N-CSR/A 1 quantified_ncsra.htm N-CSR/A

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 811-22756

Advisors Preferred Trust

(Exact name of registrant as specified in charter)

1445 Research Blvd, Suite 530, Rockville, MD 20850

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street Wilmington, DE 19801

(Name and address of agent for service)

Registrant's telephone number, including area code: 631-470-2734

Date of fiscal year end: 6/30

Date of reporting period: 6/30/22

Refile to update the Report of Independent Registered Public Accounting Firm.

Item 1. Reports to Stockholders.

(QUANTIFIED FUNDS LOGO)

Annual Report

June 30, 2022

Quantified Managed Income Fund	Quantified Market Leaders Fund
Investor Class Shares QBDSX	Investor Class Shares QMLFX
Advisor Class Shares QBDAX	Advisor Class Shares QMLAX

Quantified Alternative Investment Fund	Quantified STF Fund
Investor Class Shares QALTX	Investor Class Shares QSTFX
Advisor Class Shares QALAX	Advisor Class Shares QSTAX

Quantified Pattern Recognition Fund	Quantified Tactical Fixed Income Fund
Investor Class Share QSPMX	Investor Class Shares QFITX

Quantified Evolution Plus Fund	Quantified Common Ground Fund
Investor Class Shares QEVOX	Investor Class Shares QCGDX

Quantified Tactical Sectors Fund	Quantified Rising Dividend Tactical Fund
Investor Class Shares QTSSX	Investor Class Shares QRDTX

Quantified Government Income Tactical Fund
Investor Class Shares QGITX

1-855-64-QUANT (1-855-647-8268)

www.advisorspreferred.com

Distributed by Ceros Financial Services, Inc.

August 24, 2022

Dear Shareholders:

This Annual Report for the Quantified Funds covers the period from July 1, 2021–June 30, 2022. The Quantified Funds are a series of Funds, sub-advised by Flexible Plan Investments, Ltd., actively managed using dynamic asset allocation. The Quantified Funds are created to work together in portfolios to seek return and manage risk for an investor through changing market conditions.

The Quantified Alternative Investment Fund returned -1.99% for the Investor Class shares for the year and -2.45% for the Advisor Class shares compared with a decline of -4.33% for the HFRX Global Hedge Fund Index and a loss of -10.62% for the S&P 500 Total Return Index. The sector rotation portion of the Fund, specifically the Financial Services sector, had the largest positive contribution to the Fund in the third quarter while the Materials sector had the largest contribution in the fourth quarter. In the first quarter of 2022, the Traditional Energy sector had the largest positive contribution. The Fund’s futures hedging exposure had a negative contribution to the performance. Commodities provided the largest positive contribution in the asset class rotational portion of the Fund during the second quarter of 2022. The cash position was just over 44% at the end of the period, signifying a higher-than-average risk environment. The Fund’s futures hedging exposure had a positive contribution to performance for the quarter.

The Quantified Common Ground Fund was developed to invest in common stocks and bonds of issuers that can be considered compliant with both ESG (Environmental, Social and Governance) and BRI (Biblically Responsible Investing) standards. The Fund returned 6.35% for the year versus a negative return of -11.01% of the S&P Composite 1500 Total Return Index. Healthcare and Technology were the top contributors to performance for the third quarter of 2021 while Healthcare and Consumer Staples were the top contributors to performance for the fourth quarter. Utilities provided superior performance in the first quarter of 2022, though the Packaged Foods industry contributed significantly to returns as well. Packaged Foods remained a positive performer for the Fund near the beginning of the second quarter. However, a transition to the Multi-Utility industry as the largest industry exposure in June resulted in losses to the fund. The sector subsequently underperformed after the sector fell behind in returns relative to other sectors.

The Quantified Evolution Plus Fund returned -8.32% compared with a return of -10.62% for the S&P 500 Total Return Index for the period, despite the Fund’s use of leverage. The Fund began the third quarter heavily invested in Real Estate and International equities. With the Fund’s dynamic allocation methodology, by the time the fourth quarter was finished, Real Estate and S&P 500 combined for only 35% of the portfolio, with the largest position in long-term government bonds. The Fund began 2022 focused on Real Estate and Domestic Equities. At the end of the first quarter, however, they were collectively only 11% of the portfolio, with the leading percentage being in the U.S. Dollar. The biggest initial holdings contributed the most losses for the quarter, and the Fund bottomed out in terms of performance at the end of January. After that point, the Fund steadily increased in value, investing in what are typically considered alternative investments. The Fund was primarily invested in the U.S. dollar for the majority of the second quarter and had the largest cash positions since the Fund’s inception, effectively reducing leverage from 2X. Risk-on assets did contribute to some losses in the first month of the quarter, but by May returns had stabilized. As a consequence of moving to mostly risk-off strategies by the latter half of the quarter, the Fund outperformed its benchmark for the quarter.

The Quantified Government Income Tactical Fund returned -5.05% versus a loss of -10.29% for the Bloomberg U.S. Aggregate Bond Index for the year. The Fund performed well during the third quarter, offering exposure to long -term U.S. Treasuries with less volatility. The Fund took advantage when long-term U.S. Treasuries rose through the beginning of December and reduced exposure as they fell through the remainder of the quarter, leading to the outperformance. The Fund had a long bias for long-term Treasuries for the first quarter of 2022, though tactical trades were significant in reducing exposure near the beginning of January and February. The Fund held one brief short position in long-term Treasuries at

the beginning of January. The Fund had a long bias for long-term Treasuries for the quarter, though tactical trades were significant in reducing exposure near the beginning of each month. The Fund held one brief short position in long-term Treasurys at the beginning of June. Thanks to reduced exposures applied at beneficial times, the Fund outperformed long-term Treasurys for the quarter, though it lagged aggregate bonds.

The Quantified Managed Income Fund fell by -0.90% for the Investor Class for the year and by -1.47% for the Advisor Class shares, compared with drop of -10.29% for the Bloomberg U.S. Aggregate Bond Index. The dividend-paying stock sleeve of the Fund was the best performing component in the second half of the year, though that portion of the Fund remained mostly market neutral to reduce volatility. The rotational ETF sleeve of the Fund was the best performing component in the first half of 2022, while the dividend-paying stock sleeve was down during the same period, though, again, that portion of the Fund remained mostly market neutral to reduce volatility. The Fund’s high-yield-bond trading sleeve outperformed the benchmark. The actively-traded long-term government bond futures overlay was positive and significantly outperformed the Fund’s benchmark from January through June.

The Quantified Market Leaders Fund declined by -28.64% for the period in the Investor Class shares and by -29.09% in the Advisor Class shares, versus a loss of -15.53% for the Wilshire 5000 Total Return Index. During the third quarter, the Market Leaders Fund experienced whipsaws in the rotation of asset classes and sectors. The Fund fared better in the fourth quarter. The Fund started 2022 fully invested and leveraged for a 156% market exposure, its maximum. As the market indices moved into correction and bear market territory, market exposure was quickly reduced: 59% by the end of January, and 22% by the end of February. New buying in March in Large, Mid and Small Value, along with Financials, Health Care, and Materials, raised market exposure back to 91%, essentially a neutral market stance. Market exposure during the second quarter varied from 9% to 91%, averaging 53%. Two attempted market rallies pulled market exposure higher, only to be followed by new lows, which led to small whipsaws during the quarter. On June 30, market exposure was 41%, with the two largest positions being Health Care and Financial Services, and smaller positions in Emerging Markets and Large, Mid, and Small Value.

The Quantified Pattern Recognition Fund returned -21.49% for the period versus a return of -10.20% for a blended benchmark of 50% of the S&P 500 Total Return Index and 50% of the Bloomberg U.S. Aggregate Bond Index for the same period. The Fund began 2021’s third quarter minimally exposed to the market, with some inverse positions, switching to 2X long near the middle of July, remaining there for much of the quarter. However, as the markets pulled back in mid-September, the Fund exited stocks after hitting a stop-loss in mid-September and giving back most of its gains for the quarter. The Fund then re-entered the market the following day on new patterns found, though exposure was only 0.5X. At the end of October and beginning of November, the Fund saw significant inverse positions. The Fund changed its position back to 1.6X long by mid-November. The Fund began the first quarter of 2022 significantly exposed to the market, changing to 0.8X long in mid-January. The Fund exited the markets at the beginning of February, and reentered at 0.8X, increasing to 2X long until about halfway through the month. Two whipsaw events from April 20 to April 26 and June 7 to June 14 were major contributors to the Fund’s losses for the second quarter. Mean-reversion patterns were identified, but the market did not follow through on them. Buying the dip was not profitable. This resulted in losses on some of these trades. This behavior can be expected as market patterns change, and the algorithm requires time to adapt to those changes.

The Quantified Rising Dividend Tactical Fund returned -15.80% for the year while the S&P 500 Total Return Index declined by -10.62% for the same period. At the beginning of January, the Fund was tilted to Value ETFs which held up better than Growth stocks in the first quarter. The rule set for the risk management seeks to eliminate minor market whipsaws while exiting in larger bear markets. During market downturns the Fund relies upon a moving stop applied to the entire portfolio for risk management. A trailing stop on the portfolio makes it “hard to get out,” yet that was violated on May 19 when market exposure was reduced to 25% on May 20. Once the stop was triggered, the rule set becomes more sensitive, making it easier to get back in. However, it remains extremely cautious if any new buy signal starts to fail. That is the position the strategy has been in since May 20, leading to a few buy signals that quickly reversed. As of June 30, the Fund was back to 100% invested.

The Quantified STF Fund returned a negative -18.23 % for the year for the Investor Class shares and -18.72 for the Advisor Class shares, versus a loss of -20.38% for the NASDAQ 100 Total Return Index. The Fund began the period with 2X exposure and varied exposure from 0.8X to 2X for the six months ending in December which contributed to positive returns for that period. The Fund started the first day of 2022 with 2X exposure which decreased to 0.8X on January 5, before decreasing first to 0X and then to -1X on March 10. On March 22, exposure went back to 0X, remaining flat to the end the quarter. As a dynamically managed, tactical fund, QSTFX continued to be responsive to the market during the second quarter: On April 4, exposure increased to 1X. On April 25, it decreased back to 0X. On June 3, exposure changed back to -1X. On June 7, it rose to 0X, and on June 9 it fell back to -1X. On June 24, exposure changed to 0X, and on June 28 it was again reduced to -1X, ending the quarter in that inverse position, and with a small outperformance over its benchmark.

The Quantified Tactical Fixed Income Fund returned -8.61%, while the Bloomberg U.S. Aggregate Bond Index returned -10.29% for the period. In July and September, the Fund was strongly long biased in long-term U.S. Treasuries, while during the month of August the Fund alternated several times between long and slightly short positions as the underlying strategies sought consensus. The Fund held two brief short positions in long-term U.S. Treasuries in mid-November and mid-December. The Fund ended 2022 with a 200% market exposure, its maximum level. The Fund had a continuing long bias for long-term Treasuries for the quarter, though tactical trades were significant in reducing exposure near the beginning of each month. Apart from a small amount of exposure to high yields in the first week of June, the Fund had no exposure to the asset class. In the end, the Fund outperformed its benchmark.

The Quantified Tactical Sectors Fund declined by -42.89% for the year versus a loss of -10.62% for the S&P 500 Total Return Index for the same period. The Fund experienced significant whipsaws during this the first half of the period. The Fund moved from its maximum market exposure of 200% in early January, removing any leverage and acting on sell signals in many of the leading sectors. By early March, the S&P 500 had entered correction territory with a 13.1% loss and the NASDAQ Composite fell into a bear market with a drop of 21.6%. With the downturn, Individual Fund Signals began turning negative for the individual sectors within the Fund and all leverage was removed. At the end of January, the Fund held only one sector position, Energy, for a 25% market exposure. Over the next two months, new positions were added slowly in Financials, Health Care, and Materials, but without leverage. Market exposure averaged 55% for the second quarter, varying from 0% to 100%. Several trades in Energy were successful; however, several other sector trades began with gains and ended closed out with small losses. As of June 30, only two positions were held: Health Care and Financial Services.

Thank you for your confidence in the Quantified Funds. If you have any questions about the Funds, please contact us at our website www.flexibleplan.com/market hotline.

Very truly yours,

Jerry Wagner	Catherine Ayers-Rigsby
Flexible Plan, Ltd.	Advisors Preferred, LLC
Sub-adviser	Adviser

Quantified Managed Income Fund
Portfolio Review (Unaudited)
June 30, 2022

The Fund’s performance figures* for the periods ended June 30, 2022, as compared to its benchmark:

		Annualized
				Since Inception	Since Inception
	One Year	Three Year	Five Year	March 18, 2016	August 9, 2013
Quantified Managed Income Fund - Investor Class	(0.90)%	(2.68)%	(0.50)%	N/A	0.56%
Quantified Managed Income Fund - Advisor Class	(1.47)%	(3.31)%	(1.15)%	0.11%	N/A
Bloomberg U.S. Aggregate Bond Index **	(10.29)%	(0.93)%	0.88%	1.09%	1.78%

Comparison of Change in Value of a $10,000 Investment.

Since Inception through June 30, 2022 ⁺

(LINE GRAPH)

⁺

Inception date is August 9, 2013

The Performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. The Fund’s total annual fund operating expense ratio, as provided in the Fund’s prospectus dated November 1, 2021, was 1.57% for Investor Class and 2.18% for Advisor Class shares. For performance information current to the most recent month-end, please call 1-855-647-8268. Investors should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Fund’s prospectus and summary prospectus contain these as well as other information about the Fund and should be read carefully before investing. A prospectus or summary prospectus may be obtained by calling 1-855-647-8268.

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index comprised of U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate and mortgage-backed securities. Investors cannot invest directly in an index; unlike the Fund’s returns, the index does not reflect any fees or expenses.

Portfolio holdings by types of investments as of June 30, 2022 are as follows:

Holdings by Type of Investment ^:	% of Net Assets
Common Stocks		9.6	%
Money Market Funds		84.6	%
Collateral For Securities Loaned		2.3	%
Other Assets in Excess of Liabilities		3.5	%
		100.0	%

The Holdings by Type of Investment detail does not include derivative exposure.

Please refer to the Schedule of Investments in this annual report for a detailed listing of the Fund’s holdings.

QUANTIFIED MANAGED INCOME FUND

SCHEDULE OF INVESTMENTS

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 9.6%
		BEVERAGES - 0.6%
	10,687	Coca-Cola Company	$	672,319
	4,027	PepsiCo, Inc. ^(a)		671,140
				1,343,459
		BIOTECH & PHARMA - 1.6%
	4,437	AbbVie, Inc. ^(a)		679,570
	2,725	Amgen, Inc.		662,993
	3,690	Johnson& Johnson		655,012
	7,192	Merck & Company, Inc.		655,695
	1,093	Regeneron Pharmaceuticals, Inc.		646,105
				3,299,375
		COMMERCIAL SUPPORT SERVICES - 0.3%
	1,812	Cintas Corporation		676,836

		DIVERSIFIED INDUSTRIALS - 0.7%
	5,097	3M Company		659,603
	3,680	Illinois Tool Works, Inc. ^(a)		670,680
				1,330,283
		FOOD - 0.7%
	9,599	General Mills, Inc. ^(a)		724,245
	3,031	Hershey Company ^(a)		652,150
				1,376,395
		HEALTHCARE FACILITIES & SERVICES - 0.3%
	4,782	Quest Diagnostics, Inc.		635,910

		HEALTHCARE REIT - 0.3%
	12,656	Universal Health Realty Income Trust		673,426

		HOUSEHOLD PRODUCTS - 0.9%
	8,388	Colgate-Palmolive Company		672,214
	5,009	Kimberly-Clark Corporation		676,965
	4,649	Procter & Gamble Company		668,480
				2,017,659

See accompanying notes to financial statements.

QUANTIFIED MANAGED INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 9.6% (Continued)
		INDUSTRIAL REIT - 0.3%
	3,533	PS Business Parks, Inc.	$	661,201

		INDUSTRIAL SUPPORT SERVICES - 0.3%
	1,490	WW Grainger, Inc.		677,101

		INSURANCE - 0.7%
	4,288	Marsh & McLennan Companies, Inc. ^(a)		665,712
	3,346	Willis Towers Watson plc		660,467
				1,326,179
		MACHINERY - 0.3%
	5,425	Lincoln Electric Holdings, Inc.		669,228

		MEDICAL EQUIPMENT & DEVICES - 0.3%
	9,372	Hologic, Inc. ^(a)		649,480

		MULTI ASSET CLASS REIT - 0.3%
	16,060	Apartment Income REIT Corporation		668,096

		SELF-STORAGE REIT - 0.4%
	2,156	Public Storage		674,116

		SPECIALTY FINANCE - 0.3%
	45,448	Ellington Financial, Inc. ^(a)		666,722

		TECHNOLOGY SERVICES - 1.0%
	4,905	Broadridge Financial Solutions, Inc.		699,208
	1,674	FactSet Research Systems, Inc. ^(a)		643,770
	4,783	International Business Machines Corporation ^(a)		675,312
				2,018,290

See accompanying notes to financial statements.

QUANTIFIED MANAGED INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 9.6% (Continued)
		TELECOMMUNICATIONS - 0.3%
	12,730	Verizon Communications, Inc.	$	646,048

		TOTAL COMMON STOCKS(Cost $20,263,791)		20,009,804

		SHORT-TERM INVESTMENTS— 84.6%
		MONEY MARKET FUNDS - 84.6%
	88,024,257	Fidelity Government Portfolio, Institutional Class, 1.21% ^(b),(d)		88,024,257
	88,024,256	First American Government Obligations Fund, Class Z, 1.23%^{(b) ,(d)}		88,024,256
		TOTAL MONEY MARKET FUNDS (Cost $176,048,513)		176,048,513

		TOTAL SHORT -TERM INVESTMENTS (Cost $176,048,513)		176,048,513

Units
		COLLATERAL FOR SECURITIES LOANED — 2.3%
	4,878,536	Mount Vernon Liquid Assets Portfolio, LLC –1.61% ^(b),(c)
		TOTAL COLLATERAL FOR SECURITIES LOANED (Cost$4,878,536)		4,878,536

		TOTAL INVESTMENTS – 96.5% (Cost $201,190,840)	$	200,936,853
		OTHER ASSETS IN EXCESS OF LIABILITIES - 3.5%		7,278,990
		NET ASSETS - 100.0%	$	208,215,843

OPEN FUTURES CONTRACTS
Number of
Contracts		Open Short Futures Contracts	Expiration	Notional Amount		Unrealized (Depreciation)
	58	CME E-Mini Standard & Poor’s 500 Index Future	09/16/2022	$	10,989,550	$	(100,385	)
	197	CME Ultra Long -Term US Treasury Bond Future	09/21/2022		30,405,768		(353,339	)
		TOTAL FUTURES CONTRACTS				$	(453,724	)

PLC - Public Limited Company

REIT - Real Estate Investment Trust

^(a)

All or a portion of the security is on loan. Total loaned securities had a value of $4,769,261 at June 30, 2022.

^(b)

Rate disclosed is the seven-day effective yield as of June 30, 2022.

^(c)

Security purchased with cash proceeds of securities lending collateral.

^(d)

See Note 10.

See accompanying notes to financial statements.

Quantified Market Leaders Fund
Portfolio Review (Unaudited)
June 30, 2022

The Fund’s performance figures* for the periods ended June 30, 2022, as compared to its benchmark:

		Annualized
				Since Inception	Since Inception
	One Year	Three Year	Five Year	March 18, 2016	August 9, 2013
Quantified Market Leaders Fund - Investor Class	(28.64)%	10.50%	8.60%	N/A	7.14%
Quantified Market Leaders Fund - Advisor Class	(29.09)%	9.92%	7.98%	9.19%	N/A
Wilshire 5000 Total Market Return Index **	(15.53)%	9.24%	10.25%	11.67%	10.74%

Comparison of Change in Value of a $10,000 Investment.
Since Inception through June 30, 2022 ⁺

⁺

Inception date is August 9, 2013

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. The Fund’s total annual fund operating expense ratio, as provided in the Fund’s prospectus dated November 1, 2021, was 1.57% for Investor Class and 2.17% for Advisor Class shares. For performance information current to the most recent month-end, please call 1-855-647-8268. Investors should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Fund’s prospectus and summary prospectus contain these as well as other information about the Fund and should be read carefully before investing. A prospectus or summary prospectus may be obtained by calling 1-855-647-8268.

The Wilshire 5000 Total Market Return Index or more simply the Wilshire 5000 is an unmanaged composite of U.S. traded equity securities with readily available price data and includes the reinvestment of dividends. This index is widely used by professional investors as a performance benchmark for large-cap stocks. Investors may not invest in an index directly; unlike the Fund’s returns, the index does not reflect any fees or expenses.

Portfolio holdings by types of investments as of June 30, 2022 are as follows:

Holdings by Type of Investment: ^	% of Net Assets
Exchange-Traded Funds:
Equity Funds		41.5	%
Money Market Funds		34.4	%
Collateral for Securities Loaned		11.5	%
Other Assets in Excess of Liabilities		12.6	%
		100.0	%

The Holdings by Type of Investment detail does not include derivative exposure.

Please refer to the Schedule of Investments in this annual report for a detailed listing of the Fund’s holdings.

QUANTIFIED MARKET LEADERS FUND
SCHEDULE OF INVESTMENTS
June 30, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 41.5%
		EQUITY - 41.5%
	971,156	Financial Select Sector SPDR Fund	$	30,542,857
	240,902	Health Care Select Sector SPDR Fund^(a)		30,893,273
	461,120	iShares MSCI Emerging Markets ETF		18,490,912
	60,054	iShares Russell 1000 Value ETF		8,706,028
	15,969	iShares Russell 2000 Value ETF^(a)		2,174,179
	64,358	iShares Russell Mid-Cap Value ETF^(a)		6,536,842
				97,344,091

		TOTAL EXCHANGE-TRADED FUNDS (Cost $100,535,637)		97,344,091

		SHORT-TERM INVESTMENTS — 34.4%
		MONEY MARKET FUNDS - 34.4%
	40,264,279	Fidelity Government Portfolio, Institutional Class, 1.21%^(b)		40,264,279
	40,264,279	First American Government Obligations Fund, Class Z, 1.23%^(b)		40,264,279
		TOTAL MONEY MARKET FUNDS (Cost $80,528,558)		80,528,558

		TOTAL SHORT-TERM INVESTMENTS (Cost $80,528,558)		80,528,558

Units
		COLLATERAL FOR SECURITIES LOANED — 11.5%
	26,869,200	Mount Vernon Liquid Assets Portfolio, LLC – 1.61%^(b)^(c)
		TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $26,869,200)		26,869,200

		TOTAL INVESTMENTS – 87.4% (Cost $207,933,395)	$	204,741,849
		OTHER ASSETS IN EXCESS OF LIABILITIES- 12.6%		29,605,619
		NET ASSETS - 100.0%	$	234,347,468

ETF - Exchange-Traded Fund

MSCI - Morgan Stanley Capital International

SPDR - Standard & Poor’s Depositary Receipt

^(a)

All or a portion of the security is on loan. Total loaned securities had a value of $26,242,321 at June 30, 2022.

^(b)

Rate disclosed is the seven-day effective yield as of June 30, 2022.

^(c)

Security purchased with cash proceeds of securities lending collateral.

See accompanying notes to financial statements.

Quantified Alternative Investment Fund
Portfolio Review (Unaudited)
June 30, 2022

The Fund’s performance figures* for the periods ended June 30, 2022, as compared to its benchmark:

		Annualized
				Since Inception	Since Inception
	One Year	Three Year	Five Year	March 18, 2016	August 9, 2013
Quantified Alternative Investment Fund - Investor Class	(1.99)%	4.62%	3.37%	N/A	2.91%
Quantified Alternative Investment Fund - Advisor Class	(2.45)%	4.07%	2.79%	3.13%	N/A
S&P 500 Total Return Index **	(10.62)%	10.60%	11.31%	12.32%	11.62%

Comparison of Change in Value of a $10,000 Investment.
Since Inception through June 30, 2022 ⁺

(LINE GRAPH)

⁺

Inception date is August 9, 2013

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. The Fund’s total annual fund operating expense ratio, as provided in the Fund’s prospectus dated December 28, 2021, was 2.07% for Investor Class and 2.75% for Advisor Class shares. For performance information current to the most recent month-end, please call 1-855-647-8268. Investors should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Fund’s prospectus and summary prospectus contain these as well as other information about the Fund and should be read carefully before investing. A prospectus or summary prospectus may be obtained by calling 1-855-647-8268.

The S&P 500 Total Return Index is an unmanaged composite of 500 large capitalization companies and includes the reinvestment of dividends. This Index is widely used by professional investors as a performance benchmark for Large-Cap stocks. Investors may not invest in an index directly; unlike the Fund’s returns, the index does not reflect any fees or expenses.

Portfolio holdings by types of investments as of June 30, 2022 are as follows:

Holdings by Type of Investment: ^	% of Net Assets
Exchange-Traded Funds:
Alternative Funds		13.7	%
Commodity Funds		3.5	%
Equity Funds		16.1	%
Fixed Income Funds		4.9	%
Open-End Mutual Funds:
Alternative Funds		14.9	%
Fixed Income Funds		3.0	%
Mixed Allocation Funds		0.1	%
Money Market Funds		50.2	%
Collateral for Securities Loaned		4.7	%
Liabilities in Excess of Other Assets		(11.1	)%
		100.0	%

The Holdings by Type of Investment detail does not include derivative exposure.

Please refer to the Schedule of Investments in this annual report for a detailed listing of the Fund’s holdings.

