UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

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FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22172

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World Funds Trust
(Exact name of registrant as specified in charter)

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8730 Stony Point Parkway,
Suite 205
Richmond, VA 23235
(Address of principal executive offices)

The Corporation Trust Co.,
Corporation Trust Center,
1209 Orange St.,
Wilmington, DE 19801
(Name and address of agent for service)

With Copy to:

John H. Lively
Practus, LLP
11300 Tomahawk Creek Parkway
Suite 310
Leawood, KS 66211

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Registrant’s telephone number, including area code: (804) 267-7400

Date of fiscal year end: September 30

Date of reporting period: March 31, 2026

The Cook & Bynum Fund

ITEM 1. (a) Report to Stockholders.

This semi-annual shareholder report contains important information about The Cook & Bynum Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.cookandbynum.com/invest-with-us/mutual-fund/reports-filings/. You can also request this information by contacting us at (877) 839-2629.

ITEM 1. (b) Not applicable.

ITEM 2.       CODE OF ETHICS.

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

ITEM 3.       AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4.       PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

ITEM 5.       AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.       INVESTMENTS.

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

(b)      Not applicable.

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

FINANCIAL STATEMENTS
AND OTHER INFORMATION

Six Months Ended March 31, 2026 (unaudited)

The Cook & Bynum Fund

See Notes to Financial Statements

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​(A)   Non-income producing.

​(B)   Zero coupon security. The rate shown is the yield-to-maturity as of March 31, 2026.

​(C)   Effective 7 day yield as of March 31, 2026.

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

See Notes to Financial Statements

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See Notes to Financial Statements

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See Notes to Financial Statements

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See Notes to Financial Statements

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NOTE 1 – ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The Cook & Bynum Fund (the “Fund”) is a non-diversified series of the World Funds Trust (the “Trust”). The Trust was organized as a Delaware statutory trust on April 9, 2007 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund’s Board of Trustees (the “Board”) held a Special Meeting of Shareholders of the Fund on September 16, 2024 for the purpose of approving an Agreement and Plan of Reorganization, under which all of the assets and liabilities of the Cook & Bynum Fund (the “Predecessor Fund”), a series of the Cook & Bynum Trust, were exchanged for shares of the Fund of equal value to the Net Assets of the Predecessor Fund on October 4, 2024. The Predecessor Fund commenced operations on March 18, 2009.

The investment objective of the Fund is to seek long-term growth of capital.

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

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

Security Valuation

The Fund’s securities are valued at current market price. Equity securities, including common stocks and preferred stocks, traded on a national securities exchange or in the over-the-counter market are valued at the closing price on the principal exchange or market as of the close of regular trading hours on the day the securities are being valued, or, lacking any sales, at the latest bid price. Foreign securities are valued on the basis of quotations from the primary market in which they are traded, and they are translated from the local currency into U.S. dollars using exchange rates as of the close

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of the New York Stock Exchange (“NYSE”). Short-term securities, including bonds, notes, debentures, and other debt securities, and money market instruments such as certificates of deposit, commercial paper, bankers’ acceptances, and obligations of domestic and foreign banks are valued at current market quotations as provided by an independent pricing service approved by the Board. Other assets for which market prices are not readily available are valued at their fair value as determined in good faith under procedures set by the Board. Although the Board is ultimately responsible for fair value determinations under Rule 2a-5 of the 1940 Act, the Board has delegated day-to-day responsibility for oversight of the valuation of the Fund’s assets to the Advisor as the Valuation Designee pursuant to the Fund’s policies and procedures. Generally, trading in corporate bonds, U.S. government securities and money market instruments is substantially completed each day at various times before the scheduled close of the NYSE. The value of these securities used in computing the net asset value (“NAV”) is determined as of such times.

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

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

Various inputs are used in determining the value of the Fund’s investments. GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the company’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

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The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

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

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

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

Security Transactions and Income

Security transactions are accounted for on the trade date. The cost of securities sold is generally determined on a specific identification basis. Realized gains and losses from security transactions are determined on the basis of identified cost for book and tax purposes. Dividend income is 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 Fund’s understanding of the applicable country’s tax rules.

