WP Trust NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-23086

WP Trust

(Exact name of registrant as specified in charter)

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

The Corporation Trust Company

Corporation Trust Center

1209 Orange St.

Wilmington, DE 19801

(Name and address of agent for service)

With Copies To:

John H. Lively

Practus, LLP

11300 Tomahawk Creek Parkway, Suite 310

Leawood, KS 66211

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

Date of fiscal year end: 11/30/2020

Date of reporting period: 05/31/2020

ITEM 1.

REPORTS TO SHAREHOLDERS

The Semi-Annual report to Shareholders of the WP Smaller Companies Income Plus Fund, WP International Companies Income Plus Fund, WP Income Plus Fund and WP Large Cap Income Plus Fund, each a series of the WP Trust, for the period ended May 31, 2020 pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1) is filed herewith.

WP Smaller Companies Income Plus Fund

Institutional Class Shares (Ticker Symbol: WPSMX)

WP International Companies Income Plus Fund

Institutional Class Shares (Ticker Symbol: WPITX)

WP Income Plus Fund

Institutional Class Shares (Ticker Symbol: WPINX)

WP Large Cap Income Plus Fund

Institutional Class Shares (Ticker Symbol: WPLCX)

Series of the

WP Trust

SEMI-ANNUAL REPORT

MAY 31, 2020

Investment Adviser

Winning Points Advisers, LLC

127 NW 13th Street, Suite 13

Boca Raton, Florida 33432

IMPORTANT NOTE: Beginning on January 1, 2021, as permitted by regulations adopted by the SEC, paper copies of the WP Funds’ shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports from a WP Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive all future reports in paper free of charge. You can inform a WP Fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an e-mail request. Your election to receive reports in paper will apply to all funds held with the WP Fund complex/your financial intermediary.

TABLE OF CONTENTS

INVESTMENT HIGHLIGHTS	1

SCHEDULES OF INVESTMENTS, OPTIONS PURCHASED AND OPTIONS WRITTEN	5

STATEMENTS OF ASSETS AND LIABILITIES	18

STATEMENTS OF OPERATIONS	19

STATEMENTS OF CASH FLOWS	20

STATEMENTS OF CHANGES IN NET ASSETS	21

FINANCIAL HIGHLIGHTS	25

NOTES TO FINANCIAL STATEMENTS	29

ADDITIONAL INFORMATION	44

INFORMATION ABOUT YOUR FUND’S EXPENSES	45

BOARD APPROVAL OF RENEWAL OF INVESTMENT ADVISORY AGREEMENT	47

WP Trust	SEMI-ANNUAL REPORT
WP Smaller Companies Income Plus Fund
INVESTMENT HIGHLIGHTS
May 31, 2020 (Unaudited)

The investment objective of the WP Smaller Companies Income Plus Fund (the “Fund” or “Smaller Companies Fund”) is total return. The Smaller Companies Fund seeks to meet its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in unaffiliated mutual funds and exchange-traded funds (“ETFs”) that invest primarily in securities of small-capitalization issuers (“Underlying Small-Cap Funds”). The Smaller Companies Fund seeks to produce income through dividends paid on such Underlying Small-Cap Funds. The Smaller Companies Fund also seeks to produce income (e.g., premium income on the sale of an option) and total return through an options strategy.

Winning Points Advisers, LLC (the “Adviser”) will generally buy and sell options linked to either the Russell 2000® Index or the S&P 500® Index. The portfolio managers will strategically allocate the Smaller Companies Fund’s resources to the Underlying Small-Cap Funds and the options strategy as the portfolio managers deem appropriate to perform well over a market cycle.

The Smaller Companies Fund may also sell put options on ETFs that the Adviser believes are attractive for purchase at prices at or above the exercise price of the put options sold. The Adviser generally will sell put options to increase the total return component of the options strategy described in the Fund’s investment objective. The Smaller Companies Fund may, in certain circumstances, purchase put options on the S&P 500® Index (or another broad-based securities index deemed suitable for this purpose) to protect against a loss of principal value due to stock price decline. The Adviser generally purchases put options to protect the total return component of the options strategy described in the Fund’s investment objective. The extent of option selling or purchasing activity will depend upon market conditions and the Adviser’s assessment of the advantages of selling index call options, purchasing index put options and selling put options on individual stocks.

The Smaller Companies Fund may be appropriate for investors with long-term time horizons who are not sensitive to short-term losses and want to participate in the long-term growth of the financial markets.

The percentages in the above graph are based on the portfolio holdings of the Fund as of May 31, 2020 and are subject to change. For a detailed break-out of holdings by investment type, please refer to the Schedules of Investments and Options Purchased.

WP Trust	SEMI-ANNUAL REPORT
WP International Companies Income Plus Fund
INVESTMENT HIGHLIGHTS
May 31, 2020 (Unaudited)

The investment objective of the WP International Companies Income Plus Fund (the “Fund” or “International Companies Fund”) is total return. The International Companies Fund seeks to meet its investment objective by investing in unaffiliated mutual funds and exchange-traded funds (“ETFs”) that invest primarily in equity securities and depositary receipts of internationally-domiciled issuers (“Underlying International Funds”). The International Companies Fund seeks to produce income through dividends paid on such Underlying International Funds. The International Companies Fund also seeks to produce income (e.g., premium income on the sale of an option) and total return through an options strategy.

The Adviser will generally buy and sell options linked to either the MSCI EAFE Index or the S&P 500^® Index. The portfolio managers will strategically allocate the International Companies Fund’s resources to the Underlying International Funds and the options strategy as the portfolio managers deem appropriate to perform well over a market cycle.

The International Companies Fund may also sell put options on ETFs that the Adviser believes are attractive for purchase at prices at or above the exercise price of the put options sold. The Adviser generally will sell put options to increase the total return component of the options strategy described in the Fund’s investment objective. The International Companies Fund may, in certain circumstances, purchase put options on the S&P 500® Index (or another broad-based securities index deemed suitable for this purpose) to protect against a loss of principal value due to stock price decline. The Adviser generally purchases put options to protect the total return component of the options strategy described in the Fund’s investment objective. The extent of option selling or purchasing activity will depend upon market conditions and the Adviser’s assessment of the advantages of selling index call options, purchasing index put options and selling put options on individual stocks.

The International Companies Fund may be appropriate for investors with long-term time horizons who are not sensitive to short-term losses and want to participate in the long-term growth of the financial markets.

WP Trust	SEMI-ANNUAL REPORT
WP Income Plus Fund
INVESTMENT HIGHLIGHTS
May 31, 2020 (Unaudited)

The investment objective of the WP Income Plus Fund (the “Fund” or “Income Fund”) is total return. The Income Fund seeks to meet its investment objective by investing approximately 80% in unaffiliated open- and closed-end mutual funds and exchange-traded funds (“ETFs”) that primarily invest in fixed-income securities (“Underlying Bond Funds”). The principal types of fixed-income securities in which the Underlying Bond Funds invest are bonds, U.S. Treasury and agency securities, and mortgage-backed and asset-backed securities. The Underlying Bond Funds may invest in fixed income securities of any credit or maturity. The Underlying Bond Funds’ investments in securities rated below investment-grade are also known as “junk bonds” and are speculative in nature. The Income Fund seeks to produce income through yield on the Underlying Bond Funds. The Income Fund also seeks to produce income (e.g., premium income on the sale of an option) and total return through an options strategy.

The Adviser will generally buy and sell options linked to either the Markit iBoxx USD Liquid High Yield Index or the S&P 500^®Index. The portfolio managers will strategically allocate the Income Fund’s resources to the Underlying Bond Funds and the options strategy as the portfolio managers deem appropriate to perform well over a market cycle.

The Income Fund may also sell put options on ETFs that the portfolio managers believe are attractive for purchase at prices at or above the exercise price of the put options sold. The Adviser generally will sell put options to increase the total return component of the options strategy described in the Fund’s investment objective. The Income Fund may, in certain circumstances, purchase put options on the S&P 500^®Index (or another broad-based securities index deemed suitable for this purpose) to protect against a loss of principal value due to stock price decline. The Adviser generally purchases put options to protect the total return component of the options strategy described in the Fund’s investment objective. The extent of option selling or purchasing activity will, again, depend upon market conditions and the portfolio managers’ assessment of the advantages of selling index call options, purchasing index put options and selling put options on individual stocks.

The Income Fund may be appropriate for investors with long-term time horizons who are not sensitive to short-term losses and want to participate in the long-term growth of the financial markets.

WP Trust	SEMI-ANNUAL REPORT
WP Large Cap Income Plus Fund
INVESTMENT HIGHLIGHTS
May 31, 2020 (Unaudited)

The investment objective of the WP Large Cap Income Plus Fund (the “Fund” or “Large Cap Fund”) is total return. To meet its investment objective, the Large Cap Fund will invest 80% of its total assets in large cap domestic equity securities and exchange-traded funds (“ETFs”) that primarily invest in large cap domestic equity securities. The Fund will seek income through dividends paid on such securities. The Large Cap Fund will also seek to produce income (e.g., premium income on the sale of an option) and return stability through an options strategy.

The Adviser intends to sell covered call options on a portion of the Large Cap Fund’s stock holdings. The extent of option selling will depend on market conditions and the Adviser’s consideration of the advantages of selling call options on the Large Cap Fund’s equity investments.

The Large Cap Fund may also sell put options on stocks and ETFs the Adviser believes are attractive for purchase at prices at or above the exercise price of the put options sold. The Large Cap Fund may, in certain circumstances, purchase put options on the S&P 500® Composite Stock Price Index (the “S&P 500”) and on individual stocks to protect against a loss of principal value due to stock price decline. The extent of option selling and purchasing activity depends on market conditions and the Adviser’s judgment. The Large Cap Fund may also seek to pursue its investment objective by selling a series of call and put option spread combinations on the S&P 500.

The Large Cap Fund may be appropriate for investors with long-term horizons who are not sensitive to short-term losses and want to participate in the long-term growth of the financial markets. The Large Cap Fund seeks to minimize the effects of inflation on its portfolio.

WP TRUST
WP SMALLER COMPANIES INCOME PLUS FUND
SCHEDULE OF INVESTMENTS
May 31, 2020 (Unaudited)	SEMI-ANNUAL REPORT

	Shares		Fair Value
COMMON STOCKS - 47.62%

Commercial Services - 0.48%
Hill International Inc. ^{(a) (b)}		15,000	$	22,050

Healthcare - Products - 14.52%
Alphatec Holdings, Inc. ^{(a) (b)}		70,000		311,500
CytoSorbents Corp. ^{(a) (b)}		35,000		357,350
				668,850
Healthcare - Services - 28.37%
Catasys, Inc. ^{(a) (b)}		66,000		1,307,460

Household Products & Wares - 4.25%
Cronos Group Inc. ^{(a) (b)}		30,000		195,900

TOTAL COMMON STOCKS (Cost $1,072,801)				2,194,260

EXCHANGE-TRADED FUND - 72.34%

Equity Fund - 72.34%
iShares Russell 2000 ETF ^(b)		24,000		3,333,600

TOTAL EXCHANGE-TRADED FUND (Cost $2,560,758)				3,333,600

OPTIONS PURCHASED (Cost $15,212) - 0.02% ^(c)				1,200

SHORT-TERM INVESTMENT - 1.11%
Federated Government Obligations Fund - Institutional Class, 0.09% ^(d)		51,202		51,202
TOTAL SHORT-TERM INVESTMENT (Cost $51,202)				51,202

TOTAL INVESTMENTS (Cost $3,699,973) – 121.09%			$	5,580,262

OPTIONS WRITTEN (Proceeds $1,060,642) - (22.18%) ^(e)				(1,022,061	)

OTHER ASSETS IN EXCESS OF LIABILITIES, NET - 1.09%				50,094

NET ASSETS - 100%			$	4,608,295

^(a)Non-income producing security.

^(b)All or a portion of the security is segregated as collateral for options written.

^(c)Please refer to the Schedule of Options Purchased for details of options purchased.

^(d)Rate shown represents the 7-day effective yield at May 31, 2020, is subject to change and resets daily.

^(e)Please refer to the Schedule of Options Written for details of options written.

ETF - Exchange-Traded Fund

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

WP TRUST
WP SMALLER COMPANIES INCOME PLUS FUND
SCHEDULE OF OPTIONS PURCHASED
May 31, 2020 (Unaudited)	SEMI-ANNUAL REPORT

OPTIONS PURCHASED - 0.02%
			Notional		Exercise
PUT OPTIONS PURCHASED - 0.02%	Contracts ¹		Amount		Price		Expiration		Fair Value

CBOE S&P 500 Index		40	$	9,200,000	$	2,300.00		6/8/2020	$	1,200
TOTAL PUT OPTIONS PURCHASED (Cost $15,212)										1,200

TOTAL OPTIONS PURCHASED (Cost $15,212)									$	1,200

¹Each option contract is equivalent to 100 units of the underlying Index. All options are non-income producing.