QUANTIFIED ALTERNATIVE INVESTMENT FUND
SCHEDULE OF INVESTMENTS
June 30, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 38.2%
		ALTERNATIVE - 13.7%
	20,781	First Trust Alternative Absolute Return Strategy ETF	$	693,356
	8,009	ProShares Merger ETF		321,689
	12,297	WisdomTree Managed Futures Strategy Fund		431,748
				1,446,793
		COMMODITY - 3.5%
	2,355	Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		42,484
	5,465	iShares GSCI Commodity Dynamic Roll Strategy ETF		223,737
	1,971	ProShares K-1 Free Crude Oil Strategy Fund ETF		106,582
				372,803
		EQUITY - 16.1%
	988	Alpha Architect US Quantitative Value ETF		29,522
	666	Energy Select Sector SPDR Fund		47,626
	2,062	Fidelity MSCI Energy Index ETF		40,003
	345	First Trust Natural Gas ETF		7,559
	1,992	First Trust Utilities AlphaDEX Fund		64,361
	4,525	FlexShares Global Upstream Natural Resources Index Fund^(a)		179,507
	170	Invesco DWA Energy Momentum ETF		6,496
	908	Invesco RAFI Strategic US ETF		32,125
	1,341	Invesco S&P 500 Equal Weight Energy ETF		82,471
	598	Invesco S&P 500 Equal Weight Utilities ETF		68,315
	1,449	iShares Global Infrastructure ETF		67,741
	898	iShares U.S. Oil & Gas Exploration & Production ETF		69,909
	4,068	ProShares DJ Brookfield Global Infrastructure ETF		187,128
	225	Siren DIVCON Leaders Dividend ETF		10,622
	5,229	SPDR S&P Global Infrastructure ETF^(a)		279,438
	2,812	SPDR S&P Global Natural Resources ETF		146,477
	552	SPDR S&P Metals & Mining ETF		23,957
	208	SPDR S&P North American Natural Resources ETF		10,238
	135	SPDR S&P Oil & Gas Exploration & Production ETF		16,130
	1,480	Utilities Select Sector SPDR Fund		103,792

See accompanying notes to financial statements.

QUANTIFIED ALTERNATIVE INVESTMENT FUND
SCHEDULE OF INVESTMENTS (Continued)
June 30, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 38.2% (Continued)
		EQUITY - 16.1% (Continued)
	1,397	Vanguard Utilities ETF	$	212,833
				1,686,250
		FIXED INCOME - 4.9%
	8,067	FlexShares iBoxx 3-Year Target Duration TIPS Index		200,142
	4,611	iShares Convertible Bond ETF		319,819
				519,961

		TOTAL EXCHANGE-TRADED FUNDS (Cost $4,240,876)		4,025,807

		OPEN END FUNDS — 18.0%
		ALTERNATIVE - 14.9%
	27,773	Dunham Long/Short Credit Fund, Class N		255,236
	19,088	GuideStone Strategic Alternatives Fund, Investor Class		192,025
	32,164	Morningstar Alternatives Fund		319,710
	59,433	PIMCO TRENDS Managed Futures Strategy Fund, Institutional Class		803,538
				1,570,509
		FIXED INCOME - 3.0%
	10,867	Fidelity Convertible Securities Fund		318,295

		MIXED ALLOCATION - 0.1%
	895	Glenmede Secured Options Portfolio		10,642

		TOTAL OPEN-END FUNDS (Cost $1,900,957)		1,899,446

		SHORT-TERM INVESTMENTS — 50.2%
		MONEY MARKET FUNDS – 50.2%
	2,642,781	Fidelity Government Portfolio, Institutional Class 1.21%^(b),(d)		2,642,781
	2,642,781	First American Government Obligations Fund, Class Z, 1.23^%(b),(d)		2,642,781
		TOTAL MONEY MARKET FUNDS (Cost $5,285,562)		5,285,562

See accompanying notes to financial statements.

QUANTIFIED ALTERNATIVE INVESTMENT FUND
SCHEDULE OF INVESTMENTS (Continued)
June 30, 2022

Units			Fair Value
		COLLATERAL FOR SECURITIES LOANED — 4.7%
	490,445	Mount Vernon Liquid Assets Portfolio, LLC – 1.61%^(b),(c)
		TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $490,445)	$	490,445

		TOTAL INVESTMENTS – 111.1% (Cost $11,917,840)	$	11,701,260
		LIABILITIES IN EXCESS OF OTHER ASSETS - (11.1)%		(1,173,260	)
		NET ASSETS - 100.0%	$	10,528,000

OPEN FUTURES CONTRACTS
Number of Contracts		Open Short Futures Contracts	Expiration	Notional Amount		Unrealized Appreciation (Depreciation)
	2	CME E-Mini NASDAQ 100 Index Future,	09/16/2022	$	461,180	$	3,590
	9	CME Ultra Long-Term US Treasury Bond Future,	09/21/2022		1,389,096		(16,033	)
		TOTAL FUTURES CONTRACTS					(12,443	)

ETF - Exchange-Traded Fund

MSCI - Morgan Stanley Capital International

SPDR - Standard & Poor’s Depositary Receipt

TIPS - Treasury Inflation-Protected Security

^(a)

All or a portion of the security is on loan. Total loaned securities had a value of $470,841 at June 30, 2022.

^(b)

Rate disclosed is the seven-day effective yield as of June 30, 2022.

^(c)

Security purchased with cash proceeds of securities lending collateral.

^(d)

See note 10.

See accompanying notes to financial statements.

Quantified STF Fund
Portfolio Review (Unaudited)
June 30, 2022

The Fund’s performance figures* for the periods ended June 30, 2022, as compared to its benchmark:

		Annualized
				Since Inception
	One Year	Three Year	Five Year	November 13, 2015
Quantified STF Fund - Investor Class	(18.23)%	21.42%	16.56%	14.22%
Quantified STF Fund - Advisor Class	(18.72)%	20.67%	15.86%	13.59%
Nasdaq 100 Total Return Index **	(20.38)%	15.42%	16.37%	16.37%

Comparison of Change in Value of a $10,000 Investment.
Since Inception through June 30, 2022 ⁺

(LINE GRAPH)

⁺

Inception date is November 13, 2015

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. The Fund’s total annual fund operating expense ratio, as provided in the Fund’s prospectus dated November 1, 2021, was 1.65% for Investor Class and 2.26% for Advisor Class shares. For performance information current to the most recent month-end, please call 1-855-647-8268. Investors should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Fund’s prospectus and summary prospectus contain these as well as other information about the Fund and should be read carefully before investing. A prospectus or summary prospectus may be obtained by calling 1-855-647-8268.

The Nasdaq 100 Total Return Index includes 100 of the largest domestic and international non-financial companies listed on the NASDAQ Stock Market based on market capitalization. The index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. Index composition is reviewed on an annual basis in December. Investors may not invest in an index directly; unlike the Fund’s returns, the index does not reflect any fees or expenses.

Portfolio holdings by types of investments as of June 30, 2022 are as follows:

Holdings by Type of Investment: ^	% of Net Assets
Certificate of Deposit:		7.5	%
Corporate Bonds		16.0	%
Exchange-Traded Funds:
Fixed Income Funds		23.7	%
Equity Fund		0.1	%
Money Market Funds		47.4	%
Collateral For Securities Loaned		0.5	%
Other Assets in Excess of Liabilities		4.8	%
		100.0	%

The Holdings by Type of Investment detail does not include derivative exposure.

Please refer to the Schedule of Investments in this annual report for a detailed listing of the Fund’s holdings.

QUANTIFIED STF FUND

SCHEDULE OF INVESTMENTS

June 30, 2022

Shares					Fair Value
		EXCHANGE-TRADED FUNDS — 23.8%
		EQUITY - 0.1%
	700	Invesco QQQ Trust Series 1			$	196,196

		FIXED INCOME - 23.7%
	265,000	Invesco BulletShares2022 Corporate Bond ETF				5,615,350
	270,000	Invesco BulletShares2023 Corporate Bond ETF				5,656,500
	265,000	Invesco BulletShares2024 Corporate Bond ETF				5,496,100
	110,000	Invesco Ultra Short Duration ETF				5,450,500
	50,000	iShares Short Treasury Bond ETF				5,505,000
	190,000	SPDR Portfolio Short Term Corporate Bond ETF				5,648,700
						33,372,150

		TOTAL EXCHANGE -TRADED FUNDS (Cost $33,891,770)				33,568,346

Principal			Coupon Rate
Amount ($)			(%)	Maturity
		CORPORATE BONDS — 16.0%
		AUTOMOTIVE — 0.7%
	1,000,000	Toyota Motor Credit Corporation	0.5000	06/18/24		945,447

		BANKING — 2.0%
	1,000,000	Canadian Imperial Bank of Commerce	3.1000	04/02/24		990,748
	1,000,000	Mitsubishi UFJ Financial Group, Inc.	3.4070	03/07/24		993,718
	1,000,000	PNC Financial Services Group, Inc.	3.9000	04/29/24		1,003,846
						2,988,312
		DIVERSIFIED INDUSTRIALS — 0.7%
	1,000,000	General Electric Company	3.4500	05/15/24		995,585

		ELECTRIC UTILITIES — 1.4%
	1,000,000	Enel Generacion Chile S.A.	4.2500	04/15/24		986,120
	1,000,000	WEC Energy Group, Inc.	0.8000	03/15/24		950,941
						1,937,061
		GAS & WATER UTILITIES — 0.7%
	1,000,000	Thomson Reuters Corporation	3.8500	09/29/24		994,557

See accompanying notes to financial statements.

QUANTIFIED STF FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2022

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 16.0% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES — 2.1%
	1,000,000	Bank of New York Mellon Corporation	0.5000	04/26/24	$	951,362
	1,000,000	Brookfield Finance, Inc.	4.0000	04/01/24		1,001,241
	1,000,000	Goldman Sachs Group, Inc.	0.8000	03/25/24		946,834
						2,899,437
		MACHINERY — 0.7%
	1,000,000	Parker-Hannifin Corporation	2.7000	06/14/24		977,396

		MEDICAL EQUIPMENT & DEVICES — 0.7%
	1,000,000	Becton Dickinson and Company	3.3630	06/06/24		991,209

		OIL & GAS SERVICES & EQUIPMENT —0.7%
	1,000,000	Schlumberger Holdings Corp. ^(a)	3.7500	05/01/24		997,233

		REAL ESTATE INVESTMENT TRUSTS —0.7%
	1,000,000	Welltower, Inc.	3.6250	03/15/24		993,440

		RETAIL - CONSUMER STAPLES— 0.7%
	1,000,000	7-Eleven,Inc. ^(a)	0.8000	02/10/24		948,924

		SPECIALTY FINANCE— 0.7%
	1,000,000	Capital One Financial Corporation ^(d)	3.9000	01/29/24		999,746

		TECHNOLOGY HARDWARE — 1.4%
	1,000,000	Apple, Inc.	3.0000	02/09/24		999,050
	1,000,000	Hewlett Packard Enterprise Company	1.4500	04/01/24		961,147
						1,960,197
		TECHNOLOGY SERVICES — 0.7%
	1,000,000	International Business Machines Corporation	3.0000	05/15/24		993,718

		TELECOMMUNICATIONS — 0.7%
	1,000,000	Verizon Communications, Inc.	0.7500	03/22/24		955,238

		TRANSPORTATION & LOGISTICS — 1.4%
	1,000,000	Ryder System, Inc.	3.6500	03/18/24		992,605

See accompanying notes to financial statements.

QUANTIFIED STF FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2022

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 16.0%(Continued)
		TRANSPORTATION & LOGISTICS — 1.4% (Continued)
	1,000,000	Union Pacific Corporation	3.6460	02/15/24	$	1,002,327
						1,994,932
		TOTAL CORPORATE BONDS (Cost $23,768,131)				22,572,432

		CERTIFICATE OF DEPOSIT —7.5%
		AUTOMOTIVE - 0.7%
	1,000,000	BMW Bank of North America	0.5500	07/30/24		945,198

		BANKING - 6.8%
	1,000,000	Goldman Sachs Bank USA	0.5500	07/29/24		945,274
	1,000,000	Greenstate Credit Union	0.5000	07/19/24		944,688
	1,000,000	Sallie Mae Bank	0.5500	07/22/24		943,803
	1,000,000	State Bank of India	0.6000	08/30/24		943,671
	1,000,000	Synchrony Bank	0.6500	09/17/24		943,591
	1,000,000	Texas Exchange Bank SSB	0.5000	07/09/24		945,469
	1,000,000	Toyota Financial Savings Bank	0.5500	08/05/24		944,742
	1,000,000	UBS Bank USA	0.5500	08/12/24		943,917
	1,000,000	Wells Fargo Bank NA	1.9000	01/17/23		998,644
	1,000,000	Wells Fargo National Bank West	1.9000	01/17/23		998,643
						9,552,442

		TOTAL CERTIFICATE OF DEPOSIT (Cost $10,997,864)				10,497,640

Shares
		SHORT-TERM INVESTMENTS— 47.4%
		MONEY MARKET FUNDS– 47.4%
	33,398,274	Fidelity Government Portfolio, Institutional Class, 1.21% ^(b)				33,398,274
	33,398,273	First American Government Obligations Fund, Class Z, 1.23%^(b)				33,398,273
		TOTAL MONEY MARKET FUNDS (Cost $66,796,547)				66,796,547

		TOTAL SHORT -TERM INVESTMENTS (Cost $66,796,547)				66,796,547

See accompanying notes to financial statements.

QUANTIFIED STF FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2022

Units			Fair Value
		COLLATERAL FOR SECURITIES LOANED — 0.5%
	633,420	Mount Vernon Liquid Assets Portfolio, LLC –1.61% ^(b)^(c)
		TOTAL COLLATERAL FOR SECURITIES LOANED (Cost$633,420)	$	633,420

		TOTAL INVESTMENTS – 95.2% (Cost $136,087,732)	$	134,068,385
		OTHER ASSETS IN EXCESS OF LIABILITIES - 4.8%		6,792,492
		NET ASSETS - 100.0%	$	140,860,877

OPEN FUTURES CONTRACTS

Number of

Contracts

Open Short Futures Contracts

Expiration

Notional Amount

Unrealized Appreciation

616

CME E-Mini NASDAQ 100 Index Future

09/16/2022

142,043,440

1,706,629

TOTAL FUTURES CONTRACTS

ETF - Exchange-Traded Fund

SPDR - Standard& Poor’s Depositary Receipt

^(a)

Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2022 the total market value of 144A securities is $1,946,157 or 1.4% of net assets.

^(b)

Rate disclosed is the seven-day effective yield as of June 30, 2022.

^(c)

Security purchased with cash proceeds of securities lending collateral.

^(d)

All or a portion of the security is on loan. Total loaned securities had a value of $621,074 at June 30, 2022.

See accompanying notes to financial statements.

Quantified Pattern Recognition Fund
Portfolio Review (Unaudited)
June 30, 2022

The Fund’s performance figures* for the period ended June 30, 2022, as compared to its benchmark:

		Since Inception
	One Year	August 30, 2019
Quantified Pattern Recognition Fund - Investor Class	(21.49)%	3.29%
S&P 500 Total Return Index **	(10.62)%	11.32%

Comparison of Change in Value of a $10,000 Investment.
Since Inception through June 30, 2022 ⁺

⁺

Inception date is August 30, 2019

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. The Fund’s estimated total annual fund operating expense ratio, as provided in the Fund’s prospectus dated November 1, 2021, was 1.68% for Investor Class shares. For performance information current to the most recent month-end, please call 1-855-647-8268. Investors should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Fund’s prospectus and summary prospectus contain these as well as other information about the Fund and should be read carefully before investing. A prospectus or summary prospectus may be obtained by calling 1-855-647-8268.

Portfolio holdings by types of investments as of June 30, 2022 are as follows:

Holdings by Type of Investment ^:	% of Net Assets
Certificate of Deposit:		10.9	%
Exchange-Traded Funds:
Fixed Income Funds		14.8	%
Equity Fund		0.6	%
Money Market Funds		62.9	%
Other Assets In Excess of Liabilities		10.8	%
		100.0	%

The Holdings by type of Investment detail does not include derivative exposure.

Please refer to the Schedule of Investments in this annual report for a detailed listing of the Fund’s holdings.

QUANTIFIED PATTERN RECOGNITION FUND
SCHEDULE OF INVESTMENTS
June 30, 2022

Shares					Fair Value
		EXCHANGE-TRADED FUNDS — 15.4%
		EQUITY - 0.6%
	300	SPDR S&P 500 ETF Trust			$	113,175

		FIXED INCOME - 14.8%
	21,000	Invesco BulletShares 2022 Corporate Bond ETF				444,990
	22,000	Invesco BulletShares 2023 Corporate Bond ETF				460,900
	22,000	Invesco BulletShares 2024 Corporate Bond ETF				456,280
	9,000	Invesco Ultra Short Duration ETF				445,950
	4,000	iShares Short Treasury Bond ETF				440,400
	15,000	SPDR Portfolio Short Term Corporate Bond ETF				445,950
						2,694,470

		TOTAL EXCHANGE-TRADED FUNDS (Cost $2,820,113)				2,807,645

Principal			Coupon Rate
Amount ($)			(%)	Maturity
		CERTIFICATE OF DEPOSIT — 10.9%
		BANKING - 10.9%
	1,000,000	Sallie Mae Bank	1.8500	11/07/22		999,763
	1,000,000	Wells Fargo National Bank West	1.9000	01/17/23		998,643
						1,998,406

		TOTAL CERTIFICATE OF DEPOSIT (Cost $2,000,000)				1,998,406

Shares
		SHORT-TERM INVESTMENTS — 62.9%
		MONEY MARKET FUNDS – 62.9%
	5,753,251	Fidelity Government Portfolio, Institutional Class, 1.21%^(a),(b)				5,753,251
	5,753,251	First American Government Obligations Fund, Class Z, 1.23%^(a),(b)				5,753,251
		TOTAL MONEY MARKET FUNDS (Cost $11,506,502)				11,506,502

		TOTAL SHORT-TERM INVESTMENTS (Cost $11,506,502)				11,506,502

See accompanying notes to financial statements.

QUANTIFIED PATTERN RECOGNITION FUND
SCHEDULE OF INVESTMENTS (Continued)
June 30, 2022

	Fair Value
TOTAL INVESTMENTS – 89.2% (Cost $16,326,615)	$	16,312,553
OTHER ASSETS IN EXCESS OF LIABILITIES – 10.8%		1,977,747
NET ASSETS - 100.0%	$	18,290,300

OPEN FUTURES CONTRACTS

Number of

Contracts

Open Long Futures Contracts

Expiration

Notional Amount

Unrealized (Depreciation)

192

CME E-Mini Standard & Poor’s 500 Index Future

09/16/2022

36,379,200

(317,438

)

TOTAL FUTURES CONTRACTS

ETF - Exchange-Traded Fund

SPDR - Standard & Poor’s Depositary Receipt

^(a)

Rate disclosed is the seven-day effective yield as of June 30, 2022.

^(b)

See note 10.

See accompanying notes to financial statements.

Quantified Tactical Fixed Income Fund
Portfolio Review (Unaudited)
June 30, 2022

The Fund’s performance figures* for the periods ended June 30, 2022, as compared to its benchmark:

		Since Inception
	One Year	September 13, 2019
Quantified Tactical Fixed Income Fund - Investor Class	(8.61)%	(1.73)%
Bloomberg U.S. Aggregate Bond Index **	(10.29)%	(1.34)%

Comparison of Change in Value of a $10,000 Investment.
Since Inception through June 30, 2022 ⁺

(LINE GRAPH)

⁺

Inception date is September 13, 2019.

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. The Fund’s estimated total annual fund operating expense ratio, as provided in the Fund’s prospectus dated November 1, 2021, was 1.68% for Investor Class shares. For performance information current to the most recent month-end, please call 1-855-647-8268. Investors should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Fund’s prospectus and summary prospectus contain these as well as other information about the Fund and should be read carefully before investing. A prospectus or summary prospectus may be obtained by calling 1-855-647-8268.

Portfolio holdings by types of investments as of June 30, 2022 are as follows:

Holdings by Type of Investment: ^	% of Net Assets
Corporate Bonds		14.2	%
Certificate of Deposit:		6.2	%
Exchange-Traded Funds:
Fixed Income Funds		15.0	%
Money Market Funds		32.6	%
Collateral For Securities Loaned		0.0	% +
Other Assets in Excess of Liabilities		32.0	%
		100.0	%

Percentage is less than 0.1%.

The Holdings by Type of Investment detail does not include derivative exposure.

Please refer to the Schedule of Investments in this annual report for a detailed listing of the Fund’s holdings.

QUANTIFIED TACTICAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS
June 30, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 15.0%
		FIXED INCOME - 15.0%
	180,000	Invesco BulletShares 2022 Corporate Bond ETF	$	3,814,200
	185,000	Invesco BulletShares 2023 Corporate Bond ETF		3,875,750
	185,000	Invesco BulletShares 2024 Corporate Bond ETF		3,836,900
	75,000	Invesco Ultra Short Duration ETF		3,716,250
	200	iShares 20+ Year Treasury Bond ETF^(d)		22,974
	35,000	iShares Short Treasury Bond ETF		3,853,500
	130,000	SPDR Portfolio Short Term Corporate Bond ETF		3,864,900

				22,984,474

		TOTAL EXCHANGE-TRADED FUNDS (Cost $23,174,364)		22,984,474

Principal			Coupon Rate
Amount ($)			(%)	Maturity
		CORPORATE BONDS — 14.2%
		AUTOMOTIVE — 0.6%
	1,000,000	Toyota Motor Credit Corporation	0.5000	06/18/24	945,447

		BANKING — 1.3%
	1,000,000	Mitsubishi UFJ Financial Group, Inc.	3.4070	03/07/24	993,718
	1,000,000	PNC Financial Services Group, Inc.	3.9000	04/29/24	1,003,846
					1,997,564
		DIVERSIFIED INDUSTRIALS — 0.7%
	1,000,000	General Electric Company	3.4500	05/15/24	995,585

		ELECTRIC UTILITIES — 1.2%
	1,000,000	Enel Generacion Chile S.A.	4.2500	04/15/24	986,120
	1,000,000	WEC Energy Group, Inc.	0.8000	03/15/24	950,941
					1,937,061
		ENTERTAINMENT CONTENT — 0.7%
	1,000,000	Walt Disney Company	7.7500	01/20/24	1,065,547

		GAS & WATER UTILITIES — 0.7%
	1,000,000	Thomson Reuters Corporation	3.8500	09/29/24	994,557

See accompanying notes to financial statements.

QUANTIFIED TACTICAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
June 30, 2022

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 14.2% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES — 0.6%
	1,000,000	Bank of New York Mellon Corporation	0.5000	04/26/24	$	951,362

		MACHINERY — 0.6%
	1,000,000	Parker-Hannifin Corporation	2.7000	06/14/24		977,396

		MEDICAL EQUIPMENT & DEVICES — 0.6%
	1,000,000	Becton Dickinson and Company	3.3630	06/06/24		991,209

		OIL & GAS SERVICES & EQUIPMENT — 0.7%
	1,000,000	Schlumberger Holdings Corporation^(a)	3.7500	05/01/24		997,233

		REAL ESTATE INVESTMENT TRUSTS — 1.3%
	1,000,000	Ventas Realty, L.P.	3.5000	04/15/24		990,010
	1,000,000	Welltower, Inc.	3.6250	03/15/24		993,440
						1,983,450
		RETAIL - CONSUMER STAPLES — 0.6%
	1,000,000	7-Eleven, Inc.^(a)	0.8000	02/10/24		948,924

		SPECIALTY FINANCE — 0.7%
	1,000,000	Capital One Financial Corporation	3.9000	01/29/24		999,746

		TECHNOLOGY HARDWARE — 1.2%
	1,000,000	Apple, Inc.	3.0000	02/09/24		999,050
	1,000,000	Hewlett Packard Enterprise Company	1.4500	04/01/24		961,147
						1,960,197
		TECHNOLOGY SERVICES — 0.7%
	1,000,000	International Business Machines Corporation	3.0000	05/15/24		993,718

		TELECOMMUNICATIONS — 0.6%
	1,000,000	Verizon Communications, Inc.	0.7500	03/22/24		955,238

		TRANSPORTATION & LOGISTICS — 1.4%
	1,000,000	Ryder System, Inc.	3.6500	03/18/24		992,605

See accompanying notes to financial statements.

QUANTIFIED TACTICAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
June 30, 2022

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 14.2% (Continued)
		TRANSPORTATION & LOGISTICS — 1.4% (Continued)
	1,000,000	Union Pacific Corporation	3.6460	02/15/24	$	1,002,326
						1,994,931
		TOTAL CORPORATE BONDS (Cost $22,837,493)				21,689,165

		CERTIFICATE OF DEPOSIT — 6.2%
		AUTOMOTIVE - 0.6%
	1,000,000	BMW Bank of North America	0.5500	07/30/24		945,198

		BANKING - 5.6%
	1,000,000	Goldman Sachs Bank USA	0.5500	07/29/24		945,274
	1,000,000	Greenstate Credit Union	0.5000	07/19/24		944,688
	1,000,000	Morgan Stanley Private Bank NA	1.8500	01/09/23		998,592
	1,000,000	Sallie Mae Bank	0.5500	07/22/24		943,803
	1,000,000	State Bank of India	0.6000	08/30/24		943,671
	1,000,000	Synchrony Bank	0.6500	09/17/24		943,591
	1,000,000	Texas Exchange Bank SSB	0.5000	07/09/24		945,469
	1,000,000	Toyota Financial Savings Bank	0.5500	08/05/24		944,742
	1,000,000	UBS Bank USA	0.5500	08/12/24		943,917
						8,553,747

		TOTAL CERTIFICATE OF DEPOSIT (Cost $9,997,864)				9,498,945

Shares
		SHORT-TERM INVESTMENTS — 32.6%
		MONEY MARKET FUNDS – 32.6%
	24,862,306	Fidelity Government Portfolio, Institutional Class, 1.21%^(b)				24,862,306
	24,862,306	First American Government Obligations Fund, Class Z, 1.23%^(b)				24,862,306
		TOTAL MONEY MARKET FUNDS (Cost $49,724,612)				49,724,612

		TOTAL SHORT-TERM INVESTMENTS (Cost $49,724,612)				49,724,612

See accompanying notes to financial statements.

QUANTIFIED TACTICAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
June 30, 2022

Units			Fair Value
		COLLATERAL FOR SECURITIES LOANED — 0.0%^(e)
	34,749	Mount Vernon Liquid Assets Portfolio, LLC – 1.61%^(b),(c)
		TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $34,749)	$	34,749

		TOTAL INVESTMENTS – 68.0% (Cost $105,769,082)	$	103,931,945
		OTHER ASSETS IN EXCESS OF LIABILITIES- 32.0%		48,930,871
		NET ASSETS - 100.0%	$	152,862,816

OPEN FUTURES CONTRACTS

Number of

Contracts

Open Long Futures Contracts

Expiration

Notional Amount

Unrealized Appreciation

272

CME Ultra Long-Term US Treasury Bond Future

09/21/2022

41,981,568

585,486

TOTAL FUTURES CONTRACTS

ETF - Exchange-Traded Fund

LP - Limited Partnership

S/A - Société Anonyme

SPDR - Standard & Poor’s Depositary Receipt

^(a)

^(b)

Rate disclosed is the seven-day effective yield as of June 30, 2022.

^(c)

Security purchased with cash proceeds of securities lending collateral.

^(d)

All or a portion of the security is on loan. Total loaned securities had a value of $34,116 at June 30, 2022.

