# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001999371-25-007395
**Filing Date:** 2025-6
**Character Count:** 68278
**Document Hash:** a3af6babdfd0d74b3fd1795aee5613ac
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-007395.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001999371-25-007395

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** World Funds Trust
- **CENTRAL INDEX KEY:** 0001396092

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22172
- **FILM NUMBER:** 251032090

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

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

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

## Series and Classes Contracts Data

### Perkins Discovery Fund (Series ID: S000038882)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000119646 | Investor     | PDFDX           |

?xml version='1.0' encoding='ASCII'? Perkins Discovery Fund

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-22172 |
| Exact name of registrant as specified in charter: | World Funds Trust |
| Address of principal executive offices: | 8730 Stony Point Parkway, <br> Suite 205<br> Richmond, VA 23235 |
| Name and address of agent for service | The Corporation Trust Co.,<br> Corporation Trust Center,<br> 1209 Orange St.,<br> Wilmington, DE 19801<br>With Copy to:<br>John H. Lively<br> Practus, LLP<br> 11300 Tomahawk Creek Parkway<br> Suite 310<br> Leawood, KS 66211 |
| Registrant's telephone number, including area code: | (804) 267-7400 |
| Date of fiscal year end: | March 31 |
| Date of reporting period: | March 31, 2025 |
|  | Perkins Discovery Fund |

---

ITEM 1. (a) REPORT TO STOCKHOLDERS.

**Perkins Discovery Fund** Tailored Shareholder Report**

**annual Shareholder Report March 31, 2025**<br>**Perkins Discovery Fund**<br>**Investor Class Shares (Ticker: PDFDX)**<br>

*This annual shareholder report contains important information about the Perkins Discovery Fund, Investor Class Shares for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.perkinsfund.com/reports-to-investors/. You can also request this information by contacting us at (800) 673-0550.*

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Perkins**<br>**Discovery Fund - Investor Class** | $252 | 2.56% |

---

#### How did the Fund perform?
[For the for the period of April 1, 2024, to March 31, 2025, the Perkins Discovery Fund (the "Fund") returned a -3.13%. In comparison, the S&P 500® Index returned 6.80% for the same period and the Dow Jones U.S. Micro-cap Total Stock Market Index returned a -5.72%.](#)

#### What key factors affected the Fund's performance?
As a micro-cap fund, the Fund was affected primarily by the relative performance of micro-cap stocks as compared to large-cap companies and the market as a whole. After several difficult years during which micro-cap companies lagged behind large-caps, micro-caps began to perform better during the second and third quarters of the fiscal year. During the fourth quarter, however, the market as a whole was down, as were micro-caps and the Fund. Historically, over the long term, small-cap stocks have outperformed large-caps.

#### Positioning
At the Perkins Discovery Fund, we follow a bottom-up approach, using both fundamental and technical chart analysis to find new investment opportunities one at a time and to monitor our current holdings. During the period, we added five holdings and disposed of seven. As a result, the portfolio went from 30 holdings to 28. We started and ended the period with 99.06% and 99.13% of the Fund invested in equities, respectively.

---

| | |
|:---|:---|
| **Top Contributors**<br>| **Top Detractors**<br>|
| Natera, Inc.<br>| Perion Network LTD<br>|
| Axogen, Inc.<br>| NeoGenomics, Inc.<br>NeoGenomics, Inc.<br>|
| Veracyte, Inc.<br>| Option Care Health, Inc.<br>|

---

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

![](d7qy3o7nm9u6foir.jpg)

#### Annual Performance

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Perkins**<br>**Discovery Fund -** <br>**Investor Class** | -3.13% | 8.46% | 4.70% |
| **S&P 500® Index** | 6.80% | 16.77% | 10.50% |
| **Dow Jones U.S. Micro-Cap Total Stock Market Index** | -5.72% | 6.65% | 1.76% |

---

The S&P 500® Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.The Dow Jones U.S. Micro-Cap Total Stock Market Index is an unmanaged index that measures the performance of the smallest publicly traded U.S. stocks, representing the micro-cap segment of the equity market.Visit *www.perkinsfund.com/performance/* for more recent performance information.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**Perkins Discovery Fund** Tailored Shareholder Report**

