# EDGAR Filing Document

**Accession Number:** 0001645192
**File Stem:** 0001413042-26-000063
**Filing Date:** 2026-1
**Character Count:** 178599
**Document Hash:** d5ab546ca45cb49fa2e3c62c183f88aa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001413042-26-000063.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001413042-26-000063

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**EFFECTIVENESS DATE**: 20260129

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WP Trust
- **CENTRAL INDEX KEY:** 0001645192

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23086
- **FILM NUMBER:** 26577887

**BUSINESS ADDRESS:**
- **STREET 1:** 127 NW 13TH STREET SUITE 13
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33432
- **BUSINESS PHONE:** 800-950-9112

**MAIL ADDRESS:**
- **STREET 1:** 127 NW 13TH STREET SUITE 13
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33432

## Series and Classes Contracts Data

### WP Large Cap Income Plus Fund (Series ID: S000060197)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000197011 | Institutional Class Shares | WPLCX           |

?xml version='1.0' encoding='ASCII'? WP Large Cap Income Plus

---

| |
|:---|
| UNITED STATES |
| SECURITIES AND EXCHANGE COMMISSION |
| Washington, D.C. 20549 |
| **FORM N-CSR** |
| **CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** |
| **INVESTMENT COMPANIES** |
| Investment Company Act file number 811-23086 |
| **<u>WP Trust</u>** |
| (Exact name of registrant as specified in charter) |
| <u>127 NW 13th Street Suite 13, Boca Raton, FL 33432</u> |
| (Address of principal executive offices) (Zip code) |
| The Corporation Trust Company |
| Corporation Trust Center |
| <u>1209 Orange St., Wilmington, DE 19801</u> |
| (Name and address of agent for service) |
| **Registrant's telephone number, including area code: (800) 950-9112** |
| **Date of fiscal year end: November 30** |
| **Date of reporting period: November 30, 2025** |

---

**Item 1. Reports to Stockholders.**

![](wplogo.jpg)

### WP Large Cap Income Plus Fund

### Institutional Class Shares
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *TICKER: WPLCX* 

### Annual Shareholder Report

### November 30, 2025
This annual shareholder report contains important information about WP Large Cap Income Plus Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://wpfunds.com/literature. You can also request this information by contacting us at 1-866-959-9260.

**What were the Fund costs for the last year?**

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Institutional Class Shares | $231 | 2.21% |

---

**Management's Discussion of Fund Performance**

Our portfolio hasn't changed much over the past few years; we think we have very good allocation of conventional value shares along with a couple of names that we purchased as conventional value stocks but have become very popular and rewarding for the Fund. Examples of those are Apple Inc. (APPL) and Microsoft Corporation (MSFT). Both are riding high in part due to the new artificial intelligence (AI) boom. Apple seems likely as a very profitable distributor of the service through its very large ecosystem and Microsoft more directly by developing their own models and data centers. Time will tell. The world is changing, again and fast!

It's hard for "little brains" like us to fathom how the many hundreds and hundreds of billions of dollars in investment in AI is going to pay off for the investors. It seems to us as a testosterone based race, not for profitably, but more importantly not to be in second place.

The media says that many of the companies in America will get real profit increases by using AI, and we hope to own many of them. We are happy with our indirect method of profiting from this new technology. AI and what it means is quite scary, not just from an investment point of view, but as a human being.

Our positions in large banks have treated the Fund very well this past year. Bank of America Corporation (BAC), JPMorgan Chase & Co. (JPM) and Wells Fargo & Company (WFC) have done very well. They have reported good earnings and have become popular no doubt due to their dividends and perhaps being largely USA centric.

Our position in Mitsubishi UFJ Financial Group (MUFG), one of Japan's' largest banks, has been particularity interesting. The Japanese central bank has started to increase local interest rates after many years of keeping them near zero. This has caused, we think, the locals to sell off some of their US Treasuries (perhaps causing rates to rise for us here) and reinvest the proceeds locally and that is good for Mitsubishi UFJ Financial Group (MUFG). This strategy was suggested by some of Warren Buffett's holdings over the past years. The bank has been increasing its earnings and buying its own stock back.

The current political administration policies regarding investing in this country and hiring our people must be good for our banks and likely many of our industries.

Inflation seems a concern, as an economy that is doing as well as ours seems to be, could generate some price gains and that could spook the markets. Perhaps the changes that are being made in our immigration policies (rents lower?) as well as perhaps the de-inflationary nature of AI will come to the rescue.

We are happy with the positions we have and look forward to a new year.

**How did the Fund perform over the last 10 years?**

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

![Ad2 Performance Graph](fp0096881-1_ar41.jpg)

**Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| WP Large Cap Income Plus Fund | 9.32% | 8.10% | 6.81% |
| Dow Jones Industrial Average Index | 8.03% | 12.12% | 12.83% |

---

**Fund Statistics**

---

| | |
|:---|:---|
| Net Assets ($) | $24760367 |
| Number of Portfolio Holdings | 18 |
| Portfolio Turnover Rate (%) | 4% |
| Total Advisory Fees Paid ($) | $317417 |

---

**What did the Fund invest in?**

**Top Ten Holdings (% of net assets)**

---

| | |
|:---|:---|
|  |  |
| Apple Inc. | 18.02% |
| Microsoft Corporation | 15.20% |
| JPMorgan Chase & Co. | 15.05% |
| Bank of America Corporation | 14.08% |
| Wells Fargo & Company | 10.19% |
| Mitsubishi UFJ Financial Group, Inc. - ADR | 5.10% |
| ImmunityBio, Inc. | 4.43% |
| Berkshire Hathaway Inc. - Class B | 4.15% |
| Exxon Mobil Corporation | 4.03% |
| UBS Group AG (Switzerland) | 3.90% |

---

**Sectors (% of net assets)**

![Af Image](fp0096881-1_ar42.jpg)

\* Net Assets represents cash, cash equivalents and liabilities, including options written, in excess of other assets.

**Availability of Additional Information about the Fund**

Additional information is available at https://wpfunds.com/literature, including its:

* Prospectus

* Holdings

* Financial Information

* Proxy Voting information

**Important Notice Regarding Delivery of Shareholder Documents**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-959-9260 and we will begin sending you separate copies of these materials within 30 days after we receive your request.