^(e)

Percentage rounds to less than 0.1%.

See accompanying notes to financial statements.

Quantified Evolution Plus Fund
Portfolio Review (Unaudited)
June 30, 2022

The Fund’s performance figures* for the periods ended June 30, 2022, as compared to its benchmark:

		Since Inception
	One Year	September 30, 2019
Quantified Evolution Plus Fund - Investor Class	(8.32)%	(2.70)%
S&P 500 Total Return Index **	(10.62)%	10.93%

Comparison of Change in Value of a $10,000 Investment.
Since Inception through June 30, 2022 ⁺

(LINE GRAPH)

⁺

Inception date is September 30, 2019.

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. The Fund’s estimated total annual fund operating expense ratio, as provided in the Fund’s prospectus dated December 28, 2021 was 1.66% for Investor Class shares. For performance information current to the most recent month-end, please call 1-855-647-8268. Investors should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Fund’s prospectus and summary prospectus contain these as well as other information about the Fund and should be read carefully before investing. A prospectus or summary prospectus may be obtained by calling 1-855-647-8268.

The S&P 500 Total Return Index is an unmanaged composite of 500 large capitalization companies and includes the reinvestment of dividends. This index is widely used by professional investors as a performance benchmark for large-cap stocks. Investors may not invest in an index directly; unlike the Fund’s returns, the index does not reflect any fees or expenses.

Portfolio holdings by types of investments as of June 30, 2022 are as follows:

Holdings by Type of Investment: ^	% of Net Assets
Certificate of Deposit:		0.7	%
Exchange-Traded Funds:
Fixed Income Funds		14.9	%
Money Market Funds		43.6	%
Collateral For Securities Loaned		0.0	% +
Other Assets in Excess of Liabilities		40.8	%
		100.0	%

Percentage is less than 0.1%.

The Holdings by Type of Investment detail does not include derivative exposure.

Please refer to the Consolidated Schedule of Investments in this annual report for a detailed listing of the Fund’s holdings.

QUANTIFIED EVOLUTION PLUS FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 14.9%
		FIXED INCOME - 14.9%
	165,000	Invesco BulletShares 2022 Corporate Bond ETF	$	3,496,350
	167,000	Invesco BulletShares 2023 Corporate Bond ETF		3,498,650
	169,000	Invesco BulletShares 2024 Corporate Bond ETF		3,505,060
	71,000	Invesco Ultra Short Duration ETF		3,518,050
	200	iShares 7-10 Year Treasury Bond ETF^(f)		20,460
	32,000	iShares Short Treasury Bond ETF		3,523,200
	118,000	SPDR Portfolio Short Term Corporate Bond ETF		3,508,140
				21,069,910
		SPECIALTY - 0.0%^(a)
	900	Invesco DB US Dollar Index Bullish Fund^(b)		25,164

		TOTAL EXCHANGE-TRADED FUNDS (Cost $21,168,606)		21,095,074

Principal			Coupon Rate
Amount ($)			(%)	Maturity
		CERTIFICATE OF DEPOSIT — 0.7%
		BANKING - 0.7%
	1,000,000	Sallie Mae Bank	1.8500	11/07/22	999,763

		TOTAL CERTIFICATE OF DEPOSIT (Cost $1,000,000)			999,763

Shares
		SHORT-TERM INVESTMENTS — 43.6%
		MONEY MARKET FUNDS – 43.6%
	30,788,053	Fidelity Government Portfolio, Institutional Class, 1.21%^(c)			30,788,053
	323,657	First American Government Obligations Fund, Class X, 1.29%^(c),(e)			323,657
	30,788,053	First American Government Obligations Fund, Class Z, 1.23%^(c)			30,788,053
		TOTAL MONEY MARKET FUNDS (Cost $61,899,763)			61,899,763

		TOTAL SHORT-TERM INVESTMENTS (Cost $61,899,763)			61,899,763

See accompanying notes to financial statements.

QUANTIFIED EVOLUTION PLUS FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
June 30, 2022

Units			Fair Value
		COLLATERAL FOR SECURITIES LOANED — 0.0%^(a)
	15,392	Mount Vernon Liquid Assets Portfolio, LLC – 1.61%^(c),(d)
		TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $15,392)	$	15,392

		TOTAL INVESTMENTS – 59.2% (Cost $84,083,761)	$	84,009,992
		OTHER ASSETS IN EXCESS OF LIABILITIES- 40.8%		57,933,004
		NET ASSETS - 100.0%	$	141,942,996

OPEN FUTURES CONTRACTS
Number of						Unrealized Appreciation
Contracts		Open Long Futures Contracts	Expiration	Notional Amount		(Depreciation)
	118	CBOT 10 Year US Treasury Note	09/21/2022	$	13,986,658	$	1,422
	93	COMEX Gold 100 Troy Ounces Future^(e)	08/29/2022		16,807,890		(174,180	)
	1,232	NYBOT FINEX United States Dollar Index Future	09/19/2022		128,699,648		784,861
		TOTAL FUTURES CONTRACTS				$	612,103

ETF - Exchange-Traded Fund

SPDR - Standard & Poor’s Depositary Receipt

^(a)

Percentage rounds to less than 0.1%.

^(b)

Non-income producing security.

^(c)

Rate disclosed is the seven-day effective yield as of June 30, 2022.

^(d)

Security purchased with cash proceeds of securities lending collateral.

^(e)

All or a portion of this investment is a holding of the QEPF Fund Limited.

^(f)

All or a portion of the security is on loan. Total loaned securities had a value of $15,140 at June 30, 2022.

See accompanying notes to financial statements.

Quantified Common Ground Fund
Portfolio Review (Unaudited)
June 30, 2022

The Fund’s performance figures* for the periods ended June 30, 2022, as compared to its benchmark:

		Since Inception
	One Year	December 27, 2019
Quantified Common Ground Fund - Investor Class	6.35%	13.86%
S&P Composite 1500 Total Return Index **	(11.01)%	7.90%

Comparison of Change in Value of a $10,000 Investment.

Since Inception through June 30, 2022 ⁺

(LINE GRAPH)

⁺

Inception date is December 27, 2019.

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. The Fund’s estimated total annual fund operating expense ratio, as provided in the Fund’s prospectus dated November 1, 2021, was 1.69% for Investor Class shares. For performance information current to the most recent month-end, please call 1-855-647-8268. Investors should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Fund’s prospectus and summary prospectus contain these as well as other information about the Fund and should be read carefully before investing. A prospectus or summary prospectus may be obtained by calling 1-855-647-8268.

The S&P Composite 1500® combines three leading indices, the S&P 500®, the S&P MidCap 400®, and the S&P SmallCap 600®, to cover approximately 90% of U.S. market capitalization. It is designed for investors seeking to replicate the performance of the U.S. equity market or benchmark against a representative universe of tradable stocks. Investors cannot invest directly in an index; unlike the Fund’s returns, the index does not reflect any fees or expenses.

Portfolio holdings by types of investments as of June 30, 2022 are as follows:

Holdings by Type of Investment ^:	% of Net Assets
Common Stocks		79.4	%
Money Market Funds		25.9	%
Collateral For Securities Loaned		19.7	%
Liabilities in Excess of Other Assets		(25.0	)%
		100.0	%

The Holdings by type of Investment detail does not include derivative exposure.

Please refer to the Schedule of Investments in this annual report for a detailed listing of the Fund’s holdings.

QUANTIFIED COMMON GROUND FUND
SCHEDULE OF INVESTMENTS
June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 79.4%
		AEROSPACE & DEFENSE - 0.9%
	7,485	Hexcel Corporation	$	391,540

		BIOTECH & PHARMA - 0.8%
	8,059	Halozyme Therapeutics, Inc.^{(a), (d)}		354,596

		CHEMICALS - 10.6%
	11,383	Cabot Corporation		726,122
	7,172	CF Industries Holdings, Inc.		614,856
	6,547	Chemours Company		209,635
	28,165	LyondellBasell Industries N.V., Class A		2,463,311
	12,854	Mosaic Company^(d)		607,094
				4,621,018
		CONSUMER SERVICES - 0.3%
	3,465	Adtalem Global Education, Inc.^(a)		124,636

		ELECTRIC UTILITIES - 32.7%
	12,074	Ameren Corporation^(d)		1,091,007
	38,936	CMS Energy Corporation^(d)		2,628,180
	21,385	Consolidated Edison, Inc.		2,033,713
	13,028	Dominion Energy, Inc.		1,039,765
	28,123	Eversource Energy		2,375,550
	16,961	Public Service Enterprise Group, Inc.		1,073,292
	27,246	WEC Energy Group, Inc.		2,742,037
	17,728	Xcel Energy, Inc.		1,254,433
				14,237,977
		FOOD - 11.2%
	10,071	Campbell Soup Company^(d)		483,912
	51,509	Hormel Foods Corporation		2,439,466
	3,512	J M Smucker Company^(d)		449,571
	47,724	Pilgrim’s Pride Corporation^(a)		1,490,420
				4,863,369
		FORESTRY, PAPER & WOOD PRODUCTS - 2.2%
	15,849	Boise Cascade Company		942,857

See accompanying notes to financial statements.

QUANTIFIED COMMON GROUND FUND
SCHEDULE OF INVESTMENTS (Continued)
June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 79.4% (Continued)
		HOME & OFFICE PRODUCTS - 0.5%
	9,446	Tempur Sealy International, Inc. ^(d)	$	201,861

		METALS & MINING - 0.3%
	5,188	Livent Corporation^{(a), (d)}		117,716

		OIL & GAS PRODUCERS - 6.2%
	23,511	CNX Resources Corporation^{(a), (d)}		386,991
	8,885	Devon Energy Corporation		489,652
	12,352	EQT Corporation^(d)		424,909
	21,612	Marathon Oil Corporation		485,838
	7,265	Occidental Petroleum Corporation		427,763
	12,935	Range Resources Corporation^(a)		320,141
	4,714	SM Energy Company		161,172
				2,696,466
		OIL & GAS SERVICES & EQUIPMENT - 0.5%
	15,149	Patterson-UTI Energy, Inc.		238,748

		RETAIL - DISCRETIONARY - 0.6%
	5,578	Signet Jewelers Ltd.		298,200

		SEMICONDUCTORS - 3.0%
	69,066	Amkor Technology, Inc.		1,170,669
	2,931	Kulicke & Soffa Industries, Inc.		125,476
				1,296,145
		SOFTWARE - 3.0%
	13,530	Citrix Systems, Inc. ^(d)		1,314,710

		STEEL - 6.6%
	24,261	Allegheny Technologies, Inc.^(a),(d)		550,967
	5,479	Reliance Steel & Aluminum Company		930,663
	31,559	Worthington Industries, Inc.^(d)		1,391,752
				2,873,382
		TOTAL COMMON STOCKS (Cost $37,134,458)		34,573,221

See accompanying notes to financial statements.

QUANTIFIED COMMON GROUND FUND
SCHEDULE OF INVESTMENTS (Continued)
June 30, 2022

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 25.9%
		MONEY MARKET FUNDS - 25.9%
	5,630,229	Fidelity Government Portfolio, Institutional Class, 1.21%^(b)	$	5,630,229
	5,630,229	First American Government Obligations Fund, Class Z, 1.23%^(b)		5,630,229
		TOTAL MONEY MARKET FUNDS (Cost $11,260,458)		11,260,458

		TOTAL SHORT-TERM INVESTMENTS (Cost $11,260,458)		11,260,458

Units
		COLLATERAL FOR SECURITIES LOANED – 19.7%
	8,573,050	Mount Vernon Liquid Assets Portfolio, LLC – 1.64%^(b),(c)
		TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $8,573,050)		8,573,050

		TOTAL INVESTMENTS - 125.0% (Cost $56,967,966)	$	54,406,729
		LIABILITIES IN EXCESS OF OTHER ASSETS - (25.0)%		(10,887,175	)
		NET ASSETS - 100.0%	$	43,519,554

LTD - Limited Company

N.V. - Dutch Limited Liability Company

^(a)

Non-income producing security.

^(b)

Rate disclosed is the seven-day effective yield as of June 30, 2022.

^(c)

Security purchased with cash proceeds of securities lending collateral.

^(d)

All or a portion of the security is on loan. Total loaned securities had a value of $8,303,415 at June 30, 2022.

See accompanying notes to financial statements.

Quantified Tactical Sectors Fund
Portfolio Review (Unaudited)
June 30, 2022

The Fund’s performance figures* for the periods ended June 30, 2022, as compared to its benchmark:

		Since Inception
	One Year	March 4, 2021
Quantified Tactical Sectors Fund - Investor Class	(42.89)%	(31.76)%
S&P 500 Total Return Index **	(10.62)%	1.80%

Comparison of Change in Value of a $10,000 Investment.
Since Inception through June 30, 2022 ⁺

⁺

Inception date is March 4, 2021.

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. The Fund’s estimated total annual fund operating expense ratio, as provided in the Fund’s prospectus dated November 1, 2021 was 1.80% for Investor Class shares. For performance information current to the most recent month-end, please call 1-855-647-8268. Investors should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Fund’s prospectus and summary prospectus contain these as well as other information about the Fund and should be read carefully before investing. A prospectus or summary prospectus may be obtained by calling 1-855-647-8268.

Portfolio holdings by types of investments as of June 30, 2022 are as follows:

Holdings by Type of Investment ^:	% of Net Assets
Exchange-Traded Funds
Equity Funds		50.9	%
Money Market Funds		3.1	%
Other Assets in Excess of Liabilities		46.0	%
		100.0	%

The Holdings by type of Investment detail does not include derivative exposure.

Please refer to the Schedule of Investments in this annual report for a detailed listing of the Fund’s holdings.

QUANTIFIED TACTICAL SECTORS FUND
SCHEDULE OF INVESTMENTS
June 30, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 50.9%
		EQUITY - 50.9%
	604,874	Financial Select Sector SPDR Fund^(a)	$	19,023,287
	149,996	Health Care Select Sector SPDR Fund^(a)		19,235,487
				38,258,774

		TOTAL EXCHANGE-TRADED FUNDS (Cost $38,949,808)		38,258,774

		SHORT-TERM INVESTMENTS — 3.1%
		MONEY MARKET FUNDS - 3.1%
	1,216,070	Fidelity Government Portfolio, Institutional Class, 1.21%^(b)		1,216,070
	1,116,069	First American Government Obligations Fund, Class Z, 1.23%^(b)		1,116,069
		TOTAL MONEY MARKET FUNDS (Cost $2,332,139)		2,332,139

		TOTAL SHORT-TERM INVESTMENTS (Cost $2,332,139)		2,332,139

		TOTAL INVESTMENTS - 54.0% (Cost $41,281,947)	$	40,590,913
		OTHER ASSETS IN EXCESS OF LIABILITIES- 46.0%		34,639,377
		NET ASSETS - 100.0%	$	75,230,290

SPDR - Standard & Poor’s Depositary Receipt

^(a)

See Note 10.

^(b)

Rate disclosed is the seven-day effective yield as of June 30, 2022.

See accompanying notes to financial statements.

Quantified Rising Dividend Tactical Fund
Portfolio Review (Unaudited)
June 30, 2022

The Fund’s performance figures* for the periods ended June 30, 2022, as compared to its benchmark:

		Since Inception
	One Year	April 14, 2021
Quantified Rising Dividend Tactical Fund - Investor Class	(15.80)%	(11.53)%
S&P 500 Total Return Index **	(10.62)%	(5.48)%

Comparison of Change in Value of a $10,000 Investment.

Since Inception through June 30, 2022 ⁺

(LINE GRAPH)

⁺

Inception date is April 14, 2021.

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. The Fund’s estimated total annual fund operating expense ratio, as provided in the Fund’s prospectus dated November 1, 2021 was 1.66% for Investor Class shares. For performance information current to the most recent month-end, please call 1-855-647-8268. Investors should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Fund’s prospectus and summary prospectus contain these as well as other information about the Fund and should be read carefully before investing. A prospectus or summary prospectus may be obtained by calling 1-855-647-8268.

Portfolio holdings by types of investments as of June 30, 2022 are as follows:

Holdings by Type of Investment ^:	% of Net Assets
Exchange-Traded Funds
Equity Funds		95.9	%
Money Market Funds		4.1	%
Liabilities in Excess of Other Assets		0.0	%
		100.0	%

The Holdings by type of Investment detail does not include derivative exposure.

Please refer to the Schedule of Investments in this annual report for a detailed listing of the Fund’s holdings.

QUANTIFIED RISING DIVIDEND TACTICAL FUND
SCHEDULE OF INVESTMENTS
June 30, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 95.9%
		EQUITY - 95.9%
	13,758	Invesco QQQ Trust Series 1	$	3,856,092
	38,891	Invesco S&P 500 Equal Weight ETF		5,220,339
	86,113	Invesco S&P 500 Low Volatility ETF		5,339,006
	45,894	Vanguard Dividend Appreciation ETF		6,584,412
	77,111	Vanguard International Dividend Appreciation ETF		5,290,586
				26,290,435

		TOTAL EXCHANGE-TRADED FUNDS (Cost $27,211,794)		26,290,435

		SHORT-TERM INVESTMENTS — 4.1%
		MONEY MARKET FUNDS - 4.1%
	563,029	Fidelity Government Portfolio, Institutional Class, 1.21%^(a)		563,029
	563,030	First American Government Obligations Fund, Class Z, 1.23%^(a)		563,030
		TOTAL MONEY MARKET FUNDS (Cost $1,126,059)		1,126,059

		TOTAL SHORT-TERM INVESTMENTS (Cost $1,126,059)		1,126,059

		TOTAL INVESTMENTS - 100.0% (Cost $28,337,853)	$	27,416,494
		OTHER ASSETS IN EXCESS OF LIABILITIES- 0.0%		1,015
		NET ASSETS - 100.0%	$	27,417,509

ETF - Exchange-Traded Fund

^(a)

Rate disclosed is the seven-day effective yield as of June 30, 2022.

See accompanying notes to financial statements.

Quantified Government Income Tactical Fund
Portfolio Review (Unaudited)
June 30, 2022

The Fund’s performance figures* for the periods ended June 30, 2022, as compared to its benchmark:

		Since Inception
	One Year	April 15, 2021
Quantified Government Income Tactical Fund - Investor Class	(5.05)%	(3.48)%
Bloomberg U.S. Aggregate Bond Index **	(10.29)%	(8.02)%

Comparison of Change in Value of a $10,000 Investment.

Since Inception through June 30, 2022 ⁺

⁺

Inception date is April 15, 2021.

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. The Fund’s estimated total annual fund operating expense ratio, as provided in the Fund’s prospectus dated November 1, 2021 was 1.68% for Investor Class shares. For performance information current to the most recent month-end, please call 1-855-647-8268. Investors should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Fund’s prospectus and summary prospectus contain these as well as other information about the Fund and should be read carefully before investing. A prospectus or summary prospectus may be obtained by calling 1-855-647-8268.

Portfolio holdings by types of investments as of June 30, 2022 are as follows:

Holdings by Type of Investment ^:	% of Net Assets
Exchange-Traded Funds
Fixed Income Funds		25.3	%
Money Market Funds		55.8	%
Other Assets in Excess of Liabilities		18.9	%
		100.0	%

The Holdings by type of Investment detail does not include derivative exposure.

Please refer to the Schedule of Investments in this annual report for a detailed listing of the Fund’s holdings.

QUANTIFIED GOVERNMENT INCOME TACTICAL FUND
SCHEDULE OF INVESTMENTS
June 30, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 25.3%
		FIXED INCOME - 25.3%
	130,000	Invesco BulletShares 2022 Corporate Bond ETF	$	2,754,700
	130,000	Invesco BulletShares 2023 Corporate Bond ETF		2,723,500
	135,000	Invesco BulletShares 2024 Corporate Bond ETF		2,799,900
	55,000	Invesco Ultra Short Duration ETF		2,725,250
	1,300	iShares 20+ Year Treasury Bond ETF		149,331
	25,000	iShares Short Treasury Bond ETF		2,752,500
	95,000	SPDR Portfolio Short Term Corporate Bond ETF		2,824,350
				16,729,531

		TOTAL EXCHANGE-TRADED FUNDS (Cost $16,768,636)		16,729,531

		SHORT-TERM INVESTMENTS — 55.8%
		MONEY MARKET FUNDS - 55.8%
	18,489,352	Fidelity Government Portfolio, Institutional Class, 1.21%^(a),(b)		18,489,352
	18,489,351	First American Government Obligations Fund, Class Z, 1.23%^(a),(b)		18,489,351
		TOTAL MONEY MARKET FUNDS (Cost $36,978,703)		36,978,703

		TOTAL SHORT-TERM INVESTMENTS (Cost $36,978,703)		36,978,703

		TOTAL INVESTMENTS - 81.1% (Cost $53,747,339)	$	53,708,234
		OTHER ASSETS IN EXCESS OF LIABILITIES- 18.9%		12,479,616
		NET ASSETS - 100.0%	$	66,187,850

OPEN FUTURES CONTRACTS

Number of

Contracts

Open Long Futures Contracts

Expiration

Notional Amount

Unrealized Appreciation

CME Ultra Long-Term US Treasury Bond Future

09/21/2022

8,488,920

232,586

TOTAL FUTURES CONTRACTS

ETF - Exchange-Traded Fund

SPDR - Standard & Poor’s Depositary Receipt

^(a)

Rate disclosed is the seven-day effective yield as of June 30, 2022.

^(b)

See note 10.

See accompanying notes to financial statements.

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2022

	Quantified			Quantified			Quantified			Quantified
	Managed			Market Leaders			Alternative			STF
	Income Fund			Fund			Investment Fund			Fund
Assets:
Investment securities:
At cost	$	201,190,840		$	207,933,395		$	11,917,840		$	136,087,732
At value ^(a)	$	200,936,853		$	204,741,849		$	11,701,260		$	134,068,385
Cash		—			—			—			25,033,213
Deposits with brokers for futures		5,572,938			—			449,721			12,159,518
Receivable:
Fund shares sold		18,830,108			237,831			6,925			369,892
Securities sold		664,241			61,178,202			1,091,616			85,189
Unrealized appreciation on futures		—			—			3,590			1,706,629
Dividends and Interest		120,998			86,013			6,521			196,473
Prepaid expenses and other assets		14,924			5,661			18,942			11,423
Total Assets		226,140,062			266,249,556			13,278,575			173,630,722

Liabilities:
Payables:		—			—			—			—
Fund shares redeemed		11,676,421			4,686,034			2,212,771			31,030,945
Collateral on securities loaned		4,878,536			26,869,200			490,445			633,420
Securities purchased		698,040			—			—			892,333
Unrealized depreciation on futures		453,724			—			16,033			—
Investment advisory fees		106,294			165,771			15,775			112,947
Shareholder service fees - Investor Class		21,256			33,135			7,807			16,905
Payable to related parties		50,717			92,594			3,116			54,871
Distribution (12b-1) fees		35,444			55,354			4,628			28,424
Interest payable		3,787			—			—			—
Total Liabilities		17,924,219			31,902,088			2,750,575			32,769,845

Net Assets	$	208,215,843		$	234,347,468		$	10,528,000		$	140,860,877

Net Assets Consist of:
Capital Stock	$	219,673,327		$	325,917,440		$	12,021,176		$	196,890,008
Accumulated losses		(11,457,484	)		(91,569,972	)		(1,493,176	)		(56,029,131	)
Net Assets	$	208,215,843		$	234,347,468		$	10,528,000		$	140,860,877

Net Asset Value Per Share
Investor Class Shares:
Net Assets	$	208,198,596		$	234,196,515		$	10,458,391		$	140,559,116
Shares of beneficial interest outstanding (no par value; unlimited shares authorized)		24,081,914			25,671,090			1,101,936			12,196,127
Net asset value, (Net Assets ÷ Shares Outstanding), offering and redemption price per share	$	8.65		$	9.12		$	9.49		$	11.52
Advisor Class Shares:
Net Assets	$	17,247		$	150,953		$	69,609		$	301,761
Shares of beneficial interest outstanding (no par value; unlimited shares authorized)		1,983			16,803			7,465			27,471
Net asset value, (Net Assets ÷ Shares Outstanding), offering and redemption price per share	$	8.70		$	8.98		$	9.32		$	10.98

^(a)

Includes loaned securities with a value of $4,769,261, $26,242,321, $470,841 and $621,074, respectively.

See accompanying notes to financial statements.

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

June 30, 2022

	Quantified			Quantified			Quantified Evolution			Quantified
	Pattern			Tactical Fixed			Plus Fund			Common
	Recognition Fund			Income Fund			(Consolidated)			Ground Fund
Assets:
Investment securities:
At cost	$	16,326,615		$	105,769,082		$	84,083,761		$	56,967,966
At value ^(a)	$	16,312,553		$	103,931,945		$	84,009,992		$	54,406,729
Cash		2,003,838			29,033,572			10,013,575			—
Deposits with brokers		2,032,240			13,426,149			3,153,250			—
Receivable:
Unrealized appreciation on futures		—			585,486			786,283			—
Securities sold		445,408			185,128			201,266			13,137,386
Dividends and Interest		20,922			236,111			36,581			43,779
Fund shares sold		2,430			7,308,687			51,829,318			1,224,482
Prepaid expenses and other assets		5,631			7,696			8,583			13,663
Total Assets		20,823,022			154,714,774			150,038,848			68,826,039

Liabilities:
Payables:
Collateral on securities loaned		—			34,749			15,392			8,573,050
Fund shares redeemed		2,076,380			565,351			164,625			16,586,299
Unrealized depreciation on futures		317,438			—			174,180			—
Securities purchased		57,123			1,031,673			7,624,814			—
Investment advisory fees		35,874			118,336			56,519			81,556
Shareholder service fees - Investor Class		5,381			17,750			8,478			12,233
Payable to related parties		31,558			54,515			37,714			32,958
Distribution (12b-1) fees		8,968			29,584			14,130			20,389
Total Liabilities		2,532,722			1,851,958			8,095,852			25,306,485

Net Assets	$	18,290,300		$	152,862,816		$	141,942,996		$	43,519,554

Net Assets Consist of:
Capital Stock	$	37,473,092		$	179,493,421		$	149,366,288		$	57,876,465
Accumulated losses		(19,182,792	)		(26,630,605	)		(7,423,292	)		(14,356,911	)
Net Assets	$	18,290,300		$	152,862,816		$	141,942,996		$	43,519,554

Net Asset Value Per Share
Investor Class Shares:
Net Assets	$	18,290,300		$	152,862,816		$	141,942,996		$	43,519,554
Shares of beneficial interest outstanding (no par value; unlimited shares authorized)		2,197,951			16,745,666			17,808,468			3,369,528
Net asset value, (Net Assets ÷ Shares Outstanding), offering and redemption price per share	$	8.32		$	9.13		$	7.97		$	12.92

^(a)

Includes loaned securities with a value of $0, $34,116, $15,140 and $8,303,415, respectively.

