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pdfdx:SkyWaterTechnologyIncMember 2026-03-31 0001396092 pdfdx:C000119646Member pdfdx:EPlusIncMember 2026-03-31 0001396092 pdfdx:C000119646Member pdfdx:DigiInternationalIncMember 2026-03-31 0001396092 pdfdx:C000119646Member pdfdx:ButterflyNetworkIncMember 2026-03-31 0001396092 pdfdx:C000119646Member pdfdx:BioLifeSolutionsIncMember 2026-03-31 0001396092 pdfdx:C000119646Member pdfdx:MagniteIncMember 2026-03-31 0001396092 pdfdx:C000119646Member 2026-03-31 iso4217:USD pure pdfdx:Holdings false N-1A 0001396092 N-CSR World Funds Trust 2026-03-31 annual shareholder report Perkins Discovery Fund PDFDX This <span id="xdx_901_eoef--ShareholderReportAnnualOrSemiAnnual_c20250401__20260331__oef--ClassAxis__custom--C000119646Member_zkJHIs26HCnb">annual shareholder report</span> contains important information about the Perkins Discovery Fund for the period of April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90D_eoef--AddlInfoWebsite_c20250401__20260331__oef--ClassAxis__custom--C000119646Member_zjz6pZCkNnpi">www.perkinsfund.com/reports-to-investors/</span>. You can also request this information by contacting us at <span id="xdx_908_eoef--AddlInfoPhoneNumber_c20250401__20260331__oef--ClassAxis__custom--C000119646Member_zhabpO4Dc9g3">(800) 673-0550</span>. www.perkinsfund.com/reports-to-investors/ (800) 673-0550 <p id="xdx_80F_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000119646Member_dD_zjTGajOeLJz9" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 12pt">What were the Fund costs for the past year?</span></p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: normal"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span></span></p> <div style="box-sizing: border-box; text-align-last: auto"> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: normal"><span style="box-sizing: border-box; font-size: 9pt"></span></span></p> <div style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Name</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_902_eoef--ClassName_c20250401__20260331__oef--ClassAxis__custom--C000119646Member_z3wXAmz0PqNf">Perkins Discovery Fund</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_904_eoef--ExpensesPaidAmt_c20250401__20260331__oef--ClassAxis__custom--C000119646Member_zsiK1pRlz0N3">272</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_904_eoef--ExpenseRatioPct_dp_c20250401__20260331__oef--ClassAxis__custom--C000119646Member_fuQ_____zJIf9MPJpShl">2.54</span>%</span></div></td></tr> </table></div></div></div> Perkins Discovery Fund 272 0.0254 <p id="xdx_80D_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000119646Member_dD_zw0kFTvVxxTl" style="font: bold 11pt/10pt Gotham Narrow-Bold,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 13.32px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: left"><b style="box-sizing: border-box">How did the Fund perform?</b></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 10pt; text-align-last: auto; display: block; min-height: 66.64px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt"></span></p><p style="margin: 0; padding: 0; text-decoration: none; box-sizing: border-box; color: inherit; cursor: pointer"><span style="box-sizing: border-box; font-size: 9pt">For the period of April 1, 2025 to March 31, 2026, the Perkins Discovery Fund (the “Fund”) returned 13.92%. In comparison, the S&amp;P 500^® Index returned 16.33% for the same period and</span></p><span style="box-sizing: border-box; font-size: 9pt"> </span><p style="margin: 0; padding: 0; text-decoration: none; box-sizing: border-box; color: inherit; cursor: pointer"><span style="box-sizing: border-box; font-size: 9pt">the Dow Jones U.S. Micro-cap Total Stock Market Index</span><span style="box-sizing: border-box; font-size: 9pt"> returned 30.93%.</span></p> <p style="font: bold 11pt/10pt Gotham Narrow-Bold,Arial,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26.65px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: left"></p><p style="margin: 0; padding: 0; text-decoration: none; box-sizing: border-box; color: inherit; cursor: pointer">What key factors affected the Fund's performance?</p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 10pt; text-align-last: auto; display: block; min-height: 119.95px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">As a micro-cap fund, the Fund was affected primarily by the relative performance of small-cap and micro-cap stocks as compared to large-cap companies and the market as a whole. After several difficult years during which small-cap and micro-cap companies lagged behind large-caps, they began to perform better during the first three quarters of the fiscal year, as did the Fund. During the March quarter, however, the market as a whole was mostly down and the Fund underperformed.</span></p> <p style="font: bold 11pt/10pt Gotham Narrow-Bold,Arial,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 13.32px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: left"></p><p style="margin: 0; padding: 0; text-decoration: none; box-sizing: border-box; color: inherit; cursor: pointer">Positioning</p><b style="box-sizing: border-box"> </b> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 106.62px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">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 12-month period, we added 4 holdings and disposed of 6. As a result, the portfolio went from 28 holdings to 26. We started the period with 99.13% of the Fund invested in equities and ended with 99.12% invested in equities.