---

| | | |
|:---|:---|:---|
| **Item 2. Code of Ethics.** | **Item 2. Code of Ethics.** |  |
| The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and the principal financial officer. The registrant has not made any amendments to its code of ethics during the covered period. The registrant has not granted any waivers from any provisions of the code of ethics during the covered period. A copy of the registrant's Code of Ethics is filed herewith. | The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and the principal financial officer. The registrant has not made any amendments to its code of ethics during the covered period. The registrant has not granted any waivers from any provisions of the code of ethics during the covered period. A copy of the registrant's Code of Ethics is filed herewith. | The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and the principal financial officer. The registrant has not made any amendments to its code of ethics during the covered period. The registrant has not granted any waivers from any provisions of the code of ethics during the covered period. A copy of the registrant's Code of Ethics is filed herewith. |
| **Item 3. Audit Committee Financial Expert.** | **Item 3. Audit Committee Financial Expert.** | **Item 3. Audit Committee Financial Expert.** |
| The registrant's Board of Trustees has determined that it does not have an audit committee financial expert serving on its audit committee. The registrant believes that the experience provided by each member of the audit committee together offers the registrant adequate oversight for the registrant's level of financial complexity. | The registrant's Board of Trustees has determined that it does not have an audit committee financial expert serving on its audit committee. The registrant believes that the experience provided by each member of the audit committee together offers the registrant adequate oversight for the registrant's level of financial complexity. | The registrant's Board of Trustees has determined that it does not have an audit committee financial expert serving on its audit committee. The registrant believes that the experience provided by each member of the audit committee together offers the registrant adequate oversight for the registrant's level of financial complexity. |
| **Item 4. Principal Accountant Fees and Services.** | **Item 4. Principal Accountant Fees and Services.** | **Item 4. Principal Accountant Fees and Services.** |
| (a-d) The following table details the aggregate fees billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant to the registrant. The principal accountant has provided no services to the adviser or any entity controlled by, or under common control with the adviser that provides ongoing services to the registrant. | (a-d) The following table details the aggregate fees billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant to the registrant. The principal accountant has provided no services to the adviser or any entity controlled by, or under common control with the adviser that provides ongoing services to the registrant. | (a-d) The following table details the aggregate fees billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant to the registrant. The principal accountant has provided no services to the adviser or any entity controlled by, or under common control with the adviser that provides ongoing services to the registrant. |
|  | FYE 11/30/2025 | FYE 11/30/2024 |
| Audit Fees | $18350 | $17600 |
| Audit-Related Fees | $0 | $0 |
| Tax Fees | $3000 | $3000 |
| All Other Fees | $750 | $750 |
| Nature of Tax Fees: preparation of Excise Tax Statement and 1120 RIC. | Nature of Tax Fees: preparation of Excise Tax Statement and 1120 RIC. | Nature of Tax Fees: preparation of Excise Tax Statement and 1120 RIC. |
| All Other Fees: Review of Semi-Annual Financials. | All Other Fees: Review of Semi-Annual Financials. | All Other Fees: Review of Semi-Annual Financials. |
| (e) (1) The audit committee approves all audit and non-audit related services and, therefore, has not adopted preapproval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. | (e) (1) The audit committee approves all audit and non-audit related services and, therefore, has not adopted preapproval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. | (e) (1) The audit committee approves all audit and non-audit related services and, therefore, has not adopted preapproval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
| (e) (2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. | (e) (2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. | (e) (2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant. | (f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant. | (f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant. |
| (g) The following table indicates the aggregate non-audit fees billed by the registrant's principal accountant for<br> services to the registrant, the registrant's investment adviser (not sub-adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, for the last two years. | (g) The following table indicates the aggregate non-audit fees billed by the registrant's principal accountant for<br> services to the registrant, the registrant's investment adviser (not sub-adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, for the last two years. | (g) The following table indicates the aggregate non-audit fees billed by the registrant's principal accountant for<br> services to the registrant, the registrant's investment adviser (not sub-adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, for the last two years. |
| Non-Audit Fees |  | FYE 11/30/2025 |
| Registrant |  | $3750 |
| Registrant's Investment Adviser | Registrant's Investment Adviser | $0 |
| (h) The principal accountant provided no services to the investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. | (h) The principal accountant provided no services to the investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. | (h) The principal accountant provided no services to the investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. |
| (i) Not applicable. |  |  |
| (j) Not applicable. |  |  |
| **Item 5. Audit Committee of Listed Companies.** | **Item 5. Audit Committee of Listed Companies.** | **Item 5. Audit Committee of Listed Companies.** |
| Not applicable. | Not applicable. | Not applicable. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Item 6. Investments.** | **Item 6. Investments.** |  |  |  |  |  |
| **WP Large Cap Income Plus Fund** | **WP Large Cap Income Plus Fund** | **WP Large Cap Income Plus Fund** | **WP Large Cap Income Plus Fund** | **WP Large Cap Income Plus Fund** | **WP Large Cap Income Plus Fund** | **WP Large Cap Income Plus Fund** |
|  |  |  |  | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
|  |  |  |  | **November 30, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  |  |  | **Fair Value** |  | **% of Net Assets** |
| **COMMON STOCKS** | **COMMON STOCKS** |  |  |  |  |  |
| **Air Freight & Logistics** | **Air Freight & Logistics** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | United Parcel Service, Inc. - Class B + | United Parcel Service, Inc. - Class B + |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95790 |  | 0.39% |
| **Banks** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | Bank of America Corporation + |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3487250 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11900 | JPMorgan Chase & Co. + |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3725652 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | Mitsubishi UFJ Financial Group, Inc. - ADR + | Mitsubishi UFJ Financial Group, Inc. - ADR + |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262400 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | UBS Group AG (Switzerland) + |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 965000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29400 | Wells Fargo & Company + |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2523990 |  |  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11964292 |  | 48.32% |
| **Beverages** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1800 | Diageo PLC - ADR + |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164898 |  | 0.67% |
| **Biotechnology** | **Biotechnology** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 465000 | ImmunityBio, Inc. \* + |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097400 |  | 4.43% |
| **Diversified Financial Services** | **Diversified Financial Services** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | Berkshire Hathaway Inc. - Class B \* + | Berkshire Hathaway Inc. - Class B \* + |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027620 |  | 4.15% |
| **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | McDonald's Corporation + |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311820 |  | 1.26% |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | Chevron Corporation + |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302260 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8600 | Exxon Mobil Corporation + |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 996912 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000 | Occidental Petroleum Corporation + | Occidental Petroleum Corporation + |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294000 |  |  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593172 |  | 6.43% |
| **Software** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7650 | Microsoft Corporation + |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3763876 |  | 15.20% |
| **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16000 | Apple Inc. + |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4461600 |  | 18.02% |
| **Total for Common Stocks (Cost $7,931,357)** | **Total for Common Stocks (Cost $7,931,357)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 24480468 |  | 98.87% |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 352114 | Federated Hermes Government Obligations Fund - Institutional | Federated Hermes Government Obligations Fund - Institutional | Federated Hermes Government Obligations Fund - Institutional |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Class 3.84% \*\* |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352114 |  | 1.42% |
| **Total for Money Market Funds (Cost $352,114)** | **Total for Money Market Funds (Cost $352,114)** |  |  |  |  |  |
| **CALL/PUT OPTIONS PURCHASED** | **CALL/PUT OPTIONS PURCHASED** |  | **Notional** |  |  |  |
| **Expiration Date/Exercise Price** | **Expiration Date/Exercise Price** | **Contracts** | **Amount** | **Fair Value** | **% of Net Assets** | **% of Net Assets** |
| **Put Options Purchased** | **Put Options Purchased** |  |  |  |  |  |
| Cboe S&P 500 Index \* | Cboe S&P 500 Index \* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Decemeber 19, 2025 Puts @ $4,500 | &nbsp;&nbsp;&nbsp;&nbsp;Decemeber 19, 2025 Puts @ $4,500 | 20 | $&nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950 |  |  |
| **Total for Options Purchased (Premiums Paid $14,426)** | **Total for Options Purchased (Premiums Paid $14,426)** | **Total for Options Purchased (Premiums Paid $14,426)** | $&nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950 |  | 0.00% |
| **Total Investment Securities (Cost $8,297,897)** | **Total Investment Securities (Cost $8,297,897)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 24833532 |  | 100.29% |
| **Liabilities in Excess of Other Assets** | **Liabilities in Excess of Other Assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73165) |  | -0.29% |
| **Net Assets** |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;24760367 |  | 100.00% |
| ADR - American Depositary Receipt. | ADR - American Depositary Receipt. |  |  |  |  |  |
| \* Non-Income Producing Securities. | \* Non-Income Producing Securities. |  |  |  |  |  |
| \*\* The rate shown represents the annualized 7-day yield at November 30, 2025. | \*\* The rate shown represents the annualized 7-day yield at November 30, 2025. | \*\* The rate shown represents the annualized 7-day yield at November 30, 2025. | \*\* The rate shown represents the annualized 7-day yield at November 30, 2025. | \*\* The rate shown represents the annualized 7-day yield at November 30, 2025. | \*\* The rate shown represents the annualized 7-day yield at November 30, 2025. | \*\* The rate shown represents the annualized 7-day yield at November 30, 2025. |
| + Portion or all of the security is pledged as collateral for options written. See Note 3. | + Portion or all of the security is pledged as collateral for options written. See Note 3. | + Portion or all of the security is pledged as collateral for options written. See Note 3. | + Portion or all of the security is pledged as collateral for options written. See Note 3. | + Portion or all of the security is pledged as collateral for options written. See Note 3. | + Portion or all of the security is pledged as collateral for options written. See Note 3. |  |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **WP Large Cap Income Plus Fund** | **WP Large Cap Income Plus Fund** | | |
|  | **Schedule of Options Written** | **Schedule of Options Written** | **Schedule of Options Written** |
|  | **November 30, 2025** | **November 30, 2025** | **November 30, 2025** |
| **CALL/PUT OPTIONS WRITTEN** |  | **Notional** |  |
| **Expiration Date/Exercise Price** | **Contracts** | **Amount** | **Fair Value** |
| **Put Options Written** |  |  |  |
| Cboe S&P 500 Index \* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;July 18, 2026 Puts @ $4,600 | 26 | $&nbsp;&nbsp;&nbsp;&nbsp;11960000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77610 |
| **Total Options Written (Premiums Received $193,224)** |  | $&nbsp;&nbsp;&nbsp;&nbsp;11960000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77610 |
| \* Non-Income Producing Securities. |  |  |  |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | |
|:---|:---|
| **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** | **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |
| **WP Large Cap Income Plus Fund** | |
| **Statement of Assets and Liabilities** |  |
| **&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025** |  |
| Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Securities at Fair Value\* | $&nbsp;&nbsp;&nbsp;&nbsp; 24833532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit at Broker for Written Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends Receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | 7020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24905074 |
| Liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options Written at Fair Value (Premiums Received $193,224) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to Administrator | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Distribution and Service (12b-1) Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Trustees Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Accrued Expenses | 25703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 144707 |
| Net Assets | $&nbsp;&nbsp;&nbsp;&nbsp; 24760367 |
| Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid In Capital | $&nbsp;&nbsp;&nbsp;&nbsp; 12836787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributable Earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11923580 |
| Net Assets | $&nbsp;&nbsp;&nbsp;&nbsp; 24760367 |
| Net Asset Value, Offering and Redemption Price | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 17.94 |
| \* Investments at Identified Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8297897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding (Unlimited number of shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1380247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; authorized without par value) |  |
| The accompanying notes are an integral part of these financial statements. |  |

