# EDGAR Filing Document

**Accession Number:** 0001645192
**File Stem:** 0001413042-23-000187
**Filing Date:** 2023-3
**Character Count:** 101298
**Document Hash:** d9568adcad59d4ccc74ff9799d1af011
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001413042-23-000187.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001413042-23-000187

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230309

**EFFECTIVENESS DATE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WP Trust
- **CENTRAL INDEX KEY:** 0001645192
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23086
- **FILM NUMBER:** 23721062

**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           |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION <br> WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT <br> INVESTMENT COMPANIES**

Investment Company Act file number <u>811-23086</u>

<u>WP Trust</u><br> (Exact name of registrant as specified in charter)

<u>127 NW 13th Street Suite 13,Boca Raton, FL</u> <u>33432</u> <br> (Address of principal executive offices) (Zip code)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation Trust Company <br> Corporation Trust Center <br> <u>1209 Orange St., Wilmington, DE 19801</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>(800) 950-9112</u> 

Date of fiscal year end: <u>November 30</u> 

Date of reporting period: <u>November 30, 2022</u>

**Item 1. Report to Stockholders.**

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![](wpn-csr11302022x2x1.jpg) <br>

**WP Large Cap Income Plus Fund**<br> Institutional Class Shares (Ticker Symbol: WPLCX)

*A Series of the*<br> **WP TRUST**<br>**ANNUAL REPORT**<br>**November 30, 2022**<br>

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| | |
|:---|:---|
| **Table of Contents** |  |
| <u>WP Large Cap Income Plus Fund</u> |  |
| Letter to Shareholders | 2 |
| Allocation of Portfolio Holdings | 3 |
| Performance Information | 4 |
| Schedule of Investments | 5 |
| Schedule of Options Written | 6 |
| Statement of Assets and Liabilities | 7 |
| Statement of Operations | 8 |
| Statement of Cash Flows | 9 |
| Statements of Changes in Net Assets | 10 |
| Financial Highlights | 11 |
| NOTES TO FINANCIAL STATEMENTS | 12 |
| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 18 |
| DISLOSURE OF EXPENSES | 20 |
| ADDITIONAL INFORMATION | 21 |
| TRUSTEES AND OFFICERS | 22 |

---

**2022 Annual Report 1**

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**WP Large Cap Income Plus Fund**<br> **Annual Report**<br> **November 30, 2022**<br> **(Unaudited)**

Dear Fellow Shareholders:

To say these are tumultuous times is an understatement. The events over the past almost 3 years now, will change the world forever. In the USA, we have gone from "outsourcing" to "reshoring", from an economy that was struggling with no inflation and zero or negative interest rates to one that is quite the opposite. It all seemed to happen in the blink of the eye.

For the long-term investors, in spite of the news media running at full blast to convince people otherwise, the game remains the same. Find good businesses that can grow and produce income to support people as they plan for and need it to retire. Crypto currencies or SPAC's or leveraged bond funds are not what we look for, although one would think from the news, that such things are all that is out there.

While all this was going on, including the shutdowns in China and noise from all over the world including a war, here is what some of our holdings have accomplished:

<u>Apple (APPL)</u>, one of our largest holdings, released all-time record revenues and earnings. What war? What Pandemic? By the way Apple's revenues for the quarter ended September 30, 2022 where up 8% to over $90 Billion, net earnings up more than 4%. Apple raised its dividend by over 4% this year and continues to repurchase shares.

<u>Microsoft (MSFT)</u> revenues and earnings were favorable, with revenues near an all-time record and earnings at over $17 billion. These big companies are hugely affected by the value of the dollar which has been volatile. Microsoft raised its dividend by nearly 10% this November.

<u>JP Morgan Chase (JPM)</u> One of the world's largest banks, which might do well when interest rates rise, posted near record revenues and earnings. This company is trading at only 11 times earnings, which even for banks seems cheap. JP Morgan last raised its dividend by 10% about a year ago.

<u>Bank of America (BAC)</u> Also reported very respectable revenue (over $24 Billion) and earnings comparable to the years since the great financial crisis. It has raised its dividend by nearly 5% this year.

These companies represent nearly 45% of the holdings of the WP Large Cap Income Plus Fund (the "Fund") at November 30, 2022 and are representative of the type of companies that we like to buy.

Having these and our other companies in the Fund did not stop the Fund or these individual stocks from going down in value. For the year ended November 30, 2022 the Fund was down 25.41%, about the same as the NASDAQ Composite index which was down 25.59% . The similarity in returns speaks to, in part, the concentration the Fund has in Apple (19% of net assets) and Microsoft (16% of net assets). The Dow Jones Industrial Average Index was actually up 2.48% during the same period the Standard and Poor's 500™ Index was down 9.21% . These wildly divergent returns demonstrate the nature of the markets this past year as the Federal Reserve raised interest rates and the war in the Ukraine continued.

Our strategy which includes buying what we think are great stocks and holding them as they evolve thru time and the ups and downs of the markets is how the positions in some of the companies we mentioned have grown to be such sizable parts of the Fund.

The Central Banks of the world are basically sucking the air out of worlds economy by quickly raising interest rates, this is intentional and meant to stop inflation. Their actions add fear to the markets and make things, including the news flow, unpredictable and volatile in the short term. Of course, stocks will fall in times like these.

The big questions are: When will it end? When will the stock market stop acting like this, when will the Fed stop raising interest rates?

Of course, we don't know. What gives us confidence is that the companies that we try to own act prudentially and in our (the shareholders) best interest, we need to continue to give them the time to continue their good work. This is how we believe long term our goals have the best likelihood of being accomplished.

Thank you for you trust, and in these times, your patience!

