Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)<u>Investment performance of the Applied Finance Funds and Applied Finance</u>.

In this regard, the Board noted that Applied Finance does not have any clients other than the Applied Finance Funds and an exchange-traded fund (the "Applied Finance ETF"). As such, no performance as to separate accounts

**49**

FINANCIAL STATEMENTS \| April 30, 2025

**APPLIED FINANCE FUNDS**

**Supplemental Information (unaudited) - continued**

comparable to the Applied Finance Funds existed. The Trustees acknowledged Applied Finance's representation that, although the Applied Finance Funds and the Applied Finance ETF have the same investment objective, they employ very different investment strategies to achieve that objective and that the performance of the Applied Finance ETF therefore was not, in the view of Applied Finance, relevant.

For the Applied Finance Dividend Fund, the Board noted that peers were selected by Broadridge from the Morningstar Large Value Category. The Board noted that the Applied Finance Dividend Fund underperformed its category group median, peer group and its benchmark index for the one-year period ended October 31, 2024. The Board also noted that the Fund outperformed its peer group median for the three-year period and underperformed its benchmark index and category group median for the three-year period ended October 31, 2024. For the five-year period, the Fund outperformed its peer group median and benchmark index and underperformed the category group median. For the ten-year period ended October 31, 2024, the Fund outperformed the category group, peer group median and benchmark index. The Board also considered the Applied Finance Dividend Fund's quartile rankings relative to its peer group and category for the one-, three-, five-, and ten-year periods ended October 31, 2024.

For the Applied Finance Explorer Fund, the Board noted that its peers were selected from the Morningstar Small Value Category. The Applied Finance Explorer Fund outperformed its peer group median and category median and underperformed its benchmark index for the one-year ended October 31, 2024. The Fund outperformed its peer group, category median and benchmark index for the three-year and five-year periods ended October 31, 2024. The Board also considered the Applied Finance Explorer Fund's quartile rankings relative to its peer group and category for the one-, three-, and five-year periods ended October 31, 2024.

For the Applied Finance Select Fund, the Board noted that the peers were selected from the Morningstar Large Value Category. The Board noted that that for the one-year and three-year periods ended October 31, 2024, the Applied Finance Select Fund underperformed its peer group median, category median and benchmark index. For the five-year period ended October 31, 2024, the Applied Finance Select Fund outperformed its peer group, category median and its benchmark index. The Board also considered the Applied Finance Select Fund's quartile rankings relative to its peer group and category for the one-, three-, and five-year periods ended October 31, 2024.

**50**

FINANCIAL STATEMENTS \| April 30, 2025

**APPLIED FINANCE FUNDS**

**Supplemental Information (unaudited) - continued**

Based on the foregoing, the Board concluded that the investment performance for the Applied Finance Funds was satisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)<u>The costs of the services provided and profits realized by Applied Finance from the relationship with the Applied Finance Funds</u>.

In this regard, the Board considered Applied Finance's staffing, personnel, and methods of operating; the financial condition of Applied Finance; the current asset levels of the Applied Finance Funds and expectations for growth in Fund assets over the next year; the advisory fee and overall expenses of the Applied Finance Funds and the nature and frequency of advisory fee payments; and certain contractual fee limitation arrangements that Applied Finance has in place for the Applied Finance Funds. The Board noted that information was provided demonstrating that the Applied Finance Explorer Fund and the Applied Finance Select Fund are profitable to Applied Finance during the most recent year although the Applied Finance Dividend Fund was not profitable to Applied Finance during the most recent year. The Board considered the fees and expenses of each of the Applied Finance Funds (including the advisory fee) relative to each Applied Finance Fund's Morningstar peer group and category. The Board noted that the Applied Finance Dividend Fund's gross and net expenses and gross advisory fee are higher than its peer group and category medians. The Trustees considered that for the Applied Finance Explorer Fund, net expenses are lower than its peer group and category medians, but that the Fund's gross expenses and gross advisory fee are higher than its peer group and category medians. With regard to the Applied Finance Select Fund, the Board noted that the Fund's net expenses are slightly higher than its peer group and category medians and that the Fund's gross expenses and gross advisory fee are higher than both its category and peer group medians. The Board noted that for each of Applied Finance Funds, Applied Finance has entered into an expense limitation agreement. The Trustees also considered the overall quality of services provided to the Applied Finance Funds considering the fees and their relative comparisons and determined that those fees could have been negotiated at arms-length in light of the surroundings circumstances.

