# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001999371-25-010608
**Filing Date:** 2025-8
**Character Count:** 16452
**Document Hash:** e1db22e4745967605610083399be38dd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-010608.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001999371-25-010608

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**EFFECTIVENESS DATE**: 20250805

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-148723
- **FILM NUMBER:** 251185303

**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           |

SUMMARY<br>PROSPECTUS

August 1, 2025

![](perkins_497kimg001.gif)

Perkins Discovery Fund

Ticker: PDFDX

*Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus, Statement of Additional Information and other information about the Fund online at www.perkinscapital.com. You may also obtain this information at no cost by calling 800-998-3190. The Fund's Prospectus and Statement of Additional Information, both dated August 1, 2025, are incorporated by reference into this Summary Prospectus.*

*The U.S. Securities and Exchange Commission has not approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.*

**1**

SUMMARY Prospectus \| AUGUST 1, 2025

**PERKINS DISCOVERY FUND**

<u>**Investment Objective**</u>

The Perkins Discovery Fund seeks long-term capital appreciation.

<u>**Fees and Expenses of the Fund**</u>

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund.

***Shareholder Fees***

(fees paid directly from your investment)

---

| | |
|:---|:---|
|  Maximum sales charge (load) imposed on purchases <br>(as a percentage of offering price)  |  |
|  Maximum deferred sales charges (load) <br>(as a percentage of the NAV at time of purchase)  |  |
|  Redemption Fee (as a percentage of amount redeemed within 45 days of purchase)  | 1.00% |
|  Exchange Fee  |  |

---

***Annual Fund Operating Expenses***

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  Management Fee  | 1.00% |
|  Distribution (12b-1) and Service Fees  | 0.25% |
|  Other Expenses:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder Services Plan  | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses<sup>(1)</sup>  | 3.37% |
|  Total Other Expenses  | 3.44% |
|  Total Annual Fund Operating Expenses  | 4.69% |
|  Fee Waivers and/or Expense Reimbursements<sup>(2)</sup>  | (2.19)% |
|  Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements<sup>(2</sup><sup>)</sup>  | 2.50% |

---

(1)Other Expenses do not reflect 0.06% 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.

(2)Perkins Capital Management, Inc. (the "Adviser") has contractually agreed to reduce its fees and/or reimburse Fund expenses (excluding interest, expenses incurred under a plan of distribution adopted pursuant to 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, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund's business) in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements for the Fund to 2.25% of the Fund's daily net assets until at least July 31, 2026. Each waiver or

**2**

SUMMARY Prospectus \| AUGUST 1, 2025

**PERKINS DISCOVERY FUND**

reimbursement of an expense by the Adviser is subject to repayment by the Fund within the three fiscal 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 Trust and the Adviser may terminate this expense limitation agreement prior to July 31, 2026 only by mutual written consent.

<u>**Example**</u>

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the 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 Fund's operating expenses remain the same. The effect of the Adviser's agreement to waive fees and/or expenses is only reflected in the first year of the example shown. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $253 | $1218 | $2188 | $4640 |

---

<u>**Portfolio Turnover**</u>

The 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 Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was 10.08% of the average value of its portfolio.

<u>**Principal Investment Strategies**</u>

The Fund will invest, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of domestic companies with market capitalizations of under $1 billion at the time of purchase. The equity securities the Fund may purchase consist mostly of common stock, although the Fund may purchase preferred and convertible stocks.

In selecting investments, Perkins Capital Management, Inc. (the "Adviser") seeks growth opportunities by investing in companies that it believes will appreciate in value. The Adviser seeks to discover investment opportunities primarily by searching for companies that it believes are in the process of undergoing some fundamental change. Companies undergoing change may have new products,

**3**

SUMMARY Prospectus \| AUGUST 1, 2025

**PERKINS DISCOVERY FUND**

processes, strategies, management, or may be subject to change by external forces. The Fund attempts to buy stocks of such companies when it believes the changes will result in higher earnings and/or a higher price-to-earnings ratio.

The Adviser will typically sell a holding when the reasons that the holding was purchased change. When a holding performs as anticipated, it may be sold when the Adviser's price target is reached, when the holding becomes overvalued in the Adviser's opinion, or when technical chart analysis indicates that a good sale point has been reached.

Note: Due to investment considerations, the Fund will close to new investors when it reaches $100 million in total assets. If the Fund closes to new investors, based on market conditions and other factors, it may reopen at a later date.

<u>**Principal Risks**</u>

There is a risk that you could lose all or a portion of your investment in the Fund. The following principal risks can affect the value of your investment:

*General Market Risk*. The market price of a security may fluctuate, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.