Charles Stoll <br> Portfolio Manager

*Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance may be lower or higher that the performance data quoted.*

**<br> 2022 Annual Report 2**

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**<u>WP Trust</u> <u>(Unaudited)</u>**

**WP Large Cap Income Plus Fund<br> Allocation of Portfolio Holdings (% of Net Assets) as of November 30, 2022**

![](wpn-csr11302022x5x1.jpg) <br>

\* Net Cash represents cash, cash equivalents and other assets, including options<br> purchased, in excess of liabilities, which include options written.

**2022 Annual Report 3**

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**<u>WP Large Cap Income Plus Fund</u> <u>(Unaudited)</u>** ![](wpn-csr11302022x6x1.jpg) <br>

**PERFORMANCE INFORMATION**

**Average Annual Rate of Return (%) for the Periods Ended November 30, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | **Since** |
|  | **<u>1 Year</u><sup>(A)</sup>** | **<u>3 Year</u><sup>(A)</sup>** | **<u>5 Year</u><sup>(A)</sup>** | **<u>Inception</u><sup>(A)</sup>** |
| **WP Large Cap Income Plus Fund** | **(25.41)%** | **(11.66)%** | **(3.08)%** | **1.93%** |
| Dow Jones Industrial Average Index <sup>(B)</sup> | 2.48% | &nbsp;&nbsp;&nbsp;&nbsp;9.50% | 9.71% | 11.57% |

---

<sup>(A)</sup> 1 Year, 3 Year, 5 Year and Since Inception returns include change in share prices and in each case includes reinvestment of any dividends and capital gain distributions. The WP Large Cap Income Plus Fund began investing in line with its stated objectives on December 4, 2013.

<sup>(B)</sup> The Dow Jones Industrial Average Index is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. Please note that the index does not take into account any fees and expenses of investing in the individual securities that it tracks and individuals cannot invest directly in any index.

For purposes of the graph and the accompanying table, it is assumed that all dividends and distributions were reinvested.

Per the Fund's most recent prospectus, the Fund's Total Annual Operating Expense Ratio is 2.33% . The Annual Fund Operating Expense Ratio reported above may not correlate to the expense ratios presented in the Fund's financial highlights because (a) the financial highlights include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in acquired funds, and (b) the gross expense ratio may fluctuate due to changes in net assets and actual expenses incurred during the reported period.

**PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAT THE PERFORMANCE DATA QUOTED. TO OBTAIN PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, PLEASE CALL 1-866-959-9260. THE FUND'S DISTRIBUTOR IS ARBOR COURT CAPITAL, LLC.**

**<br> 2022 Annual Report 4**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
| | | | | **November 30, 2022** | **November 30, 2022** |
| **Shares** | | | | **Fair Value** | **% of Net Assets** |
| **COMMON STOCKS** | **COMMON STOCKS** |  |  |  |  |
| **Banks** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69000 | Bank of America Corporation + |  |  | $2611650 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13200 | JPMorgan Chase & Co. + |  |  | 1823976 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | Mitsubishi UFJ Financial Group, Inc. - ADR + | Mitsubishi UFJ Financial Group, Inc. - ADR + |  | 327600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43600 | Wells Fargo & Company + |  |  | 2090620 |  |
|  |  |  |  | 6853846 | 30.58% |
| **Beverages** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | Diageo PLC - ADR + |  |  | 335790 | 1.50% |
| **Biotechnology** | **Biotechnology** |  |  |  |  |
| 175000 | ImmunityBio, Inc. \* + |  |  | 964250 | 4.30% |
| **Diversified Financial Services** | **Diversified Financial Services** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | Berkshire Hathaway Inc. - Class B \* + |  |  | 1242540 | 5.54% |
| **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | McDonald's Corporation + |  |  | 272790 | 1.22% |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | Chevron Corporation + |  |  | 366620 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | Exxon Mobil Corporation + |  |  | 1002060 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | Occidental Petroleum Corporation + |  |  | 486430 |  |
|  |  |  |  | 1855110 | 8.27% |
| **Pharmaceuticals** | **Pharmaceuticals** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | Cronos Group Inc. (Canada) \* + |  |  | 295450 | 1.32% |
| **Road & Rails** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | FTAI Infrastructure Inc. + |  |  | 71250 | 0.32% |
| **Software** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13900 | Microsoft Corporation + |  |  | 3546446 | 15.82% |
| **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | Apple Inc. + |  |  | 3996810 | 17.83% |
| **Tobacco** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43000 | Altria Group, Inc. + |  |  | 2002940 | 8.94% |
| **Trading Companies & Distributors** | **Trading Companies & Distributors** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | Fortress Aviation Ltd. + |  |  | 438000 | 1.95% |
| **Total for Common Stocks (Cost $10,981,175)** | **Total for Common Stocks (Cost $10,981,175)** |  |  | 21875222 | 97.59% |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |  |  |
| 164162 | Federated Hermes Government Obligations Fund - Institutional | Federated Hermes Government Obligations Fund - Institutional | Federated Hermes Government Obligations Fund - Institutional | 164162 |  |
|  | Class 3.61% \*\* |  |  | 164162 | 0.73% |
| **Total for Money Market Funds (Cost $164,162)** | **Total for Money Market Funds (Cost $164,162)** |  |  |  |  |
| **CALL/PUT OPTIONS PURCHASED** | **CALL/PUT OPTIONS PURCHASED** |  | **Notional** |  |  |
| **Expiration Date/Exercise Price** | **Expiration Date/Exercise Price** | **Contracts** | **Amount** | **Fair Value** | **% of Net Assets** |
| CBOE S&P 500 Index \* | CBOE S&P 500 Index \* |  |  |  |  |
| December 2, 2022 Puts @ $3,300.00 | December 2, 2022 Puts @ $3,300.00 | 20 | $6600000 | 100 |  |
| **Total for Options Purchased (Premiums Paid - $29,026)** | **Total for Options Purchased (Premiums Paid - $29,026)** | **Total for Options Purchased (Premiums Paid - $29,026)** | $6600000 | 100 | 0.00% |
| **Total Investment Securities (Cost $11,174,363)** | **Total Investment Securities (Cost $11,174,363)** |  |  | 22039484 | 98.32% |
| **Other Assets in Excess of Liabilities** | **Other Assets in Excess of Liabilities** |  |  | 375701 | 1.68% |
| **Net Assets** |  |  |  | $22415185 | 100.00% |

---

ADR - American Depositary Receipt.<br> \* Non-Income Producing Securities.<br> \*\* The Yield Rate shown represents the 7-day yield at November 30, 2022.<br> + Portion or all of the security is pledged as collateral for options written.<br>The accompanying notes are an integral part of these<br> financial statements.