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

WP TRUST
WP SMALLER COMPANIES INCOME PLUS FUND
SCHEDULE OF OPTIONS WRITTEN
May 31, 2020 (Unaudited)	SEMI-ANNUAL REPORT

OPTIONS WRITTEN - (22.18)%
			Notional		Exercise
CALL OPTIONS WRITTEN - (4.06)%	Contracts ¹		Amount		Price		Expiration		Fair Value

CBOE S&P 500 Index		4	$	1,240,000	$	3,100.00		12/16/2022	$	131,828
CBOE S&P 500 Index		2	$	620,000	$	3,100.00		12/17/2021		55,458
TOTAL CALL OPTIONS WRITTEN (Proceeds $121,526)										187,286

PUT OPTIONS WRITTEN - (18.12)%
CBOE S&P 500 Index		13	$	3,315,000	$	2,550.00		12/16/2022		341,510
CBOE S&P 500 Index		1	$	265,000	$	2,650.00		12/16/2022		28,515
CBOE S&P 500 Index		26	$	6,370,000	$	2,450.00		12/17/2021		464,750
TOTAL PUT OPTIONS WRITTEN (Proceeds $939,116)										834,775

TOTAL OPTIONS WRITTEN (Proceeds $1,060,642)									$	1,022,061

¹Each option contract is equivalent to 100 units of the underlying Index. All options are non-income producing.

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

WP TRUST
WP INTERNATIONAL COMPANIES INCOME PLUS FUND
SCHEDULE OF INVESTMENTS
May 31, 2020 (Unaudited)	SEMI-ANNUAL REPORT

COMMON STOCK - 6.34%	Shares		Fair Value

Banks - 6.34%
Mitsubishi UFJ Financial Group Inc. - ADR ^(a)		10,000	$	41,700
UBS Group AG ^(a)		23,000		246,100
				287,800

TOTAL COMMON STOCKS (Cost $342,663)				287,800

EXCHANGE-TRADED FUNDS - 118.90%

Equity Funds - 118.90%
iShares MSCI EAFE ETF ^(a)		90,500		5,397,420

TOTAL EXCHANGE-TRADED FUNDS (Cost $5,213,064)				5,397,420

OPTIONS PURCHASED (Cost $17,098) - 0.03% ^(b)				1,320

SHORT-TERM INVESTMENT - 0.41%
Federated Government Obligations Fund - Institutional Class, 0.09% ^(c)		18,540		18,540
TOTAL SHORT-TERM INVESTMENT (Cost $18,540)				18,540

TOTAL INVESTMENTS (Cost $5,591,365) – 125.68%			$	5,705,080

OPTIONS WRITTEN (Proceeds $1,227,906) - (26.27%) ^(d)				(1,192,616	)

OTHER ASSETS IN EXCESS OF LIABILITIES, NET - 0.59%				26,898

NET ASSETS - 100%			$	4,539,362

^(a)

All or a portion of the security is segregated as collateral for options written.

^(b)

Please refer to the Schedule of Options Purchased for details of options purchased.

^(c)

Rate shown represents the 7-day effective yield at May 31, 2020, is subject to change and resets daily.

^(d)

Please refer to the Schedule of Options Written for details of options written.

ADR - American Depositary Receipt

ETF - Exchange-Traded Fund

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

WP TRUST
WP INTERNATIONAL COMPANIES INCOME PLUS FUND
SCHEDULE OF OPTIONS PURCHASED
May 31, 2020 (Unaudited)	SEMI-ANNUAL REPORT

OPTIONS PURCHASED - 0.03%
			Notional		Exercise
PUT OPTIONS PURCHASED - 0.03%	Contracts ¹		Amount		Price		Expiration		Fair Value

CBOE S&P 500 Index		44	$	10,120,000	$	2,300.00		6/8/2020	$	1,320
TOTAL PUT OPTIONS PURCHASED (Cost $17,098)										1,320

TOTAL OPTIONS PURCHASED (Cost $17,098)									$	1,320

Each option contract is equivalent to 100 units of the underlying Index. All options are non-income producing.

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

WP TRUST
WP INTERNATIONAL COMPANIES INCOME PLUS FUND
SCHEDULE OF OPTIONS WRITTEN
May 31, 2020 (Unaudited)	SEMI-ANNUAL REPORT


OPTIONS WRITTEN - (26.27)%
			Notional		Exercise
CALL OPTIONS WRITTEN - (6.07)%	Contracts ¹		Amount		Price		Expiration		Fair Value

CBOE S&P 500 Index		5	$	1,550,000	$	3,100.00		12/16/2022	$	164,785
CBOE S&P 500 Index		4	$	1,240,000	$	3,100.00		12/17/2021		110,916
TOTAL CALL OPTIONS WRITTEN (Proceeds $192,223)										275,701

PUT OPTIONS WRITTEN - (20.20)%
CBOE S&P 500 Index		13	$	3,315,000	$	2,550.00		12/16/2022		341,510
CBOE S&P 500 Index		2	$	530,000	$	2,650.00		12/16/2022		57,030
CBOE S&P 500 Index		29	$	7,105,000	$	2,450.00		12/17/2021		518,375
TOTAL PUT OPTIONS WRITTEN (Proceeds $1,035,683)										916,915

TOTAL OPTIONS WRITTEN (Proceeds $1,227,906)									$	1,192,616

Each option contract is equivalent to 100 units of the underlying Index. All options are non-income producing.

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

WP TRUST
WP INCOME PLUS FUND
SCHEDULE OF INVESTMENTS
May 31, 2020 (Unaudited)	SEMI- ANNUAL REPORT


COMMON STOCK - 10.49%	Shares		Fair Value

Banks - 10.49%
Bank of America Corp. ^(a)		5,600	$	135,072
JPMorgan Chase & Co. ^(a)		1,350		131,369
PNC Financial Services Group, Inc. ^(a)		1,325		151,103
Wells Fargo & Co. ^(a)		4,400		116,468
				534,012

TOTAL COMMON STOCK (Cost $498,202)				534,012

EXCHANGE-TRADED FUNDS - 121.35%

Debt Funds - 121.35%
iShares iBoxx High Yield Corporate Bond ETF ^(a)		30,400		2,505,568
SPDR Bloomberg Barclays High Yield Bond ETF ^(a)		36,000		3,671,640
				6,177,208

TOTAL EXCHANGE-TRADED FUNDS (Cost $6,379,561)				6,177,208

OPTIONS PURCHASED (Cost $22,753) - 0.03% ^(b)				1,680

TOTAL INVESTMENTS (Cost $6,900,517) – 131.87%			$	6,712,900

OPTIONS WRITTEN (Proceeds $1,835,127) - (33.56%) ^(c)				(1,708,173	)

OTHER ASSETS IN EXCESS OF LIABILITIES, NET - 1.69%				85,939

NET ASSETS - 100%			$	5,090,666

^(a)

All or a portion of the security is segregated as collateral for options written.

^(b)

Please refer to the Schedule of Options Purchased for details of options purchased.

^(c)

Please refer to the Schedule of Options Written for details of options written.

ETF - Exchange-Traded Fund

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

WP TRUST
WP INCOME PLUS FUND
SCHEDULE OF OPTIONS PURCHASED
May 31, 2020 (Unaudited)	SEMI- ANNUAL REPORT

OPTIONS PURCHASED - 0.03%
			Notional		Exercise
PUT OPTIONS PURCHASED - 0.03%	Contracts ¹		Amount		Price		Expiration		Fair Value

CBOE S&P 500 Index		56	$	12,880,000	$	2,300.00		6/8/2020	$	1,680
TOTAL PUT OPTIONS PURCHASED (Cost $22,753)										1,680

TOTAL OPTIONS PURCHASED (Cost $22,753)									$	1,680

Each option contract is equivalent to 100 units of the underlying Index. All options are non-income producing.

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

WP TRUST
WP INCOME PLUS FUND
SCHEDULE OF OPTIONS WRITTEN
May 31, 2020 (Unaudited)	SEMI- ANNUAL REPORT

OPTIONS WRITTEN - (33.56)%
		Notional		Exercise
CALL OPTIONS WRITTEN - (9.54)%	Contracts ¹		Amount		Price	Expiration		Fair Value
CBOE S&P 500 Index	8	$	2,480,000	$	3,100.00	12/16/2022	$	263,656
CBOE S&P 500 Index	8	$	2,480,000	$	3,100.00	12/17/2021		221,832
TOTAL CALL OPTIONS WRITTEN (Proceeds $350,554)								485,488

PUT OPTIONS WRITTEN - (24.02)%
CBOE S&P 500 Index	15	$	3,825,000	$	2,550.00	12/16/2022		394,050
CBOE S&P 500 Index	9	$	2,385,000	$	2,650.00	12/16/2022		256,635
CBOE S&P 500 Index	32	$	7,840,000	$	2,450.00	12/17/2021		572,000
TOTAL PUT OPTIONS WRITTEN (Proceeds $1,484,573)								1,222,685

TOTAL OPTIONS WRITTEN (Proceeds $1,835,127)							$	1,708,173

Each option contract is equivalent to 100 units of the underlying index. All options are non-income producing.

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

WP TRUST
WP LARGE CAP INCOME PLUS FUND
SCHEDULE OF INVESTMENTS
May 31, 2020 (Unaudited)	SEMI-ANNUAL REPORT

COMMON STOCKS - 137.86%	Shares		Fair Value

Agriculture - 9.92%
Altria Group, Inc. ^(b)		53,000	$	2,069,650

Banks - 26.76%
Bank of America Corp. ^(b)		69,000		1,664,280
Citigroup, Inc. ^(b)		21,000		1,006,110
JPMorgan Chase & Co. ^(b)		17,200		1,673,732
Mitsubishi UFJ Financial Group Inc. - ADR ^(b)		20,000		83,400
Wells Fargo & Co. ^(b)		43,600		1,154,092
				5,581,614
Beverages - 2.56%
Diageo PLC - ADR ^(b)		3,800		534,318

Biotechnology - 0.37%
Gilead Sciences, Inc. ^(b)		1,000		77,830

Computers - 16.00%
Apple, Inc. ^(b)		10,500		3,338,370

Diversified Financial Services - 7.86%
BlackRock, Inc. ^(b)		3,100		1,638,784

Healthcare - Products - 0.98%
CytoSorbents Corp. ^{(a) (b)}		20,000		204,200

Healthcare - Services - 12.73%
Catasys, Inc. ^{(a) (b)}		134,000		2,654,540

Housewares - 1.37%
Scotts Miracle-Gro Co. ^(b)		2,000		285,140

Insurance - 6.14%
Berkshire Hathaway, Inc. - Class B ^{(a) (b)}		6,900		1,280,502

Internet - 0.99%
Alibaba Group Holding Ltd. - ADR ^{(a) (b)}		1,000		207,390

Oil & Gas - 9.87%
BP PLC - ADR ^(b)		30,000		694,200
Chevron Corp. ^(b)		2,000		183,400
Exxon Mobil Corp. ^(b)		18,000		818,460
Occidental Petroleum Corp. ^(b)		28,000		362,600
				2,058,660

WP TRUST
WP LARGE CAP INCOME PLUS FUND
SCHEDULE OF INVESTMENTS
May 31, 2020 (Unaudited)	SEMI-ANNUAL REPORT


COMMON STOCKS - 137.86% (Continued)	Shares		Fair Value

Retail - 15.59%
McDonald's Corp. ^(b)		10,800	$	2,012,256
Walmart, Inc. ^(b)		10,000		1,240,600
				3,252,856
Semiconductors - 9.65%
Intel Corp. ^(b)		32,000		2,013,760

Software - 15.72%
Microsoft Corp. ^(b)		17,900		3,280,175

Trucking & Leasing - 1.35%
Fortress Transportation & Infrastructure Investors LLC ^(b)		25,000		281,250

TOTAL COMMON STOCKS (Cost $20,832,647)				28,759,039

CLOSED-END FUNDS - 3.58%
Boulder Growth & Income Fund, Inc. ^(b)		77,000		747,670

TOTAL CLOSED-END FUNDS (Cost $586,223)				747,670

OPTIONS PURCHASED (Cost $102,227) - 0.04% ^(c)				7,380

SHORT-TERM INVESTMENT - 0.46%
Federated Government Obligations Fund - Institutional Shares, 0.09% ^(d)		95,322		95,322
TOTAL SHORT-TERM INVESTMENT (Cost $95,322)				95,322

TOTAL INVESTMENTS (Cost $21,616,419) – 141.94%			$	29,609,411

OPTIONS WRITTEN (Proceeds $8,687,888) - (42.47)% ^(e)				(8,859,074	)

OTHER ASSETS IN EXCESS OF LIABILITIES, NET - 0.53%				110,521

NET ASSETS - 100%			$	20,860,858

^(a)

Non-income producing security.

^(b)

All or a portion of the security is segregated as collateral for options written.

^(c)

Please refer to the Schedule of Options Purchased for details of options purchased.