See accompanying notes to consolidated financial statements.

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

June 30, 2022

	Quantified			Quantified			Quantified
	Tactical			Rising Dividend			Government Income
	Sectors Fund			Tactical Fund			Tactical Fund
Assets:
Investment securities:
At cost	$	41,281,947		$	28,337,853		$	53,747,339
At value	$	40,590,913		$	27,416,494		$	53,708,234
Deposits with brokers		—			—			5,578,205
Receivable:
Fund shares sold		86,926			22,015			10,285,111
Dividends and Interest		31,985			8,439			20,952
Unrealized appreciation on futures		—			—			232,586
Securities sold		38,101,093			—			—
Prepaid expenses and other assets		12,296			15,099			13,121
Total Assets		78,823,213			27,462,047			69,838,209

Liabilities:
Payables:
Fund shares redeemed		3,423,437			9,408			451,498
Investment advisory fees		76,147			23,166			42,284
Payable for swaps		43,423			—			—
Distribution (12b-1) fees		19,037			5,791			10,571
Payable to related parties		19,457			2,698			7,229
Shareholder service fees - Investor Class		11,422			3,475			6,343
Securities purchased		—			—			3,132,434
Total Liabilities		3,592,923			44,538			3,650,359

Net Assets	$	75,230,290		$	27,417,509		$	66,187,850

Net Assets Consist of:
Capital Stock	$	124,238,132		$	33,988,997		$	71,294,383
Accumulated losses		(49,007,842	)		(6,571,488	)		(5,106,533	)
Net Assets	$	75,230,290		$	27,417,509		$	66,187,850

Net Asset Value Per Share
Investor Class Shares:
Net Assets	$	75,230,290		$	27,417,509		$	66,187,850
Shares of beneficial interest outstanding (no par value; unlimited shares authorized)		12,854,009			3,194,312			6,998,350
Net asset value, (Net Assets ÷ Shares Outstanding), offering and redemption price per share	$	5.85		$	8.58		$	9.46

See accompanying notes to financial statements.

STATEMENTS OF OPERATIONS

For the Year Ended June 30, 2022

	Quantified			Quantified			Quantified			Quantified
	Managed			Market Leaders			Alternative			STF
	Income Fund			Fund			Investment Fund			Fund
Investment Income
Dividends	$	2,524,435		$	3,674,167		$	436,085		$	375,435
Interest		189,640			208,123			8,359			344,483
Securities lending, net		298,162			137,510			24,907			10,145
Total Investment Income		3,012,237			4,019,800			469,351			730,063

Expenses
Investment advisory fees		1,033,615			2,467,756			113,835			1,938,851
Administration fees		206,823			490,343			21,574			290,908
Distribution (12b-1) fees
Investor Class		344,472			822,164			37,739			483,560
Advisor Class		262			1,691			823			4,612
Shareholder services fees - Investor Class		206,683			493,298			22,643			290,136
Custody overdraft fees		6,189			1,093			2,959			471
Interest expense on line of credit		451			—			2,416			—
Miscellaneous fees		9,000			9,000			—			9,000
Total Operating Expenses		1,807,495			4,285,345			201,989			3,017,538
Net Investment Income (Loss)		1,204,742			(265,545	)		267,362			(2,287,475	)

Realized and Unrealized Gain (Loss) on Investments, Futures and Swaps
Net realized gain (loss) from:
Investments		(5,118,333	)		(40,631,279	)		(1,217,264	)		(988,425	)
Futures		3,889,416			—			582,457			(19,158,197	)
Swaps		—			(47,271,430	)		—			—
Capital gain distributions from underlying investments companies		4,466			—			94,322			45,535
		(1,224,451	)		(87,902,709	)		(540,485	)		(20,101,087	)
Net change in unrealized appreciation (depreciation) on:
Investments		(1,431,603	)		(9,513,260	)		(249,116	)		(1,978,316	)
Futures		(404,049	)		—			(34,925	)		(10,143,336	)
Swaps		—			(5,363,895	)		—			—
		(1,835,652	)		(14,877,155	)		(284,041	)		(12,121,652	)

Net Realized and Unrealized Loss on Investments, Futures and Swaps		(3,060,103	)		(102,779,864	)		(824,526	)		(32,222,739	)

Net Decrease in Net Assets Resulting From Operations	$	(1,855,361	)	$	(103,045,409	)	$	(557,164	)	$	(34,510,214	)

See accompanying notes to financial statements.

STATEMENTS OF OPERATIONS (Continued)

For the Year Ended June 30, 2022

	Quantified			Quantified			Quantified Evolution			Quantified
	Pattern			Tactical Fixed			Plus Fund			Common
	Recognition Fund			Income Fund			(Consolidated)			Ground Fund
Investment Income
Dividends	$	59,563		$	256,135		$	109,177		$	1,675,019
Interest		89,203			356,110			102,663			30,944
Securities lending, net		655			8,231			1,492			14,023
Total Investment Income		149,421			620,476			213,332			1,719,986

Expenses
Investment advisory fees		387,043			1,731,049			706,312			863,547
Distribution (12b-1) fees - Investor Class		96,761			432,762			176,578			215,887
Administration fees		58,946			260,489			106,202			130,007
Shareholder services fees - Investor Class		58,056			259,657			105,947			129,532
Custody overdraft fees		714			1,873			—			56,864
Interest expense on line of credit		—			—			—			47,545
Miscellaneous expenses		—			9,000			9,000			9,000
Total Operating Expenses		601,520			2,694,830			1,104,039			1,452,382

Net Investment Loss		(452,099	)		(2,074,354	)		(890,707	)		267,604

Realized and Unrealized Gain (Loss) on Investments, Futures and Swaps
Net realized gain (loss) from:
Investments		(250,651	)		(799,716	)		(330,884	)		(3,781,505	)
Futures		(15,377,446	)		(10,048,427	)		1,187,032			—
Swaps		—			(1,123,212	)		(6,636,653	)		—
Capital gain distributions from underlying investments companies		4,095			25,859			10,137			—
		(15,624,002	)		(11,945,496	)		(5,770,368	)		(3,781,505	)
Net change in unrealized appreciation (depreciation) on:
Investments		(63,696	)		(1,750,921	)		(92,735	)		(3,239,069	)
Futures		(405,491	)		602,599			1,352,456			—
Swaps		—			(353,936	)		653,158			—
		(469,187	)		(1,502,258	)		1,912,879			(3,239,069	)

Net Realized and Unrealized Loss on Investments, Futures and Swaps		(16,093,189	)		(13,447,754	)		(3,857,489	)		(7,020,574	)

Net Decrease in Net Assets Resulting From Operations	$	(16,545,288	)	$	(15,522,108	)	$	(4,748,196	)	$	(6,752,970	)

See accompanying notes to consolidated financial statements.

STATEMENTS OF OPERATIONS (Continued)

For the Year Ended June 30, 2022

	Quantified			Quantified			Quantified
	Tactical			Rising Dividend			Government Income
	Sectors Fund			Tactical Fund			Tactical Fund
Investment Income
Dividends	$	550,917		$	504,933		$	89,949
Interest		60,936			11,116			48,269
Securities lending, net		70,606			—			—
Total Investment Income		682,459			516,049			138,218

Expenses
Investment advisory fees		787,711			303,372			334,471
Distribution (12b-1) fees - Investor Class		196,928			75,843			83,618
Administration fees		120,683			49,236			53,741
Shareholder services fees - Investor Class		118,156			45,506			50,171
Custody overdraft fees		—			9,518			377
Miscellaneous expenses		9,000			—			—
Total Operating Expenses		1,232,478			483,475			522,378

Net Investment Income (Loss)		(550,019	)		32,574			(384,160	)

Realized and Unrealized Gain (Loss) on Investments, Futures and Swaps
Net realized gain (loss) from:
Investments		(20,994,048	)		(4,861,015	)		(350,128	)
Futures		—			—			(3,936,830	)
Swaps		(27,114,497	)		—			—
Capital gain distributions from underlying investments companies		—			174,480			12,744
		(48,108,545	)		(4,686,535	)		(4,274,214	)
Net change in unrealized appreciation (depreciation) on:
Investments		(1,127,593	)		(1,398,417	)		(36,298	)
Futures		—			—			234,090
Swaps		342,027			—			—
		(785,566	)		(1,398,417	)		197,792

Net Realized and Unrealized Loss on Investments, Futures and Swaps		(48,894,111	)		(6,084,952	)		(4,076,422	)

Net Decrease in Net Assets Resulting From Operations	$	(49,444,130	)	$	(6,052,378	)	$	(4,460,582	)

See accompanying notes to financial statements.

STATEMENTS OF CHANGES IN NET ASSETS

	Quantified Managed Income Fund
	Year Ended			Year Ended
	June 30, 2022			June 30, 2021
INCREASE (DECREASE) IN NET ASSETS FROM:
Operations
Net investment income	$	1,204,742		$	739,092
Net realized loss from investments and futures		(1,224,451	)		(3,112,952	)
Net change in unrealized appreciation (depreciation) on investments and futures		(1,835,652	)		683,789
Net Decrease in Net Assets Resulting From Operations		(1,855,361	)		(1,690,071	)

Distributions to Shareholders from:
Total Distributions Paid
Investor Class		(983,577	)		(727,077	)
Total Distributions to Shareholders		(983,577	)		(727,077	)

Shares of Beneficial Interest:
Proceeds from shares sold
Investor Class		836,454,520			330,559,606
Advisor Class		496			74,928
Net asset value of shares issued in reinvestment of distributions
Investor Class		983,336			726,721
Advisor Class		—			—
Payments for shares redeemed
Investor Class		(750,843,259	)		(276,969,772	)
Advisor Class		(9,931	)		(570,895	)
Total Increase in Net Assets From Shares of Beneficial Interest		86,585,162			53,820,588


Total Increase in Net Assets		83,746,224			51,403,440

Net Assets:
Beginning of Year		124,469,619			73,066,179
End of Year	$	208,215,843		$	124,469,619

Share Activity
Investor Class:
Shares Sold		95,972,082			37,379,603
Shares issued in reinvestments of Distributions		113,027			82,676
Shares Redeemed		(86,165,513	)		(31,324,543	)
Net Increase in Shares of Beneficial Interest Outstanding		9,919,596			6,137,736

Advisor Class:
Shares Sold		57			8,342
Shares Redeemed		(1,136	)		(62,989	)
Net Decrease in Shares of Beneficial Interest Outstanding		(1,079	)		(54,647	)

See accompanying notes to financial statements.

STATEMENTS OF CHANGES IN NET ASSETS

	Quantified Market Leaders Fund						Quantified Alternative Investment Fund
	Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2022			June 30, 2021			June 30, 2022			June 30, 2021
INCREASE (DECREASE) IN NET ASSETS FROM:
Operations
Net investment income (loss)	$	(265,545	)	$	(183,681	)	$	267,362		$	(61,440	)
Net realized gain (loss) from investments, futures and swaps		(87,902,709	)		106,545,122			(540,485	)		3,167,049
Net change in unrealized appreciation (depreciation) on investments, futures and swaps		(14,877,155	)		877,521			(284,041	)		(48,358	)
Net Increase (Decrease) in Net Assets Resulting From Operations		(103,045,409	)		107,238,962			(557,164	)		3,057,251

Distributions to Shareholders from:
Total Distributions Paid
Investor Class		(64,830,712	)		(20,817,298	)		(1,531,424	)		—
Advisor Class		(35,129	)		(10,440	)		(9,541	)		—
Total Distributions to Shareholders		(64,865,841	)		(20,827,738	)		(1,540,965	)		—

Shares of Beneficial Interest:
Proceeds from shares sold
Investor Class		497,822,075			404,007,154			118,465,890			106,442,131
Advisor Class		27,350			114,704			4,302			64,064
Net asset value of shares issued in reinvestment of distributions
Investor Class		64,760,056			20,809,226			1,531,160			—
Advisor Class		35,129			10,440			9,541			—
Payments for shares redeemed
Investor Class		(521,345,505	)		(289,756,688	)		(116,078,574	)		(108,390,364	)
Advisor Class		(9,263	)		(690,499	)		(14,664	)		(59,435	)
Total Increase (Decrease) in Net Assets From Shares of Beneficial Interest		41,289,842			134,494,337			3,917,655			(1,943,604	)

Total Increase (Decrease) in Net Assets		(126,621,408	)		220,905,561			1,819,526			1,113,647

Net Assets:
Beginning of Year		360,968,876			140,063,315			8,708,474			7,594,827
End of Year	$	234,347,468		$	360,968,876		$	10,528,000		$	8,708,474

Share Activity
Investor Class:
Shares Sold		39,795,641			28,158,125			11,515,869			10,669,457
Shares issued in reinvestments of Distributions		5,437,452			1,549,458			154,195			—
Shares Redeemed		(41,834,283	)		(20,081,782	)		(11,358,409	)		(10,752,723	)
Net Increase (Decrease) in Shares of Beneficial Interest Outstanding		3,398,810			9,625,801			311,655			(83,266	)

Advisor Class:
Shares Sold		2,529			7,752			400			6,534
Shares issued in reinvestments of Distributions		2,987			789			977			—
Shares Redeemed		(604	)		(56,297	)		(1,516	)		(6,216	)
Net Increase (Decrease) in Shares of Beneficial Interest Outstanding		4,912			(47,756	)		(139	)		318

See accompanying notes to financial statements.

STATEMENTS OF CHANGES IN NET ASSETS

	Quantified STF Fund						Quantified Pattern Recognition Fund
	Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2022			June 30, 2021			June 30, 2022			June 30, 2021
INCREASE (DECREASE) IN NET ASSETS FROM:
Operations:
Net investment (loss)	$	(2,287,475	)	$	(1,389,426	)	$	(452,099	)	$	(341,271	)
Net realized gain (loss) from investments and futures		(20,101,087	)		37,093,456			(15,624,002	)		10,573,274
Net change in unrealized appreciation (depreciation) on investments and futures		(12,121,652	)		8,647,235			(469,187	)		(44,166	)
Net Increase (Decrease) in Net Assets Resulting From Operations		(34,510,214	)		44,351,265			(16,545,288	)		10,187,837

Distributions to Shareholders from:
Total Distributions Paid
Investor Class		(41,993,017	)		(22,340,805	)		(6,138,643	)		(43,751	)
Advisor Class		(209,090	)		(99,874	)		—			—
Total Distributions to Shareholders		(42,202,107	)		(22,440,679	)		(6,138,643	)		(43,751	)

Shares of Beneficial Interest:
Proceeds from shares sold:
Investor Class		385,548,653			313,466,549			224,056,062			122,498,250
Advisor Class		2,187,112			2,542,535			—			—
Net asset value of shares issued in reinvestment of distributions:
Investor Class		41,490,496			22,054,043			6,125,596			43,747
Advisor Class		209,090			96,857			—			—
Payments for shares redeemed
Investor Class		(388,034,300	)		(250,323,289	)		(260,160,379	)		(81,871,314	)
Advisor Class		(2,363,944	)		(2,528,729	)		—			—
Total Increase (Decrease) in Net Assets From Shares of Beneficial Interest		39,037,107			85,307,966			(29,978,721	)		40,670,683

Total Increase (Decrease) in Net Assets		(37,675,214	)		107,218,552			(52,662,652	)		50,814,769

Net Assets:
Beginning of Year		178,536,091			71,317,539			70,952,952			20,138,183
End of Year	$	140,860,877		$	178,536,091		$	18,290,300		$	70,952,952

Share Activity
Investor Class:
Shares Sold		24,262,178			19,157,058			20,286,971			10,118,583
Shares issued in reinvestments of Distributions		2,430,609			1,409,204			538,278			4,143
Shares Redeemed		(24,892,144	)		(15,366,358	)		(23,913,913	)		(6,755,722	)
Net Increase (Decrease) in Shares of Beneficial Interest Outstanding		1,800,643			5,199,904			(3,088,664	)		3,367,004

Share Activity
Advisor Class:
Shares Sold		116,046			152,140			—			—
Shares issued in reinvestments of Distributions		12,812			6,381			—			—
Shares Redeemed		(135,591	)		(158,522	)		—			—
Net Decrease in Shares of Beneficial Interest Outstanding		(6,733	)		(1	)		—			—

See accompanying notes to financial statements.

STATEMENTS OF CHANGES IN NET ASSETS

	Quantified Tactical Fixed Income Fund						Quantified Evolution Plus Fund (Consolidated)
	Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2022			June 30, 2021			June 30, 2022			June 30, 2021
INCREASE (DECREASE) IN NET ASSETS FROM:
Operations:
Net investment (loss)	$	(2,074,354	)	$	(1,895,037	)	$	(890,707	)	$	(489,770	)
Net realized gain (loss) from investments, futures and swaps		(11,945,496	)		(11,098,045	)		(5,770,368	)		6,097,907
Net change in unrealized appreciation (depreciation) on investments, futures and swaps		(1,502,258	)		444,380			1,912,879			(2,084,039	)
Net Increase (Decrease) in Net Assets Resulting From Operations		(15,522,108	)		(12,548,702	)		(4,748,196	)		3,524,098

Distributions to Shareholders from:
Return of Capital
Investor Class		—			1,273			—			—
Total Distributions Paid
Investor Class		—			(2,837,977	)		(7,395,650	)		(729,716	)
Total Distributions to Shareholders		—			(2,836,704	)		(7,395,650	)		(729,716	)

Shares of Beneficial Interest:
Proceeds from shares sold:
Investor Class		361,514,669			316,387,473			317,693,703			141,633,890
Net asset value of shares issued in reinvestment of distributions:
Investor Class		—			2,836,192			7,392,054			729,190
Payments for shares redeemed
Investor Class		(365,725,323	)		(217,410,684	)		(229,743,028	)		(111,855,038	)
Total Increase (Decrease) in Net Assets From Shares of Beneficial Interest		(4,210,654	)		101,812,981			95,342,729			30,508,042

Total Increase (Decrease) in Net Assets		(19,732,762	)		86,427,575			83,198,883			33,302,424

Net Assets:
Beginning of Year		172,595,578			86,168,003			58,744,113			25,441,689
End of Year	$	152,862,816		$	172,595,578		$	141,942,996		$	58,744,113

Share Activity
Investor Class:
Shares Sold		36,052,323			29,522,430			35,429,624			14,816,171
Shares issued in reinvestments of Distributions		—			265,065			779,752			79,519
Shares Redeemed		(36,587,381	)		(20,372,687	)		(24,352,039	)		(11,803,410	)
Net Increase (Decrease) in Shares of Beneficial Interest Outstanding		(535,058	)		9,414,808			11,857,337			3,092,280

See accompanying notes to consolidated financial statements.

STATEMENTS OF CHANGES IN NET ASSETS

	Quantified Common Ground Fund						Quantified Tactical Sectors Fund
	Year Ended			Year Ended			Year Ended			Period Ended
	June 30, 2022			June 30, 2021			June 30, 2022			June 30, 2021 ^(a)
INCREASE (DECREASE) IN NET ASSETS FROM:
Operations:
Net investment income (loss)	$	267,604		$	(345,980	)	$	(550,019	)	$	(113,295	)
Net realized gain (loss) from investments, futures and swaps		(3,781,505	)		14,245,794			(48,108,545	)		2,782,429
Net change in unrealized appreciation (Depreciation) on investments, futures and swaps		(3,239,069	)		379,105			(785,566	)		94,532
Net Increase (Decrease) in Net Assets Resulting From Operations		(6,752,970	)		14,278,919			(49,444,130	)		2,763,666

Distributions to Shareholders from:
Total Distributions Paid
Investor Class		(7,158,565	)		(1,111,919	)		(2,251,739	)		—
Total Distributions to Shareholders		(7,158,565	)		(1,111,919	)		(2,251,739	)		—

Shares of Beneficial Interest:
Proceeds from shares sold:
Investor Class		1,004,571,852			280,265,420			274,066,663			56,873,922
Net asset value of shares issued in reinvestment of distributions:
Investor Class		7,127,372			1,111,905			2,251,680			—
Payments for shares redeemed
Investor Class		(1,006,249,311	)		(262,534,993	)		(203,643,453	)		(5,386,319	)
Total Increase in Net Assets From Shares of Beneficial Interest		5,449,913			18,842,332			72,674,890			51,487,603

Total Increase (Decrease) in Net Assets		(8,461,622	)		32,009,332			20,979,021			54,251,269

Net Assets:
Beginning of Year		51,981,176			19,971,844			54,251,269			—
End of Year	$	43,519,554		$	51,981,176		$	75,230,290		$	54,251,269

Share Activity
Investor Class:
Shares Sold		72,462,133			25,139,810			35,977,491			5,644,189
Shares issued in reinvestments of Distributions		504,414			99,455			277,301			—
Shares Redeemed		(73,656,140	)		(23,310,598	)		(28,539,040	)		(505,932	)
Net Increase (Decrease) in Shares of Beneficial Interest Outstanding		(689,593	)		1,928,667			7,715,752			5,138,257

^(a)

The Fund commenced operations on March 4, 2021

See accompanying notes to financial statements.

STATEMENTS OF CHANGES IN NET ASSETS

	Quantified Rising Dividend Tactical Fund						Quantified Government Income Tactical Fund
	Year Ended			Period Ended			Year Ended			Period Ended
	June 30, 2022			June 30, 2021 ^(a)			June 30, 2022			June 30, 2021 ^(b)
INCREASE (DECREASE) IN NET ASSETS FROM:
Operations:
Net investment income (loss)	$	32,574		$	4,728		$	(384,160	)	$	(16,934	)
Net realized gain (loss) from investments and futures		(4,686,535	)		—			(4,274,214	)		82,004
Net change in unrealized appreciation (depreciation) on investments		(1,398,417	)		477,058			197,792			(4,311	)
Net Increase (Decrease) in Net Assets Resulting From Operations		(6,052,378	)		481,786			(4,460,582	)		60,759

Distributions to Shareholders from:
Total Distributions Paid
Investor Class		(163,258	)		—			(728,746	)		—
Total Distributions to Shareholders		(163,258	)		—			(728,746	)		—

Shares of Beneficial Interest:
Proceeds from shares sold:
Investor Class		61,741,858			22,070,614			289,593,640			8,085,058
Net asset value of shares issued in reinvestment of distributions:
Investor Class		163,258			—			728,722			—
Payments for shares redeemed
Investor Class		(49,850,308	)		(974,063	)		(225,892,338	)		(1,198,663	)
Total Increase in Net Assets From Shares of Beneficial Interest		12,054,808			21,096,551			64,430,024			6,886,395

Total Increase in Net Assets		5,839,172			21,578,337			59,240,696			6,947,154

Net Assets:
Beginning of Year/Period		21,578,337			—			6,947,154			—
End of Year/Period	$	27,417,509		$	21,578,337		$	66,187,850		$	6,947,154

Share Activity
Investor Class:
Shares Sold		5,960,173			2,204,921			28,662,125			807,520
Shares issued in reinvestments of Distributions		14,748			—			68,878			—
Shares Redeemed		(4,888,392	)		(97,138	)		(22,421,175	)		(118,998	)
Net Increase in Shares of Beneficial Interest Outstanding		1,086,529			2,107,783			6,309,828			688,522

^(a)

The Fund commenced operations on April 14, 2021

^(b)

The Fund commenced operations on April 15, 2021

See accompanying notes to financial statements.

STATEMENTS OF CASH FLOWS

For the Year Ended June 30, 2022

	Quantified			Quantified
	Alternative			Common
	Investment Fund			Ground Fund
Cash Flows from Operating Activities
Net decrease in net assets resulting from operations	$	(557,164	)	$	(6,752,970	)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash used in operating activities:
Purchases of investments		(136,813,702	)		(1,082,528,096	)
Proceeds from sales of investments		136,725,855			1,089,902,987
Net purchases of short term investments		(3,379,236	)		(8,633,871	)
Net realized gain on investments		540,485			3,781,505
Net change in unrealized appreciation (depreciation) on investments		284,041			3,239,069
(Increase)/Decrease in assets:
Receivable for securities sold		(639,110	)		(13,137,386	)
Dividends and interest receivable		(6,427	)		(30,000	)
Prepaid expenses and other assets		10,169			(3,433	)
Increase/(Decrease) in liabilities:
Payable for securities purchased		(489,999	)		—
Investment advisory fees payable		10,950			45,463
Payable to related parties		(10,115	)		15,605
Distribution (12b-1) fees payable		4,585			20,346
Accrued Shareholder Service Fee		6,747			6,819
Net cash used in operating activities		(4,312,921	)		(14,073,962	)

Cash Flows from Financing Activities
Proceeds from shares issued		118,463,267			1,003,789,977
Payments for shares redeemed		(113,887,500	)		(989,684,822	)
Proceeds from line of credit		7,023,000			163,912,000
Repayment of borrowings		(7,023,000	)		(163,912,000	)
Distributions paid (net of reinvestments)		(264	)		(31,193	)
Net cash provided by financing activities		4,575,503			14,073,962

Net increase in cash		262,582			—
Cash and Restricted Cash at beginning of year		187,139			—
Cash and Restricted Cash at end of year	$	449,721		$	—

Cash		—			—
Restricted Cash
Deposits with brokers for futures		449,721			—
Total Cash and Restricted Cash	$	449,721		$	—

Supplemental Disclosure of Cash Flow Information
Non-cash financing activities not included herein consists of reinvestment of dividends	$	1,540,701		$	7,127,372
Cash paid for custody overdraft	$	2,959		$	56,864
Cash paid for interest on line of credit	$	2,416		$	42,128

See accompanying notes to financial statements.

FINANCIAL HIGHLIGHTS

Quantified Managed Income Fund

The table sets forth financial data for one share of beneficial interest outstanding throughout each year.