**2022 Annual Report 5**

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| | | | |
|:---|:---|:---|:---|
| **WP Large Cap Income Plus Fund** | | | |
|  |  | **Schedule of Options Written** | **Schedule of Options Written** |
| | | **November 30, 2022** | **November 30, 2022** |
| **CALL/PUT OPTIONS WRITTEN**<br> **Expiration Date/Exercise Price** | <br>**Contracts** | **Notional**<br>**Amount** | <br>**Fair Value** |
| **Put Options Written** |  |  |  |
| CBOE S&P 500 Index \* |  |  |  |
| September 15, 2023 Puts @ $3,300.00 | 10 | $3300000 | $91400 |
| **Total Put Options Written (Premiums Received $150,128)** |  | 3300000 | 91400 |
| **Total Options Written (Premiums Received $150,128)** |  | $3300000 | $91400 |

---

\* Non-Income Producing Securities.<br>The accompanying notes are an integral part of these<br> financial statements.

**2022 Annual Report 6**

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| | |
|:---|:---|
| **WP Large Cap Income Plus Fund** | |
| **Statement of Assets and Liabilities** |  |
| **November 30, 2022** |  |
| Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Securities at Fair Value\* | $22039484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposit at Broker for Written Options | 497044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends Receivable | 41880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid Expenses | 2662 |
| &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 Assets | 22582070 |
| Liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Options Written at Fair Value (Premiums Received $150,128) | 91400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for Fund Shares Redeemed | 13919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to Advisor | 24061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to Administrator | 2798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued Distribution and Service (12b-1) Fees | 5090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to Chief Compliance Officer | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Accrued Expenses | 28617 |
| &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 Liabilities | 166885 |
| Net Assets | $22415185 |
| Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid In Capital | $21406828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributable Earnings | 1008357 |
| Net Assets | $22415185 |
| Net Asset Value, Offering and Redemption Price | $11.13 |
| \* Investments at Identified Cost | $11174363 |
| Shares Outstanding (Unlimited number of shares | 2013222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;authorized without par value) |  |

---

The accompanying notes are an integral part of these<br> financial statements.

**2022 Annual Report 7**

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| | |
|:---|:---|
| **WP Large Cap Income Plus Fund** | |
| **Statement of Operations** |  |
| **For the fiscal year ended November 30, 2022** |  |
| Investment Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (Net of Foreign Withholding Taxes of $4,429) | $655507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 655507 |
| Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management Fees | 349029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense | 96500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and Service (12b-1) Fees - Institutional Class | 64635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer Agent Fees & Accounting Fees | 35760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration Fees | 33598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit Fees | 19125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal Fees | 16474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees Fees | 9899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody Fees | 9079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compliance Officer Expense | 8333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous Expense | 7696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration Expense | 5956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance Expense | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing & Mailing Fees | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 657736 |
| Net Investment Income (Loss) | (2229) |
| Realized and Unrealized Gain (Loss) on Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Gain Distributions from Investments | 20695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments | 6573814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Options Purchased | (4800824) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Options Written | (4471224) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | (8774553) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Options Purchased | 93550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Options Written | 3284644 |
| Net Realized and Unrealized Gains (Loss) on Investments | (8073898) |
| Net Increase (Decrease) in Net Assets from Operations | $(8076127) |

---

The accompanying notes are an integral part of these<br> financial statements.

**2022 Annual Report 8**

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| | |
|:---|:---|
| **WP Large Cap Income Plus Fund** | **WP Large Cap Income Plus Fund** |
| **Statement of Cash Flows** |  |
| **For the fiscal year ended November 30, 2022** |  |
| **Increase (Decrease) in cash:** |  |
| **Cash flows from operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in net assets from operations | $(8076127) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase (decrease) in net assets from |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations to net cash (used in)/provided from operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of investments and options | (6434466) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposition of investments and options | 18718090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase/sales of short-term investment securities, net | (11766) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in dividends and interest receivable | 38486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in prepaid expenses | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums received from options written | 35832796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments to cover options written | (45787959) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued distribution (12b-1) fees | (2405) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued expenses | (28666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital received from investments | 16500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (appreciation) depreciation on investments and options | 5396359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments and options | 2698234 |
| Net cash (used in)/provided from operating activities | 2359740 |
| **Cash flows from financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Fund shares sold | 1239023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment on Fund shares redeemed | (3401777) \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash distributions paid | (1356) \* |
| Net cash (used in)/provided from financing activities | (2164110) |
| Net increase (decrease) in cash | 195630 |
| **Cash:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 302414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of year | $498044 |
| **Supplemental disclosure of cash flow information:** |  |
| **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;Deposits at broker for written options | $302414 |
| **Reconciliation of restricted and unrestricted cash at the end of the year** |  |
| **to the Statement of Assets and Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | $1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits at broker for written options | $497044 |

---

Interest paid by the Fund was $112,825.<br> \* Noncash financing activities not included herein consist of reinvestment of distributions of $41,954, and an increase<br> in payable for Fund shares redeemed of $13,619.

The accompanying notes are an integral part of these<br> financial statements.

