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485BPOS World Funds Trust 0001396092 false N-1A 0.1249 0.2533 -0.1058 0.2815 0.0677 0.2556 -0.0643 0.0987 0.1214 0.1033 0.1697 0.1753 -0.1316 0.2556 0.1931 0.4370 -0.1368 0.2244 0.0985 0.0921 -0.0889 0.3189 0.1534 0.2776 -0.1087 0.1943 0.0668 0.1310 2026-08-31 2026-08-31 Applied Finance Dividend Fund Investment Objective <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The investment objective of the Applied Finance Dividend Fund (the “Dividend Fund”) is dividend income and long-term capital appreciation.</span></div> Fees and Expenses of the Dividend Fund <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Dividend Fund. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> Shareholder Fees (fees paid directly from your investment) 0 0 Annual Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0090 0.0090 0.0025 0 0.0018 0.0003 0.0051 0.0053 0.0069 0.0056 0.0184 0.0146 -0.0064 -0.0051 0.0120 0.0095 September 1, 2027 Example: <div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The following example is intended to help you compare the cost of investing in the Dividend Fund with the cost of investing in other mutual funds. </span></div>The example assumes that you invest $10,000 in the Dividend Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Dividend Fund’s operating expenses remain the same. The effect of the Adviser’s agreement to waive fees and/or reimburse expenses is only reflected in the first year of each example shown below. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 122 516 936 2106 97 412 749 1703 Portfolio Turnover The Dividend Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Dividend Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Dividend Fund’s performance. During the most recent fiscal year ended April 30, 2026, the Dividend Fund’s portfolio turnover rate was 13.57% of the average value of its portfolio. 0.1357 Principal Investment Strategies <div style="padding-right:-0.35pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">To achieve its investment objective, the Dividend Fund will under normal conditions invest at least 80% of its net assets (including the amount of borrowing for investment purposes) in dividend-paying common and preferred stock of companies. Generally, the companies in which the Dividend Fund will invest will have market capitalizations of $3 billion or more, measured at the time of purchase. The Fund invests primarily in the securities of issuers that the Adviser believes to have attractive valuations, potential for long-term growth, sustainable dividends, and other attractive financial characteristics.  </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Adviser has developed a detailed, proprietary analytical methodology called the Economic Margin® framework to evaluate a company’s corporate performance and estimate its intrinsic value. The Adviser believes that intrinsic value better explains historical stock returns than other commonly used financial metrics.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Adviser uses this framework to evaluate a company’s corporate performance across time and against peers, as well as to determine attractive stocks for purchase. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">In addition to a firm’s attractiveness from the Economic Margin® perspective, the Adviser will also consider as deemed necessary the use of other financial metrics such as price multiples, financial accounting ratios, price movements, and qualitative information discovered through company presentations and third-party research providers.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Dividend Fund seeks to diversify its investments across a broad spectrum of economic sectors to reduce portfolio volatility and investment risk without sacrificing potential returns. In selecting securities within a particular economic sector, the Adviser’s goal is to identify companies that it believes have the potential for superior performance within each sector. Although the Dividend Fund invests across a broad spectrum of sectors, it may at times focus its investments in certain sectors.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Dividend Fund may also invest in small and mid-cap companies, convertible securities, preferred stocks, rights and warrants, and other investment companies, including exchange-traded funds (“ETFs”). </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Adviser will typically sell a company from the Dividend Fund’s portfolio when the company’s stock price exceeds the Adviser’s estimate of the company’s fundamental value and/or there are other companies that the Adviser believes offer greater investment potential.</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-right:-0.35pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest on a global basis to take advantage of investment opportunities both within the United States and other countries. The Fund may buy foreign securities directly in their principal markets or indirectly through the use of depository receipts.</span></div> To achieve its investment objective, the Dividend Fund will under normal conditions invest at least 80% of its net assets (including the amount of borrowing for investment purposes) in dividend-paying common and preferred stock of companies. Therefore, the value of your investment in the Dividend Fund could decline and you could lose money. An investment in the Dividend Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Equity Securities Risk.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Since it purchases equity securities, the Dividend Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Dividend Fund’s equity securities may fluctuate from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is a principal risk of investing in the Dividend Fund.</span></div> <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Market Risk</span>. The value of securities in the Dividend Fund’s overall portfolio will fluctuate and, as a result, the Dividend Fund’s share price may decline suddenly or over a sustained period. <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Management Risk</span>. The strategies used by the Adviser may fail to produce the intended result. <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Large Cap Risk</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">. Larger, more established companies may be unable to attain the high growth rates of successful, smaller companies during periods of economic expansion.