---

---

| | |
|:---|:---|
| **WP Large Cap Income Plus Fund** | |
| **Statement of Operations** |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended November 30, 2025** |  |
| Investment Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (Net of Foreign Withholding Taxes of $10,910) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371891 |
| Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees & Accounting Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service (12b-1) Fees - Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance Officer Expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration Expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing & Mailing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance Expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 519528 |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147637) |
| Realized and Unrealized Gain (Loss) on Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1929265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103751) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13476) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80061 |
| Net Realized and Unrealized Gains (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2195372 |
| Net Increase (Decrease) in Net Assets from Operations | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047735 |
| The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | |
|:---|:---|:---|
| **WP Large Cap Income Plus Fund** | **WP Large Cap Income Plus Fund** | |
| **Statements of Changes in Net Assets** |  |  |
|  | 12/1/2024 | 12/1/2023 |
|  | to | to |
|  | 11/30/2025 | 11/30/2024 |
| From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $&nbsp;&nbsp;&nbsp;&nbsp;(147637) | $&nbsp;&nbsp;&nbsp;&nbsp;(121879) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments, Options |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased and Options Written | 1874417 | &nbsp;&nbsp;&nbsp;&nbsp; 1116863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, Options Purchased and Options Written | 320955 | &nbsp;&nbsp;&nbsp;&nbsp; 5276170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets from Operations | 2047735 | &nbsp;&nbsp;&nbsp;&nbsp; 6271154 |
| From Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds From Sale of Shares | &nbsp;&nbsp;&nbsp;&nbsp; 599753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued on Reinvestment of Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(2875373) | &nbsp;&nbsp;&nbsp;&nbsp;(3131986) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from Shareholder Activity | &nbsp;&nbsp;&nbsp;&nbsp;(2275620) | &nbsp;&nbsp;&nbsp;&nbsp;(2785045) |
| Net Increase (Decrease) in Net Assets | (227885) | 3486109 |
| Net Assets at Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;24988252 | &nbsp;&nbsp;&nbsp;&nbsp;21502143 |
| Net Assets at End of Year | $24760367 | $24988252 |
| Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (178792) | &nbsp;&nbsp;&nbsp;&nbsp; (223485) |
| Net Increase (Decrease) in Shares | &nbsp;&nbsp;&nbsp;&nbsp; (142444) | &nbsp;&nbsp;&nbsp;&nbsp; (200704) |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | |
|:---|:---|
| **WP Large Cap Income Plus Fund** | |
| **Statement of Cash Flows** |  |
| **&nbsp;&nbsp;&nbsp;&nbsp; For the fiscal year ended November 30, 2025** |  |
| **Increase (Decrease) in cash:** |  |
| **Cash flows from operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets from Operations | $&nbsp;&nbsp;&nbsp;&nbsp;2047735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to Reconcile Net Increase (Decrease) in Net Assets from |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operations to Net Cash (used in) Provided from Operating Activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Purchase) of Investments and Options | &nbsp;&nbsp;&nbsp;&nbsp; (1017308) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Disposition of Investments and Options | &nbsp;&nbsp;&nbsp;&nbsp; 3233837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Purchase) Sales of Short-Term Investment Securities, Net | 79801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Increase) Decrease in Dividends and Interest Receivable | (9167) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Increase) Decrease in Receivables for Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Increase) Decrease in Prepaid Expenses | (1020) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums Received from Options Written | (304195) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to Cover Options Written | 452569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Accrued Distribution (12b-1) Fees | (10093) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Accrued Expenses | (1914) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Payable to Broker | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2778) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of Capital Received from Investments | 11250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized (Appreciation) Depreciation on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized (Appreciation) Depreciation on Investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and Options | (320955) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized (Gain) Loss on Investments and Options | (1874417) |
| Net Cash (used in)/Provided from Operating Activities | &nbsp;&nbsp;&nbsp;&nbsp; 2283345 |
| **Cash flows from financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Fund Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 599753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment on Fund Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (2875373) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Distributions Paid | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net Cash (used in)/Provided from Financing Activities | (2275620) |
| Net Increase (Decrease) in Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7725 |
| **Cash:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8725 |
| **Supplemental disclosure of cash flow information:** |  |
| **Reconciliation of restricted and unrestricted cash at the beginning of the** | **Reconciliation of restricted and unrestricted cash at the beginning of the** |
| **year to the Statement of Assets and Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits at Broker for Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| **Reconciliation of restricted and unrestricted cash at the end of the year** | **Reconciliation of restricted and unrestricted cash at the end of the year** |
| **to the Statement of Assets and Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits at Broker for Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7725 |
| Interest paid by the Fund was $18,449. |  |
| The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **WP Large Cap Income Plus Fund** | **WP Large Cap Income Plus Fund** | | | | |
| **Financial Highlights** |  |  |  |  |  |
| Selected data for a share outstanding throughout each year: | 12/1/2024 | 12/1/2023 | 12/1/2022 | 12/1/2021 | 12/1/2020 |
|  | to | to | to | to | to |
|  | 11/30/2025 | 11/30/2024 | 11/30/2023 | 11/30/2022 | 11/30/2021 |
| Net Asset Value - Beginning of Year | $&nbsp;&nbsp;&nbsp;&nbsp;16.41 | $&nbsp;&nbsp;&nbsp;&nbsp;12.48 | $&nbsp;&nbsp;&nbsp;&nbsp;11.13 | $&nbsp;&nbsp;&nbsp;&nbsp;14.94 | $&nbsp;&nbsp;&nbsp;&nbsp;12.24 |
| Net Investment Income (Loss) (a) | (0.10) | (0.08) | (0.01) | (0.00) | 0.01 |
| Net Gain (Loss) on Investments (Realized and Unrealized) | 1.63 | 4.01 | 1.36 | (3.79) | 2.77 |
| Total from Investment Operations | 1.53 | 3.93 | 1.35 | (3.79) | 2.78 |
| Distributions (From Net Investment Income) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| Distributions (From Capital Gains) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| Net Asset Value - End of Year | $&nbsp;&nbsp;&nbsp;&nbsp;17.94 | $&nbsp;&nbsp;&nbsp;&nbsp;16.41 | $&nbsp;&nbsp;&nbsp;&nbsp;12.48 | $&nbsp;&nbsp;&nbsp;&nbsp;11.13 | $&nbsp;&nbsp;&nbsp;&nbsp;14.94 |
| Total Return (b) | 9.32% | 31.49% | 12.13% | (25.41)% | 22.76% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets - End of Year (Thousands) | $24760 | $24988 | $21502 | $22415 | $32669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets (c) (d) | 2.21% | 2.23% | 2.41% | 2.54% | 2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Income (Loss) to Average |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets (d) | (0.63)% | (0.53)% | (0.08)% | (0.01)% | 0.08% |
| Portfolio Turnover Rate | 3.80% | 1.51% | 3.82% | 2.24% | 3.86% |
| (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. |
| (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund |
| assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay |
| on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| (c) Ratios do not include expenses of the investment companies in which the Fund invests. | (c) Ratios do not include expenses of the investment companies in which the Fund invests. | (c) Ratios do not include expenses of the investment companies in which the Fund invests. | (c) Ratios do not include expenses of the investment companies in which the Fund invests. | (c) Ratios do not include expenses of the investment companies in which the Fund invests. | (c) Ratios do not include expenses of the investment companies in which the Fund invests. |
| (d) The ratios include interest expense of 0.07% during the year ended Novemeber 30, 2025, 0.06% during the year ended November 30, | (d) The ratios include interest expense of 0.07% during the year ended Novemeber 30, 2025, 0.06% during the year ended November 30, | (d) The ratios include interest expense of 0.07% during the year ended Novemeber 30, 2025, 0.06% during the year ended November 30, | (d) The ratios include interest expense of 0.07% during the year ended Novemeber 30, 2025, 0.06% during the year ended November 30, | (d) The ratios include interest expense of 0.07% during the year ended Novemeber 30, 2025, 0.06% during the year ended November 30, | (d) The ratios include interest expense of 0.07% during the year ended Novemeber 30, 2025, 0.06% during the year ended November 30, |
| 2024, 0.05% during the year ended November 30, 2023, 0.37% during the year ended November 30, 2022 and 0.25% during the year | 2024, 0.05% during the year ended November 30, 2023, 0.37% during the year ended November 30, 2022 and 0.25% during the year | 2024, 0.05% during the year ended November 30, 2023, 0.37% during the year ended November 30, 2022 and 0.25% during the year | 2024, 0.05% during the year ended November 30, 2023, 0.37% during the year ended November 30, 2022 and 0.25% during the year | 2024, 0.05% during the year ended November 30, 2023, 0.37% during the year ended November 30, 2022 and 0.25% during the year | 2024, 0.05% during the year ended November 30, 2023, 0.37% during the year ended November 30, 2022 and 0.25% during the year |
| ended November 30, 2021. | ended November 30, 2021. | ended November 30, 2021. | ended November 30, 2021. | ended November 30, 2021. | ended November 30, 2021. |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