**2022 Annual Report 9**

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---

| | | |
|:---|:---|:---|
| **WP Large Cap Income Plus Fund** | **WP Large Cap Income Plus Fund** | **WP Large Cap Income Plus Fund** |
| **Statements of Changes in Net Assets** |  |  |
|  | 12/1/2021 | 12/1/2020 |
|  | to | to |
|  | 11/30/2022 | 11/30/2021 |
| From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $(2229) | $27309 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Gain Distributions from Investments | 20695 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments, Options |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased and Options Written | (2698234) | 4343374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on Investments, Options Purchased and Options |  |  |
| Written | (5396359) | 2352530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets from Operations | (8076127) | 6723213 |
| From Distributions to Shareholders: | (43310) | (188894) |
| From Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds From Sale of Shares | 1239023 | 1050727 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Dividends | 41954 | 183108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (3415396) | (4746017) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) from Shareholder Activity | (2134419) | (3512182) |
| Net Increase (Decrease) in Net Assets | (10253856) | 3022137 |
| Net Assets at Beginning of Year | 32669041 | 29646904 |
| Net Assets at End of Year | $22415185 | $32669041 |
| Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 102360 | 72240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested | 2686 | 13093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (277936) | (321707) |
| Net Increase (Decrease) in Shares | (172890) | (236374) |

---

The accompanying notes are an integral part of these<br> financial statements.

**2022 Annual Report 10**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **WP Large Cap Income Plus Fund** |
| **Financial Highlights** |  |  |  |  |  |  |  |
| Selected data for a share outstanding throughout the year: | 12/1/2021 | 12/1/2020 | 12/1/2019 | 12/1/2018 | 9/1/2018 |  | 9/1/2017 |
|  | to | to | to | to | to |  | to |
|  | 11/30/2022 | 11/30/2021 | 11/30/2020 | 11/30/2019 | 11/30/2018 | (e) | 8/31/2018 |
| Net Asset Value - Beginning of Year | $14.94 | $12.24 | $16.71 | $13.77 | $14.69 |  | $12.86 |
| Net Investment Income | (0.00) (a)(f) | 0.01 (a) | 0.06 (a) | 0.08 (a) | 0.01 | (a) | 0.01 |
| Net Gain (Loss) on Investments (Realized and Unrealized) | (3.79) | 2.77 | (4.08) | 2.87 | (0.93) |  | 2.17 |
| Total from Investment Operations | (3.79) | 2.78 | (4.02) | 2.95 | (0.92) |  | 2.18 |
| Distributions (From Net Investment Income) | (0.02) | (0.08) | (0.08) | (0.01) |  |  | (0.06) |
| Distributions (From Capital Gains) | - | - | (0.37) | - | - |  | (0.29) |
| Total Distributions | (0.02) | (0.08) | (0.45) | (0.01) | - |  | (0.35) |
| Net Asset Value - End of Year | $11.13 | $14.94 | $12.24 | $16.71 | $13.77 |  | $14.69 |
| Total Return (b) | (25.41)% | 22.76% | (24.71)% | 21.50% | (6.26)% | \* | 17.14% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |  |
| Net Assets - End of Year (Thousands) | $22415 | $32669 | $29647 | $43235 | $34626 |  | $36458 |
| Ratio of Expenses to Average Net Assets (c) (d) | 2.54% | 2.30% | 2.75% | 2.60% | 2.75% | \*\* | 2.73% |
| Ratio of Net Investment Income to Average |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets (d) | (0.01)% | 0.08% | 0.53% | 0.52% | 0.21% | \*\* | 0.08% |
| Portfolio Turnover Rate | 2.24% | 3.86% | 8.38% | 3.92% | 0.26% | \* | 4.01% |

---

\* Not Annualized.<br> \*\* Annualized.<br> (a) Per share amount calculated using the average shares method.<br> (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assum-<br> ing reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distrib-<br> utions or redemption of Fund shares.<br> (c) Ratios do not include expenses of the investment companies in which the Fund invests.<br> (d) The ratios include interest expense of 0.37% during the year ended November 30, 2022, 0.25% during the year<br> ended November 30, 2021, 0.45% during the year ended November 30, 2020, 0.52% during the year ended<br> November 30, 2019, 0.48% during the period ended November 30, 2018 and 0.33% during the year ended August<br> 31, 2018.<br> (e) Represents the period from September 1, 2018 through November 30, 2018. The WP Large Cap Income Plus<br> Fund changed its fiscal year end from August 31 to November 30.<br> (f) Amount is less than -$0.005.

The accompanying notes are an integral part of these<br> financial statements.

**2022 Annual Report 11**

------

**NOTES TO FINANCIAL STATEMENTS**<br> **WP LARGE CAP INCOME PLUS FUND**<br> **November 30, 2022**

<br> 1.) ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES<br> 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, 2022, there were 2 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 Advisers, 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 that follows the investment company accounting and reporting guidance of Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements are prepared in conformity with accounting principals generally accepted in the United States of America ("GAAP"). The Fund follows the significant accounting policies described in this section.

*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.

*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.

The Fund will incur a loss as a result of a written option (also referred to as a short position) if the price of the written option instrument increases in value between the date when the Fund writes the option and the date on which the Fund purchases an offsetting position. The Fund's losses are potentially large in a written put transaction and potentially unlimited in a written call transaction. Please refer to the Fund's prospectus for a full listing of risks associated with these instruments.

*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.

**2022 Annual Report 12**

------

**Notes to Financial Statements - continued**

As of and during the fiscal year ended November 30, 2022, 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, 2022, 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.

*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.

*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")). 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.

2.) SECURITIES VALUATIONS<br> *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:

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 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.

**2022 Annual Report 13**

------

**Notes to Financial Statements - continued**

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*<br> 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.