</span></div> <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Small and Mid-Cap Risk.</span> Investing in the securities of small and mid-cap companies generally involves greater risk than investing in larger, more established companies. Although investing in securities of smaller companies offers potential above-average returns if the companies are successful, the risk exists that the companies will not succeed and the prices of the companies’ shares could significantly decline in value. The earnings and prospects of smaller companies are generally more volatile than larger companies, and smaller companies may experience higher failure rates than do larger companies. The trading volume of securities of smaller companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make prices fall more in response to selling pressure than is the case with larger companies. Smaller companies may also have limited markets, product lines, or financial resources, and may lack management experience. <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Risks of Investment Selection and Asset Allocation. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Dividend Fund's investment success depends on the skill of the Adviser in evaluating, selecting, and monitoring the portfolio assets. If the Adviser's conclusions about growth rates or securities values are incorrect, the Dividend Fund may not perform as anticipated.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Risk of Other Equity Securities.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> Other equity securities in which the Fund may invest include convertible securities, preferred securities, rights and warrants.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Convertible Securities</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">. Convertible securities are subject to the risks and price fluctuations of the underlying stock. They may be subject to the risk that the issuer will not be able to pay interest or dividends when due and their market value </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Some convertible preferred stocks have a conversion or call feature that allows the issuer to redeem the stock before the conversion date, which could diminish the potential for capital appreciation on the investment. </span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Preferred Securities</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">. The fixed dividend rate of preferred stocks may cause their prices to behave more like those of debt securities. If interest rates rise, the value of preferred stock having a fixed dividend rate tends to fall. Preferred stock generally ranks behind debt securities in claims for dividends and assets of the issuer in a liquidation or bankruptcy. </span></div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Rights and Warrants</span>. The price of a warrant does not necessarily move parallel to the price of the underlying security and is generally more volatile than that of the underlying security. Rights are similar to warrants, but normally have a shorter duration. The market for rights or warrants may be very limited and it may be difficult to sell them promptly at an acceptable price. Rights and warrants have no voting rights, receive no dividends and have no rights with respect to the assets of the issuer. <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Convertible Securities</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">. Convertible securities are subject to the risks and price fluctuations of the underlying stock. They may be subject to the risk that the issuer will not be able to pay interest or dividends when due and their market value </span></div>may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Some convertible preferred stocks have a conversion or call feature that allows the issuer to redeem the stock before the conversion date, which could diminish the potential for capital appreciation on the investment. <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Preferred Securities</span>. The fixed dividend rate of preferred stocks may cause their prices to behave more like those of debt securities. If interest rates rise, the value of preferred stock having a fixed dividend rate tends to fall. Preferred stock generally ranks behind debt securities in claims for dividends and assets of the issuer in a liquidation or bankruptcy. <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Rights and Warrants</span>. The price of a warrant does not necessarily move parallel to the price of the underlying security and is generally more volatile than that of the underlying security. Rights are similar to warrants, but normally have a shorter duration. The market for rights or warrants may be very limited and it may be difficult to sell them promptly at an acceptable price. Rights and warrants have no voting rights, receive no dividends and have no rights with respect to the assets of the issuer. <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Investment Company Securities Risk</span>. When the Dividend Fund invests in other investment companies, including ETFs, it indirectly bears its proportionate share of fees and expenses paid by the underlying fund, which results in higher Dividend Fund expenses. The Dividend Fund may be affected by losses of underlying funds and the level of risk arising from their investment practices. <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">ETF Risk.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> ETFs generally are investment companies whose shares represent an interest in a portfolio of securities. Some ETFs are designed to track various market indexes. Because the Dividend Fund may invest in ETFs, it is subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF’s shares may trade at a discount to its NAV, an active secondary market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact the Dividend Fund’s ability to sell its shares.</span></div> <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Sector Risk.