#### Sector Breakdown
![](d7qy3o7nm9u0n2xf.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** |  |
| **Natera, Inc.** | 10.41% |
| **Axogen. Inc.** | 9.84% |
| **Vericel Corp.** | 9.13% |
| **Veracyte, Inc.** | 8.00% |
| **ANI Pharmaceuticals, Inc.** | 6.96% |
| **Cantaloupe, Inc.** | 5.15% |
| **ePlus, Inc.** | 4.99% |
| **Biolife Solutions, Inc.** | 4.67% |
| **Digi International, Inc.** | 4.10% |
| **AtriCure, Inc.** | 3.96% |

---

#### Key Fund Statistics
(as of March 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Net Assets** | $6111546 |
| **Number of Holdings**  | 28 |
| **Total Advisory Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 10.08% |

---

**For additional information about the Fund; including its prospectus,** summary prospectus, **financial information, holdings and proxy information, visit www.perkinsfund.com/reports-to-investors/.**

#### What did the Fund invest in?
(% of Net Assets as of March 31, 2025)

ITEM 1. (b). Not applicable.

ITEM 2. CODE OF ETHICS.

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

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

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

(e) Not applicable.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

(a)(2) Not applicable.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $16,300 for 2025 and $15,900 for 2024.

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

(c) Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $2,800 for 2025 and $2,700 for 2024. The nature of the services comprising these fees include preparation of excise filings and income tax returns and assistance with calculation of required income, capital gain and excise distributions.

(d) All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $1,000 for 2025 and $1,000 for 2024.

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

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

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

(b) NA

(c) 0%

(d) NA

(f) Less than 50% of the hours expended on the principal account's engagement to audit the Registrant's financial statement for the fiscal year ended March 31, 2025 were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

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

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

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

(b) Not applicable.

---

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

---

**FINANCIAL STATEMENTS**

**AND OTHER INFORMATION**

For the Year Ended March 31, 2025

![](perkins_ncsr-finimg001.gif)

See Notes to Financial Statements

**3**

FINANCIAL STATEMENTS \| MARCH 31, 2025

**PERKINS DISCOVERY FUND**

**Schedule of Investments** **March 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **99.13%** | **COMMON STOCKS<sup>(A)</sup>**  |  |  |
| **19.65%** | **BIOTECHNOLOGY** |  |  |
|  | Elutia Inc.  | 42500 | $107525 <br>|
|  | MDxHealth SA  | 32500 | 46150 |
|  | Veracyte, Inc.  | 16500 | 489225 |
|  | Vericel Corp.  | 12500 | 557750 |
|  |  |  | 1200650 |
| **5.60%** | **CONSUMER DISCRETIONARY** |  |  |
|  | Magnite, Inc.  | 20000 | 228200 |
|  | Perion Network Ltd.  | 14000 | 113960 |
|  |  |  | 342160 |
| **1.57%** | **FINANCIALS** |  |  |
|  | FlexShopper, Inc.  | 75000 | 96000 |
| **10.37%** | **HEALTH CARE DRUGS/SERVICES** |  |  |
|  | ANI Pharmaceuticals, Inc.  | 6350 | 425132 |
|  | NeoGenomics, Inc.  | 22000 | 208780 |
|  |  |  | 633912 |
| **3.95%** | **HEALTH CARE MANUFACTURING** |  |  |
|  | AtriCure, Inc.  | 7500 | 241950 |
| **19.47%** | **HEALTH CARE SUPPLIES** |  |  |
|  | Axogen, Inc.  | 32500 | 601250 |
|  | BioLife Solutions, Inc.  | 12500 | 285500 |
|  | Butterfly Network, Inc.  | 35500 | 80940 |
|  | Exagen, Inc.  | 16500 | 59235 |
|  | Myomo, Inc.  | 13600 | 65416 |
|  | TELA Bio, Inc.  | 80000 | 97600 |
|  |  |  | 1189941 |