*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, that are actively traded, are valued based on quoted prices from the primary exchange on which the option trades and are typically valued at level 1 of the fair value hierarchy. Options held by the Fund that are not traded on the valuation date will be valued at the mean of the bid and ask price on the primary exchange on which the option trades and are typically valued at level 2 of the fair value hierarchy. If there is not a bid and ask price on the primary exchange on which the option trades, 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 good fair 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 Investment Company Act of 1940 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, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>Valuation Inputs of Assets</u> | <u>Level 1</u> | <u>Level 2</u> | <u>Level 3</u> | <u>Total</u> |
| Common Stocks | $21875222 | $– | $– | $21875222 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164162 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164162 |
| Options Purchased | <u>100</u> | <u>–</u> | <u>–</u> | <u>100</u> |
| Total | $22039484 | $– | $– | $22039484 |
| <u>Valuation Inputs of Liabilities</u> | <u>Level 1</u> | <u>Level 2</u> | <u>Level 3</u> | <u>Total</u> |
| Options Written | <u>$91400</u> | <u>$–</u> | <u>$–</u> | <u>$</u><u>91400</u> |
| Total | $91400 | $– | $– | $91400 |

---

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, 2022.

3. DERIVATIVES TRANSACTIONS<br> As of November 30, 2022, portfolio securities valued at $21,875,222, were held in a segregated account by the custodian as collateral for options written, as well as $497,044, which was held in deposit at the broker for collateral.

**2022 Annual Report 14**

------

**Notes to Financial Statements - continued**

The average monthly notional value of options contracts purchased and written by the Fund for the year ended November 30, 2022, were as follows:

---

| | |
|:---|:---|
| **Derivative Type** | **Average Notional Value** |
| Put Options Purchased | $178261731 |
| Call Options Written | ($2993846) |
| Put Options Written | ($66871538) |

---

As of November 30, 2022, the location on the Statement of Assets and Liabilities for financial derivative instrument fair values is as follows:

---

| | | |
|:---|:---|:---|
| Assets | Location | Equity Contracts/Total |
| Put options purchased | Investments at Fair Value | <u>$100</u> |
| Total Assets |  | $100 |
| Liabilities | Location | Equity Contracts/Total |
| Put options written | Options Written at Fair Value | <u>$91400</u> |
| Total Liabilities |  | $91400 |

---

Realized and unrealized gains and losses on derivatives contracts entered into by the Fund during the year ended November 30, 2022, are recorded in the following location in the Statement of Operations:

---

| | | |
|:---|:---|:---|
| Net change in unrealized |  |  |
| appreciation (depreciation) on: | Location | Equity Contracts/Total |
| Put Options Purchased | Options Purchased | $93550 |
| Call Options Written | Options Written | 1933006 |
| Put Options Written | Options Written | <u>1351638</u> |
|  |  | $3378194 |
| Net realized gain (loss) on: | Location | Equity Contracts/Total |
| Put Options Purchased | Options Purchased | ($4800824) |
| Call Options Written | Options Written | (1399549) |
| Put Options Written | Options Written | <u>(3071675</u><u>)</u> |
|  |  | ($9272048) |

---

All open derivative positions at November 30, 2022, are reflected on the Fund's Schedule of Investments and Schedule of Options Written.

The following tables present the Fund's asset and liability derivatives available for offset under a master netting arrangement as of November 30, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liabilities:** | **Gross Amounts of Liabilities Presented in the Statement of Assets & Liabilities** | **Gross Amounts of Liabilities Presented in the Statement of Assets & Liabilities** | **Gross Amounts of Liabilities Presented in the Statement of Assets & Liabilities** | **Gross Amounts of Liabilities Presented in the Statement of Assets & Liabilities** | **Gross Amounts of Liabilities Presented in the Statement of Assets & Liabilities** | **Gross Amounts of Liabilities Presented in the Statement of Assets & Liabilities** |
| | | | | **Gross Amounts Not Offset** | **Gross Amounts Not Offset** | |
| | | | | **in the Statement of Assets** | **in the Statement of Assets** | |
| | | | | **and Liabilities** | **and Liabilities** | |
| | | | | **Financial** | **Cash** | |
| | | | | **Instruments** | **Collateral** | |
| <br>**Description** | <br>**Gross**<br>**Amounts of** <br>**Recognized**<br>**Liabilities<sup>(1)</sup>** | <br>**Gross**<br>**Amounts**<br>**Offset in the**<br>**Statement of** <br>**Assets and**<br>**Liabilities** | <br>**Net Amount of**<br>**Liabilities**<br>**Presented in the**<br>**Statement of**<br>**Assets and**<br>**Liabilities<sup>(1)</sup>** | **Pledged<sup>(2)</sup>** | **Pledged<sup>(2)</sup>** | <br>**Net Amount**<br>**of Liabilities** |
| Options |  |  |  |  |  |  |
| Written | $91400 | $0 | $91400 | $0 | $91400 | $0 |

---

(1) Written options at value as presented in the Fund's Schedule of Options Written.<br> (2) The amounts are limited to the derivative liability balances and accordingly do not include excess collateral pledged.

4.) INVESTMENT TRANSACTIONS<br> For the fiscal year ended November 30, 2022, purchases and sales of investment securities other than U.S. Government obligations and short-term investments were $710,692 and $17,673,999, respectively.

**2022 Annual Report 15**

------

**Notes to Financial Statements - continued**

5.) ADVISORY FEES AND OTHER RELATED PARTY TRANSACTIONS<br> 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 year ended November 30, 2022, the Adviser earned $349,029 in management fees.

The Adviser had entered into a contractual agreement with the Trust under which it had agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits "Total Annual Fund Operating Expenses" (exclusive of interest, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles, expenses associated with any proxies, mergers, reorganizations and other shareholder solicitation activities, litigation-related expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business) to not more than 2.50% . The contractual agreement expired on December 31, 2019, and was not renewed. As such, the Adviser did not waive any management fees as it relates to the Fund during the fiscal year ended November 30, 2022.

