Dalton Greiner Hartman Maher & Co LLC

Item 5        Fees and Compensation

Asset-Based Fees for Separately Managed Accounts
Asset-based fees are computed by multiplying a tiered or flat rate by the market value of the portfolio.

Asset-based fee schedules for separately managed accounts are as follows:

       AllCap Value
       The AllCap Value product has tiered annual fees from 0.75% to 0.35% or a flat annual fee of 0.75%
       depending upon the amount under management. The base fee schedule for AllCap Value is:

           0.75% on the first $25 million
           0.50% on the next $75 million
           0.35% on the balance

       MidCap Value
       The MidCap Value product has tiered annual fees from 0.75% to 0.40% or a flat annual fee of
       0.75% depending upon the amount under management. The base fee schedule for MidCap Value
       is:

           0.75% on the first $40 million
           0.60% on the next $35 million
           0.50% on the next $25 million
           0.40% on the balance

                                 Dalton, Greiner, Hartman, Maher & Co., LLC
                                              Form ADV Part 2A
                                                March 8, 2021

       SMIDCap Value

       The SMIDCap Value product has tiered annual fees from 0.85% to 0.40% or a flat annual fee of
       0.85% depending upon the amount under management. The base fee schedule for SMIDCap
       Value is:

           0.85% on the first $40 million
           0.65% on the next $35 million
           0.50% on the next $25 million
           0.40% on the balance

       V2000 SmallCap Value

       The V2000 SmallCap Value product has tiered annual fees from 1.00% to 0.40% or a flat annual
       fee of 1.00% depending upon the amount under management. The base fee schedule for V2000
       SmallCap Value is:

           1.00% on the first $40 million
           0.75% on the next $20 million
           0.50% on the next $90 million
           0.40% on the balance

       Emerging SmallCap Value

       The Emerging SmallCap Value product has an annual fee of 1.10%.

       MicroCap Value

       The MicroCap Value product has an annual fee of 1.25%.

All fees may be subject to negotiation. Fees on accounts where DGHM acts as a sub-adviser are generally
discounted relative to full service, standalone, separately managed accounts.

DGHM bills separate account clients on a quarterly basis for fees incurred and does not deduct fees
directly from the client accounts. Clients pay fees in arrears and are not required to pay fees in advance.

Other than the management fees and/or performance fees charged to accredited investors or qualified
purchasers, separate account clients do not pay any other fees or expenses to DGHM in connection with
the firm’s advisory services.

Clients will incur brokerage and other transaction costs in the purchase and sale of securities. These costs
are detailed in Item 12: Brokerage Practices.

                                Dalton, Greiner, Hartman, Maher & Co., LLC
                                             Form ADV Part 2A
                                               March 8, 2021

Wrap Program Fees
Wrap program sponsors typically receive the total “wrap fee” charged to the client and remit a portion
to DGHM. DGHM fees for providing investment advisory services to sponsored accounts range from
0.38% to 0.75% of assets under management. This range is determined by agreement between DGHM
and the sponsoring broker-dealer or financial consultant. Fees are generally due quarterly in advance.
All prepaid unearned fees will be refunded on a pro rata basis upon termination of the agreement by the
client. Generally, DGHM may terminate its participation in a wrap program with 30 days’ notice; clients
may terminate their advisory relationship at will.

Unified Managed Accounts (“UMAs”)
DGHM provides buy and sell recommendations to broker-dealers or financial consultants for Unified
Model Portfolios (”UMAs”) in exchange for fees that range from 0.30% to 1.00% of the market value
attributable to these accounts. DGHM provides a model portfolio to the UMA sponsor for each product
chosen by the UMA sponsor.

Mutual Fund Fees
All fees paid to DGHM for investment advisory services are separate and distinct from the fees and
expenses charged by the Fund (described in the Fund prospectus) to their shareholders. These fees
generally include a management fee and other expenses. A client could also pay an initial or deferred
sales charge. Fees paid to DGHM are exclusive of custodial and transaction costs paid to account
custodians or brokers. The client should review all fees charged by the mutual fund to fully understand
the total fees to be paid.