</span> Sector risk is the possibility that securities within the same group of industries will decline in price due to sector-specific market or economic developments. If the Fund invests more heavily in a sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector. <div style="padding-right:-0.35pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Foreign Securities Risks</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">. Investing in securities of foreign companies and countries involves certain considerations and risks that are not typically associated with investing in U.S. government securities and securities of domestic companies. There may be less publicly available information about a foreign issuer than a domestic one, and foreign companies are not generally subject to uniform accounting, auditing and financial standards and requirements comparable to those applicable to U.S. companies. There may also be less government supervision and regulation of foreign securities exchanges, brokers and listed companies than exists in the United States. Interest and dividends paid by foreign issuers may be subject to withholding and other foreign taxes, which may decrease the net return on such investments as compared to dividends and interest paid to the Fund by domestic companies or the U.S. government. There may be the possibility of expropriations, seizure or nationalization of foreign deposits, confiscatory taxation, political, economic or social instability or diplomatic developments that could affect assets of the Fund held in foreign countries. The establishment of exchange controls or other foreign governmental laws or restrictions could adversely affect the payment of obligations. In addition, investing in foreign securities will generally result in higher commissions than investing in similar domestic securities.</span></div> Performance Information <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Dividend Fund was reorganized on May 8, 2015 from a series of Unified Series Trust, an Ohio business trust (the “Predecessor Fund”), to a series of the World Funds Trust, a Delaware statutory trust (the “Reorganization”). While the Dividend Fund is substantially similar to the Predecessor Fund and theoretically would have invested in the same portfolio of securities, the Dividend Fund’s performance may be different than the performance of the Predecessor Fund due to, among other things, differences in fees and expenses. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The bar chart below shows changes in the Dividend Fund’s annual returns for the Investor Class shares (previously the Retail Class shares) (the Class with the longest period of annual returns) from year to year. The performance of Institutional Class shares will differ due to differences in expenses. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The table below shows how the Predecessor Fund’s and the Dividend Fund’s average annual returns for the periods indicated compare over time to those of a broad-based securities market index, the Morningstar® US Market Index</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">SM</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> (TR), and the Morningstar® US Large-Mid Value Market Index</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">SM</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> (TR), which is the Fund’s secondary index. The table also presents the impact of taxes on the Dividend Fund’s Investor Class shares. Performance for the Investor Class for periods prior to September 15, 2017 reflects the performance of the Retail shares of the Predecessor Fund and Dividend Fund. On September 15, 2017, the Retail shares of the Dividend Fund were reorganized into the Investor Class shares of the Dividend Fund.</span></div>This information provides some indication of the risks of investing in the Dividend Fund. Past performance of the Dividend Fund is not necessarily an indication of how it will perform in the future. Updated performance information is available by calling toll-free 800-673-0550. The bar chart below shows changes in the Dividend Fund’s annual returns for the Investor Class shares (previously the Retail Class shares) (the Class with the longest period of annual returns) from year to year. Past performance of the Dividend Fund is not necessarily an indication of how it will perform in the future. 800-673-0550 Investor Class Year-by-Year Annual Returns as of December 31st <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">During the period shown, the highest quarterly return was 21.55% (quarter ended June 30, 2020) and the lowest quarterly return was -29.32% (quarter ended March 31, 2020).</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Year to date return as of June 30, 2026 was 6.95% .</span></div> highest quarterly return 0.2155 2020-06-30 lowest quarterly return -0.2932 2020-03-31 Year to date return 2026-06-30 0.0695 Average Annual Returns for the Periods Ended December 31, 2025 Investor Class shares 0.1033 0.0982 0.1066 0.0827 Institutional Class shares 0.1058 0.1009 0.1093 0.1175 Return After-Taxes on Distributions 0.0944 0.0636 0.0755 0.0637 Return After-Taxes on Distributions and Sale of Fund Shares 0.0612 0.0679 0.0768 0.0629 Morningstar® US Market IndexSM (TR) (reflects no deduction for fees, expenses or taxes) (2) (reflects no deduction for fees, expenses or taxes) 0.1735 0.1329 0.1440 0.1091 Morningstar® US Large-Mid Value Market IndexSM (TR) (reflects no deduction for fees, expenses or taxes) 0.1767 0.1301 0.1125 0.0810 2009-09-01 <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">After-tax returns are shown for the Investor Class shares only. After-tax returns for the Institutional Class shares will vary. After-tax returns are calculated using the historical highest marginal individual U.S. federal income tax rates in effect and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Dividend Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”), in which case you will generally be taxed upon withdrawal of monies from the tax-deferred arrangement. The index returns presented above assume reinvestment of all distributions and exclude the effect of taxes and fees (if expenses and taxes were deducted, the actual returns of the indices would be lower).</span></div> After-tax returns are calculated using the historical highest marginal individual U.S. federal income tax rates in effect and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Dividend Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”), in which case you will generally be taxed upon withdrawal of monies from the tax-deferred arrangement. Applied Finance Explorer Fund Investment Objective <div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The investment objective of the Applied Finance Explorer Fund (the “Explorer Fund”) is long-term capital appreciation.