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Accounting Estimates

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

Federal Income Taxes

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

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

Reclassification of Capital Accounts

GAAP requires certain components of net assets related to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the six months ended March 31, 2026, there were no such reclassifications.

Foreign Currency

Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund isolates that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held.

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Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes, a portion of which may be reclaimable, recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal year end, resulting from changes in the exchange rate.

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 of 1.49% of the Fund’s daily net assets.

The Advisor earned and waived management fees for the six months ended March 31, 2026, as follows:

The Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expense on short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of business) do not exceed 1.49% of the daily net assets of the Fund. This agreement is in effect until February 1, 2027. Each waiver or reimbursement of an expense by the Advisor is subject to repayment by the Fund within the three years following the date such waiver and/or reimbursement was made, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.

The total amounts of recoverable reimbursements as of March 31, 2026, are as follows:

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Dear Partners:

For the six-month period ended March 31, 2026, The Cook & Bynum Fund (the “Fund”) returned 7.22% while the MSCI All Country World Index (“MSCI ACWI”)1 declined -0.01%.

The performance data quoted represents past performance. Past performance is not indicative of future results and current performance may be lower or higher than the performance quoted. Investment return and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. To obtain the most recent quarter-end performance, please call the Fund’s toll-free number at 1-877-839-COBY (2629) or visit our website at www.cookandbynum.com/cobyx.

As shown in the Prospectus dated January 28, 2026, the gross and net expense ratios of the Fund were 2.04% and 1.49%, respectively. Cook & Bynum Capital Management, LLC, the Fund’s adviser, has contractually agreed to reduce fees and/or reimburse the Fund’s expenses to the extent necessary to maintain the “Net Annual Operating Expenses” at 1.49%. This agreement is in effect through February 1, 2027. For additional information, please reference Note 2 in the Fund’s Core Financial Statements dated September 30, 2025.

Portfolio Update

In contrast to the uncertainty in today’s world, we take comfort in our portfolio of high quality businesses that all trade at large discounts to intrinsic value. A fundamental part of our investment process is trying to avoid permanent losses of capital. We believe that properly applying our research process and investment criteria2 of circle of competence, business, people, and price produces a portfolio with less risk than broader equity markets.

One important category of risk we seek to avoid is technological obsolescence. This risk is particularly salient for investors today given the rapid development of artificial intelligence (AI). As we have written previously3, being early and active users of new technologies is invaluable to understanding the possibilities and limitations of these technologies. While we have yet to profit from identifying AI

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​1      The MSCI All Country World Index (MSCI ACWI) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The index consists of 49 country indexes comprising 23 developed and 26 emerging market country indexes.

​2      https://www.cookandbynum.com/approach-process/

​3      https://www.cookandbynum.com/how-we-think/cook-bynums-competitive-advantages/

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winners, we have on several occasions avoided AI losers. Our portfolio companies, many in the consumer industry, are largely insulated from technological disruption. AI is unlikely to impact our brewer’s 98% market share in Peru or the one in ten Mexicans that visit our convenience stores every day. Another area of risk where we are well positioned is geopolitical risk. A Chinese military operation in Taiwan would have profound consequences for companies reliant on the supply chain for high-performance semiconductors. Such companies represent an uncomfortably large part of both the U.S. and global market today. On the other hand, none of our portfolio companies’ business models depend heavily on such inputs. This does not mean our portfolio is without geopolitical risk: Iran is a case in point. The beverage companies in our portfolio face cost pressures from oil-linked inputs such as diesel fuel and PET4 packaging, making higher oil prices from the Iran conflict a headwind to profits. Lastly, our portfolio companies’ strong balance sheets reduce risk and position our companies to capitalize on periods of economic or financial stress. We are beginning to see signs of such stress in areas such as U.S. private credit markets.

Today, the Fund is fully invested in 12 outstanding businesses operating around the world that trade at large discounts to our estimates of intrinsic value. The portfolio in aggregate trades at a trailing price-to-earnings ratio (P/E)5 of 16.0x yet has grown U.S. dollar revenue by 9% per year over the last five years with an operating margin of 18%, a return on equity of 13%, and a net cash balance sheet. As shown in the graph on the following page, the median valuation of the Fund’s holdings remains at the most attractive level we have seen since the Fund’s inception. We believe this combination of low valuations and the quality and dependability of our businesses positions the Fund for attractive future returns.