The Fund may, at a later date, reimburse the Adviser the management fees waived or limited and other expenses assumed and paid by the Adviser pursuant to the Expense Limitation Agreements during any of the previous three fiscal years, if the total annual fund operating expenses for the applicable following year, after giving effect to the repayment, do not exceed the operating expense limits with respect to the average daily net assets of the Fund (or any lower expense limitation or limitations to which the parties may otherwise agree) that were in effect at the time they were waived. There were no amounts subject to repayment by the Fund, pursuant to the aforementioned conditions, as of or during the fiscal year ended November 30, 2022.

An Interested Trustee is also a managing member of the Adviser.

The Fund has adopted a Distribution Plan ("Plan") pursuant to Rule 12b-1 under the Investment Company Act of 1940. 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. The Fund incurred distribution and service (12b-1) fees of $64,635 for the fiscal year ended November 30, 2022. At November 30, 2022, the Fund owed distribution and service (12b-1) fees of $5,090.

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, 2022, PFS earned $33,598. At November 30, 2022, the Fund owed PFS administration fees of $2,798.

An officer of the Trust is also an officer of the Administrator.

6.) TAX MATTERS<br> For federal income tax purposes, at November 30, 2022, 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 | $11176549 |
| Gross Unrealized Appreciation | $11416768 |
| Gross Unrealized Depreciation | (553833) |
| Net Unrealized Appreciation (Depreciation) on Investments | $10862935 |

---

The difference between book basis and tax basis unrealized appreciation (depreciation) is primarily attributable to the tax treatment of derivatives, partnerships and 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, 2022, the Fund's most recent fiscal year end, were as follows:

**2022 Annual Report 16**

------

**Notes to Financial Statements - continued**

---

| | |
|:---|:---|
| Accumulated Capital and Other Losses | $(9854578 |
| Net Unrealized Appreciation | <u>10862935</u> |
|  | $1008357 |

---

As of November 30, 2022, accumulated capital and other losses include the following:

---

| | |
|:---|:---|
| Deferred Late Year Ordinary Losses\* | $5737 |
| Short Term Capital Loss Carryforward | $6397865 |
| Long Term Capital Loss Carryforward | $3450976 |

---

\* 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.

During the fiscal year ended November 30, 2022, the Fund utilized capital loss carryforwards of $588,938.

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, 2022, the Fund recorded reclassifications to increase (decrease) the capital account as follows:

---

| | |
|:---|:---|
| Paid In Capital | ($25745 |
| Total Distributable Earnings | $25745 |

---

The tax character of distributions paid during the fiscal years ended November 30, 2022 and 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended | Fiscal Year Ended |
|  | <u>November 30, 2022</u> | <u>November 30, 2021</u> |
| Ordinary Income | $43310 | $188894 |
| Long-term Capital Gain | <u>–</u> | <u>–</u> |
|  | $43310 | $188894 |

---

7.) COMMITMENTS AND CONTINGENCIES<br> 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.) COVID-19 RISKS<br> Unexpected local, regional or global events, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues; and recessions and depressions could have a significant impact on the Fund and its investments and may impair market liquidity. Such events can cause investor fear, which can adversely affect the economies of nations, regions and the market in general, in ways that cannot necessarily be foreseen. The impact of COVID-19 has adversely affected, and other infectious illness outbreaks that may arise in the future could adversely affect, the economies of many nations and the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

9.) CONCENTRATION OF SECTOR RISK<br> 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, 2022, the Fund had 36.12% and 33.65%, respectively, of the value of its net assets invested in stocks within the Financials and Information Technology sectors

10.) SUBSEQUENT EVENTS<br> 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.

**2022 Annual Report 17**

------

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of WP Large Cap Income Plus Fund and <br> 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, 2022, the related statements of operations and cash flows, the statements of changes in net assets, the related notes, and the financial highlights for the periods indicated below (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, 2022, the results of its operations and its cash flows, the changes in net assets, and the financial highlights for the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
|  | Statements of | Statements of |  |
|  | Operations and | &nbsp;&nbsp;&nbsp;&nbsp;Changes in Net |  |
| Fund Name | Cash Flows | Assets | &nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights |
| WP Large Cap Income Plus | For the year ended | For the years ended | For the years ended |
| Fund | November 30, 2022 | November 30, 2022 and | November 30, 2022, 2021, |
|  |  | 2021 | 2020 and 2019, the period |
|  |  |  | September 1, 2018 |
|  |  |  | through November 30, |
|  |  |  | 2018, and the year ended |
|  |  |  | August 31, 2018 |

---

<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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

**2022 Annual Report 18**

------

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, 2022 by correspondence with the custodian and brokers. 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. ![](wpn-csr11302022x21x1.jpg) <br>

COHEN & COMPANY, LTD. <br> Milwaukee, Wisconsin <br> January 25, 2023

**** 

<br> 2022 Annual Report 19

------

**DISCLOSURE OF EXPENSES**<br> **(Unaudited)**

As a shareholder of the Fund, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees; and other Fund expenses. Although the Fund charges no sales load or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by Mutual Shareholder Services, LLC, the Fund's transfer agent. IRA accounts will be charged an $8.00 annual maintenance fee. Additionally, your account will be indirectly subject to expenses of underlying funds. The following example is intended to help you understand your ongoing costs of investing in the Fund and to compare these costs with similar costs of investing in other mutual funds. The example is based on an investment of $1,000 invested in the Fund on June 1, 2022, and held through November 30, 2022.

The first line of the table below provides information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6) and then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period."