---

| | | | |
|:---|:---|:---|:---|
| **NOTES TO FINANCIAL STATEMENTS** | **NOTES TO FINANCIAL STATEMENTS** | **NOTES TO FINANCIAL STATEMENTS** | **NOTES TO FINANCIAL STATEMENTS** |
| **WP LARGE CAP INCOME PLUS FUND** | **WP LARGE CAP INCOME PLUS FUND** | **WP LARGE CAP INCOME PLUS FUND** | **WP LARGE CAP INCOME PLUS FUND** |
| **November 30, 2025** | **November 30, 2025** | **November 30, 2025** | **November 30, 2025** |
| 1.) ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES | 1.) ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES | 1.) ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |  |
| The WP Large Cap Income Plus Fund (the "Fund") is a series of WP Trust (the "Trust"). The Trust was organized on June 4, 2015, as a Delaware statutory trust. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940 (the "1940 Act"). As of November 30, 2025, there were two series authorized by the Trust. The Fund is a diversified Fund. The Fund's investment objective is total return. The Fund's investment adviser is Winning Points Advisors, LLC (the "Adviser"). The Fund currently offers one class of shares, Institutional Class shares. The Fund commenced operations on October 10, 2013. | The WP Large Cap Income Plus Fund (the "Fund") is a series of WP Trust (the "Trust"). The Trust was organized on June 4, 2015, as a Delaware statutory trust. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940 (the "1940 Act"). As of November 30, 2025, there were two series authorized by the Trust. The Fund is a diversified Fund. The Fund's investment objective is total return. The Fund's investment adviser is Winning Points Advisors, LLC (the "Adviser"). The Fund currently offers one class of shares, Institutional Class shares. The Fund commenced operations on October 10, 2013. | The WP Large Cap Income Plus Fund (the "Fund") is a series of WP Trust (the "Trust"). The Trust was organized on June 4, 2015, as a Delaware statutory trust. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940 (the "1940 Act"). As of November 30, 2025, there were two series authorized by the Trust. The Fund is a diversified Fund. The Fund's investment objective is total return. The Fund's investment adviser is Winning Points Advisors, LLC (the "Adviser"). The Fund currently offers one class of shares, Institutional Class shares. The Fund commenced operations on October 10, 2013. | The WP Large Cap Income Plus Fund (the "Fund") is a series of WP Trust (the "Trust"). The Trust was organized on June 4, 2015, as a Delaware statutory trust. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940 (the "1940 Act"). As of November 30, 2025, there were two series authorized by the Trust. The Fund is a diversified Fund. The Fund's investment objective is total return. The Fund's investment adviser is Winning Points Advisors, LLC (the "Adviser"). The Fund currently offers one class of shares, Institutional Class shares. The Fund commenced operations on October 10, 2013. |
| The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). | The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). | The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). | The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). |
| The Fund follows the significant accounting policies described in this section. | The Fund follows the significant accounting policies described in this section. | The Fund follows the significant accounting policies described in this section. | The Fund follows the significant accounting policies described in this section. |
| *SEGMENT REPORTING:* The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for the Fund is the information utilized for its day-to-day management. The Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated based on performance measurements. Due to the significance of oversight and his role, the Chief Investment Officer at the Adviser is deemed to be the Chief Operating Decision Maker. | *SEGMENT REPORTING:* The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for the Fund is the information utilized for its day-to-day management. The Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated based on performance measurements. Due to the significance of oversight and his role, the Chief Investment Officer at the Adviser is deemed to be the Chief Operating Decision Maker. | *SEGMENT REPORTING:* The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for the Fund is the information utilized for its day-to-day management. The Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated based on performance measurements. Due to the significance of oversight and his role, the Chief Investment Officer at the Adviser is deemed to be the Chief Operating Decision Maker. | *SEGMENT REPORTING:* The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for the Fund is the information utilized for its day-to-day management. The Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated based on performance measurements. Due to the significance of oversight and his role, the Chief Investment Officer at the Adviser is deemed to be the Chief Operating Decision Maker. |
| *SHARE VALUATION:* The net asset value ("NAV") is generally calculated as of the close of trading on the New York Stock Exchange (the "Exchange") (normally 4:00 p.m. Eastern time) every day the Exchange is open. The NAV is calculated by taking the total value of the Fund's assets, subtracting its liabilities, and then dividing by the total number of shares outstanding, rounded to the nearest cent. For the Institutional Class, the offering price and redemption price per share is equal to the NAV per share. | *SHARE VALUATION:* The net asset value ("NAV") is generally calculated as of the close of trading on the New York Stock Exchange (the "Exchange") (normally 4:00 p.m. Eastern time) every day the Exchange is open. The NAV is calculated by taking the total value of the Fund's assets, subtracting its liabilities, and then dividing by the total number of shares outstanding, rounded to the nearest cent. For the Institutional Class, the offering price and redemption price per share is equal to the NAV per share. | *SHARE VALUATION:* The net asset value ("NAV") is generally calculated as of the close of trading on the New York Stock Exchange (the "Exchange") (normally 4:00 p.m. Eastern time) every day the Exchange is open. The NAV is calculated by taking the total value of the Fund's assets, subtracting its liabilities, and then dividing by the total number of shares outstanding, rounded to the nearest cent. For the Institutional Class, the offering price and redemption price per share is equal to the NAV per share. | *SHARE VALUATION:* The net asset value ("NAV") is generally calculated as of the close of trading on the New York Stock Exchange (the "Exchange") (normally 4:00 p.m. Eastern time) every day the Exchange is open. The NAV is calculated by taking the total value of the Fund's assets, subtracting its liabilities, and then dividing by the total number of shares outstanding, rounded to the nearest cent. For the Institutional Class, the offering price and redemption price per share is equal to the NAV per share. |
| *SECURITY VALUATION:* All investments in securities are recorded at their estimated fair value, as described in note 2. | *SECURITY VALUATION:* All investments in securities are recorded at their estimated fair value, as described in note 2. | *SECURITY VALUATION:* All investments in securities are recorded at their estimated fair value, as described in note 2. | *SECURITY VALUATION:* All investments in securities are recorded at their estimated fair value, as described in note 2. |
| *OPTIONS:* The Fund's option strategy consists of selling and purchasing put and call options on equity indices and exchange traded funds ("ETFs"). The sale of put options generates income for the Fund, but exposes it to the risk of declines in the value of the underlying assets. The risk in purchasing options is limited to the premium paid by the Fund for the options. The sale of call options generates income for the Fund, but may limit the Fund's participation in equity market gains. The Fund's Adviser seeks to reduce the overall volatility of returns by managing a portfolio of options. When the Fund writes or purchases an option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss on investment transactions. | *OPTIONS:* The Fund's option strategy consists of selling and purchasing put and call options on equity indices and exchange traded funds ("ETFs"). The sale of put options generates income for the Fund, but exposes it to the risk of declines in the value of the underlying assets. The risk in purchasing options is limited to the premium paid by the Fund for the options. The sale of call options generates income for the Fund, but may limit the Fund's participation in equity market gains. The Fund's Adviser seeks to reduce the overall volatility of returns by managing a portfolio of options. When the Fund writes or purchases an option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss on investment transactions. | *OPTIONS:* The Fund's option strategy consists of selling and purchasing put and call options on equity indices and exchange traded funds ("ETFs"). The sale of put options generates income for the Fund, but exposes it to the risk of declines in the value of the underlying assets. The risk in purchasing options is limited to the premium paid by the Fund for the options. The sale of call options generates income for the Fund, but may limit the Fund's participation in equity market gains. The Fund's Adviser seeks to reduce the overall volatility of returns by managing a portfolio of options. When the Fund writes or purchases an option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss on investment transactions. | *OPTIONS:* The Fund's option strategy consists of selling and purchasing put and call options on equity indices and exchange traded funds ("ETFs"). The sale of put options generates income for the Fund, but exposes it to the risk of declines in the value of the underlying assets. The risk in purchasing options is limited to the premium paid by the Fund for the options. The sale of call options generates income for the Fund, but may limit the Fund's participation in equity market gains. The Fund's Adviser seeks to reduce the overall volatility of returns by managing a portfolio of options. When the Fund writes or purchases an option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss on investment transactions. |
| Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary investment risks. The successful use of options depends in part on the ability of the Adviser to manage future price fluctuations and the degree of correlation between the options and securities (or currency) markets. By selling call options on equity securities or indices, the Fund gives up the opportunity to benefit from potential increases in the value of the underlying securities above the strike prices of the sold call options, but continues to bear the risks of declines in the value of the markets, including the underlying indices for the puts as well, if different, as the securities that are held by the Fund. The premium received from the sold options may not be sufficient to offset any losses sustained from the volatility of the underlying equity indices over time. | Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary investment risks. The successful use of options depends in part on the ability of the Adviser to manage future price fluctuations and the degree of correlation between the options and securities (or currency) markets. By selling call options on equity securities or indices, the Fund gives up the opportunity to benefit from potential increases in the value of the underlying securities above the strike prices of the sold call options, but continues to bear the risks of declines in the value of the markets, including the underlying indices for the puts as well, if different, as the securities that are held by the Fund. The premium received from the sold options may not be sufficient to offset any losses sustained from the volatility of the underlying equity indices over time. | Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary investment risks. The successful use of options depends in part on the ability of the Adviser to manage future price fluctuations and the degree of correlation between the options and securities (or currency) markets. By selling call options on equity securities or indices, the Fund gives up the opportunity to benefit from potential increases in the value of the underlying securities above the strike prices of the sold call options, but continues to bear the risks of declines in the value of the markets, including the underlying indices for the puts as well, if different, as the securities that are held by the Fund. The premium received from the sold options may not be sufficient to offset any losses sustained from the volatility of the underlying equity indices over time. | Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary investment risks. The successful use of options depends in part on the ability of the Adviser to manage future price fluctuations and the degree of correlation between the options and securities (or currency) markets. By selling call options on equity securities or indices, the Fund gives up the opportunity to benefit from potential increases in the value of the underlying securities above the strike prices of the sold call options, but continues to bear the risks of declines in the value of the markets, including the underlying indices for the puts as well, if different, as the securities that are held by the Fund. The premium received from the sold options may not be sufficient to offset any losses sustained from the volatility of the underlying equity indices over time. |
| *FEDERAL INCOME TAXES:* The Fund has qualified and intends to continue to qualify as a regulated investment company ("RIC') under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required. | *FEDERAL INCOME TAXES:* The Fund has qualified and intends to continue to qualify as a regulated investment company ("RIC') under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required. | *FEDERAL INCOME TAXES:* The Fund has qualified and intends to continue to qualify as a regulated investment company ("RIC') under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required. | *FEDERAL INCOME TAXES:* The Fund has qualified and intends to continue to qualify as a regulated investment company ("RIC') under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required. |
| As of and during the fiscal year ended November 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax liability as income tax expense in the Statement of Operations. During the fiscal year ended November 30, 2025, the Fund did not incur any interest or penalties. The Fund identifies its major tax jurisdictions as U.S. Federal and the state of Delaware. | As of and during the fiscal year ended November 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax liability as income tax expense in the Statement of Operations. During the fiscal year ended November 30, 2025, the Fund did not incur any interest or penalties. The Fund identifies its major tax jurisdictions as U.S. Federal and the state of Delaware. | As of and during the fiscal year ended November 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax liability as income tax expense in the Statement of Operations. During the fiscal year ended November 30, 2025, the Fund did not incur any interest or penalties. The Fund identifies its major tax jurisdictions as U.S. Federal and the state of Delaware. | As of and during the fiscal year ended November 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax liability as income tax expense in the Statement of Operations. During the fiscal year ended November 30, 2025, the Fund did not incur any interest or penalties. The Fund identifies its major tax jurisdictions as U.S. Federal and the state of Delaware. |
| In addition, GAAP requires management of the Fund to analyze all open tax years, as defined by IRS statute of limitations, including federal tax authorities and certain state tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Fund has no examination in progress and is not aware of any tax positions for which it is reasonably possible that the total tax amounts of unrecognized tax benefits will significantly change in the next twelve months. | In addition, GAAP requires management of the Fund to analyze all open tax years, as defined by IRS statute of limitations, including federal tax authorities and certain state tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Fund has no examination in progress and is not aware of any tax positions for which it is reasonably possible that the total tax amounts of unrecognized tax benefits will significantly change in the next twelve months. | In addition, GAAP requires management of the Fund to analyze all open tax years, as defined by IRS statute of limitations, including federal tax authorities and certain state tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Fund has no examination in progress and is not aware of any tax positions for which it is reasonably possible that the total tax amounts of unrecognized tax benefits will significantly change in the next twelve months. | In addition, GAAP requires management of the Fund to analyze all open tax years, as defined by IRS statute of limitations, including federal tax authorities and certain state tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Fund has no examination in progress and is not aware of any tax positions for which it is reasonably possible that the total tax amounts of unrecognized tax benefits will significantly change in the next twelve months. |
| *DISTRIBUTIONS TO SHAREHOLDERS:* Dividends from net investment income and distributions of net realized capital gains, if any, will be declared and paid at least annually. Income and capital gain distributions, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. GAAP requires that permanent financial reporting differences relating to shareholder distributions be reclassified to paid-in capital or net realized gains. | *DISTRIBUTIONS TO SHAREHOLDERS:* Dividends from net investment income and distributions of net realized capital gains, if any, will be declared and paid at least annually. Income and capital gain distributions, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. GAAP requires that permanent financial reporting differences relating to shareholder distributions be reclassified to paid-in capital or net realized gains. | *DISTRIBUTIONS TO SHAREHOLDERS:* Dividends from net investment income and distributions of net realized capital gains, if any, will be declared and paid at least annually. Income and capital gain distributions, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. GAAP requires that permanent financial reporting differences relating to shareholder distributions be reclassified to paid-in capital or net realized gains. | *DISTRIBUTIONS TO SHAREHOLDERS:* Dividends from net investment income and distributions of net realized capital gains, if any, will be declared and paid at least annually. Income and capital gain distributions, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. GAAP requires that permanent financial reporting differences relating to shareholder distributions be reclassified to paid-in capital or net realized gains. |
| *USE OF ESTIMATES:* The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. | *USE OF ESTIMATES:* The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. | *USE OF ESTIMATES:* The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. | *USE OF ESTIMATES:* The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. |
| *EXPENSES:* Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds based on each fund's relative net assets or another appropriate basis (as determined by the Board of Trustees (the "Board" or "Trustees")). The allocations are dependent upon the nature of the services performed and the relative applicability to each Fund. Other allocations may also be approved from time to time by the Trustees. | *EXPENSES:* Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds based on each fund's relative net assets or another appropriate basis (as determined by the Board of Trustees (the "Board" or "Trustees")). The allocations are dependent upon the nature of the services performed and the relative applicability to each Fund. Other allocations may also be approved from time to time by the Trustees. | *EXPENSES:* Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds based on each fund's relative net assets or another appropriate basis (as determined by the Board of Trustees (the "Board" or "Trustees")). The allocations are dependent upon the nature of the services performed and the relative applicability to each Fund. Other allocations may also be approved from time to time by the Trustees. | *EXPENSES:* Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds based on each fund's relative net assets or another appropriate basis (as determined by the Board of Trustees (the "Board" or "Trustees")). The allocations are dependent upon the nature of the services performed and the relative applicability to each Fund. Other allocations may also be approved from time to time by the Trustees. |