^(d)

Rate shown represents the 7-day effective yield at May 31, 2020, is subject to change and resets daily.

^(e)

Please refer to the Schedule of Options Written for details of options written.

ADR - American Depositary Receipt

ETF - Exchange-Traded Fund

PLC - Public Limited Company

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

WP TRUST
WP LARGE CAP INCOME PLUS FUND
SCHEDULE OF OPTIONS PURCHASED
May 31, 2020 (Unaudited)	SEMI-ANNUAL REPORT


OPTIONS PURCHASED - 0.04%
			Notional		Exercise
PUT OPTIONS PURCHASED - 0.04%	Contracts ¹		Amount		Price		Expiration		Fair Value

CBOE S&P 500 Index		246	$	56,580,000	$	2,300.00		6/8/2020	$	7,380
TOTAL PUT OPTIONS PURCHASED (Cost $102,227)										7,380

TOTAL OPTIONS PURCHASED (Cost $102,227)									$	7,380

Each option contract is equivalent to 100 units of the underlying Index. All options are non-income producing.

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

WP TRUST
WP LARGE CAP INCOME PLUS FUND
SCHEDULE OF OPTIONS WRITTEN
May 31, 2020 (Unaudited)	SEMI-ANNUAL REPORT


OPTIONS WRITTEN - (42.47)%

CALL OPTIONS WRITTEN - (14.50)%			Notional		Exercise
	Contracts ¹		Amount		Price		Expiration		Fair Value

CBOE S&P 500 Index		38	$	11,780,000	$	3,100.00		12/16/2022	$	1,252,366
CBOE S&P 500 Index		38	$	11,400,000	$	3,000.00		12/17/2021		1,217,178
CBOE S&P 500 Index		20	$	6,200,000	$	3,100.00		12/17/2021		554,580
TOTAL CALL OPTIONS WRITTEN (Proceeds $1,438,385)										3,024,124

PUT OPTIONS WRITTEN - (27.97%)			Notional		Exercise
	Contracts ¹		Amount		Price		Expiration		Fair Value

CBOE S&P 500 Index		58	$	14,790,000	$	2,550.00		12/16/2022		1,523,660
CBOE S&P 500 Index		86	$	22,790,000	$	2,650.00		12/16/2022		2,452,290
CBOE S&P 500 Index		104	$	25,480,000	$	2,450.00		12/17/2021		1,859,000
TOTAL PUT OPTIONS WRITTEN (Proceeds $7,249,503)										5,834,950

TOTAL OPTIONS WRITTEN (Proceeds $8,687,888)									$	8,859,074

Each option contract is equivalent to 100 units of the underlying index. All options are non-income producing.

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

WP TRUST

STATEMENTS OF ASSETS AND LIABILITIES

May 31, 2020 (Unaudited)										SEMI-ANNUAL REPORT

	WP Smaller Companies			WP International Companies						WP Large Cap
	Income Plus Fund			Income Plus Fund			WP Income Plus Fund			Income Plus Fund
Assets:
Investments, at cost	$	3,699,973		$	5,591,365		$	6,900,517		$	21,616,419
Investments, at value		5,580,262			5,705,080			6,712,900			29,609,411
Deposits at broker for written options		30,420			17,984			93,733			236,816
Receivables:
Interest		11			20			9			18
Dividends		—			—			2,244			105,785
Investment securities sold		106,293			160,049			267,551			672,299
Prepaid expenses		7,757			7,388			11,948			8,603
Total assets		5,724,743			5,890,521			7,088,385			30,632,932

Liabilities:
Options written, proceeds	$	1,060,642		$	1,227,906		$	1,835,127		$	8,687,888
Options written, at value		1,022,061			1,192,616			1,708,173			8,859,074
Payables:
Investment securities purchased		65,173			130,263			260,455			848,111
Fund shares redeemed		—			—			—			1,000
Due to adviser, net		5,369			4,910			5,609			23,481
Accrued distribution (12b-1) fees		2,440			1,583			1,577			6,704
Due to administrator		4,363			4,277			4,672			7,735
Due to custodian		—			—			652			—
Accrued Trustee fees		1,849			1,850			1,837			1,230
Accrued expenses		15,193			15,660			14,744			24,739
Total liabilities		1,116,448			1,351,159			1,997,719			9,772,074
Net Assets	$	4,608,295		$	4,539,362		$	5,090,666		$	20,860,858

Sources of Net Assets:
Paid-in capital	$	7,504,350			8,940,567		$	12,914,823		$	26,913,382
Total accumulated deficit		(2,896,055	)		(4,401,205	)		(7,824,157	)		(6,052,524	)
Total Net Assets (Unlimited shares of beneficial interest authorized)	$	4,608,295		$	4,539,362		$	5,090,666		$	20,860,858


Institutional Class Shares:
Net assets	$	4,608,295		$	4,539,362		$	5,090,666		$	20,860,858
Shares Outstanding (Unlimited shares of beneficial interest authorized)		595,634			770,491			945,169			2,405,385
Net Asset Value, Offering and Redemption Price Per Share	$	7.74		$	5.89		$	5.39		$	8.67

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

WP TRUST

STATEMENTS OF OPERATIONS

								SEMI-ANNUAL REPORT

	WP Smaller Companies			WP International Companies						WP Large Cap
	Income Plus Fund			Income Plus Fund			WP Income Plus Fund			Income Plus Fund

	For the Six Month			For the Six Month			For the Six Month			For the Six Month
	Period Ended			Period Ended			Period Ended			Period Ended
	May 31, 2020			May 31, 2020			May 31, 2020			May 31, 2020
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Investment income:
Dividends (net of foreign withholding taxes of $0, $1,469, $0 and $9, respectively)		49,099			131,254			355,992			626,269
Interest		1,108			1,099			923			1,818
Total investment income		50,207			132,353			356,915			628,087

Expenses:
Management fees (Note 5)		52,687			52,746			75,528			228,532
Distribution (12b-1) fees - Institutional Class		9,757			9,767			13,987			43,306
Interest expense ^(a)		20,137			23,119			31,284			77,357
Accounting and transfer agent fees and expenses		16,413			16,406			20,650			49,547
Audit fees		9,829			9,829			9,829			9,899
Legal fees		8,495			8,495			8,495			8,528
Compliance officer fees		7,500			7,500			7,500			7,500
Trustee fees and expenses		6,064			6,065			6,052			5,445
Registration and filing fees		4,259			3,386			6,836			4,875
Custodian fees		4,052			4,052			4,052			6,509
Miscellaneous		2,602			2,602			2,602			4,070
Reports to shareholders		1,733			1,733			1,733			3,216
Pricing fees		550			550			554			3,904
Insurance		196			210			307			690
Total expenses		144,274			146,460			189,409			453,378

Net investment income (loss)		(94,067	)		(14,107	)		167,506			174,709

Realized gain (loss):
Net realized gain (loss) on:
Investments		(1,379,484	)		(1,056,345	)		(1,541,567	)		(1,163,804	)
Long-term capital gains distributions from other investment companies		—			—			—			2,517
Options purchased		1,157,146			1,220,947			1,919,529			4,192,527
Options written		(4,566,383	)		(5,054,376	)		(8,822,021	)		(18,986,064	)
Net realized loss on investments and options		(4,788,721	)		(4,889,774	)		(8,444,059	)		(15,954,824	)

Net change in unrealized appreciation (depreciation) on:
Investments		(652,573	)		(1,071,825	)		(274,915	)		(6,788,401	)
Options purchased		10,468			9,839			27,869			1,251
Options written		435,773			462,912			814,147			1,534,357
Net change in unrealized appreciation (depreciation) on investments and options		(206,332	)		(599,074	)		567,101			(5,252,793	)

Net loss on investments and options		(4,995,053	)		(5,488,848	)		(7,876,958	)		(21,207,617	)

Net decrease in net assets resulting from operations	$	(5,089,120	)	$	(5,502,955	)	$	(7,709,452	)	$	(21,032,908	)

^(a)Interest expense is incurred with respect to the Funds' options investment strategy.

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

WP TRUST

STATEMENTS OF CASH FLOWS

								SEMI-ANNUAL REPORT

	WP Smaller Companies			WP International Companies						WP Large Cap
	Income Plus Fund			Income Plus Fund			WP Income Plus Fund			Income Plus Fund

	For the Six Month			For the Six Month			For the Six Month			For the Six Month
	Period Ended			Period Ended			Period Ended			Period Ended
	May 31, 2020			May 31, 2020			May 31, 2020			May 31, 2020
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Increase (decrease) in cash:
Cash flows from operating activities:
Net decrease in net assets from operations	$	(5,089,120	)	$	(5,502,955	)	$	(7,709,452	)	$	(21,032,908	)
Return of capital dividends received		—			4,197			—			—
Purchase of investments and options		(1,175,554	)		(1,646,091	)		(2,939,506	)		(6,802,107	)
Proceeds from disposition of investments and options		6,123,841			6,541,504			13,785,009			22,093,613
Purchases/sales of short-term investment securities, net		206,350			301,566			186,196			154,066
Increase (decrease) in dividends and interest receivable		392			383			(1,964	)		54,244
Increase in receivables for securities sold		(106,293	)		(160,049	)		(267,551	)		(672,299	)
Increase in prepaid expenses		(1,852	)		(3,405	)		(2,507	)		(1,740	)
Premiums received from options written		15,210,823			16,384,461			26,344,207			68,182,101
Payments to cover options written		(19,870,508	)		(21,428,999	)		(35,338,719	)		(83,328,799	)
Increase in payable for securities purchased		65,173			130,263			260,455			848,111
Increase (decrease) in accrued distribution (12b-1) fees		379			(564	)		(1,582	)		(1,104	)
Decrease in accrued expenses		(6,678	)		(8,233	)		(16,455	)		(30,696	)
Increase in due to custodian		—			—			652			—
Net unrealized appreciation (depreciation) on investments and options		206,332			599,074			(567,101	)		5,252,793
Net realized loss on investments and options		4,788,721			4,889,774			8,444,059			15,954,824
Net cash provided from operating activities		352,006			100,926			2,175,741			670,099

Cash flows from financing activities:
Proceeds from Fund shares sold		367,961			374,800			202,240			2,502,318
Payment on Fund shares redeemed		(899,120	)		(816,751	)^(a)		(2,741,864	)^(b)		(3,839,184	)^(c)
Cash distributions paid		—			(447	)^(a)		(38,964	)^(b)		(3,651	)^(c)
Net cash used in financing activities		(531,159	)		(442,398	)		(2,578,588	)		(1,340,517	)

Net decrease in cash		(179,153	)		(341,472	)		(402,847	)		(670,418	)

Cash:
Beginning of period		209,573			359,456			496,580			907,234
End of period	$	30,420		$	17,984		$	93,733		$	236,816

Supplemental disclosure of cash flow information:

Reconciliation of restricted and unrestricted cash at the beginning of the year to the Statements of Assets and Liabilities:
Cash	$	1,110		$	1,927		$	2,824		$	6,858
Deposits at broker for written options		208,463			357,529			493,756			900,376

Reconciliation of restricted and unrestricted cash at the end of the year to the Statements of Assets and Liabilities:
Cash	$	—		$	—		$	—		$	—
Deposits at broker for written options		30,420			17,984			93,733			236,816

^(a)

Noncash financing activities not included herein consist of reinvestment of distributions of $194,463.

^(b)

Noncash financing activities not included herein consist of reinvestment of distributions of $202,651.

^(c)

Noncash financing activities not included herein consist of reinvestment of distributions of $1,066,518 and an increase in payable for Fund shares redeemed of $1,000.

Interest paid by the Funds was $20,137, $23,119, $31,284, and $77,357, respectively.