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid by a shareholder for the period. Shareholders may use this information to compare the ongoing costs of investing in the Fund and other funds. In order to do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in other funds' shareholder reports.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as the annual maintenance fee charged to IRA accounts, redemption fees, or exchange fees or expenses of underlying funds. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Expenses Paid |
|  | Beginning | Ending | During the Period\* |
|  | Account Value | Account Value | June 1, 2022 to |
|  | <u>June 1, 2022</u> | <u>November 30, 2022</u> | <u>November 30, 2022</u> |
| Actual | $1000.00 | $978.89 | $13.71 |
| Hypothetical | $1000.00 | $1011.21 | $13.94 |
| (5% annual return |  |  |  |
| before expenses) |  |  |  |

---

\* Expenses are equal to the Fund's annualized expense ratio of 2.76%, multiplied by the average <br> account value over the period, multiplied by 183/365 (to reflect the one-half year period).

**2022 Annual Report 20**

------

**ADDITIONAL INFORMATION <br> November 30, 2022 <br> (Unaudited)**

<br> **AVAILABILITY OF QUARTERLY SCHEDULE OF INVESTMENTS**

The Fund publicly files its complete schedules of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT is available on the SEC's website at http://www.sec.gov.

**PROXY VOTING GUIDELINES**

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-866-959-9260; and on the Commission's website at http://www.sec.gov.

Form N-PX provides information regarding how the Fund voted proxies with regards to portfolio securities held during the most recent 12-month period ended June 30th and is available without charge, upon request, by calling 1-866-959-9260. This information is also available on the SEC's web site at http://www.sec.gov.

**2022 Annual Report 21**

------

**TRUSTEES AND OFFICERS - Unaudited**

The Trustees are responsible for the management and supervision of the Fund. The Trustees approve all significant agreements between the Trust, on behalf of the Fund, and those companies that furnish services to the Fund; review performance of the Fund; and oversee activities of the Fund. Generally, each Trustee and officer serves an indefinite term or until certain circumstances occur such as their resignation, death, or otherwise as specified in the Trust's organizational documents. Any Trustee may be removed at a meeting of shareholders by a vote meeting the requirements of the Trust's organizational documents. The following chart shows information for the Trustees, including the Trustees who are not "interested persons" as defined in the 1940 Act ("Independent Trustees") and the Trustees who are "interested persons" as defined in the 1940 Act ("Interested Trustees"), as well as each officer of the Trust. The address of each trustee and officer is 127 NW 13th Street, Suite 13, Boca Raton, Florida 33432. The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling (866) 959-9260.

<u>Interested Trustee\* and Officers</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,** | **Position** | **Length of** | **Principal** | **Number of** | **Other** |
| **Address,** | **with the** | **<u>Time Served</u>** | **Occupation(s)** | **Portfolios** | **Directorships** |
| **<u>and Age</u>** | **<u>Trust</u>** |  | **During** | **Overseen by** | **Held by** |
|  |  |  | **<u>Past 5 Years</u>** | **<u>Trustee</u>** | **<u>Trustee</u>** |
| **Charles S. Stoll \*** | **President,** | **Since 2015** | **Managing Member, Winning Points** | **2** |  |
| **Year of Birth: 1955** | **Principal** |  | **Advisors, LLC (1989 to** |  |  |
|  | **Executive** |  | **present).** |  |  |
|  | **Officer and** |  |  |  |  |
|  | **Trustee** |  |  |  |  |
| **Bradley J. Alden \*** |  | **Since 2015** | **Program Lead, Culmen** | **2** |  |
| **Year of Birth: 1974** | **Trustee** |  | **International, LLC (government** |  |  |
|  |  |  | **consulting services) (2010 to** |  |  |
| **present).** | **present).** | **present).** | **present).** | **present).** | **present).** |
| **John Brandt** | **Vice President** | **Since 2020** | **Investment Adviser Representa-** | **N/A** | **N/A** |
| **Year of Birth: 1943** |  |  | **tive and Portfolio Manager,** |  |  |
|  |  |  | **Winning Points Advisors, LLC** |  |  |
|  |  |  | **(2000 to present).** |  |  |
| **John H. Lively** | **Secretary** | **Since 2017** | **Attorney, Practus, LLP (law firm)** | **N/A** | **N/A** |
| **Year of Birth: 1969** |  |  | **(May 2018–present); The Law** |  |  |
|  |  |  | **Offices of John H. Lively &** |  |  |
|  |  |  | **Associates, Inc. (law firm) (2010 to** |  |  |
| **May 2018).** | **May 2018).** | **May 2018).** | **May 2018).** | **May 2018).** | **May 2018).** |
| **James D. Craft** | **Treasurer and** | **Since 2020** | **Fund Administrator, Premier Fund** | **N/A** | **N/A** |
| **Year of Birth: 1982** | **Principal** |  | **Solutions, Inc. (2007-present);** |  |  |
|  | **Financial** |  | **Chief Technology Officer, Premier** |  |  |
|  | **Officer** |  | **Fund Solutions, Inc. (2011 to pre-** |  |  |
|  |  |  | **sent).** |  |  |
| **Julian G. Winters** | **Chief** | **Since 2020** | **Managing Member of Watermark** | **N/A** | **N/A** |
| **Year of Birth: 1968** | **Compliance** |  | **Solutions, LLC (investment man-** |  |  |
|  | **Officer** |  | **agement compliance and consult-** |  |  |
|  |  |  | **ing) (2007 to present).** |  |  |

---

\* Mr. Stoll is an Interested Trustee because he is managing member of the Advisor. Mr. Alden is an Interested Trustee because <br> he has a familial relationship with a member of the Advisor.