	Investor Class															Advisor Class
	Year Ended June 30,															Year Ended June 30,
	2022			2021			2020			2019			2018			2022			2021			2020			2019			2018
Net asset value, beginning of year	$	8.79		$	9.04		$	9.75		$	9.31		$	9.64		$	8.83		$	9.07		$	9.70		$	9.28		$	9.54
Activity from investment operations:
Net investment income (loss) ⁽¹⁾		0.08			0.06			0.15			0.35			0.22			0.04			(0.02	)		0.09			0.30			0.15
Net realized and unrealized gain (loss) on investments, futures and distributions from underlying investment companies		(0.16	)		(0.23	)		(0.64	)		0.28			(0.31	)		(0.17	)		(0.22	)		(0.64	)		0.26			(0.31	)
Total from investment operations		(0.08	)		(0.17	)		(0.49	)		0.63			(0.09	)		(0.13	)		(0.24	)		(0.55	)		0.56			(0.16	)
Distributions to Shareholders:
Net investment income		(0.06	)		(0.08	)		(0.16	)		(0.19	)		(0.24	)		—			—			(0.02	)		(0.14	)		(0.10	)
Net realized gains		—			—			(0.06	)		—			—			—			—			(0.06	)		—			—
Total distributions		(0.06	)		(0.08	)		(0.22	)		(0.19	)		(0.24	)		—			—			(0.08	)		(0.14	)		(0.10	)
Net asset value, end of year	$	8.65		$	8.79		$	9.04		$	9.75		$	9.31		$	8.70		$	8.83		$	9.07		$	9.70		$	9.28
Total return ⁽²⁾		(0.90	)%		(1.92	)%		(5.19	)%		6.89	%		(0.99	)%		(1.47	)%		(2.65	)%		(5.76	)%		6.16	%		(1.67	)%
Net assets, end of year (in 000s)	$	208,199		$	124,443		$	72,543		$	59,435		$	40,477		$	17		$	27		$	523		$	570		$	415
Ratios/Supplemental Data:
Ratio of expenses to average net assets ⁽³⁾		1.31	%		1.41	%		1.43	%		1.42	%		1.41	%		1.91	%		2.02	%		2.03	%		2.02	%		2.01	%
Ratio of net investment income (loss) to average net assets ^(3,4)		0.88	%		0.70	%		1.59	%		3.72	%		2.31	%		0.44	%		(0.25	)%		0.96	%		3.24	%		1.59	%
Portfolio turnover rate		820	%		619	%		794	%		640	%		638	%		820	%		619	%		794	%		640	%		638	%

⁽¹⁾

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year or year.

⁽²⁾

Total return shown assumes the reinvestment of all distributions.

⁽³⁾

The ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

⁽⁴⁾

Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

See accompanying notes to financial statements.

FINANCIAL HIGHLIGHTS

Quantified Market Leaders Fund

The table sets forth financial data for one share of beneficial interest outstanding throughout each year.

	Investor Class															Advisor Class
	Year ended June 30,															Year ended June 30,
	2022			2021			2020			2019			2018			2022			2021			2020			2019			2018
Net asset value, beginning of year	$	16.20		$	11.02		$	9.38		$	11.57		$	10.87		$	15.92		$	10.87		$	9.30		$	11.41		$	10.76
Activity from investment operations:
Net investment income (loss) ⁽¹⁾		(0.01	)		(0.01	)		0.00	⁽²⁾		0.08			(0.06	)		(0.08	)		(0.19	)		(0.06	)		(0.01	)		(0.12	)
Net realized and unrealized gain (loss) on investments, futures, swaps and underlying investment companies		(3.88	)		6.46			1.64			(0.96	)		2.12			(3.83	)		6.48			1.63			(0.91	)		2.08
Total from investment operations		(3.89	)		6.45			1.64			(0.88	)		2.06			(3.91	)		6.29			1.57			(0.92	)		1.96
Distributions to Shareholders:
Net investment income		(0.19	)		(0.03	)		—			(0.12	)		(0.29	)		(0.03	)		—			—			—			(0.24	)
Net realized gains		(3.00	)		(1.24	)		—			(1.19	)		(1.07	)		(3.00	)		(1.24	)		—			(1.19	)		(1.07	)
Total distributions		(3.19	)		(1.27	)		—			(1.31	)		(1.36	)		(3.03	)		(1.24	)		—			(1.19	)		(1.31	)
Net asset value, end of year	$	9.12		$	16.20		$	11.02		$	9.38		$	11.57		$	8.98		$	15.92		$	10.87		$	9.30		$	11.41
Total return ⁽³⁾		(28.64	)%		60.94	%		17.48	%		(6.18	)%		19.35	%		(29.09	)%		60.23	%		16.88	%		(6.77	)%		18.58	%
Net assets, end of year (in 000s)	$	234,197		$	360,780		$	139,415		$	157,573		$	102,196		$	151		$	189		$	649		$	455		$	650
Ratios/Supplemental Data:
Ratio of expenses to average net assets ⁽⁴⁾		1.30	%		1.40	%		1.42	%		1.42	%		1.42	%		1.90	%		2.00	%		2.03	%		2.02	%		2.01	%
Ratio of net investment income (loss) to average net assets ^(4,5)		(0.08	)%		(0.07	)%		(0.05	)%		0.81	%		(0.49	)%		(0.67	)%		(1.48	)%		(0.65	)%		(0.12	)%		(1.02	)%
Portfolio turnover rate		1058	%		568	%		727	%		797	%		495	%		1058	%		568	%		727	%		797	%		495	%

⁽¹⁾

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year or year.

⁽²⁾

Represents less than $0.01 per share.

⁽³⁾

Total returns shown assumes the reinvestment of all distributions.

⁽⁴⁾

The ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

⁽⁵⁾

Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

See accompanying notes to financial statements.

FINANCIAL HIGHLIGHTS

Quantified Alternative Investment Fund

The table sets forth financial data for one share of beneficial interest outstanding throughout each year.

	Investor Class															Advisor Class
	Year ended June 30,															Year Ended June 30,
	2022			2021			2020			2019			2018			2022			2021			2020			2019			2018
Net asset value, beginning of year	$	10.92		$	8.62		$	9.48		$	9.46		$	9.49		$	10.72		$	8.51		$	9.35		$	9.39		$	9.42
Activity from investment operations:
Net investment income (loss) ⁽¹⁾		0.18			(0.04	)		0.07			0.07			0.10			0.16			(0.05	)		(0.05	)		0.01			0.06
Net realized and unrealized gain (loss) on investments, futures and underlying investment companies		(0.34	)		2.34			(0.79	)		(0.04	)		0.19			(0.37	)		2.26			(0.71	)		(0.05	)		0.17
Total from investment operations		(0.16	)		2.30			(0.72	)		0.03			0.29			(0.21	)		2.21			(0.76	)		(0.04	)		0.23
Distributions to Shareholders:
Net investment income		(0.16	)		—			(0.14	)		(0.01	)		(0.16	)		(0.08	)		—			(0.08	)		—			(0.10	)
Net realized gains		(1.11	)		—			—			—			(0.16	)		(1.11	)		—			—			—			(0.16	)
Total distributions		(1.27	)		—			(0.14	)		(0.01	)		(0.32	)		(1.19	)		—			(0.08	)		—			(0.26	)
Net asset value, end of year	$	9.49		$	10.92		$	8.62		$	9.48		$	9.46		$	9.32		$	10.72		$	8.51		$	9.35		$	9.39
Total return ⁽²⁾		(1.99	)%		26.68	%		(7.76	)%		0.28	%		2.79	% ⁽³⁾		(2.45	)%		25.97	%		(8.26	)%		(0.43	)%		2.25	%
Net assets, end of year (in 000s)	$	10,458		$	8,627		$	7,533		$	8,682		$	9,092		$	70		$	82		$	62		$	15		$	16
Ratios/Supplemental Data:
Ratio of expenses to average net assets ⁽⁴⁾		1.33	%		1.56	%		1.46	%		1.42	%		1.41	%		1.94	%		2.24	%		2.14	%		2.02	%		2.01	%
Ratio of net investment income (loss) to average net assets ^(4,5)		1.77	%		(0.43	)%		0.74	%		0.71	%		1.03	%		1.58	%		(0.49	)%		(0.57	)%		0.09	%		0.64	%
Portfolio turnover rate		1321	%		1031	%		570	%		595	%		553	%		1321	%		1031	%		570	%		595	%		553	%

⁽¹⁾

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

⁽²⁾

Total returns shown assumes the reinvestment of all distributions.

⁽³⁾

Includes adjustments in accordance with accounting principles generally accepted in the United States and consequently the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

⁽⁴⁾

The ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

⁽⁵⁾

Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

See accompanying notes to financial statements.

FINANCIAL HIGHLIGHTS

Quantified STF Fund

The table sets forth financial data for one share of beneficial interest outstanding throughout each year.

	Investor Class															Advisor Class
	Year Ended June 30,															Year Ended June 30,
	2022			2021			2020			2019			2018			2022			2021			2020			2019			2018
Net asset value, beginning of year	$	17.12		$	13.64		$	9.51		$	10.05		$	11.22		$	16.55		$	13.34		$	9.31		$	9.88		$	11.14
Activity from investment operations:
Net investment income (loss) ⁽¹⁾		(0.19	)		(0.19	)		0.01			0.04			0.01			(0.28	)		(0.28	)		(0.07	)		(0.02	)		(0.05	)
Net realized and unrealized gain (loss) on investments, futures and underlying investment companies		(1.74	)		6.95			4.18			(0.34	)		2.82			(1.62	)		6.77			4.10			(0.33	)		2.79
Total from investment operations		(1.93	)		6.76			4.19			(0.30	)		2.83			(1.90	)		6.49			4.03			(0.35	)		2.74
Distributions to Shareholders:
Net investment income		—			—	⁽²⁾		(0.06	)		(0.02	)		—			—			—			—			—			—
Net realized gains		(3.67	)		(3.28	)		—			(0.22	)		(4.00	)		(3.67	)		(3.28	)		—			(0.22	)		(4.00	)
Total distributions		(3.67	)		(3.28	)		(0.06	)		(0.24	)		(4.00	)		(3.67	)		(3.28	)		0.00			(0.22	)		(4.00	)
Net asset value, end of year	$	11.52		$	17.12		$	13.64		$	9.51		$	10.05		$	10.98		$	16.55		$	13.34		$	9.31		$	9.88
Total return ⁽³⁾		(18.23	)% ⁽⁶⁾		51.86	%		44.17	%		(3.12	)%		24.06	%		(18.72	)%		50.87	%		43.29	%		(3.65	)%		23.31	%
Net assets, end of year (in 000s)	$	140,559		$	177,970		$	70,861		$	70,238		$	92,664		$	302		$	566		$	456		$	121		$	261
Ratios/Supplemental Data:
Ratio of expenses to average net assets ⁽⁴⁾		1.55	%		1.66	%		1.68	%		1.67	%		1.66	%		2.15	%		2.27	%		2.28	%		2.27	%		2.26	%
Ratio of net investment income (loss) to average net assets ^(4,5)		(1.18	)%		(1.16	)%		0.05	%		0.42	%		0.12	%		(1.79	)%		(1.74	)%		(0.65	)%		(0.20	)%		(0.46	)%
Portfolio turnover rate		168	%		238	%		91	%		41	%		72	%		168	%		238	%		91	%		41	%		72	%

⁽¹⁾

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

⁽²⁾

Represents less than $0.01 per share.

⁽³⁾

Total returns shown assumes the reinvestment of all distributions.

⁽⁴⁾

The ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

⁽⁵⁾

Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

⁽⁶⁾

See accompanying notes to financial statements.

FINANCIAL HIGHLIGHTS

Quantified Pattern Recognition Fund

The table sets forth financial data for one share of beneficial interest outstanding throughout the year or period.

	Investor Class
							Period Ended
	Year Ended June 30,						June 30,
	2022			2021			2020 ⁽¹⁾
Net asset value, beginning of year or period	$	13.42		$	10.49		$	10.00
Activity from investment operations:
Net investment loss ⁽²⁾		(0.13	)		(0.13	)		(0.00	)⁽⁸⁾
Net realized and unrealized gain (loss) on investments and futures		(1.94	)		3.08			0.90
Total from investment operations		(2.07	)		2.95			0.90
Distributions to Shareholders:
Net investment income		—			—			(0.02	)
Net realized gains		(3.03	)		(0.02	)		(0.39	)
Total distributions		(3.03	)		(0.02	)		(0.41	)
Net asset value, end of year or period	$	8.32		$	13.42		$	10.49
Total return ^(3,4)		(21.49	)%		28.21	%		8.90	% ⁽⁴⁾
Net assets, end of year or period (in 000s)	$	18,290		$	70,953		$	20,138
Ratios/Supplemental Data:
Ratio of expenses to average net assets ⁽⁶⁾		1.55	%		1.67	%		1.69	% ⁽⁵⁾
Ratio of net investment loss to average net assets ^(6,7)		(1.17	)%		(1.12	)%		(0.01	)% ⁽⁵⁾
Portfolio turnover rate		495	%		226	%		244	% ⁽⁴⁾

⁽¹⁾

The Fund commenced operations on August 30, 2019.

⁽²⁾

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year or period.

⁽³⁾

Total returns shown assumes the reinvestment of all distributions.

⁽⁴⁾

Not Annualized.

⁽⁵⁾

Annualized.

⁽⁶⁾

The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

⁽⁷⁾

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

⁽⁸⁾

Represents less than $0.01 per share.

See accompanying notes to financial statements.

FINANCIAL HIGHLIGHTS

Quantified Tactical Fixed Income Fund

The table sets forth financial data for one share of beneficial interest outstanding throughout the year or period.

	Investor Class
							Period Ended
	Year Ended June 30,						June 30,
	2022			2021			2020 ⁽¹⁾
Net asset value, beginning of year or period	$	9.99		$	10.95		$	10.00
Activity from investment operations:
Net investment loss ⁽²⁾		(0.12	)		(0.14	)		(0.02	)
Net realized and unrealized gain (loss) on investments, futures and swaps		(0.74	)		(0.59	)		1.18
Total from investment operations		(0.86	)		(0.73	)		1.16
Distributions to Shareholders:
Net investment income		—			—			(0.03	)
Net realized gains		—			(0.23	)		(0.18	)
Return of capital		—			(0.00	)⁽⁸⁾		—
Total distributions		0.00			(0.23	)		(0.21	)
Net asset value, end of year or period	$	9.13		$	9.99		$	10.95
Total return ^(3,4)		(8.61	)%		(6.83	)%		11.84	% ⁽⁴⁾
Net assets, end of year or period (in 000s)	$	152,863		$	172,596		$	86,168
Ratios/Supplemental Data:
Ratio of expenses to average net assets ⁽⁶⁾		1.56	%		1.66	%		1.67	% ⁽⁵⁾
Ratio of net investment loss to average net assets ^(6,7)		(1.20	)%		(1.31	)%		(0.23	)% ⁽⁵⁾
Portfolio turnover rate		121	%		121	%		177	% ⁽⁴⁾

⁽¹⁾

The Fund commenced operations on September 13, 2019.

⁽²⁾

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year or period.

⁽³⁾

Total returns shown assumes the reinvestment of all distributions.

⁽⁴⁾

Not Annualized.

⁽⁵⁾

Annualized.

⁽⁶⁾

The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

⁽⁷⁾

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

⁽⁸⁾

Represents less than $0.01 per share.

See accompanying notes to financial statements.

CONSOLIDATED FINANCIAL HIGHLIGHTS

Quantified Evolution Plus Fund

The table sets forth financial data for one share of beneficial interest outstanding throughout the year or period.

	Investor Class
							Period Ended
	Year Ended June 30,						June 30,
	2022			2021			2020 ⁽¹⁾
Net asset value, beginning of year or period	$	9.87		$	8.90		$	10.00
Activity from investment operations:
Net investment loss ⁽²⁾		(0.12	)		(0.13	)		(0.04	)
Net realized and unrealized gain (loss) on investments, futures and swaps		(0.50	)		1.32			(1.05	)
Total from investment operations		(0.62	)		1.19			(1.09	)
Distributions to Shareholders:
Net investment income		—			(0.22	)		(0.01	)
Net realized gains		(1.28	)		—			(0.00	)⁽⁸⁾
Total distributions		(1.28	)		(0.22	)		(0.01	)
Net asset value, end of year or period	$	7.97		$	9.87		$	8.90
Total return ^(3,4)		(8.32	)%		13.50	%		(10.87	)% ⁽⁴⁾
Net assets, end of year or period (in 000s)	$	141,943		$	58,744		$	25,442
Ratios/Supplemental Data:
Ratio of expenses to average net assets ⁽⁶⁾		1.56	%		1.66	%		1.68	% ⁽⁵⁾
Ratio of net investment loss to average net assets ^(6,7)		(1.26	)%		(1.37	)%		(0.53	)% ⁽⁵⁾
Portfolio turnover rate		514	%		594	%		437	% ⁽⁴⁾

⁽¹⁾

The Fund commenced operations on September 30, 2019.

⁽²⁾

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year or period.

⁽³⁾

Total returns shown assumes the reinvestment of all distributions.

⁽⁴⁾

Not Annualized.

⁽⁵⁾

Annualized.

⁽⁶⁾

The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

⁽⁷⁾

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

⁽⁸⁾

Represents less than $0.01 per share.

See accompanying notes to consolidated financial statements.

FINANCIAL HIGHLIGHTS

Quantified Common Ground Fund

The table sets forth financial data for one share of beneficial interest outstanding throughout the year or period.

	Investor Class
							Period Ended
	Year Ended June 30,						June 30,
	2022			2021			2020 ⁽¹⁾
Net asset value, beginning of year or period	$	12.81		$	9.37		$	10.00
Activity from investment operations:
Net investment income (loss) ⁽²⁾		0.04			(0.10	)		(0.01	)
Net realized and unrealized gain (loss) on investments		0.84			3.73			(0.62	)
Total from investment operations		0.88			3.63			(0.63	)
Distributions to Shareholders:
Net realized gains		(0.77	)		(0.19	)		—
Total distributions		(0.77	)		(0.19	)		—
Net asset value, end of year or period	$	12.92		$	12.81		$	9.37
Total return ^(3,4)		6.35	% ⁽⁶⁾		38.99	%		(6.30	)% ⁽⁴⁾
Net assets, end of year or period (in 000s)	$	43,520		$	51,981		$	19,972
Ratios/Supplemental Data:
Ratio of expenses to average net assets ⁽⁶⁾		1.68	%		1.78	%		1.74	% ⁽⁵⁾
Ratio of net investment income (loss) to average net assets ^(6,7)		0.31	%		(0.86	)%		(0.12	)% ⁽⁵⁾
Portfolio turnover rate		1382	%		1001	%		484	% ⁽⁴⁾

⁽¹⁾

The Fund commenced operations on December 27, 2019.

⁽²⁾

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year or period.

⁽³⁾

Total returns shown assumes the reinvestment of all distributions.

⁽⁴⁾

Not Annualized.

⁽⁵⁾

Annualized.

⁽⁶⁾

The ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

⁽⁷⁾

Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

See accompanying notes to financial statements.

FINANCIAL HIGHLIGHTS

Quantified Tactical Sectors Fund

The table sets forth financial data for one share of beneficial interest outstanding throughout the year or period.

	Investor Class
	Year Ended			Period Ended
	June 30,			June 30,
	2022			2021 ⁽¹⁾
Net asset value, beginning of year or period	$	10.56		$	10.00
Activity from investment operations:
Net investment loss ⁽²⁾		(0.05	)		(0.02	)
Net realized and unrealized gain (loss) on investments		(4.41	)		0.58
Total from investment operations		(4.46	)		0.56
Distributions to Shareholders:
Net realized gains		(0.25	)		—
Total distributions		(0.25	)		—
Net asset value, end of year or period	$	5.85		$	10.56
Total return ^(3,4)		(42.89	)%		5.60	% ⁽⁴⁾
Net assets, end of year or period (in 000s)	$	75,230		$	54,251
Ratios/Supplemental Data:
Ratio of expenses to average net assets ⁽⁶⁾		1.56	%		1.62	% ⁽⁵⁾
Ratio of net investment loss to average net assets ^(6,7)		(0.70	)%		(0.66	)% ⁽⁵⁾
Portfolio turnover rate		1392	%		205	% ⁽⁴⁾

⁽¹⁾

The Fund commenced operations on March 4, 2021.

⁽²⁾

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year or period.

⁽³⁾

Total returns shown assumes the reinvestment of all distributions.

⁽⁴⁾

Not Annualized.

⁽⁵⁾

Annualized.

⁽⁶⁾

The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

⁽⁷⁾

Recognition of net investment loss by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

See accompanying notes to financial statements.

FINANCIAL HIGHLIGHTS

Quantified Rising Dividend Tactical Fund

The table sets forth financial data for one share of beneficial interest outstanding throughout the year or period.

	Investor Class
	Year Ended June 30,			Period Ended June 30,
	2022			2021(a)
Net asset value, beginning of year or period	$	10.24		$	10.00
Activity from investment operations:
Net investment income ⁽¹⁾		0.01			—	⁽⁵⁾
Net realized and unrealized gain (loss) on investments, futures and underlying investment companies		(1.62	)		0.24
Total from investment operations		(1.61	)		0.24
Distributions to Shareholders:
Net investment income		(0.05	)		—
Total distributions		(0.05	)		—
Net asset value, end of year or period	$	8.58		$	10.24
Total return ^(2,3)		(15.80	)%		2.40	% ⁽³⁾
Net assets, end of year or period (in 000s)	$	27,418		$	21,578
Ratios/Supplemental Data:
Ratio of expenses to average net assets ⁽⁶⁾		1.59	%		1.58	% ⁽⁴⁾
Ratio of net investment income to average net assets ^(6,7)		0.11	%		0.11	% ⁽⁴⁾
Portfolio turnover rate		288	%		0	% ⁽³⁾

^(a)

The Fund commenced operations on April 14, 2021.

⁽¹⁾

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year or period.

⁽²⁾

Total returns shown assumes the reinvestment of all distributions.

⁽³⁾

Not Annualized.

⁽⁴⁾

Annualized.

⁽⁵⁾

Represents less than $0.01 per share.

⁽⁶⁾

The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

⁽⁷⁾

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

See accompanying notes to financial statements.

FINANCIAL HIGHLIGHTS

Quantified Government Income Tactical Fund

The table sets forth financial data for one share of beneficial interest outstanding throughout the year or period.

	Investor Class
	Year Ended June 30,			Period Ended June 30,
	2022			2021^(a)
Net asset value, beginning of year or period	$	10.09		$	10.00
Activity from investment operations:
Net investment loss ⁽¹⁾		(0.12	)		(0.03	)
Net realized and unrealized gain (loss) on investments, futures and underlying investment companies		(0.37	)		0.12
Total from investment operations		(0.49	)		0.09
Distributions to Shareholders:
Net realized gains		(0.14	)		—
Total distributions		(0.14	)		—
Net asset value, end of year or period	$	9.46		$	10.09
Total return ^(2,3)		(5.05	)%		0.90	% ⁽³⁾
Net assets, end of year or period (in 000s)	$	66,188		$	6,947
Ratios/Supplemental Data:
Ratio of expenses to average net assets ⁽⁵⁾		1.56	%		1.63	% ⁽⁴⁾
Ratio of net investment loss to average net assets ^(5,6)		(1.15	)%		(1.28	)% ⁽⁴⁾
Portfolio turnover rate		766	%		98	% ⁽³⁾

^(a)

The Fund commenced operations on April 15, 2021.

⁽¹⁾

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year or period.

⁽²⁾

Total returns shown assumes the reinvestment of all distributions.

⁽³⁾

Not Annualized.

⁽⁴⁾

Annualized.

⁽⁶⁾

The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

⁽⁷⁾

Recognition of net investment loss by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

See accompanying notes to financial statements.

The Quantified Funds

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

ORGANIZATION

Quantified Managed Income Fund, Quantified Market Leaders Fund, Quantified Alternative Investment Fund, Quantified STF Fund, Quantified Pattern Recognition Fund, Quantified Tactical Fixed Income Fund, Quantified Evolution Plus Fund, Quantified Common Ground Fund, Quantified Tactical Sectors Fund, Quantified Rising Dividend Tactical Fund (“Quantified Rising Dividend”) and Quantified Government Income Tactical Fund (“Quantified Government Income”) (each a “Fund” and collectively the “Funds”) are each a diversified series (except Quantified Pattern Recognition, Quantified Tactical Fixed Income, Quantified Evolution Plus, Quantified Common Ground and Quantified Tactical Sectors Funds, which are non-diversified series), of Advisors Preferred Trust (the “Trust”), a statutory trust organized under the laws of the State of Delaware on August 15, 2012 and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Quantified Managed Income Fund, Quantified Market Leaders Fund, Quantified Alternative Investment Fund and Quantified STF Fund currently offer two classes of shares, Investor and Advisor classes of shares each of which are offered at Net Asset Value per share (“NAV”). Quantified Pattern Recognition Fund, Quantified Tactical Fixed Income Fund, Quantified Evolution Plus Fund, Quantified Common Ground Fund, Quantified Tactical Sectors Fund, Quantified Rising Dividend Tactical Fund and Quantified Government Income Tactical Fund currently offer Investor Class shares, which are offered at NAV.

The Funds’ commencement dates and their investment objectives are as follows:

Fund	Investor Class	Advisor Class	Investment Objective
Quantified Managed Income Fund	August 9, 2013	March 18, 2016	seeks high total return from fixed income investments on an annual basis consistent with a moderate tolerance for risk
Quantified Market Leaders Fund	August 9, 2013	March 18, 2016	seeks high appreciation on an annual basis consistent with a high tolerance for risk
Quantified Alternative Investment Fund	August 9, 2013	March 18, 2016	seeks high total return from alternative investment vehicles on an annual basis consistent with a high tolerance for risk
Quantified STF Fund	November 13, 2015	November 13, 2015	seeks high appreciation on an annual basis consistent with a high tolerance for risk.
Quantified Pattern Recognition Fund	August 30, 2019	N/A	seeks capital appreciation
Quantified Tactical Fixed Income Fund	September 13, 2019	N/A	seeks total return
Quantified Evolution Plus Fund	September 30, 2019	N/A	seeks capital appreciation
Quantified Common Ground Fund	December 27, 2019	N/A	seeks total return
Quantified Tactical Sectors Fund	March 4, 2021	N/A	seeks high appreciation on an annual basis consistent with a high tolerance for risk
Quantified Rising Dividend Tactical Fund	April 14, 2021	N/A	seeks total return consistent with a moderate tolerance for risk
Quantified Government Income Tactical Fund	April 15, 2021	N/A	seeks high total return consistent with a moderate tolerance for risk

SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by each Fund in preparation of their financial statements. The policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services – Investment Companies including FASB Accounting Standard Update (“ASU”) 2013-08. Each Fund’s income, expenses (other than class-specific distribution and service fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

Securities Valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Futures are valued at the final settled price or, in the absence of a settled price, at

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June 30, 2022

the last sale price on the day of valuation. Investments in open-end investment companies are valued at net asset value. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees (the “Board”) based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Short-term debt obligations with remaining maturities in excess of sixty days are valued at current market prices by an independent pricing service approved by the Trust’s Board of Trustees. The independent pricing service does not distinguish between smaller-sized bond positions known as “odd lots” and larger institutional-sized bond positions known as “round lots”. The Funds may fair value a particular bond if the advisor does not believe that the round lot value provided by the independent pricing service reflects fair value of the Funds’ holding. Total return swaps on exchange-listed securities shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices. Exchange listed swaps shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Short-term debt obligations having sixty days or less remaining until maturity, at time of purchase, may be valued at amortized cost which approximates fair value.