---

See Notes to Financial Statements

**4**

FINANCIAL STATEMENTS \| MARCH 31, 2025

**PERKINS DISCOVERY FUND**

**Schedule of Investments - continued** **March 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **10.75%** | **HEALTH CARE SUPPORT** |  |  |
|  | Natera, Inc.  | 4500 | $636345 <br>|
|  | Rockwell Medical, Inc.  | 18181 | 20545 |
|  |  |  | 656890 |
| **3.79%** | **HEALTH CARE TECHNOLOGY** |  |  |
|  | OptimizeRX Corp.  | 14000 | 121240 |
|  | Streamline Health Solutions, Inc.  | 8733 | 24452 |
|  | Tactile Systems Technology, Inc.  | 6500 | 85930 |
|  |  |  | 231622 |
| **12.71%** | **INFORMATION TECHNOLOGY** |  |  |
|  | Airgain, Inc.  | 14500 | 48865 |
|  | Cantaloupe, Inc.  | 40000 | 314800 |
|  | Digi International, Inc.  | 9000 | 250470 |
|  | Inuvo, Inc.  | 457500 | 162413 |
|  |  |  | 776548 |
| **11.27%** | **SOFTWARE SERVICES** |  |  |
|  | Asure Software, Inc.  | 25000 | 238750 |
|  | Backblaze, Inc.  | 30000 | 144900 |
|  | ePlus, Inc.  | 5000 | 305150 |
|  |  |  | 688800 |
| **99.13%** | **TOTAL COMMON STOCKS**  | **TOTAL COMMON STOCKS**  | 6058473 |
|  | (Cost: $3,968,642) |  |  |
| **1.05%** | **MONEY MARKET FUND** |  |  |
|  | Fidelity Government Portfolio 4.22%<sup>(B)</sup>  | 63964 | 63964 |
|  | (Cost: $63,964) |  |  |
| **100.18%** | **TOTAL INVESTMENTS**  | **TOTAL INVESTMENTS**  | 6122437 |
|  | (Cost: $4,032,606) | (Cost: $4,032,606) |  |
| **(0.18%)** | Liabilities in excess of other assets  | Liabilities in excess of other assets  | (10891) |
| **100.00%** | **NET ASSETS**  | **NET ASSETS**  | $6111546 <br>|

---

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

<sup>(B)</sup>Effective 7 day yield as of March 31, 2025.

See Notes to Financial Statements

**5**

FINANCIAL STATEMENTS \| MARCH 31, 2025

**PERKINS DISCOVERY FUND**

**Statement of Assets and Liabilities** **March 31, 2025**

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp; Investments at value (cost of $4,032,606) (Note 1)  | $6122437 <br>|
| &nbsp;&nbsp;&nbsp; Interest receivable  | 227 |
| &nbsp;&nbsp;&nbsp; Receivable from investment advisor (Note 2)  | 5339 |
| &nbsp;&nbsp;&nbsp; Receivable for capital stock sold  | 16 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses  | 13250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSETS  | 6141269 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp; Payable for capital stock redeemed  | 747 |
| &nbsp;&nbsp;&nbsp; Accrued 12b-1 fees  | 1368 |
| &nbsp;&nbsp;&nbsp; Accrued accounting, administration and transfer agent fees  | 7335 |
| &nbsp;&nbsp;&nbsp; Accrued professional fees  | 19730 |
| &nbsp;&nbsp;&nbsp; Other accrued liabilities  | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES  | 29723 |
| **NET ASSETS**  | $6111546 <br>|
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | 3787738 |
| &nbsp;&nbsp;&nbsp; Distributable earnings  | 2323808 |
| &nbsp;&nbsp;&nbsp; **Net Assets**  | $6111546 <br>|
| **NET ASSET VALUE PER SHARE** |  |
| Investor Class Shares: |  |
| &nbsp;&nbsp;&nbsp; Net Assets  | $6111546 <br>|
| &nbsp;&nbsp;&nbsp; Shares Outstanding (unlimited number of shares of beneficial interest authorized without par value)  | 140950 |
| &nbsp;&nbsp;&nbsp; Net Asset Value and Offering Price Per Share  | $43.36 <br>|
| &nbsp;&nbsp;&nbsp; Redemption Price Per Share \*  | $42.93 <br>|

---

\*Redemption Price includes fee of 1% per share on the proceeds redeemed within 45 days of purchase.