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​4      Polyethylene terephthalate (PET) is a clear, strong, lightweight, and 100% recyclable thermoplastic polymer primarily used for food, beverage, and consumer goods packaging.

​5      Price-to-earnings ratio is the measure of the share price relative to the annual net income earned by a company, per share.

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relative valuation of our beverage holdings, driven primarily by investor pessimism towards both the sector and several of the geographies where our beverage companies operate. We see a compelling opportunity to concentrate our capital in some of the world’s most dependable businesses that trade at low absolute valuations, valuation discounts to the broader market, and valuation discounts to industry peers. We are never satisfied with our portfolio and are always trying to improve the portfolio’s potential return and reduce risk by owning the best businesses we can find at the largest discounts to intrinsic value. To that end, our research team visited 19 countries in 2025 conducting countless management meetings, factory tours, store visits, and channel checks in pursuit of undervalued securities.

Source: Bloomberg, Cook & Bynum estimates. C&B Beverage Holdings forward P/E is the weighted average of all beverage holdings in the Fund’s portfolio at year-end since inception. S&P 500 Beverages is the S&P 500 Beverages Industry GICS Level 3 Index and BBG European Beverages is Bloomberg’s Europe 600 Beverages Price Return Index.

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​6      EV/EBITDA is a valuation metric that compares a company’s Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA).

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11x over the past fifteen years, including most recently the acquisition of Coca-Cola Beverages Africa at 10x EV/EBITDA. After nearly two decades of socialism, Bolivia is undergoing a period of economic transformation. Early reforms, including most notably the liberalization of the foreign exchange market, have boosted investor confidence and eliminated the enormous cost of sourcing foreign currency for companies like Embonor. While we expect some near-term economic pain as the economy adjusts, we believe Embonor will earn significantly more profits from Bolivia in the coming decades with the country unshackled from socialism.

While election outcomes in Bolivia and Chile rewarded investors like us in 2025, Peru’s 2026 elections may return the country to market-friendly politics. Our investment in Peruvian brewer Backus y Johnston returned about 10% in U.S. dollars in 2025, the lowest of the Fund’s six positions in Latin America. Backus trades at a mere 10.0x trailing P/E despite the company commanding over 98% market share, earning a 39% net income margin, and having a return on tangible capital over 100%. We believe we will receive a 10% dividend yield this year supported by strong operating results: in 2025 Backus’ revenue increased more than 10% in U.S. dollars and net income rose more than 50% driven by significant margin expansion. With upcoming elections, investors may revisit this extraordinary yet poorly followed Peruvian business.

Latin America is off to a strong start to 2026, building on last year’s good results and benefiting the Fund’s six investments in this region. Owing to its geography and economic structure, the region remains relatively well positioned with respect to the technological and geopolitical risks previously discussed above. These results follow more than a decade of pronounced regional underperformance, during which the MSCI Latin America Index trailed the S&P 500 by several hundred percentage points. As shown in the graph above, a widening valuation gap contributed significantly to the underperformance of this region. This underperformance led many to believe that it was futile to invest in these markets. We take a longer view: since the launch of the MSCI indices in 1988, the MSCI Latin America has outperformed the S&P 500. Our investment philosophy aims to invest in undervalued businesses. Markets with low valuations are fertile grounds for finding such opportunities. Over the years, as valuations in Latin America declined, we identified and invested in an increasing number of businesses in the region that met our criteria. Even with better recent performance, the valuation gap persists and we continue to see opportunity in many markets outside the U.S. Today, the portfolio’s 6% earnings yield combined with our

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

Not applicable.

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

Not applicable.

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

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

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

Not applicable.

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

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

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

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

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

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

ITEM 15.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

ITEM 16.     CONTROLS AND PROCEDURES.

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

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

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

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

ITEM 18.     RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19.     EXHIBITS.

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

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

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

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

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

(b)      Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.