*Equity Risk*. Since the Fund purchases 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 Fund's equity securities may fluctuate drastically 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.

*Risk of Other Equity Securities*. Most 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. 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

**4**

SUMMARY Prospectus \| AUGUST 1, 2025

**PERKINS DISCOVERY FUND**

for dividends and assets of the issuer in a liquidation or bankruptcy. 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.

*Management Risk*. The Adviser may fail to implement the Fund's investment strategies and meet its investment objective.

*Smaller Companies Risk*. Investing in securities of smaller companies including micro-cap, small-cap, medium-cap, and less seasoned companies often involve greater volatility than investing in larger, more established companies and these securities may be less liquid than other securities.

*Sector Risk*. The Fund may emphasize investment in one or more particular business sectors at times, which may cause the value of its share price to be more susceptible to the financial, market, or economic events affecting issuers and industries within those sectors than a fund that does not emphasize investment in particular sectors. Economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and may increase the risk of loss of an investment in the Fund. This may increase the risk of loss associated with an investment in the Fund and increase the volatility of the Fund's net asset value per share. The Fund may from time to time emphasize companies in the Health Care sector which are subject to government regulation and reimbursement rates, as well as government approval of products and services, which could have a significant effect on price and availability, and the prices of securities of such companies may be significantly affected adversely by rapid obsolescence and patent expirations.

*Small Portfolio Risk*. Although the Fund is diversified, from time to time, it holds a relatively small number of securities (i.e., under 40). As a result, an increase or decrease in the value of a single security held by the Fund may have a greater impact on the Fund's net asset value ("NAV") and total return.

<u>**Performance History**</u>

The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the periods indicated compare with those of a broad-based securities market index, the S&P 500<sup>®</sup> Index, and the NASDAQ Composite Index and the Wilshire U.S. Micro-Cap Index, which are the Fund's secondary benchmark indexes. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

**5**

SUMMARY Prospectus \| AUGUST 1, 2025

**PERKINS DISCOVERY FUND**

Updated performance information is available at www.perkinsfund.com or by calling toll-free 800-673-0550.

![](perkins_497kimg002.gif)

The Fund's year-to-date return as of June 30, 2025 was -10.25%.

---

| | | |
|:---|:---|:---|
|  Highest Quarterly Return:  | 12/31/2020 | 48.70% |
|  Lowest Quarterly Return:  | 3/31/2020 | -26.95% |

---

**Average Annual Total Returns as of December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
|  Return Before Taxes  | 19.19% | 5.63% | 7.03% |
|  Return After Taxes on Distributions  | 19.19% | 4.22% | 6.30% |
|  Return After Taxes on Distributions and Sale of Fund Shares  | 11.36% | 4.63% | 5.82% |
|  S&P 500® Index <br>(reflects no deduction for fees, expenses or taxes)  | 25.02% | 14.53% | 13.10% |
|  NASDAQ Composite Index <br>(reflects no deduction for fees, expenses or taxes)  | 43.42% | 17.74% | 13.65% |
|  Wilshire U.S. Micro-Cap Index <br>(reflects no deduction for fees, expenses or taxes)  | 16.81% | 4.49% | 4.93% |

---

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 your situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts ("IRAs").

**6**

SUMMARY Prospectus \| AUGUST 1, 2025

**PERKINS DISCOVERY FUND**

<u>**Investment Adviser**</u>

Perkins Capital Management, Inc.

<u>**Portfolio Managers**</u>

Daniel S. Perkins, CFA, Chief Operating Officer of the Adviser, has served as a Portfolio Manager to the Fund since its inception in 1998.

Richard C. Perkins, CFA, President and Chief Compliance Officer of the Adviser, has served as a Portfolio Manager to the Fund since 2018.

<u>**Purchase and Sale of Fund Shares**</u>

You may purchase, redeem, or exchange shares of the Fund on days when the New York Stock Exchange is open for regular trading through a financial adviser, by mail (Perkins Discovery Fund, 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235), by wire, or by telephone at 800-628-4077. Purchases and redemptions by telephone are only permitted if you previously established this option on your account. The minimum initial purchase or exchange into the Fund is $2,500. Subsequent investments must be in amounts of $100 or more. The minimum initial investment amount for retirement accounts and automatic investment accounts is $1,000 or more and the subsequent investments are $100.

**The Fund may waive minimums for purchases or exchanges through employer-sponsored retirement plans.**

<u>**Tax Information**</u>

The Fund's distributions will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k), IRA or 529 college saving plan, in which case withdrawals generally will be taxed.

<u>**Payments to Broker-Dealers and Other Financial Intermediaries**</u>

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.