See Notes to Financial Statements

**6**

FINANCIAL STATEMENTS \| MARCH 31, 2025

**PERKINS DISCOVERY FUND**

**Statement of Operations** **Year Ended March 31, 2025**

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp; Interest  | $4771 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 4771 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees (Note 2)  | 72698 |
| &nbsp;&nbsp;&nbsp; 12b-1 fees (Note 2)  | 18174 |
| &nbsp;&nbsp;&nbsp; Recordkeeping and administrative services (Note 2)  | 39927 |
| &nbsp;&nbsp;&nbsp; Professional fees (Note 2)  | 42170 |
| &nbsp;&nbsp;&nbsp; Custody fees  | 3591 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees (Note 2)  | 23025 |
| &nbsp;&nbsp;&nbsp; Fund accounting fees  | 37081 |
| &nbsp;&nbsp;&nbsp; Filing and registration fees  | 28554 |
| &nbsp;&nbsp;&nbsp; Trustee fees  | 14723 |
| &nbsp;&nbsp;&nbsp; Compliance fees (Note 2)  | 9626 |
| &nbsp;&nbsp;&nbsp; Shareholder reports  | 31440 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing  | 5030 |
| &nbsp;&nbsp;&nbsp; Insurance  | 2743 |
| &nbsp;&nbsp;&nbsp; Proxy expenses  | 4098 |
| &nbsp;&nbsp;&nbsp; Other  | 11887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 344767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee waivers and reimbursed expenses <br>(Note 2)  | (158925) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 185842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | (181071) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments  | 824122 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) <br>of investments  | (775342) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 48780 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS**  | $(132291 ) |

---

See Notes to Financial Statements

**7**

FINANCIAL STATEMENTS \| MARCH 31, 2025

**PERKINS DISCOVERY FUND**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Years Ended March 31,**  | **Years Ended March 31,**  |
|  | **2025** | **2024** |
| **INCREASE (DECREASE) IN NET ASSETS FROM** |  |  |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $(181071 ) | $(188542 ) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments  | 824122 | 41260 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments  | (775342) | 117787 |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from <br>operations  | (132291) | (29495) |
| **CAPITAL STOCK TRANSACTIONS (NOTE 5)** |  |  |
| &nbsp;&nbsp;&nbsp; Shares purchased  | 263960 | 1229197 |
| &nbsp;&nbsp;&nbsp; Shares redeemed<sup>(A)</sup>  | (1631768) | (2134530) |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from capital <br>stock transactions  | (1367808) | (905333) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Increase (decrease) during year  | (1500099) | (934828) |
| &nbsp;&nbsp;&nbsp; Beginning of year  | 7611645 | 8546473 |
| &nbsp;&nbsp;&nbsp; End of year  | $6111546 <br>| $7611645 <br>|
| <sup>(A)</sup>Includes redemption fees of:  | $187 <br>| $10982 <br>|