Each Fund may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued at their fair value as determined using the “fair value” procedures approved by the Board. The Board has delegated execution of these procedures to a fair value committee composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) advisor and/or sub-advisor. The committee may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist in determining a security specific fair value. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

Fair Valuation Process – As noted above, the fair value committee is composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) advisor and/or sub-advisor. The applicable investments are valued collectively via inputs from each of these groups. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source) and (ii) securities for which, in the judgment of the advisor, the prices or values available do not represent the fair value of the instrument. Factors which may cause the advisor and/or sub-advisor to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to each Fund’s calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued via inputs from the advisor based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If the advisor and/or sub-advisor is unable to obtain a current bid from such independent dealers or other independent parties, the fair value committee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Funds’ holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how

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June 30, 2022

the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

Valuation of Fund of Funds – Each Fund invests in portfolios of exchange traded funds or closed-end investment companies (the “Underlying Funds”). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based upon the methods established by the board of directors of the Underlying Funds.

Open-end mutual funds are valued at their respective net asset values as reported by such investment companies. The shares of many Underlying Funds frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any Underlying Funds purchased by the Funds will not change.

Units of Mount Vernon Liquid Assets Portfolio, LLC are not traded on or exchange and are valued at the investment company’s NAV per unit as provided by the Underlying Fund’s administrator.

The Funds utilize various methods to measure the fair value of all of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and 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 relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and 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.

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June 30, 2022

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of June 30, 2022 for each Fund’s assets and liabilities measured at fair value:

Quantified Managed Income Fund

Assets	Level 1			Level 2		Level 3		Total
Investments
Common Stocks *	$	20,009,804		$	—	$	—	$	20,009,804
Short-Term Investments		176,048,513			—		—		176,048,513
Collateral For Securities Loaned		4,878,536			—		—		4,878,536
Total Investments	$	200,936,853		$	—	$	—	$	200,936,853
Liabilities
Derivatives
Futures Contracts	$	(453,724	)	$	—	$	—	$	(453,724	)
Total Liabilities	$	(453,724	)	$	—	$	—	$	(453,724	)

Quantified Market Leaders Fund

Assets	Level 1			Level 2		Level 3		Total
Investments
Exchange-Traded Funds	$	97,344,091		$	—	$	—	$	97,344,091
Short-Term Investments		80,528,558			—		—		80,528,558
Collateral For Securities Loaned		26,869,200			—		—		26,869,200
Total Investments	$	204,741,849		$	—	$	—	$	204,741,849

Quantified Alternative Investment Fund

Assets	Level 1			Level 2		Level 3		Total
Investments
Exchange-Traded Funds	$	4,025,807		$	—	$	—	$	4,025,807
Open End Mutual Funds		1,899,446			—		—		1,899,446
Short-Term Investments		5,285,562			—		—		5,285,562
Collateral For Securities Loaned		490,445			—		—		490,445
Total Investments	$	11,701,260		$	—	$	—	$	11,701,260

Derivatives
Futures Contracts	$	3,590		$	—	$	—	$	3,590
Total Assets	$	11,704,850		$	—	$	—	$	11,704,850
Liabilities
Derivatives
Futures Contracts	$	(16,033	)	$	—	$	—	$	(16,033	)
Total Liabilities	$	(16,033	)	$	—	$	—	$	(16,033	)

Quantified STF Fund

Assets	Level 1			Level 2		Level 3		Total
Investments
Certificate of Deposit *	$	—		$	10,497,640	$	—	$	10,497,640
Corporate Bonds *		—			22,572,432		—		22,572,432
Exchange-Traded Funds		33,568,346			—		—		33,568,346
Short-Term Investments		66,796,547			—		—		66,796,547
Collateral For Securities Loaned		633,420			633,420
Total Investments	$	100,998,313		$	33,070,072	$	—	$	134,068,385
Derivatives
Futures Contracts	$	1,706,629		$	—	$	—	$	1,706,629
Total Assets	$	102,704,942		$	33,070,072	$	—	$	135,775,014

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2022

Quantified Pattern Recognition Fund

Assets	Level 1			Level 2		Level 3		Total
Investments
Certificate of Deposit *	$	—		$	1,998,406	$	—	$	1,998,406
Exchange-Traded Funds		2,807,645			—		—		2,807,645
Short-Term Investments		11,506,502			—		—		11,506,502
Total Investments	$	14,314,147		$	1,998,406	$	—	$	16,312,553
Liabilities
Derivatives
Futures Contracts	$	(317,438	)	$	—	$	—	$	(317,438	)
Total Liabilities	$	(317,438	)	$	—	$	—	$	(317,438	)

Quantified Tactical Fixed Income Fund

Assets	Level 1			Level 2		Level 3		Total
Investments
Certificate of Deposit *	$	—		$	9,498,945	$	—	$	9,498,945
Corporate Bonds*		—			21,689,165		—		21,689,165
Exchange-Traded Funds		22,984,474			—		—		22,984,474
Short-Term Investments		49,724,612			—		—		49,724,612
Collateral For Securities Loaned		34,749			—		—		34,749
Total Investments	$	72,743,835		$	31,188,110	$	—	$	103,931,945
Derivatives
Futures Contracts	$	585,486		$	—	$	—	$	585,486
Total Assets	$	73,329,321		$	31,188,110	$	—	$	104,517,431

Quantified Evolution Plus Fund

Assets	Level 1			Level 2		Level 3		Total
Investments
Certificate of Deposit *	$	—		$	999,763	$	—	$	999,763
Exchange-Traded Funds		21,095,074			—		—		21,095,074
Short-Term Investments		61,899,763			—		—		61,899,763
Collateral For Securities Loaned		15,392			—		—		15,392
Total Investments	$	83,010,229		$	999,763	$	—	$	84,009,992
Derivatives
Futures Contracts	$	786,283		$	—	$	—	$	786,283
Total Assets	$	83,796,512		$	999,763	$	—	$	84,796,275
Liabilities
Derivatives
Futures Contracts	$	(174,180	)	$	—	$	—	$	(174,180	)
Total Liabilities	$	(174,180	)	$	—	$	—	$	(174,180	)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2022

Quantified Common Ground Fund

Assets	Level 1		Level 2		Level 3		Total
Investments
Common Stocks *	$	34,573,221	$	—	$	—	$	34,573,221
Short-Term Investments		11,260,458		—		—		11,260,458
Collateral For Securities Loaned		8,573,050		—		—		8,573,050
Total Investments	$	54,406,729	$	—	$	—	$	54,406,729

Quantified Tactical Sectors Fund

Assets	Level 1		Level 2		Level 3		Total
Investments
Exchange-Traded Funds	$	38,258,774	$	—	$	—	$	38,258,774
Short-Term Investments		2,332,139		—		—		2,332,139
Total Assets	$	40,590,913	$	—	$	—	$	40,590,913

Quantified Rising Dividend Tactical Fund

Assets	Level 1		Level 2		Level 3		Total
Investments
Exchange-Traded Funds	$	26,290,435	$	—	$	—	$	26,290,435
Short-Term Investments		1,126,059		—		—		1,126,059
Total Investments	$	27,416,494	$	—	$	—	$	27,416,494

Quantified Government Income Tactical Fund

Assets	Level 1		Level 2		Level 3		Total
Investments
Exchange-Traded Funds	$	16,729,531	$	—	$	—	$	16,729,531
Short-Term Investments		36,978,703		—		—		36,978,703
Total Investments	$	53,708,234	$	—	$	—	$	53,708,234
Derivatives
Futures Contracts	$	232,586	$	—	$	—	$	232,586
Total Assets	$	53,940,820	$	—	$	—	$	53,940,820

Refer to each of the Schedule of Investments for industry classifications.

The Funds did not hold any Level 3 securities during the year ended June 30, 2022.

Consolidation of Subsidiaries – The consolidated financial statements of the Quantified Evolution Plus Fund include the accounts of QEPF Fund Limited (“QEPF Ltd.”), a wholly-owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. The Fund may invest up to 25% of its total assets in QEPF Ltd., which acts as an investment vehicle in order to affect certain investments consistent with the Fund’s investment objectives and policies. The subsidiary commenced operations on December 30, 2019 and is an exempted Cayman Islands company with limited liability.

A summary of the Fund’s investment in QEPF Ltd. is as follows:

	Inception Date	QEPF Ltd. Net Assets at	% Of Net Assets at
	of QEPF Ltd.	June 30, 2022	June 30, 2022
QEPF Ltd.	12/30/19	$1,259,491	0.9%

Exchange Traded Funds (“ETFs”), Mutual Funds and Exchange Traded Notes (“ETNs”) Risk - ETFs, mutual funds and ETNs are subject to investment advisory or management and other expenses,

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2022

which will be indirectly paid by the Funds. Each is subject to specific risks, depending on investment strategy. Also, each may be subject to leverage risk, which will magnify losses. ETNs are subject to default risks.

Each Fund invests in ETFs. ETFs are typically a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and typically represents a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. Each Fund may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

Cash Accounts – At times, the Funds may invest cash in a short-term deposit sweep vehicle program. Such deposits are in amounts at any such depositary institution not in excess of the Federal Deposit Insurance Corporation (“FDIC”) or National Credit Union Share Insurance Fund standard maximum deposit insurance amount such that funds are insured across the various banks or credit unions at which such funds are deposited. StoneCastle Cash Management, LLC (“StoneCastle”) provides ministerial deposit placement assistance to the Funds with respect to the short-term deposit sweep vehicle program. These deposits are not custodied by StoneCastle. These amounts are included as Cash on the Statements of Assets and Liabilities to the extent they are held by the Funds as of June 30, 2022.

Foreign Currency Translations – All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities and income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Each Fund’s investments in foreign securities are subject to foreign currency fluctuations, higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. Greater political, economic, credit and information risks are also associated with foreign securities.

Swap Contracts – Each Fund is subject to equity price risk, interest rate risk, credit risk and counterparty risk in the normal course of pursuing its investment objective. Each Fund may enter into various swap transactions for investment purposes or to manage interest rate, equity, or credit risk. These would be two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular pre-determined investments or instruments.

Standard equity swap contracts are between two parties that agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross amount to be exchanged is calculated with respect to a “notional amount” (i.e. the return on or increase in value of a particular dollar amount invested in a “basket” of securities representing a particular index or industry sector on underlying fund). Most equity swap agreements entered into by a Fund calculate the obligations of the parties on a “net basis”. Consequently, a Fund’s current obligations under a swap agreement generally will be equal to the net amount to be paid or received under the agreement based on the relative value of the positions held by each party. Each Fund’s obligations are accrued daily (offset by any amounts owed to the Fund).

Each Fund may enter into swap contracts that provide the opposite return of the particular benchmark or security (“short” the index or security). The operations are similar to that of the swaps disclosed above except that the counterparty pays interest to the Fund on the notional amount outstanding and the dividends on the underlying securities reduce the return of the swap. However, in certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which the Fund pays the counterparty interest. These amounts are netted with any unrealized appreciation or depreciation to determine the value of the swap. The Funds will typically enter into equity swap agreements in instances where the advisor believes that it

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June 30, 2022

may be more cost effective or practical than buying a security or the securities represented by a particular index.

Each Fund may enter into credit default swaps (“CDS”). CDS are typically two-party (bilateral) financial contracts that transfer credit exposure between the two parties. One party to a CDS (referred to as the credit protection “buyer”) receives credit protection or sheds credit risk, whereas the other party to a CDS (referred to as the credit protection “seller”) is selling credit protection or taking on credit risk. The seller typically receives pre-determined periodic payments from the other party. These payments are in consideration for agreeing to make compensating specific payments to the buyer should a negative credit event occur, such as (1) bankruptcy or (2) failure to pay interest or principal on a reference debt instrument, with respect to a specified issuer or one of the reference issuers in a CDS portfolio. In general, CDS may be used by a Fund to obtain credit risk exposure similar to that of a direct investment in high yield bonds.

The amounts to be exchanged or “swapped” between parties are calculated with respect to the notional amount. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statements of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss on the Statements of Operations. The maximum pay-outs for these contracts are limited to the notional amount of each swap. CDS may involve greater risks than if a Fund had invested in the referenced obligation directly and are subject to general market risk, liquidity risk, counterparty risk and credit risk.

Each Fund may enter into Interest Rate Swaps. Interest rate swaps involve the exchange of commitments to pay and receive interest based on a notional principal amount. Each Fund may elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate on a notional principal amount.

Each Fund may enter into Total Return Swaps (“TRS”). Total Return Swaps are typically two-party (bilateral) financial contracts which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains. In total return swaps, the underlying asset, referred to as the reference asset, is usually an equity index, loans, or bonds. This is owned by the party receiving the set rate payment. The TRS allows one party to derive the economic benefit of owning an asset without putting that asset on its balance sheet, and allows the other party, which does retain that asset on its balance sheet, to buy protection against loss in its value.

Each Fund collateralizes swap agreements with cash and certain securities as indicated on the Schedule of Investments of the Fund and Statements of Assets and Liabilities, respectively. Such collateral is held for the benefit of the counterparty in a segregated account at the Custodian to protect the counterparty against non-payment by the Fund. Each Fund does not net collateral. In addition, the parties have mutually agreed to settle significant unrealized appreciation / depreciation on the swap contracts as they occur, resulting in an advance or prepayment on such swaps. Such amounts, if any, would be offset against the applicable contract upon final settlement. In the event of a default by the counterparty, a Fund will seek return of this collateral and may incur certain costs exercising its rights with respect to the collateral. Amounts expected to be owed to a Fund may be collateralized either directly with the Fund or in a segregated account at the custodian.

Each Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty to the extent that posted collateral is insufficient. Each Fund will enter into swap agreements only with large, well-capitalized and established financial institutions. The creditworthiness of each of the firms that is counterparty to a swap agreement is monitored by the Advisor. The financial statements of these counterparties may be available by accessing the SEC’s website, at www.sec.gov.

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International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) govern OTC financial derivative transactions entered into by the Funds and their counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreements. Any election to early terminate could be material to the financial statements. For the year ended June 30, 2022, Quantified Market Leaders Fund, Quantified Tactical Fixed Income Fund, Quantified Evolution Plus Fund and Quantified Tactical Sectors Fund entered into total return swaps and are subject to applicable master netting arrangements.

Futures Contracts – Each Fund may be subject to the change in value of equity and interest rate risk in the normal course of pursuing its investment objective. Each Fund may purchase or sell futures contracts to gain exposure to, or hedge against, changes in the value of equities and interest rates. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (each Fund’s agent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by “marking to market” on a daily basis to reflect the market value of the contracts at the end of each day’s trading. When the contracts are closed, each Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and each Fund’s basis in the contract. If the Funds were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, each Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Each Fund segregates cash having a value at least equal to the amount of the current obligation under any open futures contract. Risks may exceed amounts recorded in the Statements of Assets and Liabilities. With futures, there is minimal counterparty credit risk to each Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the normal course of business, each Fund purchases and sells various financial instruments, which may result in risks, the amount of which is not apparent from the financial statements.

Security Transactions and Related Income – Security transactions are accounted for on trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Foreign withholding tax is recorded as incurred or known, in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.

Dividends and Distributions to Shareholders – Dividends from net investment income, if any, are declared and paid annually. Distributable net realized capital gains, if any, are declared and distributed annually in December. Dividends from net investment income and distributions from net realized gains are recorded on ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. These reclassifications have no effect on net assets, results from operations or net asset value per share of the Funds.

Federal Income Tax – It is each Fund’s policy to continue to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision is required.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2022

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed each Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for the open tax years (June 30, 2019 – June 30, 2021) or expected to be taken in the Funds’ June 30, 2022 tax returns. The Funds identify their major tax jurisdictions as U.S. Federal and foreign jurisdictions where each Fund makes significant investments; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

For tax purposes, QEPF Ltd. is an exempted Cayman Islands investment company. QEPF has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits, and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, QEPF is a controlled foreign corporation (“CFC”) and as such is not subject to U.S. income tax. However, as a wholly-owned CFC, the net income and capital gain of the CFC, to the extent of its earnings and profits, will be included each year in the respective Fund’s investment company taxable income.

Expenses – Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses that are not readily identifiable to a specific fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

Indemnification – The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, each Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. Each Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

INVESTMENT TRANSACTIONS

The cost of purchases and proceeds from sale of securities, other than short-term investments, swaps and futures contracts, for the year ended June 30, 2022 for the Funds were as follows:

Fund	Purchases		Sales
Quantified Managed Income Fund	$	561,160,472	$	654,605,988
Quantified Market Leaders Fund		2,292,115,371		2,431,483,689
Quantified Alternative Investment Fund		136,813,702		136,725,855
Quantified STF Fund		131,026,234		120,912,486
Quantified Pattern Recognition Fund		45,492,479		55,113,876
Quantified Tactical Fixed Income Fund		76,676,111		71,744,547
Quantified Evolution Plus Fund		77,438,903		65,827,193
Quantified Common Ground Fund		1,082,528,096		1,089,902,987
Quantified Tactical Sectors Fund		665,426,342		641,824,812
Quantified Rising Dividend Tactical Fund		91,525,218		79,054,379
Quantified Government Income Tactical Fund		77,718,201		62,779,904

The Quantified Funds

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2022

IMPACT OF DERIVATIVES ON THE STATEMENTS OF ASSETS AND LIABILITIES AND STATEMENTS OF OPERATIONS

The following is a summary of the location of derivative investments on the Funds’ Statements of Assets and Liabilities as of June 30, 2022:

Derivative Investment Type	Location on the Statements of Assets and Liabilities
Futures	Unrealized appreciation (depreciation) on futures

	Asset derivatives
Quantified Alternative Investment Fund	Futures - Equity Contracts	$	3,590
Quantified STF Fund	Futures - Equity Contracts		1,706,629
Quantified Tactical Fixed Income Fund	Futures - Interest Rate Contracts		585,486
Quantified Evolution Plus Fund	Futures - Currency Contracts		784,861
	Futures - Interest Rate Contracts		1,422
Quantified Government Income Tactical Fund	Futures - Interest Rate Contracts		232,586

	Liability derivatives
Quantified Managed Income Fund	Futures - Interest Rate Contracts	$	(100,385	)
	Futures - Equity Contracts		(353,339	)
Quantified Alternative Investment Fund	Futures - Interest Rate Contracts		(16,033	)
Quantified Pattern Recognition Fund	Futures - Equity Contracts		(317,438	)
Quantified Evolution Plus Fund	Futures - Commodity Contracts		(174,180	)

The Quantified Funds

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2022

Transactions in derivative instruments during the year ended June 30, 2022, were as follows:
	Statements of Operations location	Equity/Interest Rate/Credit/Commodity Contracts
Quantified Managed Income Fund	Net Realized gain (loss) from: ⁽¹⁾
Interest Rate Risk	Futures	$	3,729,428
Equity Risk	Futures		159,988
			3,889,416
	Net Change in unrealized appreciation (depreciation) on: ⁽²⁾
Interest Rate Risk	Futures	$	(345,612	)
Equity Risk	Futures		(58,437	)
			(404,049	)
Quantified Market Leaders Fund	Net Realized gain (loss) from: ⁽¹⁾
Equity Risk	Swaps	$	(47,271,430	)
	Net Change in unrealized appreciation (depreciation) on: ⁽²⁾
Equity Risk	Swaps	$	(5,363,895	)

Quantified Alternative Investment Fund	Net Realized gain (loss) from: ⁽¹⁾
Equity Risk	Futures	$	221,494
Interest Rate Risk	Futures		360,963
			582,457
	Net Change in unrealized appreciation (depreciation) on: ⁽²⁾
Equity Risk	Futures	$	(18,892	)
Interest Rate Risk	Futures		(16,033	)
			(34,925	)
Quantified STF Fund	Net Realized gain (loss) from: ⁽¹⁾
Equity Risk	Futures	$	(19,158,197	)
	Net Change in unrealized appreciation (depreciation) on: ⁽²⁾
Equity Risk	Futures	$	(10,143,336	)

Quantified Pattern Recognition Fund	Net Realized gain (loss) from: ⁽¹⁾
Equity Risk	Futures	$	(15,377,446	)
	Net Change in unrealized appreciation (depreciation) on: ⁽²⁾
Equity Risk	Futures	$	(405,491	)

Quantified Tactical Fixed Income Fund	Net Realized gain (loss) from: ⁽¹⁾
Interest Rate Risk	Futures	$	(10,048,427	)
Credit Risk	Swaps		(1,123,212	)
	Net Change in unrealized appreciation (depreciation) on: ⁽²⁾
Interest Rate Risk	Futures	$	602,599
Credit Risk	Swaps		(353,936	)

Quantified Evolution Plus Fund	Net Realized gain (loss) from: ⁽¹⁾
Commodity Risk	Futures	$	(428,051	)
Equity Risk	Futures		(362,377	)
Interest Rate Risk	Futures		1,977,460
			1,187,032
Equity Risk	Swaps		(6,636,653	)
	Net Change in unrealized appreciation (depreciation) on: ⁽²⁾
Commodity Risk	Futures	$	(174,191	)
Equity Risk	Futures		1,525,194
Interest Rate Risk	Futures		1,453
			1,352,456
Equity Risk	Swaps		653,158
Quantified Tactical Sectors Fund	Net Realized gain (loss) from: ⁽¹⁾
Equity Risk	Swaps	$	(27,114,497	)
	Net Change in unrealized appreciation (depreciation) on: ⁽²⁾
Equity Risk	Swaps	$	342,027

Quantified Government Income Tactical Fund	Net Realized gain (loss) from: ⁽¹⁾
Interest Rate Risk	Futures	$	(3,936,830	)
	Net Change in unrealized appreciation (depreciation) on: ⁽²⁾
Interest Rate Risk	Futures	$	234,090

⁽¹⁾

Statement of Operations location: Net realized gain (loss) from futures, Net realized gain (loss) from swaps.

⁽²⁾

Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures, Net change in unrealized appreciation (depreciation) on swaps.

The Quantified Funds

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2022

The derivative instruments outstanding as of June 30, 2022 as disclosed in the Schedules of Investments and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the year as disclosed in the Statements of Operations serve as indicators of the volume of derivative activity for each Fund.

Associated Risk

Market Risk: Market risk is the risk that changes in interest rates, foreign exchange rates or equity prices will affect the positions held by each Fund. The Funds are exposed to market risk on financial instruments that are valued at market prices as disclosed in the Schedules of Investments. The prices of derivative instruments, including swaps and futures prices, can be highly volatile. Price movements of derivative contracts in which each Fund’s assets may be invested are influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary and exchange control programs and policies of governments, and national and international political and economic events and policies. Each Fund may be exposed to market risk on derivative contracts in that each Fund may not be able to readily dispose of its holdings when it chooses and also that the price obtained on disposal is below that at which the investment is included in the Funds’ financial statements. All financial instruments are recognized at fair value, and all changes in market conditions directly affect net income. The Funds’ investments in derivative instruments are exposed to market risk and are disclosed in the schedule of investments.

Unexpected local, regional or global events, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues; and recessions and depressions could have a significant impact on the Funds and their investments and may impair market liquidity. Such events can cause investor fear, which can adversely affect the economies of nations, regions and the market in general, in ways that cannot necessarily be foreseen. An outbreak of infectious respiratory illness known as COVID-19, which is caused by a novel coronavirus (SARS-CoV-2), was first detected in China in December 2019 and subsequently spread globally. This coronavirus has resulted in, among other things, travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, significant disruptions to business operations, market closures, cancellations and restrictions, supply chain disruptions, lower consumer demand, and significant volatility and declines in global financial markets, as well as general concern and uncertainty. The impact of COVID-19 has adversely affected, and other infectious illness outbreaks that may arise in the future could adversely affect, the economies of many nations and the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

Counterparty Risk: Each Fund may invest in swap contracts (the “Product”) with Credit Suisse, Barclays or CIBC as the counterparty. If Credit Suisse, Barclays or CIBC becomes insolvent, Credit Suisse, Barclays or CIBC may not be able to make any payments under the Product and investors may lose their capital invested in the Product. A decline in Credit Suisse’s, Barclays’s or CIBC’s standing is likely to reduce the market value of the Product and therefore the price an investor may receive for the Product if they sell it in the market.

Liquidity Risk: Liquidity risk is the risk that a Fund will encounter difficulty in raising funds to meet commitments. Liquidity risk may result in an inability to sell investments quickly at close to fair value. Each Fund’s financial instruments may include investments in securities which are not traded on organized public exchanges and which generally may be illiquid. As a result, a Fund may not be able to quickly liquidate its investments in these instruments at an amount close to its fair value in order to meet its liquidity requirements. The Funds’ do not anticipate any material losses as a result of liquidity risk.

The Quantified Funds

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2022

OFFSETTING OF FINANCIAL ASSETS AND DERIVATIVE ASSETS

Each Fund’s policy is to recognize a gross asset or liability equal to the unrealized gain (loss) on futures contracts and swap contracts. The following table shows additional information regarding the offsetting of assets and liabilities as of June 30, 2022.

