# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001752724-23-022139
**Filing Date:** 2023-2
**Character Count:** 22204
**Document Hash:** 00eeffba080d1468e8da97ed324ea02d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-022139.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001752724-23-022139

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** World Funds Trust
- **CENTRAL INDEX KEY:** 0001396092
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22172
- **FILM NUMBER:** 23616609

**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           |

## Nport-Ex

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Perkins Discovery Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Perkins Discovery Fund** |  |  |
| **Schedule of Investments** | **Schedule of Investments** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  |  | **Shares** | **Fair Value** |
| 98.21% | COMMON STOCKS |  |  |  |
| 1.42% | BIOTECHNOLOGY |  |  |  |
|  | Journey Medical Corp.(A) . . . . . . | . . | 22000 | $42240 |
|  | MDXHealth SA(A) . . . . . . . . . | . . . | 11000 | 65340 |
|  |  |  |  | 107580 |
| 9.13% | CONSUMER DISCRETIONARY |  |  |  |
|  | iMedia Brands, Inc.(A) . . . . . . . . | . . | 35700 | 22848 |
|  | Magnite, Inc.(A) . . . . . . . . . . | . . . | 20000 | 211800 |
|  | Perion Network Ltd.(A) . . . . . . . | . . . | 18000 | 455400 |
|  |  |  |  | 690048 |
| 1.16% | FINANCIALS |  |  |  |
|  | FlexShopper, Inc.(A) . . . . . . . . | . . . | 93500 | 87338 |
| 20.11% | HEALTH CARE DRUGS/SERVICES |  |  |  |
|  | ANI Pharmaceuticals, Inc.(A) . . . . . | . . | 7100 | 285633 |
|  | NeoGenomics, Inc.(A) . . . . . . . . | . . | 22000 | 203280 |
|  | Paratek Pharmaceuticals, Inc.(A) . . . | . . | 32000 | 59840 |
|  | Veracyte, Inc.(A) . . . . . . . . . . | . . . | 21500 | 510195 |
|  | Vericel Corp.(A) . . . . . . . . . . | . . . | 17500 | 460950 |
|  |  |  |  | 1519898 |
| 5.87% | HEALTH CARE MANUFACTURING |  |  |  |
|  | AtriCure, Inc.(A) . . . . . . . . . . | . . . | 10000 | 443800 |
| 11.09% | HEALTH CARE SUPPLIES |  |  |  |
|  | Axogen, Inc.(A) . . . . . . . . . . . | . . | 32500 | 324350 |
|  | BioLife Solutions, Inc.(A) . . . . . . . | . . | 16500 | 300300 |
|  | Cryoport, Inc.(A) . . . . . . . . . . | . . . | 10000 | 173500 |
|  | Exagen, Inc.(A) . . . . . . . . . . . | . . | 16500 | 39600 |
|  |  |  |  | 837750 |