</span></p> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto; text-align: left"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: table"> <tr style="box-sizing: border-box; display: table-row"> <td style="margin: 0; padding: 0; text-align: left; width: 132.97pt; border-top-color: #030303; border-top-width: 0; box-sizing: content-box; border-left-color: #fff; border-left-width: 0; border-right-color: #030303; border-right-width: 0pt; border-bottom-color: #030303; border-bottom-width: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 12pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell; text-align: left"> <p style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 14px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">Top Contributors</span></p></div></div></div></td> <td style="margin: 0; padding: 0; text-align: left; width: 120.98pt; border-top-color: #030303; border-top-width: 0; box-sizing: content-box; border-left-color: #fff; border-left-width: 0; border-right-color: #030303; border-right-width: 0pt; border-bottom-color: #030303; border-bottom-width: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 12pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell; text-align: left"> <p style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 14px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">Top Detractors</span><br/><span style="box-sizing: border-box; font-size: 9pt"></span></p></div></div></div></td></tr> <tr style="margin: 0; padding: 0; box-sizing: border-box"> <td style="border-top: #030303 0 none; border-right: #030303 0pt none; border-bottom: #030303 0 none; border-left: #fff 0 none; margin: 0; padding: 0; text-align: left; width: auto; box-sizing: content-box"> <div style="box-sizing: border-box; text-align-last: auto; height: 11pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell; text-align: left"> <p style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">Axogen, Inc.</span></p></div></div></div></td> <td style="border-top: #030303 0 none; border-right: #030303 0pt none; border-bottom: #030303 0 none; border-left: #fff 0 none; margin: 0; padding: 0; text-align: left; width: auto; box-sizing: content-box"> <div style="box-sizing: border-box; text-align-last: auto; height: 11pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell; text-align: left"> <p style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">Vericel Corp.</span></p></div></div></div></td></tr> <tr style="margin: 0; padding: 0; box-sizing: border-box"> <td style="margin: 0; padding: 0; text-align: left; width: auto; border-top-color: #030303; border-top-width: 0; box-sizing: content-box; border-left-color: #fff; border-left-width: 0; padding-top: 0; border-right-color: #030303; border-right-width: 0pt; padding-left: 0; border-bottom-color: #030303; border-bottom-width: 0; padding-right: 0; padding-bottom: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 10.98pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell; text-align: left"> <p style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">Skywater Technology, Inc.</span></p></div></div></div></td> <td style="margin: 0; padding: 0; text-align: left; width: auto; border-top-color: #030303; border-top-width: 0; box-sizing: content-box; border-left-color: #fff; border-left-width: 0; padding-top: 0; border-right-color: #030303; border-right-width: 0pt; padding-left: 0; border-bottom-color: #030303; border-bottom-width: 0; padding-right: 0; padding-bottom: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 10.98pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell; text-align: left"> <p style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">Elutia, Inc.</span></p> <p style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt"></span></p> <p style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">NeoGenomics, Inc.</span></p></div></div></div></td></tr> <tr style="margin: 0; padding: 0; box-sizing: border-box"> <td style="border-top: #030303 0 none; border-right: #030303 0pt none; border-bottom: #030303 0 none; border-left: #fff 0 none; margin: 0; padding: 0; text-align: left; width: auto; box-sizing: content-box"> <div style="box-sizing: border-box; text-align-last: auto; height: 11pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell; text-align: left"> <p style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">Natera, Inc.</span></p></div></div></div></td> <td style="border-top: #030303 0 none; border-right: #030303 0pt none; border-bottom: #030303 0 none; border-left: #fff 0 none; margin: 0; padding: 0; text-align: left; width: auto; box-sizing: content-box"> <div style="box-sizing: border-box; text-align-last: auto; height: 11pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell; text-align: left"> <p style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">Inuvo, Inc.