</span></div> Fees and Expenses of the Explorer Fund <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Explorer Fund. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> Shareholder Fees (fees paid directly from your investment) 0 0 Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0114 0.0114 0.0025 0 0.0014 0.0007 0.0012 0.0012 0.0026 0.0019 0.0165 0.0133 -0.0057 -0.0050 0.0108 0.0083 September 1, 2027 Example: <div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The following example is intended to help you compare the cost of investing in the Explorer Fund with the cost of investing in other mutual funds. </span></div>The example assumes that you invest $10,000 in the Explorer Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Explorer Fund’s operating expenses remain the same. The effect of the Adviser’s agreement to waive fees and/or reimburse expenses is only reflected in the first year of each example shown below. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 110 465 843 1907 85 372 681 1558 Portfolio Turnover The Explorer Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Explorer Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Explorer Fund Operating Expenses or in the example, affect the Explorer Fund’s performance. During the most recent fiscal year ended April 30, 2026, the Explorer Fund’s portfolio turnover rate was 38.70% of the average value of its portfolio. 0.3870 Principal Investment Strategies <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Explorer Fund invests primarily in the equity securities of small and middle capitalization companies, which the Fund defines as issuers with market capitalizations of less than $15 billion, measured at the time of purchase. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Equity securities in which the Explorer Fund may invest include common and preferred stocks, rights and warrants, and securities convertible into equity securities. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">In choosing investments, the Adviser typically selects equity securities that it believes offer superior return potential and may consider, among other factors, a company’s valuation, projected future earnings, growth potential, recent performance, and business strategy. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Explorer Fund seeks to diversify its investments across a broad spectrum of economic sectors to reduce portfolio volatility and investment risk without sacrificing potential returns. In selecting securities within a particular sector, the Adviser’s goal is to identify companies that it believes have the potential for superior performance within each sector. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Explorer Fund may have a high degree of turnover in its investment portfolio, which may increase its costs and adversely affect the Explorer Fund’s performance. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Explorer Fund may also invest in other investment companies, including ETFs. </span></div>The Adviser will typically sell a company from the Explorer Fund’s portfolio when the company’s stock price exceeds the Adviser’s estimate of the company’s fundamental value and/or there are other companies that the Adviser believes offer greater investment potential. Therefore, the value of your investment in the Explorer Fund could decline and you could lose money. An investment in the Explorer Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Equity Securities Risk.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> Since it purchases equity securities, the Explorer Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Explorer Fund’s equity securities may fluctuate from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is the principal risk of investing in the Explorer Fund.</span></div> <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Market Risk.</span> The value of securities in the Explorer Fund’s overall portfolio will fluctuate and, as a result, the Explorer Fund’s share price may decline suddenly or over a sustained period. <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Management Risk</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">. The strategies used by the Adviser may fail to produce the intended result.</span></div> <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Small and Middle Cap Risk</span>. Investing in the securities of smaller companies generally involves greater risk than investing in larger, more established companies. Although investing in securities of smaller companies offers potential above-average returns if the companies are successful, the risk exists that the companies will not succeed and the prices of the companies’ shares could significantly decline in value. The earnings and prospects of smaller companies are generally more volatile than larger companies, and smaller companies may experience higher failure rates than do larger companies. The trading volume of securities of smaller companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make prices fall more in response to selling pressure than is the case with larger companies. Smaller companies may also have limited markets, product lines, or financial resources, and may lack management experience. <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Risks of Investment Selection and Asset Allocation</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Explorer Fund’s investment success depends on the skill of the Adviser in evaluating, selecting and monitoring the portfolio assets. If the Adviser’s conclusions about growth rates or securities values are incorrect, the Explorer Fund may not perform as anticipated.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Risk of Other Equity Securities</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">. Other equity securities in which the Fund may invest include convertible securities, preferred securities, rights and warrants.