Quantified Managed Income Fund:
									Gross Amounts Not Offset in the
Assets:									Statements of Assets & Liabilities
	Gross Amounts			Gross Amounts		Net Amounts of
	Presented in the			Offset in the		Liabilities Presented			Financial
	Statements of Assets			Statements of Assets		in the Statements of			Instruments			Cash Collateral
Description	& Liabilities			& Liabilities		Assets & Liabilities			Pledged ⁽²⁾			Received		Net Amount
Securities Lending	$	4,769,261		$	—	$	4,769,261		$	(4,769,261	)	$	—	$	—
Total	$	4,769,261		$	—	$	4,769,261		$	(4,769,261	)	$	—	$	—

									Gross Amounts Not Offset in the
Liabilities:									Statement of Assets & Liabilities
				Gross Amounts		Net Amounts of
	Gross Amounts of			Offset in the		Assets Presented in			Financial
	Recognized			Statement of Assets		the Statement of			Instruments			Cash Collateral
Description	Liabilities			& Liabilities		Assets & Liabilities			Pledged ⁽²⁾			Pledged ⁽¹⁾		Net Amount
Futures Contracts	$	(453,724	)	$	—	$	(453,724	)	$	—		$	453,724	$	—
Total	$	(453,724	)	$	—	$	(453,724	)	$	—		$	453,724	$	—

Quantified Market Leaders Fund:
									Gross Amounts Not Offset in the
Assets:									Statements of Assets & Liabilities
	Gross Amounts			Gross Amounts		Net Amounts of Assets
	Presented in the			Offset in the		Presented in the			Financial
	Statements of Assets			Statements of Assets		Statements of Assets &			Instruments			Cash Collateral
Description	& Liabilities			& Liabilities		Liabilities			Pledged ⁽²⁾			Received		Net Amount
Securities Lending	$	26,242,321		$	—	$	26,242,321		$	(26,242,321	)	$	—	$	—
Total	$	26,242,321		$	—	$	26,242,321		$	(26,242,321	)	$	—	$	—

Quantified Alternative Investment Fund:
									Gross Amounts Not Offset in the Statements
Assets:									of Assets & Liabilities
	Gross Amounts			Gross Amounts		Net Amounts
	Presented in the			Offset in the		Presented in the			Financial
	Statements of			Statement of Assets		Statement of Assets			Instruments			Cash Collateral
Description	Assets & Liabilities			& Liabilities		& Liabilities			Pledged ⁽²⁾			Received		Net Amount
Futures Contracts	$	3,590		$	—	$	3,590		$	(3,590	)	$	—	$	—
Securities lending		470,841			—		470,841			(470,841	)		—		—
Total	$	474,431		$	—	$	474,431		$	(474,431	)	$	—	$	—

									Gross Amounts Not Offset in the Statement of
Liabilities:									Assets & Liabilities
	Gross Amounts of			Gross Amounts Offset		Net Amounts Presented			Financial
	Recognized			in the Statement of		in the Statement of			Instruments			Cash Collateral
Description	Liabilities			Assets & Liabilities		Assets & Liabilities			Pledged ⁽²⁾			Pledged ⁽¹⁾		Net Amount
Futures Contracts	$	(16,033	)	$	—	$	(16,033	)	$	3,590		$	12,443	$	—
Total	$	(16,033	)	$	—	$	(16,033	)	$	3,590		$	12,443	$	—

The Quantified Funds

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2022

Quantified STF Fund:
									Gross Amounts Not Offset in the Statements of
Assets:									Assets & Liabilities
	Gross Amounts
	Presented in the			Gross Amounts		Net Amounts
	Statements of			Offset in the		Presented in the			Financial
	Assets &			Statement of Assets		Statement of			Instruments			Cash Collateral
Description	Liabilities			& Liabilities		Assets & Liabilities			Pledged ⁽²⁾			Received		Net Amount
Futures Contracts	$	1,706,629		$	—	$	1,706,629		$	—		$	—	$	1,706,629
Securities lending		621,074			—		621,074			(621,074	)		—		—
Total	$	2,327,703		$	—	$	2,327,703		$	(621,074	)	$	—	$	1,706,629

Quantified Pattern Recognition Fund:
									Gross Amounts Not Offset in the Statement of
Liabilities:									Assets & Liabilities
						Net Amounts
	Gross Amounts of			Gross Amounts Offset		Presented in the
	Recognized			in the Statement of		Statement of Assets			Financial Instruments			Cash Collateral
Description	Liabilities			Assets & Liabilities		& Liabilities			Pledged⁽²⁾			Pledged⁽¹⁾		Net Amount
Futures Contracts	$	(317,438	)	$	—	$	(317,438	)	$	—		$	317,438	$	—
Total	$	(317,438	)	$	—	$	(317,438	)	$	—		$	317,438	$	—

Quantified Tactical Fixed Income Fund:
									Gross Amounts Not Offset in the Statements
Assets:									of Assets & Liabilities
	Gross Amounts			Gross Amounts		Net Amounts
	Presented in the			Offset in the		Presented in the			Financial
	Statements of			Statement of		Statement of Assets			Instruments
Description	Assets & Liabilities			Assets & Liabilities		& Liabilities			Pledged⁽²⁾			Cash Collateral Received		Net Amount
Futures Contracts	$	585,486		$	—	$	585,486		$	—		$	—	$	585,486
Securities lending		34,116			—		34,116			(34,116	)		—		—
Total	$	619,602		$	—	$	619,602		$	(34,116	)	$	—	$	585,486

Quantified Evolution Plus Fund:
									Gross Amounts Not Offset in the
Assets:									Statements of Assets & Liabilities
	Gross Amounts			Gross Amounts		Net Amounts of Assets
	Presented in the			Offset in the		Presented in the			Financial
	Statements of Assets			Statements of Assets		Statements of Assets &			Instruments			Cash Collateral
Description	& Liabilities			& Liabilities		Liabilities			Pledged⁽²⁾			Received		Net Amount
Futures Contracts	$	786,283		$	—	$	786,283		$	(174,180	)	$	—	$	612,103
Securities lending		15,140			—		15,140			(15,140	)		—		—
Total	$	801,423		$	—	$	801,423		$	(189,320	)	$	—	$	612,103

									Gross Amounts Not Offset in the
Liabilities:									Statement of Assets & Liabilities
	Gross Amounts			Gross Amounts		Net Amounts of
	Presented in the			Offset in the		Liabilities Presented in			Financial
	Statements of Assets			Statement of Assets		the Statement of			Instruments			Cash Collateral
Description	& Liabilities			& Liabilities		Assets & Liabilities			Pledged⁽²⁾			Pledged ⁽¹⁾		Net Amount
Futures Contracts	$	(174,180	)	$	—	$	(174,180	)	$	174,180		$	—	$	—
Total	$	(174,180	)	$	—	$	(174,180	)	$	174,180		$	—	$	—

The Quantified Funds

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2022

Quantified Common Ground Fund:
							Gross Amounts Not Offset in the Statements of
Assets:							Assets & Liabilities
	Gross Amounts		Gross Amounts		Net Amounts
	Presented in the		Offset in the		Presented in the		Financial
	Statements of		Statement of		Statement of		Instruments			Cash Collateral
Description	Assets & Liabilities		Assets & Liabilities		Assets & Liabilities		Pledged ⁽²⁾			Received		Net Amount
Securities lending	$	8,303,415	$	—	$	8,303,415	$	(8,303,415	)	$	—	$	—
Total	$	8,303,415	$	—	$	8,303,415	$	(8,303,415	)	$	—	$	—

Quantified Government Income Tactical Fund:
							Gross Amounts Not Offset in the
Assets:							Statements of Assets & Liabilities
	Gross Amounts		Gross Amounts		Net Amounts of Assets
	Presented in the		Offset in the		Presented in the		Financial
	Statements of Assets		Statements of Assets		Statements of Assets &		Instruments			Cash Collateral
Description	& Liabilities		& Liabilities		Liabilities		Pledged			Received		Net Amount
Futures Contracts	$	232,586	$	—	$	232,586	$	—		$	—	$	232,586
Total	$	232,586	$	—	$	232,586	$	—		$	—	$	232,586

⁽¹⁾

The amount is limited to the derivative liability balance and accordingly does not include excess collateral pledged.

⁽²⁾

The amount does not include excess collateral pledged by the counterparty. Detailed collateral amounts are presented in the Statements of Assets and Liabilities.

INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

The business activities of each Fund are overseen by the Board, which is responsible for the overall management of the Funds. Advisors Preferred LLC (“Advisor”), serves as investment advisor to the Funds. The Advisor has engaged Flexible Plan Investments, Ltd. (the “Sub-Advisor”) to serve as the sub-advisor to the Funds.

Pursuant to an advisory agreement with the Funds, the Advisor, under the oversight of the Board, directs the daily operations of each Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, each Fund pays advisory fees accrued daily and paid monthly, based on each Fund’s average daily net assets and is computed at an annual rate of 1.00%, except for Quantified Alternative, Quantified Managed Income and Quantified Market Leaders which pay 0.75%. For the year ended June 30, 2022, each Fund accrued the following advisory fees:

Quantified Managed Income Fund	$	1,033,615
Quantified Market Leaders Fund		2,467,756
Quantified Alternative Investment Fund		113,835
Quantified STF Fund		1,938,851
Quantified Pattern Recognition Fund		387,043
Quantified Tactical Fixed Income Fund		1,731,049
Quantified Evolution Plus Fund		706,312
Quantified Common Ground Fund		863,547
Quantified Tactical Sectors Fund		787,711
Quantified Rising Dividend Tactical Fund		303,372
Quantified Government Income Tactical Fund		334,471

The Quantified Funds

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2022

Pursuant to a liquidity program administrator agreement with the Funds, the Adviser, provides a liquidity program administrator who, directs the operations of the Funds’ liquidity risk management program. As compensation for its services and the related expenses borne by the Adviser, the Funds pay the Adviser out of pocket expenses and an annual fee of $9,000 per Fund. The liquidity program administrator agreement became effective June 1, 2021. Pursuant to the liquidity program administrator agreement, the Adviser earned (net of voluntary waivers) the following fees for the year ended June 30, 2022:

Quantified Managed Income Fund	$	9,000
Quantified Market Leaders Fund		9,000
Quantified Alternative Investment Fund		—
Quantified STF Fund		9,000
Quantified Pattern Recognition Fund		—
Quantified Tactical Fixed Income Fund		9,000
Quantified Evolution Plus Fund		9,000
Quantified Common Ground Fund		9,000
Quantified Tactical Sectors Fund		9,000
Quantified Rising Dividend Tactical Fund		—
Quantified Government Income Tactical Fund		—

Ultimus Fund Solutions, LLC (“UFS”), UFS, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to the servicing agreement with UFS, each Fund pays UFS customary fees for providing administration, fund accounting and transfer agency services to the Fund. Under the terms of the Funds’ agreement with UFS, UFS pays for certain operating expenses of the Funds. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Funds for serving in such capacities.

In addition, certain affiliates of UFS provide services to each Fund as follows:

Blu Giant, LLC (“Blu Giant”), an affiliate of UFS, provides EDGAR conversion and filing services as well as print management services for each Fund on an ad-hoc basis. These expenses are the responsibility of UFS.

The Trust has adopted Distribution Plans and Agreements pursuant to Rule 12b-1 under the 1940 Act for the Funds’ Investor Class and Advisor Class shares (each a “Plan” and together, the “Plans”) pursuant to which a Fund pays fees to the Ceros Financial Services, Inc. (“Ceros” or “Distributor”) for providing distribution and/or shareholder services to the Fund. Under the Plans, Investor Class shares of a Fund may pay an account maintenance fee for account maintenance services and/or distribution fee at an annual rate of up to 0.25% of the Fund’s average net assets attributable to Investor Class shares as compensation for the Distributor providing account maintenance and distribution services to shareholders; and up to 1.00% for Advisor Class shares of a Fund’s average daily net assets attributable to the Advisor Class shares. The 12b-1 Plan is a compensation plan, which means that compensation is provided regardless of 12b-1 expenses incurred.

The Quantified Funds

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2022

For the year ended June 30, 2022, pursuant to the Rule 12b-1 Plan, each Fund accrued:

	Investor Class		Advisor Class		Total
Quantified Managed Income Fund	$	344,472	$	262	$	344,734
Quantified Market Leaders Fund		822,164		1,691		823,855
Quantified Alternative Investment Fund		37,739		823		38,562
Quantified STF Fund		483,560		4,612		488,172
Quantified Pattern Recognition Fund		96,761		—		96,761
Quantified Tactical Fixed Income Fund		432,762		—		432,762
Quantified Evolution Plus Fund		176,578		—		176,578
Quantified Common Ground Fund		215,887		—		215,887
Quantified Tactical Sectors Fund		196,928		—		196,928
Quantified Rising Dividend Tactical Fund		75,843		—		75,843
Quantified Government Income Tactical Fund		83,618		—		83,618

The Board has adopted a Shareholder Servicing Plan (the “Servicing Plan”) with respect to the Investor Class of each Fund. The Servicing Plan provides that a monthly service fee is calculated by each Fund at an annual rate of up to 0.15% (currently set at 0.15%), of its average daily net assets of the Investor Class and is paid to Ceros to provide compensation for ongoing shareholder servicing activities or service and/or maintenance accounts, not otherwise required to be provided by the Advisor. Ceros is an affiliate of the Advisor.

For the year ended June 30, 2022, pursuant to the Shareholder Services Agreement, each Fund paid:

Quantified Managed Income Fund	$	206,683
Quantified Market Leaders Fund		493,298
Quantified Alternative Investment Fund		22,643
Quantified STF Fund		290,136
Quantified Pattern Recognition Fund		58,056
Quantified Tactical Fixed Income Fund		259,657
Quantified Evolution Plus Fund		105,947
Quantified Common Ground Fund		129,532
Quantified Tactical Sectors Fund		118,156
Quantified Rising Dividend Tactical Fund		45,506
Quantified Government Income Tactical Fund		50,171

During the year ended June 30, 2022, Ceros, a registered broker/dealer, executed trades on behalf of Quantified Managed Income Fund, Quantified Market Leaders Fund, Quantified Alternative Investment Fund, Quantified STF Fund, Quantified Pattern Recognition Fund, Quantified Tactical Fixed Income Fund, Quantified Evolution Plus Fund, Quantified Common Ground Fund, Quantified Tactical Sectors Fund, Quantified Rising Dividend Tactical Fund and Quantified Government Income Tactical Fund received $163,438, $358,278, $35,035, $56,503, $20,627, $30,946, $26,006, $245,949, $111,947, $11,858 and $33,641 in trade commissions, respectively.

Each Trustee who is not an “interested person” of the Trust or Advisor is compensated at a rate of $50,000 per year plus $2,500 minimum per meeting for certain special meetings, which varies based on the matters submitted, as well as for reimbursement for any reasonable expenses incurred attending the meetings, paid quarterly. The “interested persons” who serve as Trustees of the Trust receive no compensation for their services as Trustees. None of the executive officers receive compensation from the Trust. Interested trustees of the Trust are also officers or employees of the Advisor and its affiliates.

The Quantified Funds

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2022

AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

The identified cost of investments in securities owned by each Fund for federal income tax purposes excluding futures and swaps, and its respective gross unrealized appreciation and depreciation at June 30, 2022, were as follows:

								Net
			Gross Unrealized		Gross Unrealized			Appreciation/
	Tax Cost		Appreciation		(Depreciation)			(Depreciation)
Quantified Managed Income Fund	$	202,194,243	$	239,775	$	(1,497,165	)	$	(1,257,390	)
Quantified Market Leaders Fund		215,023,294		—		(10,281,445	)		(10,281,445	)
Quantified Alternative Investment Fund		12,290,179		32,597		(496,106	)		(463,509	)
Quantified STF Fund		136,609,689		1,706,898		(4,248,202	)		(2,541,304	)
Quantified Pattern Recognition Fund		16,486,090		317,438		(490,975	)		(173,537	)
Quantified Tactical Fixed Income Fund		106,496,628		581		(2,565,264	)		(2,564,683	)
Quantified Evolution Plus Fund		84,409,778		237		(574,203	)		(573,966	)
Quantified Common Ground Fund		68,763,640		96,249		(14,453,160	)		(14,356,911	)
Quantified Tactical Sectors Fund		43,504,579		—		(2,913,666	)		(2,913,666	)
Quantified Rising Dividend Tactical Fund		34,656,255		—		(7,239,761	)		(7,239,761	)
Quantified Government Income Tactical Fund		54,105,565		3,698		(401,029	)		(397,331	)

DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of distributions paid for the periods ended June 30, 2022 and June 30, 2021 was as follows:

	For the period ended June 30, 2022:
	Ordinary		Long-Term		Return of
Portfolio	Income		Capital Gains		Capital		Total
Quantified Managed Income Fund	$	983,577	$	—	$	—	$	983,577
Quantified Market Leaders Fund		64,865,841		—		—		64,865,841
Quantified Alternative Investment Fund		1,367,116		173,849		—		1,540,965
Quantified STF Fund		21,941,283		20,260,824		—		42,202,107
Quantified Pattern Recognition Fund		4,417,288		1,721,355		—		6,138,643
Quantified Tactical Fixed Income Fund		—		—		—		—
Quantified Evolution Plus Fund		2,958,074		4,437,576		—		7,395,650
Quantified Common Ground Fund		7,158,565		—		—		7,158,565
Quantified Tactical Sectors Fund		2,251,739		—		—		2,251,739
Quantified Rising Dividend Tactical Fund		163,258		—		—		163,258
Quantified Government Income Tactical Fund		226,553		502,193		—		728,746

The Quantified Funds

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2022

	For the period ended June 30, 2021:
	Ordinary		Long-Term		Return of
Portfolio	Income		Capital Gains		Capital		Total
Quantified Managed Income Fund	$	727,077	$	—	$	—	$	727,077
Quantified Market Leaders Fund		20,827,738		—		—		20,827,738
Quantified Alternative Investment Fund		—		—		—		—
Quantified STF Fund		10,992,115		11,448,564		—		22,440,679
Quantified Pattern Recognition Fund		—		43,751		—		43,751
Quantified Tactical Fixed Income Fund		1,085,151		1,750,280		1,273		2,836,704
Quantified Evolution Plus Fund		729,716		—		—		729,716
Quantified Common Ground Fund		1,107,232		4,687		—		1,111,919
Quantified Tactical Sectors Fund		—		—		—		—
Quantified Rising Dividend Tactical Fund		—		—		—		—
Quantified Government Income Tactical Fund		—		—		—		—

As of June 30, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

	Undistributed		Undistributed		Post October Loss			Capital Loss			Other		Unrealized			Total
	Ordinary		Long-Term		and			Carry			Book/Tax		Appreciation/			Accumulated
	Income		Capital Gains		Late Year Loss			Forwards			Differences		(Depreciation)			Earnings/(Deficits)
Quantified Managed Income Fund	$	59,554	$	—	$	(1,381,791	)	$	(8,877,857	)	$	—	$	(1,257,390	)	$	(11,457,484	)
Quantified Market Leaders Fund		—		—		(77,208,114	)		(4,080,413	)		—		(10,281,445	)		(91,569,972	)
Quantified Alternative Investment Fund		—		—		(1,029,667	)		—			—		(463,509	)		(1,493,176	)
Quantified STF Fund		—		—		(53,487,827	)		—			—		(2,541,304	)		(56,029,131	)
Quantified Pattern Recognition Fund		—		—		(19,009,255	)		—			—		(173,537	)		(19,182,792	)
Quantified Tactical Fixed Income Fund		—		—		(17,292,468	)		(6,773,454	)		—		(2,564,683	)		(26,630,605	)
Quantified Evolution Plus Fund		37,174		—		(6,886,500	)		—			—		(573,966	)		(7,423,292	)
Quantified Common Ground Fund		—		—		—			—			—		(14,356,911	)		(14,356,911	)
Quantified Tactical Sectors Fund		308,072		—		(37,370,912	)		(9,031,336	)		—		(2,913,666	)		(49,007,842	)
Quantified Rising Dividend Tactical Fund		668,273		—		—			—			—		(7,239,761	)		(6,571,488	)
Quantified Government Income Tactical Fund		—		—		(4,709,202	)		—			—		(397,331	)		(5,106,533	)

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed net investment income (loss) and accumulated net realized gains (losses) from investments is primarily attributable to the tax deferral of losses on wash sales, the mark-to-market on open Section 1256, and tax adjustments related to the Quantified Evolution Plus Fund’s wholly owned subsidiary.

The Quantified Funds

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2022

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such late year losses as follows:

	Late Year
	Losses
Quantified Managed Income Fund	$	—
Quantified Market Leaders Fund		—
Quantified Alternative Investment Fund		—
Quantified STF Fund		829,306
Quantified Pattern Recognition Fund		241,008
Quantified Tactical Fixed Income Fund		745,207
Quantified Evolution Plus Fund		—
Quantified Common Ground Fund		—
Quantified Tactical Sectors Fund		—
Quantified Rising Dividend Tactical Fund		—
Quantified Government Income Tactical Fund		250,956

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such capital losses as follows:

	Post October
	Losses
Quantified Managed Income Fund	$	1,381,791
Quantified Market Leaders Fund		77,208,114
Quantified Alternative Investment Fund		1,029,667
Quantified STF Fund		52,658,521
Quantified Pattern Recognition Fund		18,768,247
Quantified Tactical Fixed Income Fund		16,547,261
Quantified Evolution Plus Fund		6,886,500
Quantified Common Ground Fund		—
Quantified Tactical Sectors Fund		37,370,912
Quantified Rising Dividend Tactical Fund		—
Quantified Government Income Tactical Fund		4,458,246

At June 30, 2022, the Funds below had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

The Quantified Funds

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2022

	Short-Term		Long-Term		Total
Quantified Managed Income Fund	$	6,621,821	$	2,256,036	$	8,877,857
Quantified Market Leaders Fund		4,080,413		—		4,080,413
Quantified Alternative Investment Fund		—		—		—
Quantified STF Fund		—		—		—
Quantified Pattern Recognition Fund		—		—		—
Quantified Tactical Fixed Income Fund		3,627,663		3,145,791		6,773,454
Quantified Evolution Plus Fund		—		—		—
Quantified Common Ground Fund		—		—		—
Quantified Tactical Sectors Fund		9,031,336		—		9,031,336
Quantified Rising Dividend Tactical Fund		—		—		—
Quantified Government Income Tactical Fund		—		—		—

During the fiscal year ended June 30, 2022, certain of the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the book/tax basis treatment of non-deductible expenses and net operating losses, reclassification of Fund distributions, , use of tax equalization credits and adjustments related to the Quantified Evolution Plus Fund’s wholly owned subsidiary, resulted in reclassification for the period ended June 30, 2022 as follows:

	Paid
	In			Accumulated
	Capital			Earnings (Losses
Quantified Managed Income Fund	$	—		$	—
Quantified Market Leaders Fund		(5,211,122	)		5,211,122
Quantified Alternative Investment Fund		—			—
Quantified STF Fund		(18,261	)		18,261
Quantified Pattern Recognition Fund		(37,092	)		37,092
Quantified Tactical Fixed Income Fund		(771,306	)		771,306
Quantified Evolution Plus Fund		(438,128	)		438,128
Quantified Common Ground Fund		6,081,492			(6,081,492	)
Quantified Tactical Sectors Fund		—			—
Quantified Rising Dividend Tactical Fund		847,887			(847,887	)
Quantified Government Income Tactical Fund		(23,774	)		23,774

CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund pursuant to Section 2(a)(9) of the 1940 Act. As of June 30, 2022, Axos Clearing LLC held 84.12% of the Quantified Managed Income Fund, 82.84% of the Quantified Market Leaders Fund, 71.64% of the Quantified Alternative Investment Fund, 70.51% of the Quantified STF Fund, 89.78% of the Quantified Pattern Recognition Fund, 90.03% of the Quantified Tactical Fixed Income Fund, 76.01% of the Quantified Evolution Plus Fund, 74.17% of the Quantified Common Ground Fund, 77.20% of the Quantified Tactical Sectors Fund, 96.43% of the Quantified Rising Dividend Tactical Fund and 78.34% of the Quantified Government Income Tactical Fund.

The Quantified Funds

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2022

10.

UNDERLYING INVESTMENT IN OTHER INVESTMENT COMPANIES

The following Funds currently invest greater than 25% of their assets in the corresponding investments. The Fund may redeem its investment from the investments at any time if the Advisor or Subadvisor determines that it is in the best interest of the Fund and its shareholders to do so. The performance of the Fund will be directly affected by the performance of the investments. The financial statements of the investments, including their schedule of investments, can be found at the Securities and Exchange Commission’s website www.sec.gov and should be read in conjunction with the Funds’ financial statements.

		Percentage of Net
Fund	Investment	Assets
Quantified Managed Income Fund	Fidelity Government Portfolio Institutional Class	42.3%
	First American Government Obligations Fund Class Z	42.3%
Quantified Alternative Investment Fund	Fidelity Government Portfolio Institutional Class	25.1%
	First American Government Obligations Fund Class Z	25.1%
Quantified Pattern Recognition Fund	Fidelity Government Portfolio Institutional Class	31.5%
	First American Government Obligations Fund Class Z	31.4%
Quantified Tactical Sectors Fund	Financial Select Sector SPDR Fund	25.3%
	Health Care Select Sector SPDR Fund	25.6%
Quantified Government Income Tactical Fund	Fidelity Government Portfolio Institutional Class	27.9%
	First American Government Obligations Fund Class Z	27.9%

11.

SECURITIES LENDING

The Funds have entered into a securities lending arrangement (the “Agreement”) with U.S. Bank (the “Lending Agent”). Under the terms of the Agreement, the Funds are authorized to loan securities to the Lending Agent. In exchange, the Funds receive cash and “non-cash” or “securities” collateral in the amount of at least 105% of the value of any loaned securities that are foreign securities or 102% of the value of any other loaned securities marked-to-market daily. Loans shall be marked to market daily and the margin restored in the event collateralization is below 100% of the value of securities loaned. The value of securities loaned is disclosed in a footnote on the Statements of Assets and Liabilities and on the Schedules of Investments. Securities lending income is disclosed in the Funds’ Statements of Operations. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the Lending Agent fails to return the securities on loan. The Funds’ cash collateral received in securities lending transactions is invested in the Mount Vernon Liquid Assets Portfolio, LLC, a privately offered liquidity fund, as presented below. The investment objective is to seek to maximize current income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00 per unit.

As of June 30, 2022, the following Funds loaned securities which were collateralized by cash. The value of securities on loan and the value of the related collateral were as follows:

			Overnight and Continuous
Fund	Value of Securities Loaned		Value of Collateral*
Quantified Managed Income Fund	$	4,769,261	$	4,878,536
Quantified Market Leaders Fund		26,242,321		26,869,200
Quantified Alternative Investment Fund		470,841		490,445
Quantified STF Fund		621,074		633,420
Quantified Tactical Fixed Income Fund		34,116		34,749
Quantified Evolution Plusd Fund		15,140		15,392
Quantified Common Ground Fund		8,303,415		8,573,050

The above Funds received cash collateral, which was subsequently invested in the Mount Vernon Liquid Assets Portfolio, LLC as reported in the Schedules of Investments.

The Quantified Funds

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2022

12.