</span></p></div></div></div></td></tr> </table></div></div> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt"></span></p> <p id="xdx_80C_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000119646Member_dD_zr3Ihd4Cnod" style="font: bold 18pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 12pt">Cumulative Performance</span></p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div></td> <td id="xdx_4BA_oef--ClassAxis_custom--C000119646Member_zia55wJBGZE5" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Perkins Discovery Fund - $24,589</div></td> <td id="xdx_4B6_oef--BroadBasedIndexAxis_custom--SAndP500IndexMember_zoUgLCxByMO8" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500^® Index - $31,696</div></td> <td id="xdx_4B3_oef--BroadBasedIndexAxis_custom--DowJonesUSMicroCapTotalStockMarketIndexMember_zrICD7gitoS2" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Dow Jones U.S. Micro-Cap Total Stock Market Index - $18,384</div></td></tr> <tr id="xdx_437_c20160331__20160331_eoef--AccmVal_zP0cOJUlsYk8" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2016</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10000</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10000</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10000</div></td></tr> <tr id="xdx_43F_c20160331__20170331_eoef--AccmVal_z1bODcWhKFol" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2017</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12133</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11471</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12596</div></td></tr> <tr id="xdx_432_c20160331__20180331_eoef--AccmVal_zKHf6CqTAuQi" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2018</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14800</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12821</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14125</div></td></tr> <tr id="xdx_43F_c20160331__20190331_eoef--AccmVal_zOE4965HZJKh" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2019</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">20894</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13761</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13963</div></td></tr> <tr id="xdx_439_c20160331__20200331_eoef--AccmVal_zbOr8atRMRA" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2020</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14380</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12548</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10177</div></td></tr> <tr id="xdx_43C_c20160331__20210331_eoef--AccmVal_zXcbDYRbPYmc" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">38706</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">19288</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">22101</div></td></tr> <tr id="xdx_438_c20160331__20220331_eoef--AccmVal_znDadujGoBwh" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">25211</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">21995</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">17430</div></td></tr> <tr id="xdx_439_c20160331__20230331_eoef--AccmVal_z20ssrTExF9k" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">22181</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">19951</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13389</div></td></tr> <tr id="xdx_439_c20160331__20240331_eoef--AccmVal_z43DH1WLRM23" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">22281</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">25510</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14893</div></td></tr> <tr id="xdx_437_c20160331__20250331_eoef--AccmVal_zBSkalSZuchk" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">21584</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">27245</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14041</div></td></tr> <tr id="xdx_43F_c20160331__20260331_eoef--AccmVal_zUqPovZJaixi" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">24589</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">31696</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">18384</div></td></tr> </table></div></div><img alt="line" src="qesf83i3s1mp77w1c0.jpg" style="box-sizing: border-box; width: 310pt; height: auto"/></div></div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div> 10000 10000 10000 12133 11471 12596 14800 12821 14125 20894 13761 13963 14380 12548 10177 38706 19288 22101 25211 21995 17430 22181 19951 13389 22281 25510 14893 21584 27245 14041 24589 31696 18384 <p id="xdx_80C_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000119646Member_dD_zqkk93jYFzxg" style="font: bold 18pt/normal Gotham Narrow-Bold,Arial,Arial; margin: -7pt 0 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 12pt">Annual Performance</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <p style="font: bold 8pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: right"><span style="text-decoration: underline; box-sizing: border-box">            Average Annual Total Return            </span></p> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #231f20; text-indent: 0; text-align: right"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5 Year</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">10 Year</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Perkins Discovery Fund</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250401__20260331__oef--ClassAxis__custom--C000119646Member_zIlqiQNdh3z9" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">13.92%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20210401__20260331__oef--ClassAxis__custom--C000119646Member_zNle8outIMK1" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-8.67%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20160401__20260331__oef--ClassAxis__custom--C000119646Member_zjjaAPfhlN78" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">9.41%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500^® Index</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20250401__20260331__oef--BroadBasedIndexAxis__custom--SAndP500IndexMember_zg7q0SUa4sLk" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">16.33%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20210401__20260331__oef--BroadBasedIndexAxis__custom--SAndP500IndexMember_zRCyJnrMqlQ1" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">10.44%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20160401__20260331__oef--BroadBasedIndexAxis__custom--SAndP500IndexMember_zdiPXZ6bkJ9l" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">13.02%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Dow