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Convertible Securities</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">. Convertible securities are subject to the risks and price fluctuations of the underlying stock. They may be subject to the risk that the issuer will not be able to pay interest or dividends when due and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Some convertible preferred stocks have a conversion or call feature that allows the issuer to redeem the stock before the conversion date, which could diminish the potential for capital appreciation on the investment. </span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Preferred Securities</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">. The fixed dividend rate of preferred stocks may cause their prices to behave more like those of debt securities. If interest rates rise, the value of preferred stock having a fixed dividend rate tends to fall. Preferred stock generally ranks behind debt securities in claims for dividends and assets of the issuer in a liquidation or bankruptcy. </span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Rights and Warrants</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">. The price of a warrant does not necessarily move parallel to the price of the underlying security and is generally more volatile than that of the underlying security. Rights are similar to warrants, but normally have a shorter duration. The market for rights or warrants may be very limited and it may be difficult to sell them promptly at an acceptable price. Rights and warrants have no voting rights, receive no dividends and have no rights with respect to the assets of the issuer.</span></div> <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Convertible Securities</span>. Convertible securities are subject to the risks and price fluctuations of the underlying stock. They may be subject to the risk that the issuer will not be able to pay interest or dividends when due and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Some convertible preferred stocks have a conversion or call feature that allows the issuer to redeem the stock before the conversion date, which could diminish the potential for capital appreciation on the investment. <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Preferred Securities</span>. The fixed dividend rate of preferred stocks may cause their prices to behave more like those of debt securities. If interest rates rise, the value of preferred stock having a fixed dividend rate tends to fall. Preferred stock generally ranks behind debt securities in claims for dividends and assets of the issuer in a liquidation or bankruptcy. <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Rights and Warrants</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">. The price of a warrant does not necessarily move parallel to the price of the underlying security and is generally more volatile than that of the underlying security. Rights are similar to warrants, but normally have a shorter duration. The market for rights or warrants may be very limited and it may be difficult to sell them promptly at an acceptable price. Rights and warrants have no voting rights, receive no dividends and have no rights with respect to the assets of the issuer.</span></div> <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Investment Company Securities Risk.</span> The Explorer Fund may invest in other investment companies, including ETFs. By investing in other investment companies, the Explorer Fund indirectly pays a portion of the expenses and brokerage costs of these companies as well as its own expenses. Also, federal securities laws impose limits on such investments, which may affect the ability of the Explorer Fund to purchase or sell these shares. <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">ETF Risk</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">. ETFs generally are investment companies whose shares represent an interest in a portfolio of securities. Some ETFs are designed to track various market indexes. Because the Explorer Fund may invest in ETFs, it is subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF’s shares may trade at a discount to its NAV, an active secondary market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact the Explorer Fund’s ability to sell its shares.</span></div> <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Portfolio Turnover Risk</span>. The Explorer Fund may, at times, have a portfolio turnover rate that is higher than other stock funds, which may result in increased brokerage and other expenses or higher current realization of short-term capital gains, which are taxable at ordinary income rates, and a potentially larger current tax liability. Performance Information <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The bar chart below shows changes in the Explorer Fund’s annual returns for the Institutional Class shares (the Class with the longest period of annual returns) from year to year. The performance of Investor Class shares will differ due to differences in expenses. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The table below shows how the Explorer Fund’s average annual returns for the periods indicated compare over time to those of a broad-based securities market index, the Morningstar® US Market Index</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">SM</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> (TR), and the Morningstar® US Small Cap Market Index</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">SM</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> (TR), which is the Explorer Fund’s secondary index. The table also presents the impact of taxes on the Explorer Fund’s Institutional Class shares.</span></div>This information provides some indication of the risks of investing in the Explorer Fund. Past performance of the Explorer Fund is not necessarily an indication of how it will perform in the future. Updated performance information is available by calling toll-free 800-673-0550. The bar chart below shows changes in the Explorer Fund’s annual returns for the Institutional Class shares (the Class with the longest period of annual returns) from year to year. Past performance of the Explorer Fund is not necessarily an indication of how it will perform in the future. 800-673-0550 Institutional Class Year-by-Year Annual Returns as of December 31st <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">During the period shown, the highest quarterly return was 25.98% (quarter ended June 30, 2020) and the lowest quarterly return was -32.91% (quarter ended March 31, 2020).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Year to date return as of June 30, 2026 was 17.36%.