<u>Independent Trustees</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Principal** | **Number of** | **Other** |
| **Name,** | **Position** | **Length of** | **Occupation(s)** | **Portfolios** | **Directorships** |
| **Address,** | **with the** | **<u>Time Served</u>** | **During** | **Overseen by** | **Held by** |
| **<u>and Age</u>** | **<u>Trust</u>** |  | **<u>Past 5 Years</u>** | **<u>Trustee</u>** | **<u>Trustee</u>** |
| **Donald H. Baxter** | **Independent** | **Since 2015** | **President and Treasurer, Baxter** | **2** |  |
| **Year of Birth: 1942** | **Trustee** |  | **Financial Corporation (investment** |  |  |
|  |  |  | **advisor) (1989 to present).** |  |  |
|  | **Independent** | **Since 2015** | **Secretary and Chief Compliance** | **2** |  |
| **Ronald F. Rohe** | **Trustee** |  | **Officer, Baxter Financial Corpor-** |  |  |
| **Year of Birth: 1943** |  |  | **ation (investment advisor) (1990** |  |  |
|  |  |  | **to present).** |  |  |
| **Michael G. Rogan** | **Independent** | **Since 2015** | **President, Rogan & Associates,** | **2** |  |
| **Year of Birth: 1963** | **Trustee** |  | **Inc. (investment advisor) (1997 to** |  |  |
| **present).** | **present).** | **present).** | **present).** | **present).** | **present).** |

---

**2022 Annual Report 22**

------

**<u>WP TRUST</u>**<br> 127 NW 13th Street<br> Suite 13<br> Boca Raton, FL 33432<br>**<u>INVESTMENT ADVISER</u>**<br> Winning Points Advisers, LLC<br> 127 NW 13th Street<br> Suite 13<br> Boca Raton, FL 33432<br>**<u>FUND ADMINISTRATOR</u>**<br> Premier Fund Solutions, Inc.<br> 1939 Friendship Drive<br> Suite C<br> El Cajon, CA 92020<br>**<u>TRANSFER AGENT AND FUND ACCOUNTANT</u>**<br> Mutual Shareholder Services, LLC<br> 8000 Town Centre Drive<br> Suite 400<br> Broadview Heights, OH 44147<br>**<u>DISTRIBUTOR</u>**<br> Arbor Court Capital, LLC<br> 8000 Town Centre Drive<br> Suite 400<br> Broadview Heights, OH 44147<br>**<u>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**<br> Cohen & Company, Ltd.<br> 342 Water Street<br> Suite 830<br> Milwaukee, WI 53202<br>**<u>LEGAL COUNSEL</u>**<br> Practus, LLP<br> 11300 Tomahawk Creek Parkway<br> Suite 310<br> Leawood, KS 66211<br>**<u>CUSTODIAN BANK</u>**<br> Fifth Third Bank<br> Fifth Third Center<br> 38 Fountain Square Plaza<br> Cincinnati, OH 45263<br>

------

**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.

**Item 3. Audit Committee Financial Expert.**

The registrant's Board of Trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee. The name of the audit committee financial expert is Ronald F. Rohe. Mr. Rohe is "independent" for purposes of this Item.

**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.

---

| | | |
|:---|:---|:---|
| | FYE 11/30/2022 | FYE 11/30/2021 |
| Audit Fees | $14000 | $62500 |
| Audit-Related Fees | $0 | $0 |
| Tax Fees | $3000 | $12000 |
| All Other Fees | $1000 | $1100 |

---

Nature of Tax Fees: preparation of Excise Tax Statement and 1120 RIC. <br> All Other Fees: Semi-Annual Report Review.

(e) (1) The audit committee approves all audit and non-audit related services and, therefore, has not adopted pre-approval 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.

(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 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 11/30/2022 | FYE 11/30/2021 |
| Registrant | $4000 | $13100 |
| Registrant's Investment Adviser | $0 | $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.

**Item 5. Audit Committee of Listed Companies.** Not applicable.

**Item 6. Investments.**

(a) Not applicable. Schedule filed with Item 1.

------

(b) Not applicable.

 **Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** Not applicable.

 **Item 8. Portfolio Managers of Closed End Management Investment Companies.** Not applicable.

 **Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.** Not applicable.

 **Item 10. Submission of Matters to a Vote of Security Holders.**

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of trustees.

 **Item 11. Controls and Procedures.**

(a) The Registrant's president and chief financial officer concluded that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a -3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a -3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a -15(b) or 240.15d -15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a -3(d)) 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.

 **Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

 **Item 13. Exhibits.**

(a)*(1) Code of Ethics*. [Filed herewith.](exprinoffwp.htm)

(a)*(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* [Filed herewith.](ex99certwp.htm)

(a)*(3)* Not applicable.

(a)(4) Not applicable.

(b) *Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* [Filed herewith.](ex99906certwp.htm)

------

 **SIGNATURES**

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

WP Trust

By: <u>/s/Charles S. Stoll</u><br> Charles S. Stoll<br> Principal Executive Officer

Date: <u>3/9/2023</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><br> Charles S. Stoll<br> Principal Executive Officer

Date: <u>3/9/2023</u>

By: <u>/s/James Craft</u><br> James Craft<br> Chief Financial Officer

Date: <u>3-9-2023</u>

## Ex-99.Code

**WP Trust**

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

---

| | |
|:---|:---|
| **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 |

---

------

---

| | | |
|:---|:---|:---|
|  | 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; |

---

------

---

| | | |
|:---|:---|:---|
|  |  | 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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------

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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

Exhibit 99.CERT

CERTIFICATIONS

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;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d)

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b)

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

Date: <u>3/9/2023</u> 

 <u>/s/Charles S. Stoll</u> 

Charles S. Stoll

Principal Executive Officers <br>

------

Exhibit 99.CERT

CERTIFICATIONS

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;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d)

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b)

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

Date: <u>3-9-2023</u> 

 <u>/s/James Craft</u> 

James Craft

Chief Financial Officer

## Exhibit 99.906

EX-99.906CERT

 **CERTIFICATION**

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

The Registrant's periodic report on Form N-CSR for the period ended November 30, 2022 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

Principal Executive Officer

Chief Financial Officer

WP Trust

WP Trust

 <u>/s/Charles S. Stoll</u> 

 <u>/s/James Craft</u> 

Charles S. Stoll

James Craft

Date: <u>3/9/2023</u> 

Date: <u>3-9-2023</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.

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.

<br>