Sub-Advisory Fees
DGHM has entered into relationships as investment sub-adviser to various third-party sponsored
registered investment companies and unregistered commingled funds. Fees are typically negotiated
using the investment company fee schedule as a base for negotiations; agreed-upon contractual fees
rates may vary considerably.

Item 7         Types of Clients

DGHM offers investment supervisory services on a discretionary basis to:

    1. High net worth (“HNW”) individuals. A client is deemed to have a high net worth if she or he has
       at least $1 million in assets under management with the supervised person's investment
       advisory firm immediately after entering into the advisory contract with the firm, or if the adviser
       reasonably believes that she or he has a net worth in excess of $2.1 million, excluding the value
       of his or her primary residence, immediately prior to entering into such contract. HNW clients
       who are also “Accredited Investors” can choose to invest in either a separate account or a limited
       partnership with DGHM.

    2. Trusts, estates, and charitable organizations. Trusts, estates, and charitable organizations who
       are also “Accredited Investors” or “Qualified Purchasers” can choose to invest in either a
       separate account or limited partnership with DGHM.

    3. Endowments and foundations.

    4. Employee Retirement Income Security Act (ERISA) of 1974 pension and profit sharing plans.
       DGHM is a Qualified Professional Asset Manager (“QPAM”).

    5. Taft-Hartley plans. Taft-Hartley plans which are also “Accredited Investors” or “Qualified
       Purchasers” can choose to invest in either a separate account or limited partnership with DGHM.

    6. Corporations or business entities. Corporations or business entities who are also “Accredited
       Investors” or “Qualified Purchasers” can choose to invest in either a separate account or limited
       partnership with DGHM.

    7. Clients of sponsoring broker-dealers and to financial consultants who offer comprehensive
         brokerage, custodial, and advisory services for a comprehensive “wrap fee,” which is generally
         based on percentage of assets under management. Typically, investment advisers must be pre-
         screened and approved to participate in these “wrap” programs. It is the responsibility of the
         wrap sponsor to determine the suitability of the investment for their clients. Clients select an
         investment adviser from a list of eligible investment advisers in these programs.

DGHM provides buy and sell recommendations to broker-dealers or financial consultants for Unified
Model Portfolios promptly upon the completion of its own clients’ orders. Buy and sell recommendations
for the various UMA programs are provided on rotation basis to the UMA providers. A UMA is a

                                Dalton, Greiner, Hartman, Maher & Co., LLC
                                             Form ADV Part 2A
                                               March 8, 2021

professionally managed private investment account that is rebalanced regularly and may include every
investment vehicle (e.g., mutual funds, stocks, bonds, and exchange traded funds) in an investor's
portfolio combined into a single account. It is the responsibility of the UMA sponsor to determine the
suitability of the investment for their clients.

DGHM is the investment adviser to a registered investment company, World Funds Trust, and to its
mutual fund, the DGHM MicroCap Value Fund (the “Fund”).

DGHM is an investment manager to Hereford Funds and its sub-fund, DGHM US All-Cap Value Fund
(“Sub-Fund”). This Sub-Fund is not open to US investors.

DGHM is the investment sub-adviser to various third-party sponsored registered investment companies
and unregistered commingled funds.

DGHM has elected to register with the Ontario Securities Commission as an International Adviser that is
solely advising or managing investment portfolios of clients in Ontario without having a place of business
in Canada and without partners or officer’s resident in Canada.

DGHM does not have absolute minimum requirements regarding asset values for client accounts or
limited partnership investments. However, $5 million is the preferred minimum account size for separate
client accounts and $500,000 is the preferred minimum account size for limited partnership investments.

                                 Dalton, Greiner, Hartman, Maher & Co., LLC
                                              Form ADV Part 2A
                                                March 8, 2021