</span></div> highest quarterly return 0.2598 2020-06-30 lowest quarterly return -0.3291 2020-03-31 Year to date return 2026-06-30 0.1736 Average Annual Returns for Periods Ended December 31, 2025 Institutional Class Shares 0.0921 0.1275 0.1254 0.1061 Investor Class Shares 0.0894 0.1252 0.1227 0.1052 Return After-Taxes on Distributions 0.0789 0.1196 0.1170 0.0983 Return After-Taxes on Distributions and Sale of Fund Shares 0.0547 0.0984 0.1004 0.0840 Morningstar® US Market Index SM (TR) (reflects no deduction for fees, expenses or taxes) (2) (reflects no deduction for fees, expenses or taxes) 0.1735 0.1329 0.1440 0.1324 Morningstar® US Small Cap Market IndexSM (TR) (reflects no deduction for fees, expenses or taxes) 0.1220 0.0729 0.0974 0.0815 2015-06-30 After-tax returns are shown for the Institutional Class shares only. After-tax returns for the Investor Class shares will vary. After-tax returns are calculated using the historical highest marginal individual U.S. federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Explorer Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs, in which case you will generally be taxed upon withdrawal of monies from the tax-deferred arrangement. The index returns presented above assume reinvestment of all distributions and exclude the effect of taxes and fees (if expenses and taxes were deducted, the actual returns of the indices would be lower). After-tax returns for the Investor Class shares will vary. After-tax returns are calculated using the historical highest marginal individual U.S. federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Explorer Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs, in which case you will generally be taxed upon withdrawal of monies from the tax-deferred arrangement. Applied Finance Select Fund Investment Objective <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The investment objective of the Applied Finance Select Fund (the “Select Fund”) is long-term capital appreciation.</span></div> Fees and Expenses of the Select Fund <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> Shareholder Fees (fees paid directly from your investment) 0 0 Annual Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0090 0.0090 0.0025 0 0.16 0.08 0.0012 0.0012 0.0028 0.0020 1.43 0.0110 -0.0043 -0.0035 1 0.75 September 1, 2027 Example: The following example is intended to help you compare the cost of investing in the Select Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Select Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Select Fund’s operating expenses remain the same. The effect of the Adviser’s agreement to waive fees and/or reimburse expenses is only reflected in the first year of each example shown below. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 102 410 741 1676 77 315 572 1309 Portfolio Turnover The Select Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Select Fund’s performance. During the most recent fiscal year ended April 30, 2026, the Select Fund’s portfolio turnover rate was 20.13% of the average value of its portfolio. 0.2013 Principal Investment Strategies <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Select Fund invests primarily in the equity securities of U.S. companies whose market capitalizations are $3 billion or more, measured at the time of purchase. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Equity securities in which the Select Fund may invest include common and preferred stocks, rights and warrants, and securities convertible into equity securities. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Select Fund may also invest in the securities of other investment companies including ETFs.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">In choosing investments, the Adviser employs a proprietary stock selection model that ranks stocks according to fundamental criteria that the Adviser believes are indicative of company strength and superior risk/return profile. These criteria may include intrinsic value, management quality, leverage and free cash flow, earnings quality, return on assets, return on equity and return on capital. The Select Fund will normally invest across a majority of economic sectors, although it may at times focus its investments in certain sectors. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Select Fund will normally hold between 35 to 65 securities in its portfolio. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Adviser will typically sell a company from the Select Fund’s portfolio when indicated by the proprietary stock selection model described above or when the Adviser elects to take a temporary defensive position. </span></div>From time to time, the Adviser may take temporary defensive positions, which are inconsistent with the Select Fund’s principal investment strategies, in attempting to respond to adverse market, economic, political, or other conditions. For example, the Select Fund may hold all or a portion of its assets in money market instruments, including cash, cash equivalents, U.S. government securities, other investment grade fixed income securities, certificates of deposit, bankers acceptances, commercial paper, money market funds and repurchase agreements. While the Select Fund is in a defensive position, the opportunity to achieve its investment objective will be limited. Before you decide whether to invest in the Select Fund, carefully consider these risk factors and special considerations associated with investing in the Select Fund, which may cause you to lose part or all your investment in the Select Fund. <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Since the Select Fund invests in equity securities, it is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Select Fund’s equity securities may fluctuate from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is a principal risk of investing in the Select Fund.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Market Risk</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">. The value of securities in the Select Fund’s portfolio will fluctuate and, as a result, the Select Fund’s share price may decline suddenly or over a sustained period. The equity securities purchased by the Select Fund may involve large price swings and potential for loss.</span></div> <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Management Risk</span>. The strategies used by the Adviser may fail to produce the intended result. <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Large Cap Risk</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">. Larger, more established companies may be unable to attain the high growth rates of successful, smaller companies during periods of economic expansion.