---

**1**

QUARTERLY REPORT

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Perkins Discovery Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Perkins Discovery Fund** |  |  |
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  |  | **Shares** | **Fair Value** |
| 12.93% | HEALTH CARE SUPPORT |  |  |  |
|  | Natera, Inc.(A) . . . . . . . . . . . | . . | 11500 | $461955 |
|  | Option Care Health, Inc.(A) . . . . . . | . . | 16500 | 496485 |
|  | Rockwell Medical, Inc.(A) . . . . . . . | . . | 18181 | 18454 |
|  |  |  |  | 976894 |
| 7.34% | HEALTH CARE TECHNOLOGY |  |  |  |
|  | Fortress Biotech, Inc.(A) . . . . . . . | . . | 69500 | 45522 |
|  | IsoRay, Inc.(A) . . . . . . . . . . . . | . . | 200000 | 49420 |
|  | OptimizeRx Corp.(A) . . . . . . . . . | . . | 15000 | 252000 |
|  | Streamline Health Solutions, Inc.(A) . . | . . | 131500 | 207770 |
|  |  |  |  | 554712 |
| 18.05% | INFORMATION TECHNOLOGY |  |  |  |
|  | Airgain, Inc.(A) . . . . . . . . . . . | . . | 15500 | 100905 |
|  | Akoustis Technologies, Inc.(A) . . . . | . . | 29000 | 81780 |
|  | Cantaloupe, Inc.(A) . . . . . . . . . | . . | 43000 | 187050 |
|  | Digi International, Inc.(A) . . . . . . . | . . | 13200 | 482460 |
|  | Inuvo, Inc.(A) . . . . . . . . . . . . | . . | 514500 | 113962 |
|  | Perficient, Inc.(A) . . . . . . . . . . | . . | 5700 | 398031 |
|  |  |  |  | 1364188 |
| 11.11% | SOFTWARE SERVICES |  |  |  |
|  | Asure Software, Inc.(A) . . . . . . . . | . . | 33000 | 308220 |
|  | ePlus, Inc.(A) . . . . . . . . . . . . | . . | 12000 | 531360 |
|  |  |  |  | 839580 |
| 98.21% | TOTAL COMMON STOCKS . . . . . . . . . . . . . . | TOTAL COMMON STOCKS . . . . . . . . . . . . . . | TOTAL COMMON STOCKS . . . . . . . . . . . . . . | $<u>7421788</u> |
| 3.94% | SHORT-TERM INVESTMENTS |  |  |  |
|  | Fidelity Investments Money Market |  |  |  |
|  | Government Portfolio . . . . . . . . | Government Portfolio . . . . . . . . |  |  |
|  | Institutional Class 4.06%(B) . . . . . . | . . | 298006 | $<u>298006</u> |
| 102.15% | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | 7719794 |
| (2.15%) | Liabilities in excess of other assets . . . . | Liabilities in excess of other assets . . . . |  | (162670) |
| 100.00% | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | $<u>7557124</u> |

---

(A)Non-income producing

(B)Effective 7 day yield as of December 31, 2022

**2**

QUARTERLY REPORT

**Perkins Discovery Fund**

---

| | |
|:---|:---|
| **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** |

---

In accordance with U.S. GAAP, "fair value" is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of a Fund's investments. U.S. 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 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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Level 1** |  | **Level 2** |  | **Level 3** | |
|  | <br>**Quoted**<br>**Prices** |  | **Other**<br>**Significant**<br>**Observable**<br>**Inputs** |  | <br>**Significant**<br>**Unobservable**<br>**Inputs** | <br>**Total** |
| Common Stocks | $7421788 | $ | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $ | $— | $7421788 |
| Short-Term Investments | 298006 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 298006 |
| Total Investments | $7719794 | $ | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $ | $— | $7719794 |

---

The Fund held no Level 3 securities at any time during the period.

There were no transfers into or out of Levels 1 and 2 during the period ended December 31, 2022.

At December 31, 2022, the cost of investments for Federal income tax purposes has been estimated since the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purpose is $5,868,940 and the related tax-based net unrealized appreciation (depreciation) consists of:

---

| | |
|:---|:---|
| Gross unrealized appreciation . . . | $3919137 |
| Gross unrealized depreciation . . . | <u>(2068283</u>) |
| Net unrealized appreciation . . . . | <u>$1850854</u> |

---

**3**

QUARTERLY REPORT

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** World Funds Trust

- **b. Investment Company Act file number:** 811-22172

- **c. CIK number of Registrant:** 0001396092

- **d. LEI of Registrant:** 5493007BOSPYEMKSSY03

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 8730 Stony Point Parkway

  - **City:** Richmond

  - **State:** VA

  - **Foreign country:** US

  - **Zip / Postal Code:** 23235

  - **Telephone number:** 800-673-0550

**Item A.2. Information about the Series.**

- **a. Name of Series:** Perkins Discovery Fund

- **b. EDGAR series identifier (if any):** S000038882

- **c. LEI of Series:** 5493001USSQK1PIP3P25

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $7575565.69

**Total Liabilities:** $18926.01

**Net Assets:** $7556639.68

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000119646 | 7.96%                | 3.12%                | -7.50%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-37457.89               | $649159.55                                 |
| Month 2  | $-236546.57              | $506096.42                                 |
| Month 3  | $20293.62                | $-638177.92                                |