| *OTHER:* Investment and shareholder transactions are recorded on trade date. The Fund determines the gain or loss realized from the investment transactions by comparing the original cost of the security lot sold with the net sales proceeds using the identified cost method. Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income and interest expenses, if any, are recognized on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. | *OTHER:* Investment and shareholder transactions are recorded on trade date. The Fund determines the gain or loss realized from the investment transactions by comparing the original cost of the security lot sold with the net sales proceeds using the identified cost method. Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income and interest expenses, if any, are recognized on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. | *OTHER:* Investment and shareholder transactions are recorded on trade date. The Fund determines the gain or loss realized from the investment transactions by comparing the original cost of the security lot sold with the net sales proceeds using the identified cost method. Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income and interest expenses, if any, are recognized on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. | *OTHER:* Investment and shareholder transactions are recorded on trade date. The Fund determines the gain or loss realized from the investment transactions by comparing the original cost of the security lot sold with the net sales proceeds using the identified cost method. Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income and interest expenses, if any, are recognized on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. |
| 2.) SECURITIES VALUATIONS |  |  |  |
| *PROCESSES AND STRUCTURE:* The Fund's Board has adopted guidelines for valuing securities and other derivative instruments including in circumstances in which market quotes are not readily available, and has delegated authority to the Valuation Designee to apply those guidelines in determining fair value prices, subject to review by the Board. | *PROCESSES AND STRUCTURE:* The Fund's Board has adopted guidelines for valuing securities and other derivative instruments including in circumstances in which market quotes are not readily available, and has delegated authority to the Valuation Designee to apply those guidelines in determining fair value prices, subject to review by the Board. | *PROCESSES AND STRUCTURE:* The Fund's Board has adopted guidelines for valuing securities and other derivative instruments including in circumstances in which market quotes are not readily available, and has delegated authority to the Valuation Designee to apply those guidelines in determining fair value prices, subject to review by the Board. | *PROCESSES AND STRUCTURE:* The Fund's Board has adopted guidelines for valuing securities and other derivative instruments including in circumstances in which market quotes are not readily available, and has delegated authority to the Valuation Designee to apply those guidelines in determining fair value prices, subject to review by the Board. |
| *HIERARCHY OF FAIR VALUE INPUTS:* The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows: | *HIERARCHY OF FAIR VALUE INPUTS:* The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows: | *HIERARCHY OF FAIR VALUE INPUTS:* The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows: | *HIERARCHY OF FAIR VALUE INPUTS:* The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows: |
| Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. | Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. | Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. | Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. |
| Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. | Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. | Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. | Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
| Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's best information about the assumptions a market participant would use in valuing the assets or liabilities. | Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's best information about the assumptions a market participant would use in valuing the assets or liabilities. | Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's best information about the assumptions a market participant would use in valuing the assets or liabilities. | Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's best information about the assumptions a market participant would use in valuing the assets or liabilities. |
| The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. | The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. | The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. | The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. |
| The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. |
| *FAIR VALUE MEASUREMENTS:* A description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows. | *FAIR VALUE MEASUREMENTS:* A description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows. | *FAIR VALUE MEASUREMENTS:* A description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows. | *FAIR VALUE MEASUREMENTS:* A description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows. |
| *Equity securities (common stocks).* Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price on the primary exchange or market on which the security trades. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. In the event of a short sale of an equity security, lacking a last sale price, an equity security is generally valued by the pricing service at its last ask price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid or ask, it is generally categorized as a level 2 security. When market quotations are not readily available or when a Valuation Designee determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value, or when restricted or illiquid securities are being valued, such securities are valued pursuant to the fair value pricing procedures and are categorized as level 2 or level 3, as appropriate. | *Equity securities (common stocks).* Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price on the primary exchange or market on which the security trades. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. In the event of a short sale of an equity security, lacking a last sale price, an equity security is generally valued by the pricing service at its last ask price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid or ask, it is generally categorized as a level 2 security. When market quotations are not readily available or when a Valuation Designee determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value, or when restricted or illiquid securities are being valued, such securities are valued pursuant to the fair value pricing procedures and are categorized as level 2 or level 3, as appropriate. | *Equity securities (common stocks).* Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price on the primary exchange or market on which the security trades. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. In the event of a short sale of an equity security, lacking a last sale price, an equity security is generally valued by the pricing service at its last ask price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid or ask, it is generally categorized as a level 2 security. When market quotations are not readily available or when a Valuation Designee determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value, or when restricted or illiquid securities are being valued, such securities are valued pursuant to the fair value pricing procedures and are categorized as level 2 or level 3, as appropriate. | *Equity securities (common stocks).* Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price on the primary exchange or market on which the security trades. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. In the event of a short sale of an equity security, lacking a last sale price, an equity security is generally valued by the pricing service at its last ask price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid or ask, it is generally categorized as a level 2 security. When market quotations are not readily available or when a Valuation Designee determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value, or when restricted or illiquid securities are being valued, such securities are valued pursuant to the fair value pricing procedures and are categorized as level 2 or level 3, as appropriate. |
| *Money market funds.* Money market funds are valued at net asset value and are classified in Level 1 of the fair value hierarchy. | *Money market funds.* Money market funds are valued at net asset value and are classified in Level 1 of the fair value hierarchy. | *Money market funds.* Money market funds are valued at net asset value and are classified in Level 1 of the fair value hierarchy. | *Money market funds.* Money market funds are valued at net asset value and are classified in Level 1 of the fair value hierarchy. |
| *Derivative instruments.* Listed derivatives, including purchased options and written options, will be valued at the mean of the bid and ask price on the primary exchange on which the option trades and are categorized as level 1 of the fair value hierarchy. If there is not a bid and ask price on the primary exchange on which the option trades, or if the Valuation Designee determines that the mean of the bid and ask price does not accurately reflect the current value, the option will be valued at fair value as determined under the fair value pricing procedures and may be categorized as level 2 or level 3, as appropriate. | *Derivative instruments.* Listed derivatives, including purchased options and written options, will be valued at the mean of the bid and ask price on the primary exchange on which the option trades and are categorized as level 1 of the fair value hierarchy. If there is not a bid and ask price on the primary exchange on which the option trades, or if the Valuation Designee determines that the mean of the bid and ask price does not accurately reflect the current value, the option will be valued at fair value as determined under the fair value pricing procedures and may be categorized as level 2 or level 3, as appropriate. | *Derivative instruments.* Listed derivatives, including purchased options and written options, will be valued at the mean of the bid and ask price on the primary exchange on which the option trades and are categorized as level 1 of the fair value hierarchy. If there is not a bid and ask price on the primary exchange on which the option trades, or if the Valuation Designee determines that the mean of the bid and ask price does not accurately reflect the current value, the option will be valued at fair value as determined under the fair value pricing procedures and may be categorized as level 2 or level 3, as appropriate. | *Derivative instruments.* Listed derivatives, including purchased options and written options, will be valued at the mean of the bid and ask price on the primary exchange on which the option trades and are categorized as level 1 of the fair value hierarchy. If there is not a bid and ask price on the primary exchange on which the option trades, or if the Valuation Designee determines that the mean of the bid and ask price does not accurately reflect the current value, the option will be valued at fair value as determined under the fair value pricing procedures and may be categorized as level 2 or level 3, as appropriate. |
| In accordance with the Trust's fair value pricing guidelines, the Fund's Valuation Committee, which includes the Valuation Designee, shall consider all appropriate factors relevant to the value of securities for which market quotations are not readily available. No single standard for determining fair value can be established, since fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by a Fund's Valuation Committee is the price at which the security could reasonably be sold in a current market transaction. Methods that are in accord with this principle may, for example, be based on a multiple of earnings; a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or yield to maturity and credit spread with respect to debt issues, or a combination of these and other methods. The Board maintains responsibilities for the fair value determinations under Rule 2a-5 under the 1940 Act and oversees the Valuation Designee. | In accordance with the Trust's fair value pricing guidelines, the Fund's Valuation Committee, which includes the Valuation Designee, shall consider all appropriate factors relevant to the value of securities for which market quotations are not readily available. No single standard for determining fair value can be established, since fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by a Fund's Valuation Committee is the price at which the security could reasonably be sold in a current market transaction. Methods that are in accord with this principle may, for example, be based on a multiple of earnings; a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or yield to maturity and credit spread with respect to debt issues, or a combination of these and other methods. The Board maintains responsibilities for the fair value determinations under Rule 2a-5 under the 1940 Act and oversees the Valuation Designee. | In accordance with the Trust's fair value pricing guidelines, the Fund's Valuation Committee, which includes the Valuation Designee, shall consider all appropriate factors relevant to the value of securities for which market quotations are not readily available. No single standard for determining fair value can be established, since fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by a Fund's Valuation Committee is the price at which the security could reasonably be sold in a current market transaction. Methods that are in accord with this principle may, for example, be based on a multiple of earnings; a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or yield to maturity and credit spread with respect to debt issues, or a combination of these and other methods. The Board maintains responsibilities for the fair value determinations under Rule 2a-5 under the 1940 Act and oversees the Valuation Designee. | In accordance with the Trust's fair value pricing guidelines, the Fund's Valuation Committee, which includes the Valuation Designee, shall consider all appropriate factors relevant to the value of securities for which market quotations are not readily available. No single standard for determining fair value can be established, since fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by a Fund's Valuation Committee is the price at which the security could reasonably be sold in a current market transaction. Methods that are in accord with this principle may, for example, be based on a multiple of earnings; a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or yield to maturity and credit spread with respect to debt issues, or a combination of these and other methods. The Board maintains responsibilities for the fair value determinations under Rule 2a-5 under the 1940 Act and oversees the Valuation Designee. |
| The following tables summarize the inputs used to value the Fund's assets and liabilities measured at fair value as of November 30, 2025: | The following tables summarize the inputs used to value the Fund's assets and liabilities measured at fair value as of November 30, 2025: | The following tables summarize the inputs used to value the Fund's assets and liabilities measured at fair value as of November 30, 2025: | The following tables summarize the inputs used to value the Fund's assets and liabilities measured at fair value as of November 30, 2025: |
| <u>Valuation Inputs of Assets</u> | Level 1 | Level 2 | Total |
| Common Stocks | $24480468 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $24480468 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352114 |
| Put Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950 |
| Total | $24833532 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $24833532 |
| <u>Valuation Inputs of Liabilities</u> | Level 1 | Level 2 | Total |
| Put Options Written | $&nbsp;&nbsp;&nbsp;&nbsp; 77610 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp; 77610 |
| Total | $&nbsp;&nbsp;&nbsp;&nbsp; 77610 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp; 77610 |
| Refer to the Fund's Schedule of Investments for a listing of securities by industry. The Fund did not hold any level 3 assets or liabilities during the fiscal year ended November 30, 2025. | Refer to the Fund's Schedule of Investments for a listing of securities by industry. The Fund did not hold any level 3 assets or liabilities during the fiscal year ended November 30, 2025. | Refer to the Fund's Schedule of Investments for a listing of securities by industry. The Fund did not hold any level 3 assets or liabilities during the fiscal year ended November 30, 2025. | Refer to the Fund's Schedule of Investments for a listing of securities by industry. The Fund did not hold any level 3 assets or liabilities during the fiscal year ended November 30, 2025. |
| 3.) DERIVATIVES TRANSACTIONS |  |  |  |
| The Fund has adopted a derivative risk management program under Rule 18f-4 of the 1940 Act which governs the Fund's use of derivative transactions. As part of the program, the Board has appointed a member of the Fund's Adviser as the derivatives risk manager. As of November 30, 2025, portfolio securities valued at $24,480,468 and $7,725 in cash, were held in a segregated account by the custodian and broker, respectively, as collateral for options written. | The Fund has adopted a derivative risk management program under Rule 18f-4 of the 1940 Act which governs the Fund's use of derivative transactions. As part of the program, the Board has appointed a member of the Fund's Adviser as the derivatives risk manager. As of November 30, 2025, portfolio securities valued at $24,480,468 and $7,725 in cash, were held in a segregated account by the custodian and broker, respectively, as collateral for options written. | The Fund has adopted a derivative risk management program under Rule 18f-4 of the 1940 Act which governs the Fund's use of derivative transactions. As part of the program, the Board has appointed a member of the Fund's Adviser as the derivatives risk manager. As of November 30, 2025, portfolio securities valued at $24,480,468 and $7,725 in cash, were held in a segregated account by the custodian and broker, respectively, as collateral for options written. | The Fund has adopted a derivative risk management program under Rule 18f-4 of the 1940 Act which governs the Fund's use of derivative transactions. As part of the program, the Board has appointed a member of the Fund's Adviser as the derivatives risk manager. As of November 30, 2025, portfolio securities valued at $24,480,468 and $7,725 in cash, were held in a segregated account by the custodian and broker, respectively, as collateral for options written. |
| The average monthly notional value of options contracts purchased and written by the Fund for the fiscal year ended November 30, 2025, were as follows: | The average monthly notional value of options contracts purchased and written by the Fund for the fiscal year ended November 30, 2025, were as follows: | The average monthly notional value of options contracts purchased and written by the Fund for the fiscal year ended November 30, 2025, were as follows: | The average monthly notional value of options contracts purchased and written by the Fund for the fiscal year ended November 30, 2025, were as follows: |
| **Derivative Type** |  |  | **Average Notional Value** |
| Put Options Purchased |  |  | $13038462 |
| Put Options Written |  |  | ($9150769) |
| As of November 30, 2025, the location on the Statement of Assets and Liabilities for financial derivative instrument fair values is as follows: | As of November 30, 2025, the location on the Statement of Assets and Liabilities for financial derivative instrument fair values is as follows: | As of November 30, 2025, the location on the Statement of Assets and Liabilities for financial derivative instrument fair values is as follows: | As of November 30, 2025, the location on the Statement of Assets and Liabilities for financial derivative instrument fair values is as follows: |
| **Assets** | **Location** | **Location** | **Equity Contracts/Total** |
| Put Options Purchased | Investment Securities at Fair Value | Investment Securities at Fair Value | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950 |
| Total Assets |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950 |
| **Liabilities** | **Location** | **Location** | **Equity Contracts/Total** |
| Put Options Written | Options Written at Fair Value | Options Written at Fair Value | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77610 |
| Total Liabilities |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77610 |
| Realized and unrealized gains and losses on derivatives contracts entered into by the Fund during the fiscal year ended November 30, 2025, are recorded in the following location in the Statement of Operations: | Realized and unrealized gains and losses on derivatives contracts entered into by the Fund during the fiscal year ended November 30, 2025, are recorded in the following location in the Statement of Operations: | Realized and unrealized gains and losses on derivatives contracts entered into by the Fund during the fiscal year ended November 30, 2025, are recorded in the following location in the Statement of Operations: | Realized and unrealized gains and losses on derivatives contracts entered into by the Fund during the fiscal year ended November 30, 2025, are recorded in the following location in the Statement of Operations: |
| **Net Change in Unrealized** |  |  |  |
| **Appreciation (Depreciation) on:** | **Location** | **Location** | **Equity Contracts/Total** |
| Put Options Purchased | Options Purchased | Options Purchased | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13476) |
| Put Options Written | Options Written | Options Written | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80061 |
|  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66585 |
| **Net Realized Gain (Loss) on:** | **Location** | **Location** | **Equity Contracts/Total** |
| Put Options Purchased | Options Purchased | Options Purchased | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (103751) |
| Put Options Written | Options Written | Options Written | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48903 |