---

**PERKINS DISCOVERY FUND**

**Selected Per Share Data Throughout Each Year**

**PERKINS DISCOVERY FUND**

**Financial Highlights**

See Notes to Financial Statements

**9**

FINANCIAL STATEMENTS \| MARCH 31, 2025

See Notes to Financial Statements

**8**

FINANCIAL STATEMENTS \| MARCH 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year**  | $44.76 <br>| $44.56 <br>| $51.55 <br>| $104.12 <br>| $39.34 <br>|
| **Investment activities**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | (1.16) | (1.04) | (1.05) | (2.23) | (1.80) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | (0.24) | 1.18 | (5.24) | (29.64) | 67.94 |
| &nbsp;&nbsp;&nbsp; **Total from investment activities**  | (1.40) | 0.14 | (6.29) | (31.87) | 66.14 |
| **Distributions**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain  |  |  | (0.70) | (20.76) | (1.47) |
| &nbsp;&nbsp;&nbsp; **Total distributions**  |  |  | (0.70) | (20.76) | (1.47) |
| Paid-in capital from redemption fees  | —<br><sup>(2)</sup>  | 0.06 | —<br><sup>(2)</sup>  | 0.06 | 0.11 |
| **Net asset value, end of year**  | **$** **43.36** <br>| **$** **44.76** <br>| **$** **44.56** <br>| **$** **51.55** <br>| **$** **104.12** <br>|
| **Total Return**  | **(3.13**<br>**%)** | **0.45%** | **(12.02**<br>**%)** | **(34.86**<br>**%)** | **169.16%** |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| **Ratios to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  | 4.75%<sup>(</sup><sup>3</sup><sup>)</sup>  | 4.48% | 4.10% | 2.59% | 3.09%<sup>(</sup><sup>3</sup><sup>)</sup>  |
| &nbsp;&nbsp;&nbsp; Expenses, net of waiver or recovery (Note 2)  | 2.56%<sup>(</sup><sup>3</sup><sup>)</sup>  | 2.50% | 2.50% | 2.50% | 2.59%<sup>(</sup><sup>3</sup><sup>)</sup>  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | (2.49%) | (2.43%) | (2.43%) | (2.50%) | (2.54%) |
| Portfolio turnover rate  | 10.08% | 0.00%<sup>(4</sup><sup>)</sup>  | 2.12% | 8.18% | 46.80% |
| Net assets, end of year (000's)  | $6112 <br>| $7612 <br>| $8546 <br>| $11366 <br>| $25564 <br>|

---

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

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

<sup>(</sup><sup>3</sup><sup>)</sup>Gross and net expenses reflect the effect of proxy expense which is excluded from the Fund's expense limitation agreement. Gross and net expenses would have been: 4.69% and 2.50% for the year ended March 31, 2025; and 3.00% and 2.50% for the year ended March 31, 2021, respectively.

<sup>(</sup><sup>4</sup><sup>)</sup> Ratio is zero due to the Fund not purchasing any long-term securities during the year.

**10**

FINANCIAL STATEMENTS \| MARCH 31, 2025

**PERKINS DISCOVERY FUND**

**Notes to Financial Statements** **March 31, 2025**

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

The Perkins Discovery Fund (the "Fund") is a diversified series of the World Funds Trust ("the Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company. The Trust was organized as a Delaware statutory trust on April 9, 2007. The Fund was established on April 9, 1998 as a series of Professionally Managed Portfolios. On October 26, 2012, the Fund reorganized as a separate series of the Trust.

The Fund's objective is to seek long-term capital appreciation.

The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by Perkins Capital Management, Inc. (the "Advisor") to make investment decisions, and the results of the Fund's operations, as shown in its Statement of Operations and Financial Highlights, is the information utilized for the day-today management of the Fund. The Fund and the Advisor are parties to expense agreements as disclosed in the Notes to the Financial Statements, and resources are not allocated to the Fund based on performance measurements. Due to the significance of oversight and its role in the Fund's management, the Advisor's portfolio manager is deemed to be the Chief Operating Decision Maker.

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

**Security Valuation**

The Fund records investments at current market prices. Investments in securities traded on national securities exchanges are valued at the last reported sale price. Investments in securities included on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price. Other securities traded in the over-the-counter market and listed securities for which no sales are reported on a given date are valued at the last reported bid price. Debt securities are valued by appraising them at prices supplied by a pricing agent approved by the Trust, which prices may reflect broker-dealer supplied valuations and electronic data processing techniques. Short-term debt securities (less than 60 days to maturity) are valued at their fair value using amortized cost. Other assets for which market

**11**

FINANCIAL STATEMENTS \| MARCH 31, 2025

**PERKINS DISCOVERY FUND**

**Notes to Financial Statements - continued** **March 31, 2025**

prices are not readily available are valued at their fair value as determined in good faith under procedures set by the Trust's Board of Trustees (the "Board"). Although the Board is ultimately responsible for fair value determinations under Rule 2a-5 of the 1940 Act, the Board has delegated day-to-day responsibility for oversight of the valuation of the Fund's assets to the Advisor as the Valuation Designee pursuant to the Fund's policies and procedures.