Jones U.S. Micro-Cap Total Stock Market Index</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20250401__20260331__oef--BroadBasedIndexAxis__custom--DowJonesUSMicroCapTotalStockMarketIndexMember_zNZ7fIxpm2Cb" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">30.93%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20210401__20260331__oef--BroadBasedIndexAxis__custom--DowJonesUSMicroCapTotalStockMarketIndexMember_z9H8mIkPh2Ih" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-3.62%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20160401__20260331__oef--BroadBasedIndexAxis__custom--DowJonesUSMicroCapTotalStockMarketIndexMember_z6Vb6kibTLwj" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5.79%</span></div></td></tr> </table></div></div></div> 0.1392 -0.0867 0.0941 0.1633 0.1044 0.1302 0.3093 -0.0362 0.0579 Visit <i style="box-sizing: border-box">www.perkinsfund.com/performance/</i> 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. <p id="xdx_800_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000119646Member_dD_zcGwMaYsILt8" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Sector Breakdown</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">sector</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Biotechnolgoy</div></td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000119646Member__oef--IndustrySectorAxis__custom--BiotechnologySectorMember_zUZXmgoSzsK7" style="box-sizing: border-box; text-align-last: auto">0.1428</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Consumer Discretionary</div></td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000119646Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zuiNrJsuRKZc" style="box-sizing: border-box; text-align-last: auto">0.0608</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Health Care Drugs/Services</div></td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000119646Member__oef--IndustrySectorAxis__custom--HealthCareDrugsServicesSectorMember_zR5k6XFz1edb" style="box-sizing: border-box; text-align-last: auto">0.1351</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Health Care Manufacturing</div></td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000119646Member__oef--IndustrySectorAxis__custom--HealthCareManufacturingSectorMember_zdWreZyryQB5" style="box-sizing: border-box; text-align-last: auto">0.0344</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Health Care Supplies</div></td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000119646Member__oef--IndustrySectorAxis__custom--HealthCareSuppliesSectorMember_zcOr0jUhnGDc" style="box-sizing: border-box; text-align-last: auto">0.17</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Health Care Support</div></td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000119646Member__oef--IndustrySectorAxis__custom--HealthCareSupportSectorMember_zjsuulVe7e86" style="box-sizing: border-box; text-align-last: auto">0.1121</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Health Care Technology</div></td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000119646Member__oef--IndustrySectorAxis__custom--HealthCareTechnologySectorMember_zcydyTZ1Dqta" style="box-sizing: border-box; text-align-last: auto">0.0866</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Information Technology</div></td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000119646Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zLBHs97vXbt4" style="box-sizing: border-box; text-align-last: auto">0.1318</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Software Services</div></td> <td style="box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000119646Member__oef--IndustrySectorAxis__custom--SoftwareServicesSectorMember_zwDLyMEb96b5" style="box-sizing: border-box; text-align-last: auto">0.1176</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Money Market Fund</div></td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000119646Member__oef--IndustrySectorAxis__custom--MoneyMarketFundSectorMember_zPvhm9ozTc7j" style="box-sizing: border-box; text-align-last: auto">0.0085</div></td></tr> </table></div></div><img alt="bar" src="qes13mgva1moly76rh.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div> 0.1428 0.0608 0.1351 0.0344 0.17 0.1121 0.0866 0.1318 0.1176 0.0085 <div id="xdx_807_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000119646Member_dD_zq2CbhMvMG6d" style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Ten Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Axogen, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000119646Member__oef--LargestHoldingAxis__custom--AxogenIncMember_z2siWCE4EtNl" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">11.43%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Natera, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000119646Member__oef--LargestHoldingAxis__custom--NateraIncMember_zOL2PFEGdcSe" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">11.21%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Veracyte, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000119646Member__oef--LargestHoldingAxis__custom--VeracyteIncMember_z4iDTnjfPUzc" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">7.78%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">ANI