|  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54848) |
| All open derivative positions at November 30, 2025, are reflected on the Fund's Schedule of Investments and Schedule of Options Written. | All open derivative positions at November 30, 2025, are reflected on the Fund's Schedule of Investments and Schedule of Options Written. | All open derivative positions at November 30, 2025, are reflected on the Fund's Schedule of Investments and Schedule of Options Written. | All open derivative positions at November 30, 2025, are reflected on the Fund's Schedule of Investments and Schedule of Options Written. |
| 4.) INVESTMENT TRANSACTIONS |  |  |  |
| For the fiscal year ended November 30, 2025, purchases and sales of investment securities other than U.S. Government obligations and short-term investments were $897,531 and $3,232,237, respectively. | For the fiscal year ended November 30, 2025, purchases and sales of investment securities other than U.S. Government obligations and short-term investments were $897,531 and $3,232,237, respectively. | For the fiscal year ended November 30, 2025, purchases and sales of investment securities other than U.S. Government obligations and short-term investments were $897,531 and $3,232,237, respectively. | For the fiscal year ended November 30, 2025, purchases and sales of investment securities other than U.S. Government obligations and short-term investments were $897,531 and $3,232,237, respectively. |
| 5.) ADVISERY FEES AND OTHER RELATED PARTY TRANSACTIONS | 5.) ADVISERY FEES AND OTHER RELATED PARTY TRANSACTIONS | 5.) ADVISERY FEES AND OTHER RELATED PARTY TRANSACTIONS |  |
| The Fund has entered into an Investment Advisory Agreement (the "Advisory Agreement") with the Adviser. Pursuant to the Advisory Agreement, the Adviser manages the operations of the Fund and manages the Fund's investments in accordance with the stated policies of the Fund. As compensation for the investment advisory services provided to the Fund, the Adviser receives a monthly management fee equal to an annual rate of 1.35% of the Fund's average daily net assets. For the fiscal year ended November 30, 2025, the Adviser earned $317,417 in management fees. At November 30, 2025, the Fund owed the Adviser management fees of $27,088. | The Fund has entered into an Investment Advisory Agreement (the "Advisory Agreement") with the Adviser. Pursuant to the Advisory Agreement, the Adviser manages the operations of the Fund and manages the Fund's investments in accordance with the stated policies of the Fund. As compensation for the investment advisory services provided to the Fund, the Adviser receives a monthly management fee equal to an annual rate of 1.35% of the Fund's average daily net assets. For the fiscal year ended November 30, 2025, the Adviser earned $317,417 in management fees. At November 30, 2025, the Fund owed the Adviser management fees of $27,088. | The Fund has entered into an Investment Advisory Agreement (the "Advisory Agreement") with the Adviser. Pursuant to the Advisory Agreement, the Adviser manages the operations of the Fund and manages the Fund's investments in accordance with the stated policies of the Fund. As compensation for the investment advisory services provided to the Fund, the Adviser receives a monthly management fee equal to an annual rate of 1.35% of the Fund's average daily net assets. For the fiscal year ended November 30, 2025, the Adviser earned $317,417 in management fees. At November 30, 2025, the Fund owed the Adviser management fees of $27,088. | The Fund has entered into an Investment Advisory Agreement (the "Advisory Agreement") with the Adviser. Pursuant to the Advisory Agreement, the Adviser manages the operations of the Fund and manages the Fund's investments in accordance with the stated policies of the Fund. As compensation for the investment advisory services provided to the Fund, the Adviser receives a monthly management fee equal to an annual rate of 1.35% of the Fund's average daily net assets. For the fiscal year ended November 30, 2025, the Adviser earned $317,417 in management fees. At November 30, 2025, the Fund owed the Adviser management fees of $27,088. |
| A managing member of the Adviser also serves as an Interested Trustee and Officer of the Trust. | A managing member of the Adviser also serves as an Interested Trustee and Officer of the Trust. | A managing member of the Adviser also serves as an Interested Trustee and Officer of the Trust. | A managing member of the Adviser also serves as an Interested Trustee and Officer of the Trust. |
| The Fund has adopted a Distribution Plan ("Plan") pursuant to Rule 12b-1 under the Investment Company Act of 1940. The Plan allows that the Fund may expend up to 0.25% for Institutional Class shares of the Fund's average daily net assets annually to pay for any activity primarily intended to result in the sale of shares of the Fund and the servicing of shareholder accounts, provided that the Trustees have approved the category of expenses for which payment is being made. Effective January 26, 2024, the Board reduced the Institutional share distribution and service (12b-1) fees to 0.10% of average daily net assets. The Fund incurred distribution and service (12b-1) fees of $23,512 for the fiscal year ended November 30, 2025. At November 30, 2025, the Fund had available $11,370 which could be used for qualifying expenses under the Plan. | The Fund has adopted a Distribution Plan ("Plan") pursuant to Rule 12b-1 under the Investment Company Act of 1940. The Plan allows that the Fund may expend up to 0.25% for Institutional Class shares of the Fund's average daily net assets annually to pay for any activity primarily intended to result in the sale of shares of the Fund and the servicing of shareholder accounts, provided that the Trustees have approved the category of expenses for which payment is being made. Effective January 26, 2024, the Board reduced the Institutional share distribution and service (12b-1) fees to 0.10% of average daily net assets. The Fund incurred distribution and service (12b-1) fees of $23,512 for the fiscal year ended November 30, 2025. At November 30, 2025, the Fund had available $11,370 which could be used for qualifying expenses under the Plan. | The Fund has adopted a Distribution Plan ("Plan") pursuant to Rule 12b-1 under the Investment Company Act of 1940. The Plan allows that the Fund may expend up to 0.25% for Institutional Class shares of the Fund's average daily net assets annually to pay for any activity primarily intended to result in the sale of shares of the Fund and the servicing of shareholder accounts, provided that the Trustees have approved the category of expenses for which payment is being made. Effective January 26, 2024, the Board reduced the Institutional share distribution and service (12b-1) fees to 0.10% of average daily net assets. The Fund incurred distribution and service (12b-1) fees of $23,512 for the fiscal year ended November 30, 2025. At November 30, 2025, the Fund had available $11,370 which could be used for qualifying expenses under the Plan. | The Fund has adopted a Distribution Plan ("Plan") pursuant to Rule 12b-1 under the Investment Company Act of 1940. The Plan allows that the Fund may expend up to 0.25% for Institutional Class shares of the Fund's average daily net assets annually to pay for any activity primarily intended to result in the sale of shares of the Fund and the servicing of shareholder accounts, provided that the Trustees have approved the category of expenses for which payment is being made. Effective January 26, 2024, the Board reduced the Institutional share distribution and service (12b-1) fees to 0.10% of average daily net assets. The Fund incurred distribution and service (12b-1) fees of $23,512 for the fiscal year ended November 30, 2025. At November 30, 2025, the Fund had available $11,370 which could be used for qualifying expenses under the Plan. |
| Premier Fund Solutions, Inc. ("PFS" or "Administrator") serves as the Administrator for the Trust pursuant to a written agreement with the Trust. PFS provides day-to-day administrative services to the Fund. For PFS's services to the Fund, the Fund pays PFS an annualized asset-based fee of 0.07% of average daily net assets up to $200 million, with lower fees at higher asset levels; subject to a minimum monthly fee of $2,800, plus reimbursement of out-of-pocket expenses. For its services, for the fiscal year ended November 30, 2025, PFS earned $33,514. At November 30, 2025, the Fund owed PFS administration fees of $2,800. | Premier Fund Solutions, Inc. ("PFS" or "Administrator") serves as the Administrator for the Trust pursuant to a written agreement with the Trust. PFS provides day-to-day administrative services to the Fund. For PFS's services to the Fund, the Fund pays PFS an annualized asset-based fee of 0.07% of average daily net assets up to $200 million, with lower fees at higher asset levels; subject to a minimum monthly fee of $2,800, plus reimbursement of out-of-pocket expenses. For its services, for the fiscal year ended November 30, 2025, PFS earned $33,514. At November 30, 2025, the Fund owed PFS administration fees of $2,800. | Premier Fund Solutions, Inc. ("PFS" or "Administrator") serves as the Administrator for the Trust pursuant to a written agreement with the Trust. PFS provides day-to-day administrative services to the Fund. For PFS's services to the Fund, the Fund pays PFS an annualized asset-based fee of 0.07% of average daily net assets up to $200 million, with lower fees at higher asset levels; subject to a minimum monthly fee of $2,800, plus reimbursement of out-of-pocket expenses. For its services, for the fiscal year ended November 30, 2025, PFS earned $33,514. At November 30, 2025, the Fund owed PFS administration fees of $2,800. | Premier Fund Solutions, Inc. ("PFS" or "Administrator") serves as the Administrator for the Trust pursuant to a written agreement with the Trust. PFS provides day-to-day administrative services to the Fund. For PFS's services to the Fund, the Fund pays PFS an annualized asset-based fee of 0.07% of average daily net assets up to $200 million, with lower fees at higher asset levels; subject to a minimum monthly fee of $2,800, plus reimbursement of out-of-pocket expenses. For its services, for the fiscal year ended November 30, 2025, PFS earned $33,514. At November 30, 2025, the Fund owed PFS administration fees of $2,800. |
| An officer of the Trust is also an officer of the Administrator. | An officer of the Trust is also an officer of the Administrator. | An officer of the Trust is also an officer of the Administrator. | An officer of the Trust is also an officer of the Administrator. |
| 6.) TAX MATTERS |  |  |  |
| For federal income tax purposes, at November 30, 2025, the cost of securities on a tax basis and the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) including written options were as follows: | For federal income tax purposes, at November 30, 2025, the cost of securities on a tax basis and the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) including written options were as follows: | For federal income tax purposes, at November 30, 2025, the cost of securities on a tax basis and the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) including written options were as follows: | For federal income tax purposes, at November 30, 2025, the cost of securities on a tax basis and the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) including written options were as follows: |
| Cost of Investments |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8390144 |  |
| Gross Unrealized Appreciation |  | $&nbsp;&nbsp;&nbsp;&nbsp; 16825153 |  |
| Gross Unrealized Depreciation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (381765) |  |
| Net Unrealized Appreciation (Depreciation) on Investments | Net Unrealized Appreciation (Depreciation) on Investments | $&nbsp;&nbsp;&nbsp;&nbsp; 16443388 |  |
| The difference between book basis and tax basis unrealized appreciation (depreciation) is primarily attributable to the tax treatment of derivatives and the tax deferral of wash sales. | The difference between book basis and tax basis unrealized appreciation (depreciation) is primarily attributable to the tax treatment of derivatives and the tax deferral of wash sales. | The difference between book basis and tax basis unrealized appreciation (depreciation) is primarily attributable to the tax treatment of derivatives and the tax deferral of wash sales. | The difference between book basis and tax basis unrealized appreciation (depreciation) is primarily attributable to the tax treatment of derivatives and the tax deferral of wash sales. |
| The Fund's tax basis distributable earnings are determined only at the end of each fiscal year. The tax character of distributable earnings (deficit) at November 30, 2025, the Fund's most recent fiscal year end, were as follows: | The Fund's tax basis distributable earnings are determined only at the end of each fiscal year. The tax character of distributable earnings (deficit) at November 30, 2025, the Fund's most recent fiscal year end, were as follows: | The Fund's tax basis distributable earnings are determined only at the end of each fiscal year. The tax character of distributable earnings (deficit) at November 30, 2025, the Fund's most recent fiscal year end, were as follows: | The Fund's tax basis distributable earnings are determined only at the end of each fiscal year. The tax character of distributable earnings (deficit) at November 30, 2025, the Fund's most recent fiscal year end, were as follows: |
| Accumulated Capital and Other Losses | $&nbsp;&nbsp;&nbsp;&nbsp; (4519808) |  |  |
| Net Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 16443388 |  |  |
|  | $11923580 |  |  |
| As of November 30, 2025, accumulated capital and other losses include the following: | As of November 30, 2025, accumulated capital and other losses include the following: | As of November 30, 2025, accumulated capital and other losses include the following: | As of November 30, 2025, accumulated capital and other losses include the following: |
| Deferred Late Year Ordinary Losses\* | $&nbsp;&nbsp;&nbsp;&nbsp; 124219 |  |  |
| Short Term Capital Loss Carryforward\* | $&nbsp;&nbsp;&nbsp;&nbsp;4395589 |  |  |
| \* Under current tax law, late year ordinary losses incurred after December 31 of a fund's fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. Available capital loss carryforwards have no expiration. During the fiscal year ended November 30, 2025, the Fund utilized capital loss carryforwards of $1,941,002. | \* Under current tax law, late year ordinary losses incurred after December 31 of a fund's fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. Available capital loss carryforwards have no expiration. During the fiscal year ended November 30, 2025, the Fund utilized capital loss carryforwards of $1,941,002. | \* Under current tax law, late year ordinary losses incurred after December 31 of a fund's fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. Available capital loss carryforwards have no expiration. During the fiscal year ended November 30, 2025, the Fund utilized capital loss carryforwards of $1,941,002. | \* Under current tax law, late year ordinary losses incurred after December 31 of a fund's fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. Available capital loss carryforwards have no expiration. During the fiscal year ended November 30, 2025, the Fund utilized capital loss carryforwards of $1,941,002. |
| In accordance with GAAP, the Fund has recorded reclassifications in the capital accounts. The reclassifications listed below have no impact on the net asset value of the Fund and are as a result of net operating losses. As of November 30, 2025, the Fund recorded reclassifications to increase (decrease) the capital account as follows: | In accordance with GAAP, the Fund has recorded reclassifications in the capital accounts. The reclassifications listed below have no impact on the net asset value of the Fund and are as a result of net operating losses. As of November 30, 2025, the Fund recorded reclassifications to increase (decrease) the capital account as follows: | In accordance with GAAP, the Fund has recorded reclassifications in the capital accounts. The reclassifications listed below have no impact on the net asset value of the Fund and are as a result of net operating losses. As of November 30, 2025, the Fund recorded reclassifications to increase (decrease) the capital account as follows: | In accordance with GAAP, the Fund has recorded reclassifications in the capital accounts. The reclassifications listed below have no impact on the net asset value of the Fund and are as a result of net operating losses. As of November 30, 2025, the Fund recorded reclassifications to increase (decrease) the capital account as follows: |
| Paid In Capital | $(144993) |  |  |
| Total Distributable Earnings | $144993 |  |  |
| The Fund did not pay any distributions during the fiscal years ended November 30, 2025 and 2024. | The Fund did not pay any distributions during the fiscal years ended November 30, 2025 and 2024. | The Fund did not pay any distributions during the fiscal years ended November 30, 2025 and 2024. | The Fund did not pay any distributions during the fiscal years ended November 30, 2025 and 2024. |
| 7.) COMMITMENTS AND CONTINGENCIES |  |  |  |
| In the normal course of business, the Trust may enter into contracts that may contain a variety of representations and warranties and provide general indemnifications. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, management considers the risk of loss from such claims to be remote. | In the normal course of business, the Trust may enter into contracts that may contain a variety of representations and warranties and provide general indemnifications. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, management considers the risk of loss from such claims to be remote. | In the normal course of business, the Trust may enter into contracts that may contain a variety of representations and warranties and provide general indemnifications. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, management considers the risk of loss from such claims to be remote. | In the normal course of business, the Trust may enter into contracts that may contain a variety of representations and warranties and provide general indemnifications. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, management considers the risk of loss from such claims to be remote. |
| 8.) CONTROL OWNERSHIP |  |  |  |
| The beneficial ownership, either directly or indirectly, of more than 25% of the voting shares of a fund creates a presumption of control of the fund, under section 2(a)(9) of the 1940 Act. At November 30, 2025, Charles Schwab & Co. Inc., held for the benefit of its customers, in aggregate, 100% of Fund shares. The Trust does not know whether any underlying accounts of Charles Schwab & Co. Inc. owned or controlled 25% or more of the voting securities of the Fund. | The beneficial ownership, either directly or indirectly, of more than 25% of the voting shares of a fund creates a presumption of control of the fund, under section 2(a)(9) of the 1940 Act. At November 30, 2025, Charles Schwab & Co. Inc., held for the benefit of its customers, in aggregate, 100% of Fund shares. The Trust does not know whether any underlying accounts of Charles Schwab & Co. Inc. owned or controlled 25% or more of the voting securities of the Fund. | The beneficial ownership, either directly or indirectly, of more than 25% of the voting shares of a fund creates a presumption of control of the fund, under section 2(a)(9) of the 1940 Act. At November 30, 2025, Charles Schwab & Co. Inc., held for the benefit of its customers, in aggregate, 100% of Fund shares. The Trust does not know whether any underlying accounts of Charles Schwab & Co. Inc. owned or controlled 25% or more of the voting securities of the Fund. | The beneficial ownership, either directly or indirectly, of more than 25% of the voting shares of a fund creates a presumption of control of the fund, under section 2(a)(9) of the 1940 Act. At November 30, 2025, Charles Schwab & Co. Inc., held for the benefit of its customers, in aggregate, 100% of Fund shares. The Trust does not know whether any underlying accounts of Charles Schwab & Co. Inc. owned or controlled 25% or more of the voting securities of the Fund. |
| 9.) CONCENTRATION OF SECTOR RISK |  |  |  |
| If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of November 30, 2025, the Fund had 52.47% and 33.22%, respectively, of the value of its net assets invested in stocks within the Financials and Information Technology sectors. | If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of November 30, 2025, the Fund had 52.47% and 33.22%, respectively, of the value of its net assets invested in stocks within the Financials and Information Technology sectors. | If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of November 30, 2025, the Fund had 52.47% and 33.22%, respectively, of the value of its net assets invested in stocks within the Financials and Information Technology sectors. | If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of November 30, 2025, the Fund had 52.47% and 33.22%, respectively, of the value of its net assets invested in stocks within the Financials and Information Technology sectors. |
| 10.) SUBSEQUENT EVENTS |  |  |  |
| Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there are no other subsequent events requiring adjustment to or disclosure in the financial statements. | Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there are no other subsequent events requiring adjustment to or disclosure in the financial statements. | Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there are no other subsequent events requiring adjustment to or disclosure in the financial statements. | Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there are no other subsequent events requiring adjustment to or disclosure in the financial statements. |