The Trustees noted the representations of Applied Finance that the investment objective of the Applied Finance Funds and the Applied Finance ETF are the same but noted Applied Finance's representations that the investment advisory fees charged to each fund are different for numerous reasons. It was noted that the basic nature and management of the Applied Finance ETF and the Applied Finance Funds are completely different in that the Applied Finance ETF publishes a portfolio basket of securities that are then accumulated by authorized participants and exchanged for shares of the Applied Finance ETF,

**51**

FINANCIAL STATEMENTS \| April 30, 2025

**APPLIED FINANCE FUNDS**

**Supplemental Information (unaudited) - continued**

and that this portfolio basket is rebalanced by Applied Finance on a semi-annual basis. It was also noted that the Applied Finance ETF and the Applied Finance Funds have different portfolio compositions, both in substance and the number of securities. Whereas the portfolio of the Applied Finance Funds are actively managed, with daily cash flows, requiring Applied Finance to make daily trading and portfolio structure decisions. Accordingly, the Trustees considered that the advisory fees payable by the Applied Finance Funds and the Applied Finance ETF differ because of the fundamental differences in Applied Finance's responsibilities to each. The Trustees concluded that the costs of services to be provided and the profits to be realized by Applied Finance were acceptable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)<u>The extent to which economies of scale would be realized as the Applied Finance Funds grow and whether advisory fee levels reflect these economies of scale for the benefit of the Applied Finance Funds' investors</u>.

In this regard, the Board considered the Applied Finance Funds' fee arrangements with Applied Finance, including the expense limitation arrangements in place. The Board determined that although the advisory fee would stay the same as asset levels increased, the shareholders of the Applied Finance Funds would benefit from the expense limitation arrangement for each of the Applied Finance Funds. The Trustees also noted that the Applied Finance Funds would benefit from economies of scale under their agreements with service providers other than Applied Finance. Applied Finance does not consider advisory fee break points as appropriate at this time. Following further discussion of the Applied Finance Funds' current asset levels, expectations for growth, and levels of fees, the Board determined that the Applied Finance Funds' fee arrangements, in light of all the facts and circumstances, were fair and reasonable and that the expense limitation arrangements provided potential savings or protection for the benefit of the Applied Finance Funds' shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)<u>Possible conflicts of interest and benefits derived by Applied Finance</u>.

In this regard, the Board evaluated the potential for conflicts of interest and considered such matters as the experience and ability of the advisory and compliance personnel assigned to the Applied Finance Funds; the fact that Applied Finance does not utilize soft dollars; the basis of decisions to buy or sell securities for the Applied Finance Funds; and the substance and administration of Applied Finance's code of ethics. The Board also considered the affiliations of Applied Finance, including its affiliate that produces and sells investment research, and that it began managing the Applied Finance ETF in 2021. The Board considered and acknowledged Applied Finance's representations that

**52**

FINANCIAL STATEMENTS \| April 30, 2025

**APPLIED FINANCE FUNDS**

**Supplemental Information (unaudited) - continued**

investments by the Applied Finance Funds in the Applied Finance ETF were not duplicative of the services rendered to the Applied Finance Funds. The Board considered Applied Finance's management of conflicts of interest that could arise in light of the activities of those affiliates and Applied Finance's assertion that indirect benefits to Applied Finance may include identification of possible distribution channels, identification of financial advisors that may potentially be interested in the Applied Finance Funds and general increased market exposure by association with the World Funds Trust. Based on the foregoing, the Board determined that Applied Finance's standards and practices relating to the identification and mitigation of possible conflicts of interest were satisfactory.

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

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: July 9, 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: July 9, 2025 |  |
| By (Signature and Title)\*: | /s/ Ann MacDonald |
|  | Ann MacDonald<br> Principal Financial Officer |
| Date: July 9, 2025 |  |

---

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

## Ex-99.Cert

[World Funds Trust N-CSR](applied-ncsr_043025.htm)

**Exhibit 99.CODE ETH**

**World Funds Trust**

**CODE OF ETHICS FOR SENIOR OFFICERS**

**Preamble**

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

**Statement of Policy**

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

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

**Covered Persons**

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

**Promotion of Honest and Ethical Conduct**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Promoting Prompt Internal Reporting of Violations

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

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

**Sanctions**

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

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

**No Rights Created**

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

**Recordkeeping**

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

**Amendments**

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

Approved: August 2, 2013

## Ex-99.Cert

[World Funds Trust N-CSR](applied-ncsr_043025.htm)

**Exhibit 99.CERT**

PRINCIPAL EXECUTIVE OFFICER CERTIFICATION

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

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

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

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

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

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

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

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

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

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

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

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

Date: July 9, 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 Applied Finance Funds;

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

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

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

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

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

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

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

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

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

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

Date: July 9, 2025

/s/ Ann MacDonald

Principal Financial Officer

## Exhibit 99.906

[World Funds Trust N-CSR](applied-ncsr_043025.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 April 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: | July 9, 2025 |
| Name: | /s/ Karen Shupe |
|  | Karen Shupe |
| Title: | Treasurer and Principal Executive Officer |

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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 April 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.

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| | |
|:---|:---|
| Dated: | July 9, 2025 |
| Name: | /s/ Ann MacDonald |
|  | Ann MacDonald |
| Title: | Assistant Treasurer and Principal Financial Officer |

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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.