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Risks of Investment Selection and Asset Allocation. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Select Fund's investment success depends on the skill of the Adviser in evaluating, selecting and monitoring the portfolio assets. If the Adviser's conclusions about growth rates or securities values are incorrect, the Select Fund may not perform as anticipated.</span></div> <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Sector Risk.</span> Sector risk is the possibility that securities within the same group of industries will decline in price due to sector-specific market or economic developments. If the Fund invests more heavily in a sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector. <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Risk of Other Equity Securities</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> Other equity securities in which the Fund may invest include convertible securities, preferred securities, rights and warrants.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Convertible Securities</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">. Convertible securities are subject to the risks and price fluctuations of the underlying stock. They may be subject to the risk that the issuer will not be able to pay interest or dividends when due and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Some convertible preferred stocks have a conversion or call feature that allows the issuer to redeem the stock before the conversion date, which could diminish the potential for capital appreciation on the investment. </span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Preferred Securities</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">. The fixed dividend rate of preferred stocks may cause their prices to behave more like those of debt securities. If interest rates rise, the value of preferred stock having a fixed dividend rate tends to fall. Preferred stock generally ranks behind debt securities in claims for dividends and assets of the issuer in a liquidation or bankruptcy. </span></div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Rights and Warrants</span>. The price of a warrant does not necessarily move parallel to the price of the underlying security and is generally more volatile than that of the underlying security. Rights are similar to warrants, but normally have a shorter duration. The market for rights or warrants may be very limited and it may be difficult to sell them promptly at an acceptable price. Rights and warrants have no voting rights, receive no dividends and have no rights with respect to the assets of the issuer. <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Convertible Securities</span>. Convertible securities are subject to the risks and price fluctuations of the underlying stock. They may be subject to the risk that the issuer will not be able to pay interest or dividends when due and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Some convertible preferred stocks have a conversion or call feature that allows the issuer to redeem the stock before the conversion date, which could diminish the potential for capital appreciation on the investment. <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Preferred Securities</span>. The fixed dividend rate of preferred stocks may cause their prices to behave more like those of debt securities. If interest rates rise, the value of preferred stock having a fixed dividend rate tends to fall. Preferred stock generally ranks behind debt securities in claims for dividends and assets of the issuer in a liquidation or bankruptcy. <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Rights and Warrants</span>. The price of a warrant does not necessarily move parallel to the price of the underlying security and is generally more volatile than that of the underlying security. Rights are similar to warrants, but normally have a shorter duration. The market for rights or warrants may be very limited and it may be difficult to sell them promptly at an acceptable price. Rights and warrants have no voting rights, receive no dividends and have no rights with respect to the assets of the issuer. <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Investment Company Securities Risk.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"> </span>When the Select Fund invests in other investment companies, including ETFs, it indirectly bears its proportionate share of fees and expenses of the other investment company, which results in higher Fund expenses. The Select Fund may be affected by losses of the other investment companies and the level of risk arising from their investment practices. <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">ETF Risk.</span> ETFs generally are investment companies whose shares represent an interest in a portfolio of securities. Some ETFs are designed to track various market indexes. Because the Select Fund may invest in ETFs, it is subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF’s shares may trade at a discount to its NAV, an active secondary market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact the Select Fund’s ability to sell its shares. Performance Information <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The bar chart below shows changes in the Select Fund’s annual returns for the Investor Class shares (the Class with the longest period of annual returns) from year to year. The performance of Institutional Class shares will differ due to differences in expenses. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The table below shows how the Select Fund’s average annual returns for the periods indicated compare over time to those of a broad-based securities market index, the Morningstar® US Market Index</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">SM</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> (TR), and the Morningstar® US Large-Mid Value Market Index</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">SM</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> (TR), which is the Select Fund’s secondary index. The table also presents the impact of taxes on the Select Fund’s Investor Class shares.