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| |
|:---|
| **<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>** |
| To the Shareholders of WP Large Cap Income Plus Fund and |
| Board of Trustees of WP Trust |
| <u>Opinion on the Financial Statements</u> |
| We have audited the accompanying statement of assets and liabilities, including the schedules of investments and options written, of WP Large Cap Income Plus Fund (the "Fund"), a series of WP Trust, as of November 30, 2025, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations and its cash flows for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. |
| <u>Basis for Opinion</u> |
| These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. |
| We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud. |
| Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. |
| We have served as the auditor of one or more investment companies advised by Winning Points Advisors, LLC since 2015. |
| /s/ Cohen & Company, Ltd. |
| COHEN & COMPANY, LTD. |
| Cleveland, Ohio |
| January 26, 2026 |

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| |
|:---|
| **Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment.<br> Companies.** |
| None. |
| **Item 9. Proxy Disclosures for Open-End Management Investment Companies.** |
| Not applicable. |
| **Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management.<br> Investment Companies.** |
| Included in Item 7. |
| **Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** |
| Not applicable. |
| **Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** |
| Not applicable. |
| **Item 13. Portfolio Managers of Closed-End Management Investment Companies.** |
| Not applicable. |
| **Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** |
| Not applicable. |
| **Item 15. Submission of Matters to a Vote of Security Holders.** |
| There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees. |
| **Item 16. Controls and Procedures.** |
| (a) The registrant's principal executive and principal financial officers have concluded, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. |
| (b) There were no changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. |