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

WP TRUST

STATEMENTS OF CHANGES IN NET ASSETS

				SEMI-ANNUAL REPORT

	WP Smaller Companies
	Income Plus Fund

	For the Six Month			For the
	Period Ended			Year Ended
	May 31, 2020			November 30, 2019
	(Unaudited)
Increase (decrease) in net assets from:
Operations:
Net investment loss	$	(94,067	)	$	(174,644	)
Net realized gain (loss) on investments and options		(4,788,721	)		358,558
Net change in unrealized appreciation (depreciation) on investments and options		(206,332	)		857,388
Net increase (decrease) in net assets resulting from operations		(5,089,120	)		1,041,302

Capital transactions:
Net proceeds from shares sold		367,961			1,869,926
Cost of shares redeemed		(899,120	)		(694,491	)
Net increase (decrease) in net assets from capital transactions		(531,159	)		1,175,435

Increase (decrease) in net assets		(5,620,279	)		2,216,737

Net Assets:
Beginning of year/period		10,228,574			8,011,837

End of year/period	$	4,608,295		$	10,228,574

Capital share transactions:
Shares sold		24,723			132,394
Shares redeemed		(111,576	)		(51,664	)
Net increase (decrease) from capital share transactions		(86,853	)		80,730

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

WP TRUST

STATEMENTS OF CHANGES IN NET ASSETS

				SEMI-ANNUAL REPORT

	WP International Companies
	Income Plus Fund

	For the Six Month			For the
	Period Ended			Year Ended
	May 31, 2020			November 30, 2019
	(Unaudited)
Increase (decrease) in net assets from:
Operations:
Net investment income (loss)	$	(14,107	)	$	26,287
Net realized gain (loss) on investments and options		(4,889,774	)		502,241
Net change in unrealized appreciation (depreciation) on investments and options		(599,074	)		750,417
Net increase (decrease) in net assets resulting from operations		(5,502,955	)		1,278,945

Distributions to shareholders from:
Total distributable earnings - Institutional Class		(195,090	)		—
Total distributions		(195,090	)		—

Capital transactions:
Net proceeds from shares sold		374,800			1,212,021
Reinvestment of distributions		194,643			—
Cost of shares redeemed		(816,751	)		(993,740	)
Net increase (decrease) in net assets from capital transactions		(247,308	)		218,281

Increase (decrease) in net assets		(5,945,353	)		1,497,226

Net Assets:
Beginning of year/period		10,484,715			8,987,489

End of year/period	$	4,539,362		$	10,484,715

Capital share transactions:
Shares sold		30,129			101,936
Shares reinvested		15,338			—
Shares redeemed		(112,662	)		(86,756	)
Net increase (decrease) from capital share transactions		(67,195	)		15,180

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

WP TRUST

STATEMENTS OF CHANGES IN NET ASSETS

				SEMI-ANNUAL REPORT

	WP Income Plus Fund

	For the Six Month			For the
	Period Ended			Year Ended
	May 31, 2020			November 30, 2019
	(Unaudited)
Increase (decrease) in net assets from:
Operations:
Net investment income	$	167,506		$	480,771
Net realized gain (loss) on investments and options		(8,444,059	)		785,277
Net change in unrealized appreciation on investments and options		567,101			416,191
Net increase (decrease) in net assets resulting from operations		(7,709,452	)		1,682,239

Distributions to shareholders from:
Total distributable earnings - Institutional Class		(241,615	)		(476,517	)
Total distributions		(241,615	)		(476,517	)

Capital transactions:
Net proceeds from shares sold		202,240			714,257
Reinvestment of distributions		202,651			419,952
Cost of shares redeemed		(2,741,864	)		(2,398,201	)
Net decrease in net assets from capital transactions		(2,336,973	)		(1,263,992	)

Decrease in net assets		(10,288,040	)		(58,270	)

Net Assets:
Beginning of year/period		15,378,706			15,436,976

End of year/period	$	5,090,666		$	15,378,706

Capital share transactions:
Shares sold		18,983			65,973
Shares reinvested		21,896			41,190
Shares redeemed		(495,367	)		(242,698	)
Net decrease from capital share transactions		(454,488	)		(135,535	)

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

WP TRUST

STATEMENTS OF CHANGES IN NET ASSETS

				SEMI-ANNUAL REPORT

	WP Large Cap Income Plus Fund

	For the Six Month			For the
	Period Ended			Year Ended
	May 31, 2020			November 30, 2019
	(Unaudited)
Increase (decrease) in net assets from:
Operations:
Net investment income	$	174,709		$	194,649
Net realized gain (loss) on investments and options		(15,954,824	)		3,522,050
Net change in unrealized appreciation (depreciation) on investments and options		(5,252,793	)		3,755,810
Net increase (decrease) in net assets resulting from operations		(21,032,908	)		7,472,509

Distributions to shareholders from:
Total distributable earnings - Institutional Class		(1,070,169	)		(31,799	)
Total distributions		(1,070,169	)		(31,799	)

Capital transactions:
Net proceeds from shares sold		2,502,318			3,749,175
Reinvestment of distributions		1,066,518			31,506
Cost of shares redeemed		(3,840,184	)		(2,612,000	)
Net increase (decrease) in net assets from capital transactions		(271,348	)		1,168,681

Increase (decrease) in net assets		(22,374,425	)		8,609,391

Net Assets:
Beginning of year/period		43,235,283			34,625,892

End of year/period	$	20,860,858		$	43,235,283

Capital share transactions:
Shares sold		169,846			254,717
Shares reinvested		62,996			2,986
Shares redeemed		(415,606	)		(184,556	)
Net increase (decrease) from capital share transactions		(182,764	)		73,147

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

WP TRUST

FINANCIAL HIGHLIGHTS

SEMI-ANNUAL REPORT

The following tables set forth the per share operating performance data for a share of capital stock outstanding, total return ratios to average net assets and other supplemental data for the years/period indicated.

	WP Smaller Companies
	Income Plus Fund

		For the Six Month Period Ended May 31, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018			For the Year Ended November 30, 2017			For the Period Ended November 30, 2016 ^(a)
		(Unaudited)

Net Asset Value, Beginning of Year/Period	$	14.99		$	13.31		$	13.32		$	11.53		$	10.00

Investment Operations:
Net investment loss ^(b)		(0.14	)		(0.27	)		(0.26	)		(0.21	)		(0.42	)
Net realized and unrealized gain (loss) on investments and options		(7.11	)		1.95			0.55			2.00			1.95
Total from investment operations		(7.25	)		1.68			0.29			1.79			1.53

Distributions:
From net realized capital gains		—			—			(0.30	)		—			—
Total distributions		—			—			(0.30	)		—			—

Net Asset Value, End of Year/Period	$	7.74		$	14.99		$	13.31		$	13.32		$	11.53

Total Return ^(c)		(48.37	)%^(d)		12.62	%		2.23	%		15.52	%		15.30	%^(d)

Ratios/Supplemental Data
Net assets, end of year/period (in 000's)	$	4,608		$	10,229		$	8,012		$	5,628		$	3,332

Ratios of expenses to average net assets ^{(g) (i)}:
Before fees waived and expenses absorbed		3.70	%^(f)		3.37	%		3.77	%		3.82	%		5.63	%(e)(f)
After fees waived and expenses absorbed		3.70	%^(f)		3.32	%		3.15	%		3.12	%		5.63	%(e)(f)

Ratios of net investment loss ^{(h) (i)}:
Before fees waived and expenses absorbed		(2.41	)%^(f)		(2.05	)%		(2.50	)%		(2.42	)%		(4.40	)%(e)(f)
After fees waived and expenses absorbed		(2.41	)%^(f)		(2.00	)%		(1.88	)%		(1.72	)%		(4.40	)%(e)(f)

Portfolio turnover rate		1.53	%^(d)		0.25	%		0.00	%		0.00	%		0.00	%^(d)

^(a)

The WP Smaller Companies Income Plus Fund commenced operations on January 4, 2016.

^(b)

Net investment loss per share is based on average shares outstanding.

^(c)

Total Return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

^(d)

Not annualized.

^(e)

Ratios are for the period from January 16, 2016, the date of initial expense accruals, through November 30, 2016.

^(f)

Annualized.

^(g)

Ratios do not include expenses of the investment companies in which the Fund invests.

^(h)

Recoginition of net investment income by the Fund is affected by the timing of the declaration of the dividends by the underlying companies in which the Fund invests.

⁽ⁱ⁾

The ratios include 0.52%, 0.61%, 0.40%, 0.29% and 0.16% of interest expense during the six month period ended May 31, 2020, the years ended November 30, 2019, November 30, 2018 and November 30, 2017 and the period ended November 30, 2016, respectively.

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

WP TRUST

FINANCIAL HIGHLIGHTS

SEMI-ANNUAL REPORT

	WP International Companies
	Income Plus Fund

		For the Six Month			For the			For the			For the			For the
		Period Ended			Year Ended			Year Ended			Year Ended			Period Ended
		May 31, 2020			November 30, 2019			November 30, 2018			November 30, 2017			November 30, 2016 ^(a)
		(Unaudited)

Net Asset Value, Beginning of Year/Period	$	12.52		$	10.93		$	12.74		$	10.16		$	10.00

Investment Operations:
Net investment income (loss) ^(b)		(0.02	)		0.03			0.01			(0.07	)		(0.36	)
Net realized and unrealized gain (loss) on investments and options		(6.38	)		1.56			(1.49	)		2.65			0.52
Total from investment operations		(6.40	)		1.59			(1.48	)		2.58			0.16

Distributions:
From net investment income		(0.06	)		—			—			—			—
From net realized capital gains		(0.17	)		—			(0.33	)		—			—
Total distributions		(0.23	)		—			(0.33	)		—			—

Net Asset Value, End of Year/Period	$	5.89		$	12.52		$	10.93		$	12.74		$	10.16

Total Return ^(c)		(52.10	)%^(d)		14.55	%		(11.97	)%		25.39	%		1.60	%^(d)

Ratios/Supplemental Data
Net assets, end of year/period (in 000's)	$	4,539		$	10,485		$	8,987		$	8,969		$	3,225

Ratios of expenses to average net assets ^{(g) (i)}:
Before fees waived and expenses absorbed		3.75	%^(f)		3.35	%		3.44	%		3.18	%		5.97	%^{(e) (f)}
After fees waived and expenses absorbed		3.75	%^(f)		3.34	%		3.15	%		3.03	%		5.97	%^{(e) (f)}

Ratios of net investment income (loss) ^{(h) (i)}:
Before fees waived and expenses absorbed		(0.36	)%^(f)		0.27	%		(0.21	)%		(0.77	)%		(4.06	)%^{(e) (f)}
After fees waived and expenses absorbed		(0.36	)%^(f)		0.28	%		0.08	%		(0.62	)%		(4.06	)%^{(e) (f)}
							��
Portfolio turnover rate		5.84	%^(d)		0.00	%		0.00	%		0.00	%		0.00	%^(d)

^(a)

The WP International Companies Income Plus Fund commenced operations on January 4, 2016.

^(b)

Net investment income (loss) per share is based on average shares outstanding.

^(c)

Total Return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

^(d)

Not annualized.

^(e)

Ratios are for the period from January 16, 2016, the date of initial expense accruals, through November 30, 2016.

^(f)

Annualized.

^(g)

Ratios do not include expenses of the investment companies in which the Fund invests.

^(h)

Recoginition of net investment income by the Fund is affected by the timing of the declaration of the dividends by the underlying companies in which the Fund invests.

⁽ⁱ⁾

The ratios include 0.59%, 0.64%, 0.41%, 0.23% and 0.14% of interest expense during the six month period ended May 31, 2020, the years ended November 30, 2019, November 30, 2018 and November 30, 2017 and the period ended November 30, 2016, respectively.

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

WP TRUST

FINANCIAL HIGHLIGHTS

SEMI-ANNUAL REPORT

	WP Income Plus Fund

		For the Six Month			For the			For the			For the			For the
		Period Ended			Year Ended			Year Ended			Year Ended			Period Ended
		May 31, 2020			November 30, 2019			November 30, 2018			November 30, 2017			November 30, 2016 ^(a)
		(Unaudited)

Net Asset Value, Beginning of Year/Period	$	10.99		$	10.06		$	11.46		$	10.78		$	10.00

Investment Operations:
Net investment income ^(b)		0.13			0.34			0.33			0.26			0.09
Net realized and unrealized gain (loss) on investments and options		(5.55	)		0.93			(0.83	)		0.76			0.76
Total from investment operations		(5.42	)		1.27			(0.50	)		1.02			0.85

Distributions:
From net investment income		(0.13	)		(0.34	)		(0.32	)		(0.25	)		(0.07	)
From net realized capital gains		(0.05	)		—			(0.58	)		(0.09	)		—
Total distributions		(0.18	)		(0.34	)		(0.90	)		(0.34	)		(0.07	)

Net Asset Value, End of Year/Period	$	5.39		$	10.99		$	10.06		$	11.46		$	10.78

Total Return ^(c)		(49.94	)%^(d)		12.90	%		(4.69	)%		9.44	%		8.50	%^(d)

Ratios/Supplemental Data
Net assets, end of year/period (in 000's)	$	5,091		$	15,379		$	15,437		$	14,487		$	8,605

Ratios of expenses to average net assets ^{(g) (i)}:		3.39	%^(f)		3.01	%		2.97	%		2.87	%		3.73	%^{(e) (f)}

Ratios of net investment income ^{(h) (i)}:		3.00	%^(f)		3.20	%		3.02	%		2.20	%		1.22	%^{(e) (f)}

Portfolio turnover rate		7.53	%^(d)		1.88	%		0.34	%		49.17	%		37.52	%^(d)

^(a)

The WP Income Plus Fund commenced operations on January 4, 2016.

^(b)

Net investment income per share is based on average shares outstanding.

^(c)

Total Return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

^(d)

Not annualized.

^(e)

Ratios are for the period from January 16, 2016, the date of initial expense accruals, through November 30, 2016.

^(f)

Annualized.

^(g)

Ratios do not include expenses of the investment companies in which the Fund invests.

^(h)

Recoginition of net investment income by the Fund is affected by the timing of the declaration of the dividends by the underlying companies in which the Fund invests.