### Schedule of Portfolio Investments

| Name             | Title                                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Default          | PARATEK PHARMACEUTICALS INC                                                | CUSIP: 699374302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32000 | NS      | $59840.00     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | Imedia Brands, Inc.                                                        | CUSIP: 452465206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35700 | NS      | $22848.00     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | Fidelity Investments Money Market Government Portfolio Institutional Class | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    298006 | NS      | $298005.62    | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | Asure Software, Inc.                                                       | CUSIP: 04649U102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33000 | NS      | $308220.00    | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Cryoport Inc     | Cryoport, Inc.                                                             | CUSIP: 229050307<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10000 | NS      | $173500.00    | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| PERFICIENT INC   | Perficient, Inc.                                                           | CUSIP: 71375U101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5700 | NS      | $398031.00    | 5.27%             |  |  |  | No            |                  1 | On Loan: No      |
| USA TECHNOLOGIES | Cantaloupe Inc.                                                            | CUSIP: 138103106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43000 | NS      | $187050.00    | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | ROCKWELL MEDICAL, INC                                                      | CUSIP: 774374300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18181 | NS      | $18453.73     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NEOGENOMICS INC  | NeoGenomics, Inc.                                                          | CUSIP: 64049M209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22000 | NS      | $203280.00    | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | FLEXSHOPPER INC                                                            | CUSIP: 33939J303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     93500 | NS      | $87338.35     | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | MAGNITE INC                                                                | CUSIP: 55955D100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20000 | NS      | $211800.00    | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | MDxHEALTH SA                                                               | CUSIP: 58286E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11000 | NS      | $65340.00     | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | Veracyte, Inc.                                                             | CUSIP: 92337F107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21500 | NS      | $510195.00    | 6.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | OptimizeRx Corp.                                                           | CUSIP: 68401U204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15000 | NS      | $252000.00    | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | INUVO INC                                                                  | CUSIP: 46122W204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    514500 | NS      | $113961.75    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | FORTRESS BIOTECH INC                                                       | CUSIP: 34960Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     69500 | NS      | $45522.50     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericel Corp.    | Vericel Corp.                                                              | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |     17500 | NS      | $460950.00    | 6.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | ISORAY INC                                                                 | CUSIP: 46489V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    200000 | NS      | $49420.00     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | Natera, Inc.                                                               | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11500 | NS      | $461955.00    | 6.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ATRICURE INC     | AtriCure, Inc.                                                             | CUSIP: 04963C209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10000 | NS      | $443800.00    | 5.87%             |  |  |  | No            |                  1 | On Loan: No      |
| EPLUS INC        | ePlus Inc.                                                                 | CUSIP: 294268107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12000 | NS      | $531360.00    | 7.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | JOURNEY MEDICAL CORP                                                       | CUSIP: 48115J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22000 | NS      | $42240.00     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | PERION NETWORK LTD                                                         | CUSIP: M78673114<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18000 | NS      | $455400.00    | 6.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | Airgain, Inc.                                                              | CUSIP: 00938A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15500 | NS      | $100905.00    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| AXOGEN INC       | Axogen, Inc.                                                               | CUSIP: 05463X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32500 | NS      | $324350.00    | 4.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | Option Care Health Inc                                                     | CUSIP: 68404L201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16500 | NS      | $496485.00    | 6.57%             |  |  |  | No            |                  1 | On Loan: No      |
| STREAMLINE HEALT | Streamline Health Solutions Inc                                            | CUSIP: 86323X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    131500 | NS      | $207770.00    | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | EXAGEN INC                                                                 | CUSIP: 30068X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16500 | NS      | $39600.00     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | ANI Pharmaceuticals, Inc.                                                  | CUSIP: 00182C103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7100 | NS      | $285633.00    | 3.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | Akoustis Technologies, Inc.                                                | CUSIP: 00973N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29000 | NS      | $81780.00     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Default          | BioLife Solutions, Inc.                                                    | CUSIP: 09062W204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16500 | NS      | $300300.00    | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGI INTL INC    | Digi International Inc                                                     | CUSIP: 253798102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13200 | NS      | $482460.00    | 6.38%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-08

**Name of Applicant:** World Funds Trust

**Signature:** Ann MacDonald

**Name of Signer:** Ann MacDonald

**Title:** Principal Financial Officer