Generally, trading in corporate bonds, U.S. government securities and money market instruments is substantially completed each day at various times before the scheduled close of the New York Stock Exchange ("NYSE"). The value of these securities used in computing the net asset value ("NAV") is determined as of such times.

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

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

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

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

**12**

FINANCIAL STATEMENTS \| MARCH 31, 2025

**PERKINS DISCOVERY FUND**

**Notes to Financial Statements - continued** **March 31, 2025**

The following is a summary of the level of inputs used to value the Fund's investments as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br>Quoted Prices** | **Level 2<br>Other Significant Observable Inputs** | **Level 3<br>Significant Unobservable Inputs** | **Total** |
| Common Stocks  | $6058473 <br>| $— <br>| $— <br>| $6058473 <br>|
| Money Market Fund  | 63964 |  |  | 63964 |
|  | $6122437 <br>| $— <br>| $— <br>| $6122437 <br>|

---

Refer to the Fund's Schedule of Investments for a listing of the securities by security type and sector.

The Fund held no Level 3 securities at any time during the year ended March 31, 2025.

**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. Dividends are recorded on the ex-dividend date. Interest income is recorded on an accrual basis.

**Cash and Cash Equivalents**

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

**Accounting Estimates**

In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and the 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.

**13**

FINANCIAL STATEMENTS \| MARCH 31, 2025

**PERKINS DISCOVERY FUND**

**Notes to Financial Statements - continued** **March 31, 2025**

**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 in the next twelve months. Interest and penalties, if any, associated with any federal or state income tax obligations are recorded as income tax expense as incurred.

**Reclassification of Capital Accounts**

GAAP requires certain components of net assets are reclassified relating to permanent differences between financial and tax reporting. These reclassifications are caused primarily by differences in the timing of the recognition of certain components of income, expenses or realized capital gains for federal income tax purposes and have no effect on net assets or net asset value per share. For the year ended March 31, 2025, such reclassifications were due to the write off of net operating losses.

---

| | |
|:---|:---|
| Paid-in capital  | $(186460 <br>|
| Distributable earnings  | 186460 |

---

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

Pursuant to an Investment Advisory Agreement, the Advisor provides investment advisory services to the Fund for an investment advisory fee equal to 1.00% of the Fund's daily net assets.

The Advisor earned and waived management fees and reimbursed Fund expenses for the year ended March 31, 2025 as follows:

---

| | | |
|:---|:---|:---|
| **Management <br>Fees Earned** | **Management <br>Fees Waived** | **Expenses <br>Reimbursed** |
| $72698 | $72698 | $86227 |

---

**14**

FINANCIAL STATEMENTS \| MARCH 31, 2025

**PERKINS DISCOVERY FUND**

**Notes to Financial Statements - continued** **March 31, 2025**

The Advisor has contractually agreed to reduce its fees and/or reimburse Fund expenses until July 31, 2025 to keep Total Annual Operating Expenses (exclusive of interest, distribution and service fees pursuant to a Rule 12b-1 Plan, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, other expenditures which are capitalized in accordance with GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund's business) from exceeding 2.25% of the Fund's daily net asset assets. The expense limitation agreement may be terminated prior to July 31, 2025 by the Advisor and the Board only by mutual written consent. Each waiver and/or reimbursement of an expense by the Advisor is subject to repayment by the Fund within three years following the date such waiver and/or reimbursement was made, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.

The total amount of recoverable reimbursements for the Fund as of March 31, 2025, and expiration dates, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Recoverable Reimbursements and Expiration Dates** | **Recoverable Reimbursements and Expiration Dates** | **Recoverable Reimbursements and Expiration Dates** | **Recoverable Reimbursements and Expiration Dates** |
| **2026** | **2027** | **2028** | **Total** |
| $139181 | $153954 | $158925 | $452060 |

---

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 (the "12b-1 Plan") of the 1940 Act. Pursuant to the 12b-1 Plan, the Fund may finance certain activities primarily intended to result in the sale of the Fund's shares. The 12b-1 Plan provides that the Fund may pay a fee up to a maximum annual rate of 0.25% of the daily net assets of the Fund as compensation for certain shareholder service and distribution related activities. Because these fees are paid out of the Fund's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost more than paying other types of sales charges.