⁽ⁱ⁾

The ratios include 0.56%, 0.66%, 0.45%, 0.33% and 0.27% of interest expense during the six month period ended May 31, 2020, the years ended November 30, 2019, November 30, 2018 and November 30, 2017 and the period ended November 30, 2016, respectively.

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

WP TRUST

FINANCIAL HIGHLIGHTS

SEMI-ANNUAL REPORT

	WP Large Cap Income Plus Fund

		For the Six Month Period Ended May 31, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018 ⁽ⁱ⁾			For the Year Ended August 31, 2018			For the Year Ended August 31, 2017			For the Year Ended August 31, 2016			For the Year Ended August 31, 2015
		(Unaudited)

Net Asset Value, Beginning of Year/Period	$	16.71		$	13.77		$	14.69		$	12.86		$	10.31		$	8.96		$	10.56

Investment Operations:
Net investment income		0.07	^(b)		0.08	^(b)		0.01	^(b)		0.01			0.08			—			0.03
Net realized and unrealized gain (loss) on investments and options		(7.70	)		2.87			(0.93	)		2.17			2.49			1.37			(1.63	)
Total from investment operations		(7.63	)		2.95			(0.92	)		2.18			2.57			1.37			(1.60	)

Distributions:
From net investment income		(0.08	)		(0.01	)		—			(0.06	)		(0.02	)		—			—
From return of capital		—			—			—			—			—			(0.02	)		—
From net realized capital gains		(0.33	)		—			—			(0.29	)		—			—			—
Total distributions		(0.41	)		(0.01	)		—			(0.35	)		(0.02	)		(0.02	)		—

Net Asset Value, End of Year/Period	$	8.67		$	16.71		$	13.77		$	14.69		$	12.86		$	10.31		$	8.96

Total Return ^(c)		(46.85	)%^(d)		21.50	%		(6.26	)%^(d)		17.14	%		24.95	%		15.28	%		(15.15	)%

Ratios/Supplemental Data
Net assets, end of year/period (in 000's)	$	20,861		$	43,235		$	34,626		$	36,458		$	29,861		$	23,996		$	20,846

Ratios of expenses to average net assets ^{(f) (h)}:		2.68	%^(g)		2.60	%		2.75	%^(g)		2.73	%		2.47	%		2.93	%		2.92	%

Ratios of net investment income (loss):		1.03	%^(g)		0.52	%		0.21	%^(g)		0.08	%		0.65	%		0.04	%		0.32	%

Portfolio turnover rate		4.22	%^(d)		3.92	%		0.26	%^(d)		4.01	%		3.11	%		5.30	%		6.88	%

^(a)

The WP Large Cap Income Plus Fund commenced operations on October 10, 2013.

^(b)

Net investment income per share is based on average shares outstanding.

^(c)

Total Return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

^(d)

Not annualized.

^(e)

Total Return is for the period from December 4, 2013, the date of initial portfolio trades, through August 31, 2014.

^(f)

The ratios include 0.46%, 0.52%, 0.48%, 0.33%, 0.19%, 0.20% and 0.03% interest expense during the six month period ended May 31, 2020 and during the years ended November 30, 2019, November 30, 2018, August 31, 2018, August 31, 2017, August 31, 2016 and August 31, 2015, respectively.

^(g)

Annualized.

^(h)

Ratios do not include expenses of the investment companies in which the Fund invests.

⁽ⁱ⁾

Represents the period from September 1, 2018 through November 30, 2018. The WP Large Cap Income Plus Fund changed its fiscal year end from August 31 to November 30.

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

WP Trust

SEMI-ANNUAL REPORT

WP Family of Funds

NOTES TO THE FINANCIAL STATEMENTS
May 31, 2020 (Unaudited)

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The WP Family of Funds (the “Funds”) are 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”). The following series of the WP Family of Funds: (i) WP Smaller Companies Income Plus Fund (“Smaller Companies Fund”), (ii) WP International Companies Income Plus Fund (“International Companies Fund”), (iii) WP Income Plus Fund (“Income Fund”) and (iv) WP Large Cap Income Plus Fund (“Large Cap Fund”) (each a “Fund” and collectively, the “Funds”) are each an open-end management investment company and separate series of the Trust. The Smaller Companies Fund, International Companies Fund and Income Fund are non-diversified Funds. As non-diversified Funds, the Smaller Companies Fund, International Companies Fund and Income Fund may invest a significant portion of their assets in a small number of companies. A non-diversified fund is generally subject to the risk that a large loss in an individual holding will cause a greater loss for the fund than it would if the fund was required to hold a larger number of securities or smaller positions. The Large Cap Fund is a diversified Fund.

The investment objective of each Fund is total return. The Funds’ investment adviser is Winning Points Advisers, LLC (the “Adviser”). The Funds offer one class of shares, Institutional Class shares. The Smaller Companies Fund, the International Companies Fund and the Income Fund commenced operations on January 4, 2016. The Large Cap Fund commenced operations on October 10, 2013.

The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies that follow the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to investment companies.

a) Security Valuation – All investments in securities are recorded at their estimated fair value, as described in note 2.

b) Options – The Funds’ option strategies consist of selling and purchasing put and call options on equity indexes, bond indexes and exchange-traded funds (“ETFs”). The sale of put options generates income for the Funds, but exposes them to the risk of declines in the value of the underlying assets. The risk in purchasing options is limited to the premiums paid by the Funds for the options. The sale of call options generates income for the Funds, but may limit the Funds’ participation in equity market gains. The Funds’ investment adviser seeks to reduce the overall volatility of returns for the Funds by managing a portfolio of options. When the Funds write or purchase an option, an amount equal to the premium received or paid by the Funds is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by the Funds 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 Funds have 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 investment adviser to manage future price fluctuations and the degree of correlation between the options and securities (or currency) markets. By selling put options on equity securities, the Funds give up the opportunity to benefit from potential increases in the value of the underlying securities above the strike prices of the sold put options, but continue to bear the risk of declines in the value of underlying securities held by the Funds. The Funds will receive a premium from the purchaser of a covered call option sold, which they retain whether or not the option is exercised. The premium received from the sold options may not be sufficient to offset any losses sustained from the volatility of the underlying equity securities over time.

c) Exchange-Traded and Closed-End Funds – The Funds may invest in Exchange-Traded Funds (“ETFs”) and Closed-End Funds (“CEFs”). ETFs and CEFs are registered investment companies and incur fees and expenses such as operating expenses, licensing fees, registration fees, trustees fees, and marketing expenses, and ETF and CEF shareholders, such as a Fund, pay their proportionate share of these expenses. Your cost of investing in a Fund will generally be higher than the cost of investing directly in ETFs and CEFs. By investing in a Fund, you will indirectly bear fees and expenses charged by the underlying ETFs and CEFs in which a Fund invests in addition to a Fund's direct fees and expenses. Also, with respect to dividends paid by the ETFs and CEFs, it is possible for these dividends to exceed the underlying investments' taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. Distributions received from investments in securities that represent a return of capital or capital gains are recorded as a reduction of the cost of investments or as a realized gain, respectively.

WP Trust

SEMI-ANNUAL REPORT

WP Family of Funds

NOTES TO THE FINANCIAL STATEMENTS

May 31, 2020 (Unaudited)

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)

The Funds may invest a significant portion of their assets in shares of one or more Investment Companies (i.e., ETFs). From time to time, the Funds may invest greater than 25% of their net assets in one security. As of May 31, 2020, the iShares Russell 2000 ETF represented 72.34% of the Smaller Companies Fund's net assets, the iShares MSCI EAFE ETF represented 118.90% of the International Companies Fund's net assets and the iShares iBoxx High Yield Corporate Bond ETF and the SPDR Bloomberg Barclays High Yield Bond ETF represented 49.22% and 72.13% of the Income Fund's net assets, respectively. Additional information for these securities, including their financial statements, is available from the U.S. Securities and Exchange Commission's website at www.sec.gov. The Large Cap Fund did not invest greater than 25% of its net assets in any one security.

d) Federal Income Taxes – The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). It is the policy of the Funds to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of their net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

As of and for the six month period ended May 31, 2020 and the years ended November 30, 2019, November 30, 2018 and November 30, 2017 and for the period from January 4, 2016, commencement of operations, through November 30, 2016, the Smaller Companies Fund, International Companies Fund and the Income Fund did not have a liability for any unrecognized tax benefits. As of and for the six month period ended May 31, 2020 and the year ended November 30, 2019, the three month period ended November 30, 2018 (the “period”) and for the years ended August 31, 2018, August 31, 2017 and August 31, 2016, the Large Cap Fund did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statements of operations. During the six month period ended May 31, 2020, the Funds did not incur any interest or penalties. The Funds identify their major tax jurisdictions as U.S. Federal and Delaware state.

In addition, accounting principles generally accepted in the United States of America (“GAAP”) requires management of the Funds to analyze all open tax years, as defined by IRS statute of limitations, including federal tax authorities and certain state tax authorities. The Funds have no examinations in progress and are 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.

e) 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 for the Smaller Companies Fund, International Companies Fund and Large Cap Fund. Dividends will be paid monthly for the Income Fund. 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.

f) 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 revenues and expenses during the reporting period. Actual results could differ from those estimates.

g) Common Expenses – Common expenses of the Trust are allocated among the Funds within the Trust either based on relative net assets of each Fund, divided equally among the Funds or allocated to specific Funds. 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.

h) Other – Investment and shareholder transactions are recorded on trade date. The Funds determine 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 Funds and interest income and expenses are recognized on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.

WP Trust

SEMI-ANNUAL REPORT

WP Family of Funds

NOTES TO THE FINANCIAL STATEMENTS

May 31, 2020 (Unaudited)

SECURITIES VALUATIONS

Processes and Structure

The Funds’ Board of Trustees have 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 Adviser to apply those guidelines in determining fair value prices, subject to review by the Board of Trustees.

Hierarchy of Fair Value Inputs

The Funds utilize various methods to measure the fair value of all 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 Funds have 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 that relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Fair Value Measurements

A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis follows.

Equity securities (common stock, CEFs and ETFs) – Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, ETFs, and the movement of certain indexes of securities based on a statistical analysis of the historical relationship and they are categorized in Level 2. Preferred stock and other equities traded on inactive markets or valued by reference to similar instruments are also categorized in Level 2.

Money market funds – Money market funds are valued at their net asset value and are categorized as Level 1.

Derivative instruments – Listed derivatives, including options, that are actively traded, are valued based on quoted prices from the exchange and categorized in Level 1 of the fair value hierarchy. Options held by the Funds for which no current quotations are readily available and which are not traded on the valuation date are valued at the mean price and are categorized within Level 2 of the fair value hierarchy. Over-the-counter (OTC) derivative contracts include forward, swap, and option contracts related to interest rates; foreign currencies; credit standing of reference entities; equity prices; or commodity prices, and warrants on exchange-traded securities. Depending on the product and terms of the transaction, the fair value of the OTC derivative products can be modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments, and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. OTC derivative products valued using pricing models are categorized within Level 2 of the fair value hierarchy.

WP Trust

SEMI-ANNUAL REPORT

WP Family of Funds

NOTES TO THE FINANCIAL STATEMENTS

May 31, 2020 (Unaudited)

SECURITIES VALUATIONS (continued)

If the Adviser decides that a price provided by the pricing service does not accurately reflect the fair value of the securities, when prices are not readily available from a pricing service, or when certain restricted or illiquid securities are being valued, these securities are valued at fair value as determined in good faith by the Adviser, in conformity with guidelines adopted by and subject to review of the Board and the Fair Valuation Committee. These securities will be categorized as Level 3 securities.

The following tables summarize the inputs used to value the Funds’ assets and liabilities measured at fair value as of May 31, 2020.