</span></div>This information provides some indication of the risks of investing in the Select Fund. Past performance of the Select Fund is not necessarily an indication of how it will perform in the future. Updated performance information is available by calling toll-free 800-673-0550. The bar chart below shows changes in the Select Fund’s annual returns for the Investor Class shares (the Class with the longest period of annual returns) from year to year. Past performance of the Select Fund is not necessarily an indication of how it will perform in the future. 800-673-0550 Investor Class Year-by-Year Annual Returns as of December 31st <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">During the period shown, the highest quarterly return was 19.81% (quarter ended June 30, 2020) and the lowest quarterly return was -23.87% (quarter ended March 31, 2020).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Year to date return as of June 30, 2026 was 12.85%.</span></div> highest quarterly return 0.1981 2020-06-30 lowest quarterly return -0.2387 2020-03-31 Year to date return 2026-06-30 0.1285 Average Annual Returns for Periods Ended December 31, 2025 Investor Class Shares 0.1310 0.1041 0.1205 Institutional Class Shares 0.1336 0.1067 0.1229 Return After-Taxes on Distributions 0.1145 0.0948 0.1126 Return After-Taxes on Distributions and Sale of Fund Shares 0.0776 0.0786 0.0957 Morningstar® US Market IndexSM (TR) (reflects no deduction for fees, expenses or taxes)(2) (reflects no deduction for fees, expenses or taxes) 0.1735 0.1329 0.1452 Morningstar® US Large-Mid Value Market IndexSM (TR) (reflects no deduction for fees, expenses or taxes) 0.1767 0.1301 0.1039 2017-02-03 After-tax returns are shown for the Investor Class shares only. After-tax returns for the Institutional Class shares will vary. After-tax returns are calculated using the historical highest marginal individual U.S. federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Select Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs, in which case you will generally be taxed upon withdrawal of monies from the tax-deferred arrangement. The index returns presented above assume reinvestment of all distributions and exclude the effect of taxes and fees (if expenses and taxes were deducted, the actual returns of the indices would be lower). After-tax returns are calculated using the historical highest marginal individual U.S. federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Select Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs, in which case you will generally be taxed upon withdrawal of monies from the tax-deferred arrangement. Other Expenses do not reflect 0.02% of certain costs of preparing, printing and mailing the Fund’s Proxy Statement and related proxy materials and all other costs incurred in connection with the solicitation of proxies for the Fund’s Shareholders’ Meeting. Applied Finance Advisors, LLC (the “Adviser”) has entered into a written expense limitation agreement under which it has agreed to limit the total expenses of the Dividend Fund (exclusive of interest, expenses incurred under a plan of distribution adopted pursuant to the Rule 12b-1 under the Investment Company Act of 1940 (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% of the daily net assets of the Dividend Fund. Each waiver and/or reimbursement of an expense by the Adviser is subject to repayment by the Dividend Fund within thirty-six months following the date such waiver and/or reimbursement was made, provided that the Dividend 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 limitation agreement may not be terminated prior to September 1, 2027, unless mutually agreed to in writing by the parties. Investor Class shares commenced operations on June 2, 2006 and Institutional Class shares commenced operations on September 1, 2009. In connection with adopted SEC regulations applicable to the Fund, the Morningstar® US Market IndexSM (TR) is the Fund’s broad-based securities market index. The Fund will continue to show performance for the Morningstar® US Large-Mid Value Market IndexSM (TR), the Fund’s previous broad-based securities market index. Other Expenses do not reflect 0.01% of certain costs of preparing, printing and mailing the Fund’s Proxy Statement and related proxy materials and all other costs incurred in connection with the solicitation of proxies for the Fund’s Shareholders’ Meeting. The Adviser has entered into a written expense limitation agreement under which it has agreed to limit the total expenses of the Explorer 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 0.83% of the daily net assets of the Explorer Fund. Each waiver and/or reimbursement of an expense by the Adviser is subject to repayment by the Explorer Fund within thirty-six months following the date such waiver and/or reimbursement was made, provided that the Explorer 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 limitation agreement may not be terminated prior to September 1, 2027, unless mutually agreed to in writing by the parties. Institutional Class shares commenced operations on June 11, 2015 and Investor Class shares commenced operations on June 30, 2015. In connection with adopted SEC regulations applicable to the Fund, the Morningstar® US Market Index SM (TR) is the Fund’s broad-based securities market index. The Fund will continue to show performance for the Morningstar® US Small Cap Market IndexSM (TR), the Fund’s previous broad-based securities market index. The Adviser has entered into a written expense limitation agreement under which it has agreed to limit the total expenses of the Select 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 0.75% of the daily net assets of the Select Fund. Each waiver and/or reimbursement of an expense by the Adviser is subject to repayment by the Select Fund within thirty-six months following the date such waiver and/or reimbursement was made, provided that the Select Fund can 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 limitation agreement may not be terminated prior to September 1, 2027 unless mutually agreed to in writing by the parties. Investor Class shares commenced operations on February 1, 2017 and Institutional Class shares commenced operations on February 3, 2017. In connection with adopted SEC regulations applicable to the Fund, the Morningstar® US Market IndexSM (TR) is the Fund’s broad-based securities market index. The Fund will continue to show performance for the Morningstar® US Large-Mid Value Market IndexSM (TR), the Fund’s previous broad-based securities market index.