Pharmaceuticals, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000119646Member__oef--LargestHoldingAxis__custom--ANIPharmaceuticalsIncMember_zu8itL3vFyPk" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">7.62%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">SkyWater Technology, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000119646Member__oef--LargestHoldingAxis__custom--SkyWaterTechnologyIncMember_zHHwwQxf4R8j" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">6.85%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">ePlus, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000119646Member__oef--LargestHoldingAxis__custom--EPlusIncMember_zzyDFV2iHRM3" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">6.49%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Digi International, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000119646Member__oef--LargestHoldingAxis__custom--DigiInternationalIncMember_zCVJv1G17Bc3" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.99%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Butterfly Network, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000119646Member__oef--LargestHoldingAxis__custom--ButterflyNetworkIncMember_zlBqPQPrcr32" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.21%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">BioLife Solutions, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000119646Member__oef--LargestHoldingAxis__custom--BioLifeSolutionsIncMember_zZmgpHI3ebte" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.11%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Magnite, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000119646Member__oef--LargestHoldingAxis__custom--MagniteIncMember_zztTM4izb7j" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.10%</span></div></td></tr> </table></div> 0.1143 0.1121 0.0778 0.0762 0.0685 0.0649 0.0499 0.0421 0.0411 0.0410 <p id="xdx_803_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000119646Member_dD_zPiPWm62gfk1" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">March 31, 2026</span><span style="box-sizing: border-box; font-size: 9pt">)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: -9pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Net Assets</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98D_eus-gaap--AssetsNet_iE_c20250401__20260331__oef--ClassAxis__custom--C000119646Member_zYMGDM8qFZHj" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$5,799,179</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98C_eoef--HoldingsCount_iE_uHoldings_c20250401__20260331__oef--ClassAxis__custom--C000119646Member_zIzvLggXYBWc" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">26</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Net Advisory Fee</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--AdvisoryFeesPaidAmt_c20250401__20260331__oef--ClassAxis__custom--C000119646Member_zeqjKmQJmfXl" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$0</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover Rate</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250401__20260331__oef--ClassAxis__custom--C000119646Member_zqHBYZBHDTmg" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">7.90%</span></div></td></tr> </table></div></div></div> <p style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: -10pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 5799179 26 0 0.0790 <p id="xdx_801_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000119646Member_dD_zfhIqh9H0cm8" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Material Changes</p> <p style="font: bold 10pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Fund Liquidation</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 85px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">On May 20, 2026, the Board of Trustees of WFT approved a Plan of Liquidation for the Fund, based on the recommendation of the Fund's investment advisor, Perkins Capital Management, Inc.The Fund will cease trading and will be closed to purchases as of the close of regular trading on May 29, 2026 (the "Closing Date"). The Fund will not accept purchase orders after the Closing Date. Shareholders may sell their shares through the Closing Date. The Fund is expected to liquidate on June 29, 2026 (the "Liquidation Date").</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">On or about the Liquidation Date, the Fund expects to distribute to shareholders of record who have not previously redeemed or sold their shares cash in an amount equal to each shareholder's proportionate interest in the net assets of the Fund, after payment of Fund liabilities and liquidation expenses. Distributions may also be made in cash equivalents or in-kind, as permitted under the Plan. Once distributions are complete, the Fund will terminate.</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Prior to the Closing Date, the Advisor will begin liquidating the Fund's portfolios, which will result in the Fund holding increased cash positions and deviating from its stated investment objectives and strategies. The Fund will bear brokerage, transaction, and other expenses associated with the liquidation, which have been determined to be extraordinary expenses.</p>