Smaller Companies Fund
Financial Instruments – Assets

Security Classification ⁽¹⁾	Level 1		Level 2		Level 3		Totals
Common Stocks ⁽²⁾	$	2,194,260	$	—	$	—	$	2,194,260
Exchange-Traded Fund ⁽²⁾		3,333,600		—		—		3,333,600
Put Options Purchased		1,200		—		—		1,200
Short-Term Investment		51,202		—		—		51,202
Total Assets	$	5,580,262	$	—	$	—	$	5,580,262

Smaller Companies Fund
Derivative Instruments – Liabilities

Security Classification ⁽¹⁾	Level 1		Level 2		Level 3		Totals
Call Options Written	$	187,286	$	—	$	—	$	187,286
Put Options Written		806,260		28,515		—		834,775
Total Liabilities	$	993,546	$	28,515	$	—	$	1,022,061


International Companies Fund
Financial Instruments – Assets

Security Classification ⁽¹⁾	Level 1		Level 2		Level 3		Totals
Common Stocks ⁽²⁾	$	287,800	$		$		$	287,800
Exchange-Traded Funds ⁽²⁾		5,397,420		—		—		5,397,420
Put Options Purchased		1,320		—		—		1,320
Short-Term Investment		18,540		—		—		18,540
Total Assets	$	5,705,080	$	—	$	—	$	5,705,080

WP Trust

SEMI-ANNUAL REPORT

WP Family of Funds

NOTES TO THE FINANCIAL STATEMENTS

May 31, 2020 (Unaudited)

SECURITIES VALUATIONS (continued)

International Companies Fund
Derivative Instruments – Liabilities

Security Classification ⁽¹⁾	Level 1		Level 2		Level 3		Totals
Call Options Written	$	275,701	$	—	$	—	$	275,701
Put Options Written		859,885		57,030		—		916,915
Total Liabilities	$	1,135,586	$	57,030	$	—	$	1,192,616

Income Fund
Financial Instruments – Assets

Security Classification ⁽¹⁾	Level 1		Level 2		Level 3		Totals
Common Stocks ⁽²⁾	$	534,012	$	—	$	—	$	534,012
Exchange-Traded Funds ⁽²⁾		6,177,208		—		—		6,177,208
Put Options Purchased		1,680		—		—		1,680
Total Assets	$	6,712,900	$	—	$	—	$	6,712,900

Income Fund
Financial Instruments – Liabilities

Security Classification ⁽¹⁾	Level 1		Level 2		Level 3		Totals
Call Options Written	$	485,488	$	—	$	—	$	485,488
Put Options Written		966,050		256,635		—		1,222,685
Total Liabilities	$	1,451,538	$	256,635	$	—	$	1,708,173

Large Cap Fund
Financial Instruments – Assets

Security Classification ⁽¹⁾	Level 1		Level 2		Level 3		Totals
Common Stocks ⁽²⁾	$	28,759,039	$	—	$	—	$	28,759,039
Closed-End Funds ⁽²⁾		747,670		—		—		747,670
Put Options Purchased		7,380		—		—		7,380
Short-Term Investment		95,322		—		—		95,322
Total Assets	$	29,609,411	$	—	$	—	$	29,609,411

WP Trust

SEMI-ANNUAL REPORT

WP Family of Funds

NOTES TO THE FINANCIAL STATEMENTS

May 31, 2020 (Unaudited)

SECURITIES VALUATIONS (continued)

Large Cap Fund
Financial Instruments – Liabilities

Security Classification ⁽¹⁾	Level 1		Level 2		Level 3		Totals
Call Options Written	$	3,024,124	$	—	$	—	$	3,024,124
Put Options Written		3,382,660		2,452,290		—		5,834,950
Total Assets	$	6,406,784	$	2,452,290	$	—	$	8,859,074

⁽¹⁾

As of and for the six month period ended May 31, 2020, the Funds held no securities that were considered to be “Level 3” securities (those valued using significant unobservable inputs). Therefore, a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is not applicable.

⁽²⁾

All common stock, CEFs and ETFs held in the Fund are Level 1 securities. For a detailed break-out of common stock by industry and CEFs and ETFs by investment type, please refer to the Schedules of Investments.

DERIVATIVES TRANSACTIONS

As of May 31, 2020, portfolio securities valued at $5,527,860, $5,685,220, $6,711,220 and $29,302,509 were held in segregated accounts by the custodian as collateral for options written by the Smaller Companies Fund, International Companies Fund, Income Fund and Large Cap Fund, respectively.

The average monthly notional value of options contracts purchased and written by each Fund for the six month period ended May 31, 2020, were as follows:

Smaller Companies Fund	Average Notional Value

Put Options Purchased	$	28,633,571
Call Options Written		(10,832,857	)
Put Options Written		(17,385,000	)

International Companies Fund	Average Notional Value

Put Options Purchased	$	30,337,500
Call Options Written		(11,812,857	)
Put Options Written		(18,374,286	)

Income Plus Fund	Average Notional Value

Put Options Purchased	$	52,320,714
Call Options Written		(18,872,857	)
Put Options Written		(30,760,000	)

Large Cap Fund	Average Notional Value

Put Options Purchased	$	136,313,214
Call Options Written		(51,395,714	)
Put Options Written		(86,325,000	)

WP Trust

SEMI-ANNUAL REPORT

WP Family of Funds

NOTES TO THE FINANCIAL STATEMENTS

May 31, 2020 (Unaudited)

DERIVATIVES TRANSACTIONS (continued)

As of May 31, 2020, the location on the Statements of Assets and Liabilities for financial derivative instrument fair values is as follows:

Smaller Companies Fund:
Assets	Location	Equity Contracts		Total
Put options purchased	Investments, at value	$	1,200	$	1,200
Total Assets		$	1,200	$	1,200

Liabilities	Location	Equity Contracts		Total
Call options written	Options written, at value	$	187,286	$	187,286
Put options written	Options written, at value		834,775		834,775
Total Liabilities		$	1,022,061	$	1,022,061

International Companies Fund:
Assets	Location	Equity Contracts		Total
Put options purchased	Investments, at value	$	1,320	$	1,320
Total Assets		$	1,320	$	1,320

Liabilities	Location	Equity Contracts		Total
Call options written	Options written, at value	$	275,701	$	275,701
Put options written	Options written, at value		916,915		916,915
Total Liabilities		$	1,192,616	$	1,192,616

Income Fund:
Assets	Location	Equity Contracts		Total
Put options purchased	Investments, at value	$	1,680	$	1,680
Total Assets		$	1,680	$	1,680

Liabilities	Location	Equity Contracts		Total
Call options written	Options written, at value	$	485,488	$	485,488
Put options written	Options written, at value		1,222,685		1,222,685
Total Liabilities		$	1,708,173	$	1,708,173

Large Cap Fund:
Assets	Location	Equity Contracts		Total
Put options purchased	Investments, at value	$	7,380	$	7,380
Total Assets		$	7,380	$	7,380

Liabilities	Location	Equity Contracts		Total
Call options written	Options written, at value	$	3,024,124	$	3,024,124
Put options written	Options written, at value		5,834,950		5,834,950
Total Liabilities		$	8,859,074	$	8,859,074

WP Trust

SEMI-ANNUAL REPORT

WP Family of Funds

NOTES TO THE FINANCIAL STATEMENTS

May 31, 2020 (Unaudited)

DERIVATIVES TRANSACTIONS (continued)

Realized and unrealized gains and losses on derivatives contracts entered into by the Funds during the six month period ended May 31, 2020, are recorded in the following locations in the Statements of Operations:

Smaller Companies Fund:
Net change in unrealized appreciation (depreciation) on:	Location	Equity Contracts		Total
Put options purchased	Options purchased	$	10,468	$	10,468
Call options written	Options written		389,185		389,185
Put option written	Options written		46,588		46,588
		$	446,241	$	446,241

Net realized gain (loss) on:	Location	Equity Contracts			Total
Put options purchased	Options purchased	$	1,157,146		$	1,157,146
Call options written	Options written		(849,199	)		(849,199	)
Put option written	Options written		(3,717,184	)		(3,717,184	)
		$	(3,409,237	)	$	(3,409,237	)

International Companies Fund:
Net change in unrealized appreciation (depreciation) on:	Location	Equity Contracts		Total
Put options purchased	Options purchased	$	9,839	$	9,839
Call options written	Options written		404,757		404,757
Put option written	Options written		58,155		58,155
		$	472,751	$	472,751

Net realized gain (loss) on:	Location	Equity Contracts			Total
Put options purchased	Options purchased	$	1,220,947		$	1,220,947
Call options written	Options written		(918,625	)		(918,625	)
Put option written	Options written		(4,135,751	)		(4,135,751	)
		$	(3,833,429	)	$	(3,833,429	)

Income Fund:
Net change in unrealized appreciation (depreciation) on:	Location	Equity Contracts		Total
Put options purchased	Options purchased	$	27,869	$	27,869
Call options written	Options written		652,899		652,899
Put option written	Options written		161,248		161,248
		$	842,016	$	842,016

Net realized gain (loss) on:	Location	Equity Contracts			Total
Put options purchased	Options purchased	$	1,919,529		$	1,919,529
Call options written	Options written		(1,434,741	)		(1,434,741	)
Put option written	Options written		(7,387,280	)		(7,387,280	)
		$	(6,902,492	)	$	(6,902,492	)

WP Trust

SEMI-ANNUAL REPORT

WP Family of Funds

NOTES TO THE FINANCIAL STATEMENTS

May 31, 2020 (Unaudited)

DERIVATIVES TRANSACTIONS (continued)

Large Cap Fund:
Net change in unrealized appreciation (depreciation) on:	Location	Equity Contracts		Total
Put options purchased	Options purchased	$	1,251	$	1,251
Call options written	Options written		380,676		380,676
Put option written	Options written		1,153,681		1,153,681
		$	1,535,608	$	1,535,608

Net realized gain (loss) on:	Location	Equity Contracts			Total
Put options purchased	Options purchased	$	4,192,527		$	4,192,527
Call options written	Options written		(2,949,573	)		(2,949,573	)
Put option written	Options written		(16,036,491	)		(16,036,491	)
		$	(14,793,537	)	$	(14,793,537	)

The following tables present the Funds’ derivatives available for offset under a master netting arrangement net of collateral pledged as of May 31, 2020.

Smaller Companies Fund:

Liabilities:	Gross Amounts of Liabilities Presented in the Statements of Assets & Liabilities
							Gross Amounts Not Offset in the Statements of Assets and Liabilities
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statements of Assets and Liabilities		Financial Instruments Pledged		Cash Collateral Pledged		Net Amount of Liabilities
Options Written Contracts	$	1,022,061⁽¹⁾	$	—	$	1,022,061⁽¹⁾	$	991,641⁽²⁾	$	30,420	$	—
Total	$	1,022,061⁽¹⁾	$	—	$	1,022,061⁽¹⁾	$	991,641⁽²⁾	$	30,420	$	—

⁽¹⁾

Written options at value as presented in the Funds’ Schedules of Options Written.

⁽²⁾

The amounts are limited to the derivative liability balances and accordingly do not include excess collateral pledged.

WP Trust

SEMI-ANNUAL REPORT

WP Family of Funds

NOTES TO THE FINANCIAL STATEMENTS

May 31, 2020 (Unaudited)

DERIVATIVES TRANSACTIONS (continued)

International Companies Fund:

Liabilities:	Gross Amounts of Liabilities Presented in the Statements of Assets & Liabilities
							Gross Amounts Not Offset in the Statements of Assets and Liabilities
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statements of Assets and Liabilities		Financial Instruments Pledged		Cash Collateral Pledged		Net Amount of Liabilities
Options Written Contracts	$	1,192,616⁽¹⁾	$	—	$	1,192,616⁽¹⁾	$	1,174,632⁽²⁾	$	17,984	$	—
Total	$	1,192,616⁽¹⁾	$	—	$	1,192,616⁽¹⁾	$	1,174,632⁽²⁾	$	17,984	$	—

Income Fund:

Liabilities:	Gross Amounts of Liabilities Presented in the Statements of Assets & Liabilities
							Gross Amounts Not Offset in the Statements of Assets and Liabilities
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statements of Assets and Liabilities		Financial Instruments Pledged		Cash Collateral Pledged		Net Amount of Liabilities
Options Written Contracts	$	1,708,173⁽¹⁾	$	—	$	1,708,173⁽¹⁾	$	1,614,440⁽²⁾	$	93,733	$	—
Total	$	1,708,173⁽¹⁾	$	—	$	1,708,173⁽¹⁾	$	1,614,440⁽²⁾	$	93,733	$	—

⁽¹⁾

Written options at value as presented in the Funds’ Schedules of Options Written.

⁽²⁾

The amounts are limited to the derivative liability balances and accordingly do not include excess collateral pledged.

WP Trust

SEMI-ANNUAL REPORT

WP Family of Funds

NOTES TO THE FINANCIAL STATEMENTS

May 31, 2020 (Unaudited)

DERIVATIVES TRANSACTIONS (continued)

Large Cap Fund:

Liabilities:	Gross Amounts of Liabilities Presented in the Statements of Assets & Liabilities
							Gross Amounts Not Offset in the Statements of Assets and Liabilities
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statements of Assets and Liabilities		Financial Instruments Pledged		Cash Collateral Pledged		Net Amount of Liabilities
Options Written Contracts	$	8,859,074⁽¹⁾	$	—	$	8,859,074⁽¹⁾	$	8,622,258⁽²⁾	$	236,816	$	—
Total	$	8,859,074⁽¹⁾	$	—	$	8,859,074⁽¹⁾	$	8,622,258⁽²⁾	$	236,816	$	—

⁽¹⁾

Written options at value as presented in the Funds’ Schedules of Options Written.

⁽²⁾

The amounts are limited to the derivative liability balances and accordingly do not include excess collateral pledged.