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| |
|:---|
| **Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment<br> Companies.** |
| Not applicable. |
| **Item 18. Recovery of Erroneously Awarded Compensation.** |
| Not applicable. |
| **Item 19. Exhibits.** |
| (a)(1) Code of Ethics. [Filed herewith.](ex99code.htm) |
| (a)(2) Not applicable. |
| (a)(3) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. [Filed herewith.](ex99cert.htm) |
| (b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. [Filed herewith.](ex906cert.htm) |

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| |
|:---|
| **SIGNATURES** |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
| WP Trust |
| By: <u>/s/ Charles S. Stoll</u> |
| Charles S. Stoll |
| Principal Executive Officer |
| Date: <u>1/29/2026</u> |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| By: <u>/s/ Charles S. Stoll</u> |
| Charles S. Stoll |
| Principal Executive Officer |
| Date: <u>1/29/2026</u> |
| By: <u>/s/ James Craft</u> |
| James Craft |
| Principal Financial Officer |
| Date: <u>1/29/2026</u> |

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## Ex-99.Code

**WP Trust**

**SUPPLEMENTAL CODE OF ETHICS FOR<br> PRINCIPAL EXECUTIVE AND PRINCIPAL FINANCIAL OFFICERS**

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| | |
|:---|:---|
| **A.** | **Covered Officers/Purpose of the Code** |
|  | This Code of Ethics for Principal Executive and Principal Financial Officers (the "Code") for the Trust (the "Company") applies to the Trust's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer(s) (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of promoting: |
|  | honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; |
|  | full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company; |
|  | compliance with applicable laws and governmental rules and regulations; |
|  | the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and |
|  | accountability for adherence to the Code. |
| **B.** | **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** |
|  | **Overview.** A "conflict of interest" occurs when a Covered Officer's private interest in any material respect interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company. |
|  | Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property, other than shares of beneficial interest of the Company) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. |
|  | Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser/administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser/administrator, or for both), be involved in establishing policies and implementing decisions that may have different effects on the adviser/administrator and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser/administrator and is consistent with |

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| | | |
|:---|:---|:---|
|  | the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Company's Board of Directors ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes. | the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Company's Board of Directors ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes. |
|  | Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company. | Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company. |
|  | Each Covered Officer must: | Each Covered Officer must: |
|  |  | not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company; |
|  |  | not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer to the detriment of the Company; |
|  |  | not use material non-public knowledge of portfolio transactions made or contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; |
|  |  | report at least annually any affiliations or other relationships related to conflicts of interest that the Company's Directors and Officers Questionnaire covers. |
|  |  | There are some conflict of interest situations that should always be discussed with the Audit Committee of the Company if such situations might have a material adverse effect on the Company. Examples of these include: |
|  |  | service as a director on the board of any public company; |
|  |  | the receipt of non-nominal gifts; |
|  |  | the receipt of entertainment from any company with which the Company has current or prospective business dealings, including investments in such companies, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety; |
|  |  | any ownership interest in, or any consulting or employment relationship with, any of the Company's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; |
|  |  | a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio transactions, including but not limited to certain soft dollar arrangements, or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership. |
| **C.** | **Disclosure and Compliance** | **Disclosure and Compliance** |
|  |  | each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Company; |

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| | | |
|:---|:---|:---|
|  |  | each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's directors and auditors, and to governmental regulators and self-regulatory organizations; |
|  |  | each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Company and the adviser/administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Company files with, or submits to, the SEC and in other public communications made by the Company; and |
|  |  | it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations. |
| **D.** | **Reporting and Accountability** | **Reporting and Accountability** |
|  | Each Covered Officer must: | Each Covered Officer must: |
|  |  | upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code; |
|  |  | annually thereafter affirm to the Board that he has complied with the requirements of the Code; |
|  |  | not retaliate against any other Covered Officer or any employee of the Company or their affiliated persons for reports of potential violations that are made in good faith; and |
|  |  | notify the Audit Committee for the Company promptly if he knows of any material violation of this Code. |
|  |  | The Audit Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee. |
|  |  | The Company will follow these procedures in investigating and enforcing this Code: |
|  |  | the Chief Compliance Officer of the Company (or such other Company officer or other investigator as the Audit Committee may from time to time designate) (the "Investigator"), shall take appropriate action to investigate any potential violations reported to him; if, after such investigation, the Investigator believes that no violation has occurred, the Investigator is not required to take any further action; |
|  |  | any matter that the Investigator believes is a violation will be reported to the Audit Committee; |
|  |  | if the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser/administrator or its board; or a recommendation to dismiss the Covered Officer; |
|  |  | the Board will be responsible for granting waivers, as appropriate; and |
|  |  | any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules. |

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| | |
|:---|:---|
|  | Any potential violation of this Code by the Investigator shall be reported to the Audit Committee and the Audit Committee shall appoint an alternative Company officer or other investigator to investigate the matter. |
| **E.** | **Other Policies and Procedures** |
|  | This Code shall be the sole code of ethics adopted by the Company for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Company, the Company's adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Company's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code. |
| **F.** | **Amendments** |
|  | Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent directors. |
| **G.** | **Confidentiality** |
|  | All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or regulation or this Code, such matters shall not be disclosed to anyone other than the Board and the Audit Committee. |
| **H.** | **Internal Use** |
|  | The Code is intended solely for the internal use by the Company and does not constitute an admission, by or on behalf of the Company, as to any fact, circumstance, or legal conclusion. |

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**Exhibit A**

**Persons Covered by this Code of Ethics**

Charles Stoll, Principal Executive Officer, WP Trust – WP Funds<br> Jamie Craft, Principal Financial Officer, WP Trust – WP Funds

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**Exhibit B**

**Covered Officer Affirmation of Understanding**

In accordance with Section D of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code"), the undersigned Covered Officer of the Company (as defined in the Code) hereby affirms to the Board that the Covered Officer has received, read, and understands the Code.

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| | |
|:---|:---|
| Date: <u>2/5/2021</u> | <u>/</u><u>s/ Charles Stoll</u> |
|  | Covered Officer – Charles Stoll, Principal Executive Officer – WP Funds |
| Date: <u>2/5/2021</u> | <u>/</u><u>s/ Jamie Craft</u> |
|  | Covered Officer – Jamie Craft, Principal Financial Officer – WP Fund |

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## Ex-99.Cert

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| | | |
|:---|:---|:---|
|  |  | EX.99.CERT |
| **CERTIFICATIONS** | **CERTIFICATIONS** | **CERTIFICATIONS** |
| I, Charles S. Stoll, certify that: | I, Charles S. Stoll, certify that: |  |
| 1. | I have reviewed this report on Form N-CSR of the WP Large Cap Income Plus Fund, a series of the WP Trust; | I have reviewed this report on Form N-CSR of the WP Large Cap Income Plus Fund, a series of the WP Trust; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| (a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| (b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| (c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
| (d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5. | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
| (a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
| (b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
|  | Date: <u>1/29/2026</u> | <u>/s/Charles S. Stoll</u> |
|  |  | Charles S. Stoll |
|  |  | Principal Executive Officer |

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| | | |
|:---|:---|:---|
|  |  | EX.99.CERT |
| **CERTIFICATIONS** | **CERTIFICATIONS** | **CERTIFICATIONS** |
| I, James Craft, certify that: | I, James Craft, certify that: |  |
| 1. | I have reviewed this report on Form N-CSR of the WP Large Cap Income Plus Fund, a series of the WP Trust; | I have reviewed this report on Form N-CSR of the WP Large Cap Income Plus Fund, a series of the WP Trust; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| (a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| (b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| (c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
| (d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5. | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
| (a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
| (b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
|  | Date: <u>1/29/2026</u> | <u>/s/James Craft</u> |
|  |  | James Craft |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer) |

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## Exhibit 99.906

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| | | | |
|:---|:---|:---|:---|
|  |  |  | EX.99.906CERT |
| **Certification Pursuant to Section 906 of the Sarbanes-Oxley Act** | **Certification Pursuant to Section 906 of the Sarbanes-Oxley Act** | **Certification Pursuant to Section 906 of the Sarbanes-Oxley Act** |  |
| Charles S. Stoll, Principal Executive Officer, and James Craft, Chief Financial Officer of WP Trust (the "Registrant"), each certify to the best of his or her knowledge that: | Charles S. Stoll, Principal Executive Officer, and James Craft, Chief Financial Officer of WP Trust (the "Registrant"), each certify to the best of his or her knowledge that: | Charles S. Stoll, Principal Executive Officer, and James Craft, Chief Financial Officer of WP Trust (the "Registrant"), each certify to the best of his or her knowledge that: | Charles S. Stoll, Principal Executive Officer, and James Craft, Chief Financial Officer of WP Trust (the "Registrant"), each certify to the best of his or her knowledge that: |
| 1. | The Registrant's periodic report on Form N-CSR for the period ended November 30, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and | The Registrant's periodic report on Form N-CSR for the period ended November 30, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and | The Registrant's periodic report on Form N-CSR for the period ended November 30, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and |
| 2. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
|  | Principal Executive Officer | Chief Financial Officer (Principal Financial Officer) | Chief Financial Officer (Principal Financial Officer) |
|  | WP Trust | WP Trust |  |
|  | <u>/s/Charles S. Stoll</u> | <u>/s/James Craft</u> |  |
|  | Charles S. Stoll | James Craft |  |
|  | Date: <u>1/29/2026</u> | Date: <u>1/29/2026</u> |  |
| A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to WP Trust and will be retained by WP Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request. | A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to WP Trust and will be retained by WP Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request. | A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to WP Trust and will be retained by WP Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request. | A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to WP Trust and will be retained by WP Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request. |
| This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission. | This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission. | This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission. | This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission. |

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