The Fund has adopted a shareholder service plan. Under a shareholder services plan, the Fund may pay an authorized firm up to 0.25% on an annualized basis of average daily net assets attributable to its customers who are shareholders. For this fee, the authorized firms may provide a variety of services, including but not limited to: (i) arranging for bank wires; (ii) responding to inquiries from shareholders concerning their investment in the Fund; (iii) assisting shareholders in changing dividend options, account designations and addresses; (iv) providing information periodically to shareholders showing their position in the Fund; (v) forwarding shareholder communications from the Fund such as proxies, shareholder reports, annual reports,

**15**

FINANCIAL STATEMENTS \| MARCH 31, 2025

**PERKINS DISCOVERY FUND**

**Notes to Financial Statements - continued** **March 31, 2025**

and dividend distribution and tax notices to shareholders; (vi) processing purchase, exchange and redemption requests from shareholders and placing orders with the Fund or its service providers; (vii) providing sub-accounting with respect to shares beneficially owned by shareholders; and (viii) processing dividend payments from the Fund on behalf of shareholders.

For the year ended March 31, 2025, the following expenses were incurred:

---

| | |
|:---|:---|
| **Type of Plan** | **Fees Incurred** |
| 12b-1 | $18174 |
| Shareholder Services | 5030 |

---

Commonwealth Fund Services, Inc. ("CFS") acts as the Fund's administrator, transfer and dividend disbursing agent and fund accountant. Fees to CFS are computed daily and paid monthly. For the year ended March 31, 2025, the following fees were paid by the Fund to CFS:

---

| | | |
|:---|:---|:---|
| **Administrator** | **Transfer Agent** | **Fund Accountant** |
| $36215 | $22781 | $25478 |

---

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

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

The Fund's Chief Compliance Officer is the Managing Member of Watermark Solutions, LLC ("Watermark"), which provides certain compliance services to the Fund. For the year ended March 31, 2025, Watermark received $9,626 in fees incurred by the Fund.

**NOTE 3 – INVESTMENTS**

The costs of purchases and proceeds from the sales of securities other than short-term investments for the year ended March 31, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $721228 | $2208828 |

---

**16**

FINANCIAL STATEMENTS \| MARCH 31, 2025

**PERKINS DISCOVERY FUND**

**Notes to Financial Statements - continued** **March 31, 2025**

**NOTE 4 – DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL**

Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.

There were no distributions paid during the years ended March 31, 2025 and 2024.

As of March 31, 2025, the components of distributable earnings (accumulated deficits) on a tax basis were as follows:

---

| | |
|:---|:---|
| Accumulated realized gain (loss) | $280204 <br>|
| Other accumulated losses  | (46227) |
| Net unrealized appreciation (depreciation) on investments  | 2089831 |
|  | $2323808 <br>|

---

For tax purposes, the Fund had a current year late-year ordinary loss of $46,227. This loss will be recognized on the first business day of the Fund's fiscal year, April 1, 2025. During the year ended March 31, 2025, the Fund utilized $543,918 of capital loss carryforwards from the year ended March 31, 2024.