INVESTMENT TRANSACTIONS

For the six month period ended May 31, 2020, aggregate purchases and sales of investment securities (excluding short-term investments) for the Funds were as follows:

	Purchases		Sales
Smaller Companies Fund	$	136,653	$	3,895,426
International Companies Fund		544,564		4,186,284
Income Fund		1,047,731		9,906,632
Large Cap Fund		1,745,734		12,754,679

There were no U.S. Government securities purchased or sold during the six month period ended May 31, 2020.

ADVISORY FEES AND OTHER RELATED PARTY TRANSACTIONS

The Funds have entered into an Investment Advisory Agreement (the “Advisory Agreement”) with the Adviser. Pursuant to the Advisory Agreement, the Adviser manages the operations of the Funds and manages the Funds’ investments in accordance with the stated policies of the Funds. As compensation for the investment advisory services provided to the Funds, the Adviser receives a monthly management fee equal to an annual rate of 1.35% of each Fund’s net assets. For the six month period ended May 31, 2020, the Adviser earned management fees as follows:

	Management Fees
Smaller Companies Fund	$	52,687
International Companies Fund		52,746
Income Fund		75,528
Large Cap Fund		228,532

WP Trust

SEMI-ANNUAL REPORT

WP Family of Funds

NOTES TO THE FINANCIAL STATEMENTS

May 31, 2020 (Unaudited)

ADVISORY FEES AND OTHER RELATED PARTY TRANSACTIONS (continued)

The Adviser had entered into a contractual agreement (the “Prior Expense Limitation Agreement”) with the Trust under which it had agreed to waive or reduce its fees and to assume other expenses of the Smaller Companies Fund, International Companies Fund and Income Fund, if necessary, in an amount that limited “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage fees and commissions, other expenditures that are capitalized in accordance with generally accepted accounting principles, acquired fund fees and expenses, other extraordinary expenses not incurred in the ordinary course of the Funds’ business, interest and dividend expense on securities sold short and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the Investment Company Act of 1940, as amended) to not more than 2.50%. The contractual agreement expired on March 30, 2019 and was not renewed. The Adviser has also entered into a contractual agreement with the Trust with respect to the Large Cap Fund under which it has 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 during the six month period ended May 31, 2020.

The Funds 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 Prior 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 Funds (or any lower expense limitation or limitations to which the parties may otherwise agree) that were in effect at the time they were waived. The amounts subject to repayment by the Funds, pursuant to the aforementioned conditions, are as follows:

	November 30, 2022		November 30, 2021		November 30, 2020
Smaller Companies Fund	$	4,552	$	44,420	$	31,903
International Companies Fund		1,223		27,465		10,825
Income Fund		—		—		—
Large Cap Fund		—		—		—

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

The Funds have entered into an Investment Company Services Agreement (“ICSA”) with M3Sixty Administration, LLC (“M3Sixty”). Pursuant to the ICSA, M3Sixty will provide day-to-day operational services to the Funds including, but not limited to: (a) Fund accounting services; (b) financial statement preparation; (c) valuation of the Funds’ portfolio securities; (d) pricing the Funds’ shares; (e) assistance in preparing tax returns; (f) preparation and filing of required regulatory reports; (g) communications with shareholders; (h) coordination of Board and shareholder meetings; (i) monitoring the Funds’ legal compliance; (j) maintaining shareholder account records. The ICSA provides for certain minimum fees along with basis points fees. In addition if the ICSA is terminated before the contractual agreement date, there are certain fees and expenses for early termination.

For the six month period ended May 31, 2020, amounts paid to M3Sixty, including compliance officer fees and out of pocket expenses, were as follows:

	ICSA Fees
Smaller Companies Fund	$	23,913
International Companies Fund		23,906
Income Fund		28,150
Large Cap Fund		57,047

WP Trust

SEMI-ANNUAL REPORT

WP Family of Funds

NOTES TO THE FINANCIAL STATEMENTS

May 31, 2020 (Unaudited)

ADVISORY FEES AND OTHER RELATED PARTY TRANSACTIONS (continued)

Certain officers of the Trust are also employees and/or officers of M3Sixty.

The Funds have entered into a Distribution Agreement with Matrix 360 Distributors, LLC (“M3SixtyD”). Pursuant to the Distribution Agreement, M3SixtyD provides distribution services to the Funds. M3SixtyD serves as underwriter/distributor of the Funds.

The Distributor is an affiliate of M3Sixty.

The Funds have adopted a Distribution Plan (“Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940. The Funds may expend up to 0.25% for Institutional Class shares of the Funds’ average daily net assets annually to pay for any activity primarily intended to result in the sale of shares of the Funds and the servicing of shareholder accounts, provided that the Trustees have approved the category of expenses for which payment is being made.

For the six month period ended May 31, 2020, the Funds accrued 12b-1 expenses attributable to Institutional Class shares as follows:

	12b-1 Fees
Smaller Companies Fund	$	9,757
International Companies Fund		9,767
Income Fund		13,987
Large Cap Fund		43,306

TAX MATTERS

For U.S. Federal income tax purposes, the cost of investments owned, gross appreciation, gross depreciation, and net unrealized appreciation/(depreciation) of investments at May 31, 2020, were as follows:

	Cost		Gross Appreciation		Gross Depreciation			Net Appreciation (Depreciation)
Smaller Companies Fund	$	3,685,960	$	1,965,672	$	(71,370	)	$	1,894,302
International Companies Fund		5,575,587		205,173		(75,680	)		129,493
Income Fund		6,879,518		84,280		(250,898	)		(166,618	)
Large Cap Fund		21,533,642		11,849,973		(3,774,204	)		8,075,769

The difference between book basis and tax basis unrealized appreciation (depreciation) is primarily attributable to the tax treatment of derivatives and the tax deferral of losses on tax straddles and wash sales.

The Funds’ tax basis distributable earnings are determined only at the end of each fiscal year. The tax character of distributable earnings (deficit) at November 30, 2019, the Funds’ most recent fiscal year end, were as follows:

	Unrealized Appreciation (Depreciation)		Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Capital Loss Carry Forwards		Post-October Loss, Late Year Loss and Other Losses			Total Distributable Earnings
Smaller Companies Fund	$	2,546,874	$	—	$	11,812	$	—	$	(365,621	)	$	2,193,065
International Companies Fund		1,201,318		13,633		81,889		—		—			1,296,840
Income Fund		99,970		39,751		25,600		—		(38,411	)		126,910
Large Cap Fund		14,875,906		360,114		814,533		—		—			16,050,553

WP Trust

SEMI-ANNUAL REPORT

WP Family of Funds

NOTES TO THE FINANCIAL STATEMENTS

May 31, 2020 (Unaudited)

TAX MATTERS (continued)

During the year ended November 30, 2019, the Funds utilized capital loss carry forwards as follows:

	Capital Loss Carryforwards Utilized
Smaller Companies Fund	$	199,808
International Companies Fund		197,007
Income Fund		396,383
Large Cap Fund		1,226,552

Under current tax law, net capital losses realized after October 31st and net ordinary losses incurred after December 31st may be deferred and treated as occurring on the first day of the following fiscal year. As of November 30, 2019, the Funds elected to defer losses as indicated in the chart below.

	Post-October Losses		Post-December Losses
	Deferred		Deferred
Smaller Companies Fund	$	—	$	178,084
International Companies Fund		—		—
Income Fund		—		—
Large Cap Fund		—		—

In accordance with GAAP, the Funds have recorded reclassifications in the capital accounts. The reclassifications listed below have no impact on the net asset value of the Funds and are as a result of non-deductible expenses, net operating losses and return of capital adjustments. As of November 30, 2019, the Funds recorded reclassifications to increase (decrease) the capital accounts as follows:

	Total Distributable Earnings		Paid-in Capital
Smaller Companies Fund	$	124,903	$	(124,903	)
International Companies Fund		496		(496	)
Income Fund		3,989		(3,989	)
Large Cap Fund		4		(4	)

During the six month period ended May 31, 2020, the Funds made the following distributions:

	Long-Term Capital Gains		Ordinary Income
Smaller Companies Fund	$	—	$	—
International Companies Fund		82,791		112,299
Income Fund		30,953		210,662
Large Cap Fund		769,751		300,418

During the year/period ended November 30, 2019, the Funds made the following distributions:

	Long-Term Capital Gains		Ordinary Income		Return of Capital
Smaller Companies Fund	$	—	$	—	$	—
International Companies Fund		—		—		—
Income Fund		—		476,517		—
Large Cap Fund		—		31,799		—

WP Trust

SEMI-ANNUAL REPORT

WP Family of Funds

NOTES TO THE FINANCIAL STATEMENTS

May 31, 2020 (Unaudited)

COMMITMENTS AND CONTINGENCIES

In the normal course of business, the Trust may enter into contracts that may contain a variety of representations and warranties and provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, management considers the risk of loss from such claims to be remote.

SUBSEQUENT EVENTS

On June 15, 2020, the Income Fund declared an ordinary income distribution of $8,993, which was payable on June 15, 2020. The June distribution was paid to shareholders of record as-of June 12, 2020. On July 15, 2020, the Income Fund declared an ordinary income distribution of $11,187, which was payable on July 15, 2020. The July distribution was paid to shareholders of record as-of July 14, 2020.

In accordance with GAAP, Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued, and has determined that there were no other subsequent events requiring recognition or disclosure in the financial statements.

RECENT MARKET EVENTS

An outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel and border restrictions, quarantines, curfews and restrictions on large gatherings, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations and supply chain disruptions, which have caused lower consumer demand of a wide range of products and services and disruptions in manufacturing and supply chains, as well as general concern and uncertainty. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. The spread of COVID-19 has adversely affected the economies of many nations and the entire global economy, in general. The full extent of the impact of COVID-19 on the Funds’ performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak.

WP Trust

SEMI-ANNUAL REPORT

ADDITIONAL INFORMATION

May 31, 2020 (Unaudited)

The Funds file their complete schedules of portfolio holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-PORT. The Funds’ Forms N-PORT are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-PORT may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Commission’s Public Reference Room may be obtained by calling 1-800-SEC-0330.

Prior to March 31, 2020, the Funds filed their complete schedules of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-877-244-6235; and on the Commission’s website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available without charge, upon request, by calling 1-877-244-6235; and on the Commission’s website at http://www.sec.gov.

Shareholder Tax Information - The Funds are required to advise you within 60 days of the Funds’ fiscal year end regarding the federal tax status of distributions received by shareholders during the fiscal year. During the six month period ended May 31, 2020, the Funds paid the following distributions:

	Long-Term Capital Gains		Ordinary Income
Smaller Companies Fund	$	—	$	—
International Companies Fund		82,791		112,299
Income Fund		30,953		210,662
Large Cap Fund		769,751		300,418

Tax information is reported from the Funds’ fiscal year and not calendar year, therefore, shareholders should refer to their Form 1099-DIV or other tax information which will be mailed in 2021 to determine the calendar year amounts to be included on their 2020 tax returns. Shareholders should consult their own tax advisors.

WP Trust

SEMI-ANNUAL REPORT

Information About Your Funds’ Expenses (Unaudited)

As a shareholder of the Funds, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees; and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses – The first section of the table provides information about actual account values and actual expenses (relating to the example $1,000 investment made at the beginning of the period). You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period“ to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes – The second section of the table provides information about the hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds to other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. For more information on transactional costs, please refer to the Funds’ prospectus.

Expenses and Value of a $1,000 Investment for the six month period ended May 31, 2020

		Beginning Account Value (12/01/2019)	Annualized Expense Ratio for the Period			Ending Account Value (05/31/2020)		Expenses Paid During Period ^(a)
Actual Fund Return
Smaller Companies Fund	$	1,000.00	3.70	%	$	516.30	$	14.03
International Companies Fund	$	1,000.00	3.75	%	$	479.00	$	13.87
Income Fund	$	1,000.00	3.39	%	$	500.60	$	12.72
Large Cap Fund	$	1,000.00	2.68	%	$	531.50	$	10.26

Hypothetical 5% Return
Smaller Companies Fund	$	1,000.00	3.70	%	$	1,006.50	$	18.56
International Companies Fund	$	1,000.00	3.75	%	$	1,006.30	$	18.81
Income Fund	$	1,000.00	3.39	%	$	1,008.10	$	17.02
Large Cap Fund	$	1,000.00	2.68	%	$	1,011.60	$	13.48

(a)

Expenses are equal to the Funds’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period.

For more information on Fund expenses, please refer to the Funds’ prospectuses, which can be obtained from your investment representative or by calling 1-877-244-6235. Please read them carefully before you invest or send money.

WP Trust

SEMI-ANNUAL REPORT

Information About Your Fund’s Expenses (Unaudited) (continued)

Total Fund operating expense ratios as stated in the current Fund prospectus dated March 30, 2020 for the Funds were as follows:

Smaller Companies Fund	3.56	%
International Companies Fund	3.73	%
Income Fund	3.54	%
Large Cap Fund	2.67	%

Total Gross Operating Expenses for the six month period ended May 31, 2020, were 3.70%, 3.75%, 3.39% and 2.68% for the Smaller Companies Fund, International Companies Fund, Income Fund and Large Cap Fund, respectively. Please see the Information About Your Funds’ Expenses, the Financial Highlights and Notes to Financial Statements (Note 5) sections of this report for expense related disclosures during the six month period ended May 31, 2020.

WP Trust

SEMI-ANNUAL REPORT

Approval of the Advisory Agreement Renewal for the WP Smaller Companies Income Plus Fund, the WP International Companies Income Plus Fund, the WP Income Plus Fund and the WP Large Cap Income Plus Fund (Unaudited)

At a meeting held on April 28, 2020, the Board of Trustees (the “Board“) considered the approval of the renewal of the Investment Advisory Agreement (the “Advisory Agreement“) between the Trust and Winning Points Advisors, LLC (the “Adviser“) in regard to the WP Smaller Companies Income Plus Fund (the “Smaller Companies Fund“), the WP International Companies Income Plus Fund (the “International Companies Fund“), the WP Income Plus Fund (the “Income Fund“) and the WP Large Cap Income Plus Fund (the “Large Cap Fund,“ together with the Smaller Companies Fund, the International Companies Fund and the Income Fund, the “WP Funds“).

Independent Counsel (“Counsel“) reviewed his memorandum to the Trustees that summarized, among other things, the fiduciary duties and responsibilities of the Board in reviewing and approving the renewal of the Advisory Agreement. A copy of this memorandum was circulated to the Trustees in advance of the Meeting. Counsel discussed with the Trustees the types of information and factors that should be considered by the Board to make an informed decision regarding the approval of the continuation of the Advisory Agreement, including the following material factors: (i) the nature, extent, and quality of the services provided by the Adviser; (ii) the investment performance of the WP Funds; (iii) the costs of the services provided and profits to be realized by the Adviser from its relationship with the WP Funds; (iv) the extent to which economies of scale would be realized if the WP Funds grow and whether advisory fee levels reflect those economies of scale for the benefit of the WP Funds’ investors; and (v) the Adviser’s practices regarding possible conflicts of interest and other benefits derived by the Adviser.

In assessing these factors and reaching its decisions, the Board took into consideration information furnished for the Board’s review and consideration throughout the year at regular Board meetings, as well as information specifically prepared and/or presented in connection with the annual renewal process, including information presented to the Board in the Adviser’s presentation earlier in the Meeting. The Board requested and was provided with information and reports relevant to the annual renewal of the Advisory Agreement, including: (i) reports regarding the services and support provided to each WP Fund and its shareholders by the Adviser; (ii) quarterly assessments of the investment performance of each WP Fund from the Adviser; (iii) periodic commentary on the reasons for the performance; (iv) presentations by the WP Funds’ management addressing the Adviser’s investment philosophy, investment strategy, personnel, and operations; (v) compliance and audit reports concerning each WP Fund and the Adviser; (vi) disclosure information contained in the registration statement of the Trust and the Form ADV of the Adviser; and (vii) a memorandum from Counsel, that summarized the fiduciary duties and responsibilities of the Board in reviewing and approving the renewal of the Advisory Agreement, including the material factors set forth above and the types of information included in each factor that should be considered by the Board in order to make an informed decision.

The Board also requested and received various informational materials including, without limitation: (i) documents containing information about the Adviser, including financial information, a description of personnel and the services provided to the WP Funds, information on investment advice, performance, summaries of each WP Fund’s expenses, compliance program, current legal matters and other general information; (ii) comparative expense and performance information for other mutual funds with strategies similar to the WP Funds; (iii) the anticipated effect of size on each WP Fund’s performance and expenses; and (iv) benefits to be realized by the Adviser from its relationship with the WP Funds. The Board did not identify any information that was most relevant to its consideration to approve the Advisory Agreement, and each Trustee may have afforded different weight to the various factors.

(1)

The nature, extent, and quality of the services provided by the Adviser.

In this regard, the Board considered the responsibilities that the Adviser has under the Advisory Agreement with respect to WP Funds. The Board reviewed the services provided by the Adviser to the WP Funds including, without limitation: the Adviser’s processes for formulating investment recommendations and assuring compliance with each WP Fund’s investment objectives and limitations; its coordination of services for each WP Fund among the WP Funds’ service providers, and the anticipated efforts to promote the WP Funds, grow assets, and assist in the distribution of WP Funds’ shares. The Board considered the Adviser’s staffing, personnel, and operations, the education and experience of the Adviser’s personnel, and the Adviser’s compliance program, policies, and procedures. The Board discussed the Adviser’s decision to hire a compliance consulting firm to review its compliance program and the enhancements made to the Adviser’s program as a result of such review. They also considered the regular updates being provided by the Adviser and the Funds’ administrator as it relates to the SEC’s routine examination of the Adviser and the WP Funds. After reviewing the foregoing and further information from the Adviser, the Board concluded that the quality, extent, and nature of the services provided by the Adviser was satisfactory and adequate for the WP Funds.

WP Trust

SEMI-ANNUAL REPORT

(2)

Investment Performance of the WP Funds and the Adviser.

In considering the investment performance of each WP Fund and the Adviser, the Trustees compared the short- and long-term performance of each WP Fund with the performance of comparable funds with similar objectives managed by other investment advisers (i.e., the respective Morningstar category averages). The Trustees also considered the consistency of the Adviser’s management of each WP Fund with its investment objective and policies. For the Smaller Companies Fund, the Board noted that the Smaller Companies Fund had outperformed the average fund in the Morningstar Small Blend Category for the one- and three- year periods ended December 31, 2019. For the International Companies Fund, the Board noted that the International Companies Fund had outperformed the average fund in the Morningstar Foreign Large Blend category for the one-year period ended December 31, 2019 but trailed the average fund in its category for the three-year period ended December 31, 2019. For the Income Fund, the Board noted that the Income Fund had outperformed the average fund in the Morningstar High Yield Bond Category for the one- and three- year periods ended December 31, 2019. The Trustees further noted that the Large Cap Fund outperformed the average fund in the Morningstar Large Value Category for the one-, three- and five- year periods ended December 31, 2019. The Trustees noted that the Adviser does not manage any separate accounts that are substantially similar to the strategies employed for the WP Funds. The Trustees considered the impact the Adviser’s use of options has on Fund performance, noting that the use of options aided performance of the WP Funds during the year ended December 31, 2019. They also considered the Adviser’s update on the WP Funds performance since the onset of the COVID-19 crisis, noting that all the WP Funds have been significantly impacted by the market decline. The Trustees discussed the significant underperformance by each of the WP Funds relative to their respective benchmark indices and Morningstar peers during the crisis. They also considered the Adviser’s discussion on how the WP Funds’ portfolios were positioned prior to the COVID-19, noting that and how the WP Funds performed during the recent significant market volatility. The Trustees considered the Adviser’s discussion on its portfolio management response to the significant volatility and market downturn, including the potential for more active use of defensive strategies in the future as may be appropriate from time to time. Based on the foregoing, the Board concluded that the investment performance during the primary period covered for each of the WP Funds was satisfactory, but they expressed concern in light of the recent experience resulting from the global pandemic. The Board indicated that they would continue to monitor performance closely.

(3)

The costs of the services to be provided and profits to be realized by the Adviser from the relationship with the WP Funds.

In this regard, the Trustees considered: the Adviser’s staffing, personnel and methods of operating; the financial condition of the Adviser and its affiliates and the level of commitment to the Adviser’s operations by the Adviser and its principals; the expected asset level of the WP Funds; and the projected overall expenses of the WP Funds. The Trustees considered financial circumstances of the Adviser (before and after the onset of the COVID-19 crisis) and discussed the financial stability and productivity of the firm. The Trustees considered the fees and expenses of each WP Fund (including the management fee) relative to its Morningstar category.

The Trustees noted that the management fee and net expense ratio for the Smaller Companies Fund were above the average fund in the Morningstar Small Blend category and both tended towards the higher end of the category. The Trustees noted that the management fee and net expense ratio for the International Companies Fund were above the average fund in the Morningstar Foreign Large Blend category and tended towards the higher end of the category. The Trustees noted that the management fee and net expense ratio for the Income Fund were above the average fund in the Morningstar High Yield Bond category and both tended towards the higher end of the category. The Trustees noted that the management fee and net expense ratio for the Large Cap Fund were above the average fund in the Morningstar Large Value category and both tended towards the higher end of the category. Despite the higher management fee and expense ratio for the WP Funds, the Trustees noted that the WP Funds fee structures were within a reasonable range relative to the other funds in their respective categories. In considering the management fee for each of the WP Funds and the appropriateness thereof, the Board took into consideration the Adviser’s representations about the complexity of the investment strategies utilized for each WP Fund. In this regard, the Board concluded that this “alternatives“ strategy, as described by the Adviser at the Meeting, warranted the higher management fees. The Trustees considered the Adviser’s policy to not charge a management fee at the client account level for any assets invested in the WP Funds.

WP Trust

SEMI-ANNUAL REPORT

The Board also considered that the each of the WP Funds may invest in other investment companies. In this regard, the Board considered the nature of the services rendered and determined, based on the information provided by the Adviser in its response, as well as discussions with the Adviser, that the fees paid by each WP Fund to the underlying investment company were not based on services provided that are duplicative of the services provided by the investment advisers to the underlying investment companies.

Upon further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to the Adviser by each WP Fund were fair and reasonable.

(4) The extent to which economies of scale would be realized as each WP Fund grows and whether advisory fee levels reflect these economies of scale for the benefit of the WP Funds’ investors.

In this regard, the Board considered each WP Fund’s fee arrangements with the Adviser. The Trustees considered that each WP Fund would benefit from economies of scale under its agreements with some of its service providers other than the Adviser, noting that the fee structures with those other service providers were either fixed or essentially semi-fixed. The Trustees discussed other accounts managed by the Adviser, noting that the Adviser does not manage any separately managed accounts with similar strategies as the WP Funds. Following further discussion of the WP Funds’ expected asset levels, expectations for growth and levels of fees, the Board determined that each WP Fund’s fee arrangement, in light of all the facts and circumstances, was fair and reasonable.

(5) Possible conflicts of interest and benefits derived by the Adviser.

In considering the Adviser’s practices regarding conflicts of interest, the Trustees evaluated the potential for conflicts of interest and considered such matters as: the experience and ability of the advisory and compliance personnel assigned to the WP Funds; the fact that the Adviser does not utilize soft dollars; the basis of decisions to buy or sell securities for the WP Funds; and the substance and administration of the Adviser’s code of ethics. The Board considered the Adviser’s representation that it believes its compliance policies and procedures, as well as its code of ethics, were adequately designed to address conflicts of interest. Based on the foregoing, the Board determined that the Adviser’s standards and practices relating to the identification and mitigation of possible conflicts of interest were satisfactory. The Trustees noted that there were no benefits identified by the Adviser to the Board, other than the receipt of advisory fees under the Advisory Agreement, in managing the assets of the WP Funds.

WP TRUST
4300 Shawnee Mission Pkwy
Suite 100
Fairway, KS 66205

INVESTMENT ADVISER
Winning Points Advisers, LLC
127 NW 13^th Street
Suite 13
Boca Raton, FL 33432

ADMINISTRATOR & TRANSFER AGENT
M3Sixty Administration, LLC
4300 Shawnee Mission Pkwy
Suite 100
Fairway, KS 66205

DISTRIBUTOR
Matrix 360 Distributors, LLC
4300 Shawnee Mission Pkwy
Suite 100
Fairway, KS 66205

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Cohen & Company, Ltd.
1350 Euclid Avenue
Suite 800
Cleveland, OH 44115

LEGAL COUNSEL
Practus, LLP
11300 Tomahawk Creek Parkway
Suite 310
Leawood, KS 66211

CUSTODIAN BANK
Fifth Third Bank
Fifth Third Center
38 Fountain Square Plaza
Cincinnati, OH 45263

ITEM 2.

CODE OF ETHICS.

Not applicable at this time.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable at this time.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable at this time.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable

ITEM 6.

SCHEDULE OF INVESTMENTS

Included in Semi-Annual Report to shareholders filed under item 1 of this Form.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable as the Funds are an open-end management investment companies.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable as the Funds are an open-end management investment companies.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable as the Funds are an open-end management investment companies.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable at this time.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act, are effective, as of a date within 90 days of the filing date of this report, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are 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 as the Funds are an open-end management investment companies.

ITEM 13.

EXHIBITS

(1) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.

(2) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

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

/s/ Charles S. Stoll
By Charles S. Stoll
Principal Executive Officer,
Date: August 3, 2020

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 person on behalf of the registrant and in the capacities and on the date indicated.

/s/ Charles S. Stoll
By Charles S. Stoll
Principal Executive Officer,
Date: August 3, 2020

/s/ Larry E. Beaver, Jr.
By Larry E. Beaver, Jr.
Assistant Treasurer and Acting Principal Financial Officer
Date: August 3, 2020

WP Trust N-CSRSCertified semi-annual shareholder report (management investment company)