As of March 31, 2025, the cost of securities for Federal Income tax purposes and the related tax-based net unrealized appreciation (depreciation) consists of:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross Unrealized Appreciation** | **Gross Unrealized Depreciation** | **Total Unrealized Appreciation (Depreciation)** |
| $4032606 | $3447531 | $(1357700) | $2089831 |

---

**17**

FINANCIAL STATEMENTS \| MARCH 31, 2025

**PERKINS DISCOVERY FUND**

**Notes to Financial Statements - continued** **March 31, 2025**

**NOTE 5 – TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST**

Shares of beneficial interest transactions for the Fund were:

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
| Shares sold  | 5680 | 3.958 |
| Shares redeemed  | (34773) | (17565) |
| Net increase (decrease)  | (29093) | (13.607) |

---

**NOTE 6 – RISK OF INVESTING IN THE FUND**

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

**NOTE 7 – SUBSEQUENT EVENTS**

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

**18**

FINANCIAL STATEMENTS \| MARCH 31, 2025

**PERKINS DISCOVERY FUND**

**Report of Independent Registered Public Accounting Firm**

**To the Shareholders of The Perkins Discovery Fund and the Board of Trustees of The World Funds Trust**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of the Perkins Discovery Fund (the "Fund"), a series of the World Funds Trust, including the schedule of investments, as of March 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more funds in the World Funds Trust since 1995.

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

**19**

FINANCIAL STATEMENTS \| MARCH 31, 2025

**PERKINS DISCOVERY FUND**

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

**TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania May 30, 2025**

**20**

FINANCIAL STATEMENTS \| MARCH 31, 2025

**PERKINS DISCOVERY FUND**

**Supplemental Information**

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

Not applicable.

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

Not applicable.

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

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

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

Not applicable.

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.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

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

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

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

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

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

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

SIGNATURES

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

Registrant: World Funds Trust

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
| | Karen Shupe<br> Principal Executive Officer |
| Date: June 6, 2025 | |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
|  | Karen Shupe<br> Principal Executive Officer |
| Date: June 6, 2025 |  |
| By (Signature and Title)\*: | /s/ Ann MacDonald |
|  | Ann MacDonald<br> Principal Financial Officer |
| Date: June 6, 2025 |  |

---

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

## Ex-99.Code

[World Funds Trust N-CSR](perkins-ncsr_033125.htm)

**Exhibit 99.CODE ETH**

**World Funds Trust**

**CODE OF ETHICS FOR SENIOR OFFICERS**

**Preamble**

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

**Statement of Policy**

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

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

**Covered Persons**

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

**Promotion of Honest and Ethical Conduct**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Promoting Prompt Internal Reporting of Violations

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

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

**Sanctions**

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

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

**No Rights Created**

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

**Recordkeeping**

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

**Amendments**

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

Approved: August 2, 2013

## Ex-99.Cert

[World Funds Trust N-CSR](perkins-ncsr_033125.htm)

**Exhibit 99.CERT**

PRINCIPAL EXECUTIVE OFFICER CERTIFICATION

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

1. I have reviewed this report on Form N-CSR of the Perkins Discovery Fund;

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

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

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

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

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

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

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

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

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

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

Date: June 6, 2025

/s/ Karen Shupe<br> Principal Executive Officer

PRINCIPAL FINANCIAL OFFICER CERTIFICATION

I, Ann MacDonald, Principal Financial Officer of World Funds Trust, certify that:

1. I have reviewed this report on Form N-CSR of the Perkins Discovery Fund;

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

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

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

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

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

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

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

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

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

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

Date: June 6, 2025

/s/ Ann MacDonald<br> Principal Financial Officer

## Exhibit 99.906

[World Funds Trust N-CSR](perkins-ncsr_033125.htm)

**Exhibit 99.906 CERT**

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. ss.1350, the undersigned officer of World Funds Trust (the "Company"), hereby certifies that the Company's Report on Form N-CSR for the period ended March 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: | June 6, 2025 |
| Name: | /s/ Karen Shupe |
|  | Karen Shupe |
| Title: | Treasurer and Principal Executive Officer |

---

A signed original of this written statement required by Section 906 has been provided to the Funds and will be retained by the Funds and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report.

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. ss.1350, the undersigned officer of World Funds Trust (the "Company"), hereby certifies that the Company's Report on Form N-CSR for the period ended March 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: | June 6, 2025 |
| Name: | /s/ Ann MacDonald |
|  | Ann MacDonald |
| Title: | Assistant Treasurer and Principal Financial Officer |

---

A signed original of this written statement required by Section 906 has been provided to the Funds and will be retained by the Funds and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report.