LINE OF CREDIT

The Quantified Alternative Investment Fund, Quantified Common Ground Fund, and the Quantified Managed Income Fund (“Borrowing Funds”) have each entered into a line of credit agreement with U.S. Bank N.A. for investment purposes subject to the limitations of the 1940 Act for borrowings. The maximum amount a Borrowing Fund is allowed to borrow under its agreement is lesser of $15,000,000, 20% of the gross market value of the Borrowing Fund or 33 1/3% of the gross market value (as determined solely by the Bank using consistently applied valuation methods disclosed to the Borrower) of the unencumbered assets of the Borrowing Fund. Borrowings under each agreement bear interest at the Prime Rate, per annum, on the principal balance outstanding. The maturity date of the line of credit is November 3, 2022. During the year end June 30, 2022, the Borrowing Funds accessed the line of credit as follows:

	Average Amount							Outstanding
	Borrowings		Interest		Average			Borrowings
	Outstanding		Expense		Interest Rate			6/30/2022
Quantified Alternative Investment Fund	$	2,341,000	$	2,416		3.83	%	$	—
Quantified Common Ground Fund		9,373,132		47,545		3.38	%		—
Quantified Managed Income Fund		4,994,000		451		3.25	%		—

13.

RECENT REGULATORY UPDATES

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (’‘ASU 2020-04’’). The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any of applying this ASU.

In October 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund are currently evaluating the impact, if any, of this provision.

14.

SUBSEQUENT EVENTS

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

(COHEN & CO LOGO)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Quantified Funds and Board of Trustees of Advisors Preferred Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Quantified Funds comprising the funds listed below (the “Funds”) as of June 30, 2022, the related statements of operations and cash flows, the statements of changes in net assets, and the financial highlights for each of the periods indicated below, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2022, the results of their operations and cash flows, the changes in net assets, and the financial highlights for each of the of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

Fund Name	Statements of Operations and Cash Flows**	Statements of Changes in Net Assets	Financial Highlights
Quantified Managed Income	For the year	For the years	For the years ended June 30,
Fund, Quantified Market	ended June 30,	ended June 30,	2022, 2021, 2020, 2019, and
Leaders Fund, Quantified	2022	2022 and 2021	2018
Alternative Investment Fund,
and Quantified STF Fund
Quantified Pattern	For the year	For the years	For the years ended June 30,
Recognition Fund	ended June 30,	ended June 30,	2022, and 2021, and the period
	2022	2022 and 2021	from August 30, 2019
			(commencement of operations)
			through June 30, 2020
Quantified Tactical Fixed	For the year	For the years	For the years ended June 30,
Income Fund	ended June 30,	ended June 30,	2022, and 2021, and the period
	2022	2022 and 2021	from September 13, 2019
			(commencement of operations)
			through June 30, 2020
Quantified Evolution Plus	For the year	For the years	For the years ended June 30,
Fund*	ended June 30,	ended June 30,	2022, and 2021, and the period
	2022	2022 and 2021	from September 30, 2019
			(commencement of operations)
			through June 30, 2020
Quantified Common Ground	For the year	For the years	For the years ended June 30,
Fund	ended June 30,	ended June 30,	2022, and 2021, and the period
	2022	2022 and 2021	from December 27, 2019
			(commencement of operations)
			through June 30, 2020

COHEN & COMPANY, LTD.

800.229.1099 | 866.818.4535 fax | cohencpa.com

Registered with the Public Company Accounting Oversight Board

Quantified Tactical Sectors Fund	For the year ended June 30, 2022	For the year ended June 30, 2022, and the period from March 4, 2021 (commencement of operations) through June 30, 2021
Quantified Rising Dividend Tactical Fund	For the year ended June 30, 2022	For the year ended June 30, 2022, and the period from April 14, 2021 (commencement of operations) through June 30, 2021
Quantified Government Income Tactical Fund	For the year ended June 30, 2022	For the year ended June 30, 2022, and the period from April 15, 2021 (commencement of operations) through June 30, 2021

The financial statements referred to throughout are Consolidated Financial Statements.

The Statements of Cash Flows only applies to Quantified Alternative Investment Fund and Quantified Common Ground Fund for the year ended June 30, 2022.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2022, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies within the Advisors Preferred Trust since 2012.

(-s- COHEN & COMPANY)

COHEN & COMPANY, LTD.

Chicago, Illinois

August 26, 2022

QUANTIFIED FUNDS

EXPENSE EXAMPLES (Unaudited)

June 30, 2022

Example

As a shareholder of a Fund you will pay ongoing expenses, such as advisory fees, distribution and service fees (12b-1), and other fund expenses. The following examples are intended to help you understand the ongoing cost (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note, the expenses shown in the tables are meant to highlight ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions which may be assessed by mutual funds. This 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 columns under the heading entitled “Actual” help you estimate the actual expenses you paid over the period. The “Actual Ending Account Value” shown is derived from the Fund’s actual return, and the “Actual Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. To estimate the expenses you paid on your account during this 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 column under the heading entitled “Actual Expenses Paid During Period”.

Hypothetical Examples for Comparison Purposes

The columns under the heading entitled “Hypothetical” provide information about hypothetical account value and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table on the next page are meant to highlight your ongoing costs only and do not reflect any transactional costs which may be applicable to your account. Therefore, the last column of the table (Hypothetical Expenses Paid During Period) is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


					*Hypothetical*
			*Actual*		(5% return before expenses)
	Fund’s				Ending
	Annualized	Beginning	Ending	Expenses	Account	Expenses
	Expense	Account Value	Account Value	Paid During	Value	Paid During
	Ratio	1/1/22	6/30/22	Period*	6/30/22	Period*
Quantified Managed Income Fund
Investor Class	1.31%	$1,000.00	$994.30	$6.48	$1,018.30	$6.56
Advisor Class	1.90%	$1,000.00	$990.90	$9.38	$1,015.32	$9.49
Quantified Market Leaders Fund
Investor Class	1.30%	$1,000.00	$768.30	$5.70	$1,018.35	$6.51
Advisor Class	1.90%	$1,000.00	$766.20	$8.32	$1,015.37	$9.49
Quantified Alternative Investment Fund
Investor Class	1.34%	$1,000.00	$956.70	$6.50	$1,018.15	$6.71
Advisor Class	1.96%	$1,000.00	$954.90	$9.50	$1,015.17	$9.79
Quantified STF Fund
Investor Class	1.56%	$1,000.00	$687.80	$6.53	$1,017.11	$7.80
Advisor Class	2.15%	$1,000.00	$685.80	$8.99	$1,014.13	$10.74
Quantified Pattern Recognition Fund
Investor Class	1.55%	$1,000.00	$736.90	$6.68	$1,017.11	$7.75
Quantified Tactical Fixed Income Fund
Investor Class	1.56%	$1,000.00	$877.90	$7.26	$1,017.06	$7.80
Quantified Evolution Plus Fund
Investor Class	1.56%	$1,000.00	$841.60	$7.12	$1,017.06	$7.80
Quantified Common Ground Fund
Investor Class	1.65%	$1,000.00	$913.10	$7.83	$1,016.46	$8.25
Quantified Tactical Sectors Fund
Investor Class	1.57%	$1,000.00	$723.10	$6.71	$1,017.06	$7.85
Quantified Rising Dividend Tactical Fund
Investor Class	1.62%	$1,000.00	$775.80	$7.13	$1,016.91	$8.10
Quantified Government Income Tactical Fund
Investor Class	1.56%	$1,000.00	$895.80	$7.33	$1,017.06	$7.80

Expenses are equal to the average account value over the period, multiplied by each Fund’s annualized expense ratio, multiplied by the number of days in the period (181) divided by the number of days in the fiscal year (365).

QUANTIFIED FUNDS

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

June 30, 2022

LIQUIDITY RISK MANAGEMENT PROGRAM

The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act. The program is reasonably designed to assess and manage the Funds’ liquidity risk, taking into consideration, among other factors, each Fund’s investment strategies and the liquidity of portfolio investments during normal and reasonably foreseeable stressed conditions; short and long-term cash flow projections; and cash holdings and access to other funding sources.

During the year ended June 30, 2022, the Trust’s Liquidity Program Administrator (“LPA”) and the Board reviewed the then-active Funds’ investments and they determined that, generally, the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Board and the LPA concluded that (i) the Funds’ liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds’ liquidity risk management program has been effectively implemented.

QUANTIFIED FUNDS

SUPPLEMENTAL INFORMATION (Unaudited)

June 30, 2022

Approval of Renewal of the Investment Advisory and Sub-Advisory Agreements for the Quantified Managed Income Fund, Quantified Market Leaders Fund; Quantified Alternative Investment Fund, Quantified STF Fund, Quantified Tactical Fixed Income Fund, Quantified Evolution Plus Fund, Quantified Common Ground Fund, Quantified Pattern Recognition Fund, Quantified Tactical Sectors Fund, Quantified Rising Dividend Tactical Fund and Quantified Government Income Tactical Fund

At a video conference meeting held on May 11, 2022 (the “Meeting”), held in accordance with relief granted by the U.S. Securities and Exchange Commission (the “SEC”) to ease certain governance obligations required under the Investment Company Act of 1940, as amended (the “1940 Act”) in light of travel concerns related to the COVID-19 pandemic (the “SEC Relief Order”) the Board of Trustees (the “Board”), of Advisors Preferred Trust (the “Trust”), including a majority of Trustees who are not “interested persons” (the “Independent Trustees”), as such term is defined under Section 2(a)(19) of the 1940 Act, considered the renewal of the investment advisory agreement (the “Advisory Agreement’) between Advisors Preferred, LLC (the “Adviser”) and the Trust, on behalf of the Quantified Managed Income Fund, Quantified Market Leaders Fund; Quantified Alternative Investment Fund and subsidiary (“QAIF Fund Limited”), Quantified STF Fund, Quantified Tactical Fixed Income Fund, Quantified Evolution Plus Fund and subsidiary (“QEPF Fund Limited”),Quantified Common Ground Fund, Quantified Pattern Recognition Fund, Quantified Tactical Sectors Fund, Quantified Rising Dividend Tactical Fund, and Quantified Government Income Tactical Fund and (together the “Quantified Funds”); and the renewal of each sub-advisory agreement (the “Sub-Advisory Agreement”) between the Adviser and Flexible Plan Investments, Ltd. (the “Sub-Adviser” or “FPI”). The Directors of the QAIF Fund Limited and QEPF Fund Limited, approved an investment advisory agreement between QEPF Fund Limited and between QAIF Fund Limited and the Adviser (each a “Subsidiary Advisory Agreement”) as well as the sub-advisory agreements (each a “Subsidiary Sub-Advisory Agreement”) between the Advisor and FPI with respect to QAIF Fund Limited and QEPF Fund Limited. The Fund level agreements and subsidiary agreements are referred to collectively for convenience and references to the Fund include the subsidiary as the context indicates.

In connection with the Board’s consideration and approval of the renewal of the Advisory Agreements and Sub-Advisory Agreements (together the “Advisory Agreements”), the Adviser and Sub-Adviser provided the Board in advance of the Meeting with written materials, which included information regarding: (a) a description of the investment management personnel of the Adviser and Sub-Adviser; (b) the Adviser’s and Sub-Adviser’s operations and the Adviser’s financial condition; (c) the Adviser’s proposed brokerage practices (including any soft dollar arrangements); (d) the level of the advisory fees to be charged compared with the fees charged to comparable mutual funds or accounts; (e) the Quantified Funds’ anticipated level of profitability from the Adviser’s and Sub-Adviser’s fund-related operations; (f) the Adviser’s and Sub-Adviser’s compliance policies and procedures; and (g) information regarding the performance of each Quantified Fund as compared to their respective benchmarks and Morningstar categories. The Board’s review of materials and deliberations are presented contemporaneously given the overlapping considerations, paralleled issues and conclusions drawn by the Board. The Board members relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreements

Moreover, each Trustee may have afforded different weight to the various factors in reaching conclusions with respect to the Agreements. The Board reviewed the quality of work and abilities of the Adviser and its relationship with FPI and the performance of each Quantified Fund. In light of each Quantified Fund’s performance and the compliance/review relationship with the FPI, the

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Board concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties to the Quantified Funds. The Board conducted some of their deliberations on a joint basis for the Adviser and FPI given the close working relationship of the Adviser and Sub-Adviser and conducted their deliberations on a consolidated basis for the Quantified Alternative Investment Fund and QAIF Fund Limited; and for the Quantified Evolution Plus Fund and QEPF Fund Limited”.

The Board’s review of materials and deliberations are presented contemporaneously given the overlapping considerations, paralleled issues and conclusions drawn by the Board.

Nature, Extent and Quality of Services.

With respect to the nature, extent and quality of services provided, the Board reviewed the Adviser’s Form ADV, and the Sub-Adviser’s Form ADV, a description of the manner in which investment decisions, including asset allocation, sector selection, trade execution and compliance, will be made for each Quantified Fund by the Sub-Adviser, a description of the services provided by the Adviser and those services provided by the Sub-Adviser and those executed by the Adviser. The Board reviewed the experience of professional personnel from both the Adviser and Sub-Adviser performing services for each Quantified Fund, including the team of individuals that primarily monitor and execute the investment and administration process, and the portfolio managers. Counsel reported there were no changes in management within the Advisor and no changes within the Sub-Adviser. Further reviewed by the Board was a certification from each of the Adviser and the Sub-Adviser certifying that each has adopted a Code of Ethics containing provisions reasonably necessary to prevent Access Persons, as that term is defined in Rule 17j-1 under the 1940 Act, from engaging in conduct prohibited by Rule 17j-1(b) and that each the of the Adviser and the Sub-Adviser have adopted procedures reasonably necessary to prevent Access Persons from violating such Code of Ethics.

The Board also reviewed the balance sheet of the Adviser as of December 31, 2021, and found the financial resources greatly improved over previous years. Management noted the Adviser has access to additional capital if the need should arise. There was discussion with respect to legal fees and how they were reflected on the income statement and balance sheet, and the Board noted the net income for the Adviser was improved from prior years.

With respect to Flexible Plan Investments, Inc. (“Flexible Plan” or “FPI”), the Board reviewed an income statement and balance sheet as of December 31, 2021, reflecting assets available to the Sub-Adviser to continue sub-advising the Quantified Funds. The Board concluded that the Adviser and Sub-Adviser have adequate financial resources to continue to service the Quantified Funds and QAIF Fund Limited and QEPF Fund Limited.

The Board also discussed the Adviser’s compliance program with the CCO of the Trust. The Board noted that the Adviser continues to have in place procedures which are currently working to prevent violations of applicable securities laws. The CCO confirmed that she has the support and resources to ensure the compliance procedures of the Trust are updated in accordance with current SEC rules. The Board concluded that the Adviser has qualified professionals, resources, and compliance policies essential to performing its duties under the Advisory Agreements and Subsidiary Advisory Agreements.

Regarding the compliance programs of FPI, the CCO noted that she works with the CCO of the Sub-Adviser. The Board confirmed with the CCO that she had reviewed the policies and procedures manual of Flexible Plan, including their latest revisions and business continuity plans.

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There was further Board discussion around the SEC Exam of Flexible Plan, and the CCO reported that the CCO had reported there were no findings relative to the Quantified Funds. The findings related to clients where a referring broker was dropped by the client and the scope of fiduciary oversight provided.

Performance. The Board considered that the Adviser delegates day-to-day investment decisions to the Sub-Adviser and, therefore, would not directly control the performance of the Quantified Funds. The Board considered the Adviser’s other responsibilities under the Advisory Agreement, including with respect to trade oversight, reviewing daily positions and balance reports for the Quantified Funds, obtaining derivative agreements and reporting to the Board, and concluded that the Adviser appears to be adequately monitoring the Sub-Adviser’s adherence to the respective Quantified Fund’s investment objectives and appears to be carrying out its functions appropriately.

With respect to the performance results from the Sub-Adviser’s daily management and investment strategies, the Board considered the updated performance of each of the Quantified Funds compared to their primary benchmark and Morningstar category for various periods provided by the Adviser. The Trustees also reviewed the Sub-Adviser’s strategy and each Quantified Fund’s performance for various periods with explanations for over/under performance.

Quantified Managed Income Fund

With respect to Managed Income, (as measured by Investor Class shares) the Board noted the Fund outperformed the Morningstar Multisector Bond category by 2.99% and the Bloomberg Aggregate Bond Index benchmark by 5.32% during the last 12 months ended March 31, 2022 while lagging for longer range periods. The Board reviewed the Fund’s positive return for the five-year and since-inception periods. The Board reflected of the Fund’s total return seeking strategy and observed that the Fund does not follow an index-tracking strategy and therefore, swings in performance are expected. The Board noted that the Sub-Adviser is focused on refining Fund strategies and noted the Sub-Adviser may use the Fund as a diversifying investment without purely focusing on the specific performance of the Fund. The Board concluded that Fund performance was acceptable in light of the previous factors and noted it expects the Fund will continue to grow as part of the Sub-Adviser’s rebalancing of clients’ accounts.

Quantified Market Leaders Fund

The Board noted that Market Leaders (as measured by Investor Class shares) underperformed the Wilshire 5000 Index for the one-year, three-year, five-year and since inception periods ended March 31, 2022. The Trustees further found the Fund outperformed the Morningstar Tactical Allocation category for the three- and five-year periods, while underperforming for the one-year period. The Board note that recent performance was somewhat concerning, but that the nature of the Fund’s strategy with a focus on sector rotation, market trends and inflection point trades can lead to periods of underperformance. The Board noted that the Sub-Adviser may be able include strategy refinements designed to improve performance and that this was a mitigating factor. The Board concluded that in spite of recent lags, and because of the Fund’s novel nature and strategy it believed performance was acceptable.

Quantified Alternative Investment Fund (and subsidiary)

For Alternative Investment, the Board noted the Fund (as measured by Investor Class shares) underperformed the S&P 500 Index for the one-year and three-year periods ended March 31, 2022. The Board discussed how the Fund’s strategy that can lead to investment in ultra-long futures, thus making it difficult to benchmark. The Trustees further noted the Fund outperformed

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the Morningstar Macro Trading category for the one- three- and five- year periods. The Board acknowledged that the S&P 500 Index does not directly correspond to the Fund’s investment strategy and noted that the Marco Trading category better follows the novel nature of the investment strategy followed for the Fund. The Board concluded performance was acceptable.

Quantified STF Fund

The Board acknowledged the Fund (as measured by Investor Class shares) has lagged its previous periods of strong performance and its benchmark, Nasdaq 100 Index, and the Morningstar Tactical category for the one- and three-year, five-year periods ended March 31, 2022. The Board noted that the Fund’s strategy includes a risk management element that attempts to deliver on reducing return risk in down trending markets while amplifying exposure in up trending market. It was acknowledged by the Board that the signals utilized in the STF Strategy are not always correct, and that the Morningstar Tactical Sector is not a perfect index for comparison. The Board concluded performance was acceptable when viewed from a long-term perspective, in spite of recent underperformance.

Quantified Tactical Fixed Income Fund

For the one-year period ended March 31, 2022, the Board noted Tactical Fixed (as measured by Investor Class shares) outperformed its benchmark, Bloomberg Aggregate Bond Index, and the Morningstar Nontraditional Bond category. The Trustees noted the Fund had produced a positive since-inception return. The Board concluded that a longer time period is warranted to genuinely assess the Fund’s performance, but concluded performance is considered acceptable.

Quantified Evolutions Plus Fund (and Subsidiary)

The Board reviewed the Fund’s performance (as measured by Investor Class shares) for the one-year period ended March 31, 2022, and noted the Fund lagged the S&P 500, while outperforming the Morningstar Tactical Allocation category. The Trustees note the Fund lagged the S&P 500 for the since-inception period as well. The Trustees discussed the wide-ranging and novel nature of the Fund’s capital appreciation seeking strategy and observed that the Fund does not follow an index-tracking strategy and therefore, swings in performance are to be expected. The Board concluded that a longer time is needed to genuinely assess the Fund’s performance, but concluded performance is considered acceptable.

Quantified Common Ground Fund

For the one-year period ended March 31, 2022, the Common Ground Fund (as measured by Investor Class shares) outperformed its benchmarks, S&P 1500, and the Morningstar Mid-Cap Blend category. The Board noted that since inception the Fund lagged the S&P 1500 by 2.24% reflecting weaker longer-range performance. The Board determined that short term performance was improved and that it will take a long-term perspective on performance. It deemed performance acceptable and agreed to continue to monitor performance.

Quantified Pattern Recognition Fund

For the one-year period ended March 31, 2022, the Board noted Fund (as measured by Investor Class shares) lagged its benchmarks S&P 500, and the Morningstar Allocation 50% to 70% Equity category. The Trustees found that year to date the Fund was +10.60%. The Board discussed and took into consideration the Sub-Adviser’s ongoing refinement of the Fund’s strategy in attempt to capture returns during various market cycles. The Board determined a longer time period of performance is helpful to genuinely assess the Fund’s performance and agreed to monitor the Fund’s performance, and concluded performance was nonetheless acceptable.

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Quantified Tactical Sectors Fund

The Board reviewed the Fund’s performance (as measured by Investor Class shares) from March 4, 2021 (commencement of operations) through March 31, 2022 and recognized its tough start, as it significantly lagged the S&P 500 Index. The Sub-Adviser noted the experienced management team had recognized that the rapid rotation strategy was not working as expected for the Fund and were modifying the strategy accordingly. The Board determined that with only short performance history it was too early to determine how the Fund will perform in the long-term. The Board agreed to reassess the Fund’s performance at a later date, but concluded performance was acceptable.

Quantified Rising Dividend Tactical Fund (April 14, 2021 commencement)

The Board reviewed the Fund’s performance (as measured by Investor Class shares) since April 14, 2021 (commencement of operations) through March 31, 2022 and recognized its positive performance +5.01%. The Trustees noted the Fund lagged the S&P 500 Index for same period. The Board noted the Morningstar World Large Stock Blend category comparison was unavailable, in part, because of the short time period examined. The Board discussed how the Sub-Adviser invests with a mathematical approach to asset selection intended to seek high returns. The Trustees also noted it was not an index fund. The Board determined the with Fund’s short performance history it was too early to determine how the Fund will perform in the long-term. The Board agreed to reassess the Fund’s performance at a later date, but concluded it was acceptable.

Quantified Government Income Tactical Fund (April 15, 2021 commencement)

The Board reviewed the Fund’s performance (as measured by Investor Class shares) since April 15, 2021 (commencement of operations) through March 31, 2022 and recognized that the Fund produced a positive return of 2.80%. The Trustees noted performance significantly outperformed the Bloomberg Aggregate Bond Index for same period. The Board noted the Morningstar Intermediate Core Bond category comparison was unavailable, due in part to the short time period. The Board determined with the Fund’s short performance history it was too early to determine how the Fund will perform in the long-term. The Board agreed to reassess the Fund’s performance at a later date, and concluded it was acceptable.

In summary for the performance of the Quantified Funds and any subsidiaries, the Board felt that with Adviser oversight, under FPI’s portfolio management, all the Quantified Funds and any subsidiaries are expected to continue to provide or begin to provide an acceptable level of investment returns for shareholders over the long term.

Fees and Expenses. As to the costs of the services to be provided to each Quantified Fund by the Adviser and Sub-Adviser, respectively, the Board reviewed and discussed the advisory fee and total operating expenses of each Quantified Fund compared to its peer group and Morningstar category as presented in the Meeting Materials.

For each Quantified Fund, the Board reviewed and considered the split of the Advisory fee between the Adviser and the sub-adviser (the sub-adviser being paid by the Adviser, not the Fund), and determined it was acceptable and reasonable for the services to be provided to the Fund.

Quantified Managed Income Fund

The Board noted that advisory fee of 0.75% for Managed Income was within range of the Morningstar Multisector Bond Category, and well below the maximum management fee. The

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Trustees discussed the net expenses of 1.57% for Investor Class shares and found it was above average of the net expense for the Morningstar Multisector Bond A Class category. With regards to Adviser Class shares, the Trustees noted the net expense ratio of 2.18% was within range and well below the maximum net expenses for the Morningstar Multisector Bond C Class category reasonable range of expenses. The Board concluded that the advisory fee and net expenses for the Managed Income are reasonable.

Quantified Market Leaders Fund

The Board noted that advisory fee of 0.75% for Market Leaders was below average for the Morningstar Tactical Allocations Category, and well below the maximum management fee. The Trustees discussed the net expenses of 1.57% for Investor Class shares and found it was below average for the net expense for the Morningstar Tactical Allocation A Class category. With regards to Adviser Class shares, the Trustees noted the net expense ratio of 2.17% was below the average of the net expense ratio for the Morningstar Tactical Allocation C Class Category. The Board concluded that the advisory fee and net expenses for Market Leaders are reasonable.

Quantified Alternative Investment Fund (and subsidiary)

The Board noted that advisory fee of 0.75% for Alternative Investment was below the average for the Morningstar Macro Trading Category. The Trustees discussed the net expenses of 2.07% for Investor Class shares and found it slightly above the average and within range for net expense for the Morningstar Macro Trading A Class category. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.75% was within range and well below the maximum net expense ratio for the Macro Trading C Class category. The Board concluded that the advisory fee and net expenses for Alternative Investment are reasonable.

Quantified STF Fund

The Board noted that advisory fee of 1.00% for STF was within range and well below the maximum average for the Morningstar Tactical Allocation Category. The Trustees discussed the net expenses of 1.65% for Investor Class shares and found it slightly below the average and well below the maximum net expense for the Morningstar Tactical Allocation A Class category. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.26% was slightly below the average and well below the maximum net expense ratio for the Morningstar Tactical Allocation C Class category. The Board concluded that the advisory fee and net expenses for STF Fund are reasonable.

Quantified Tactical Fixed Income Fund

The Board noted that advisory fee of 1.00% for Tactical Fixed was within range, and well below the maximum management fee for the Morningstar Nontraditional Bond Category. The Board discussed the net expenses of 1.68% for Investor Class shares and found it within range of net expense for the Morningstar Nontraditional Bond A Class category. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.28% was above the average and well below the maximum net expense ratio for the Morningstar Nontraditional Bond C Class category. The Board concluded that the advisory fee and net expenses for Tactical Fixed are reasonable.

Quantified Evolution Plus Fund (and Subsidiary)

The Board noted that advisory fee of 1.00% for Evolution Plus was within range of the Morningstar Tactical Allocation Category. The Trustees discussed the net expenses of 1.66% for Investor Class shares and found it slightly below the average net expense for the Morningstar Tactical Allocation A Class category. With regards to Adviser Class shares, the Board noted the net

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expense ratio of 2.26% was within range of the net expense ratio for the Morningstar Tactical Allocation Class C Class category. The Board concluded that the advisory fee and net expenses for Evolution Plus are reasonable.

Quantified Common Ground Fund

The Board noted that advisory fee of 1.00% for Common Ground was within range of the management fee for the Morningstar Mid-Cap Blend Category. The Trustees discussed the net expenses of 1.69% for Investor Class shares and found it below the maximum and within range of the net expense for the Mid Cap Blend A Class category. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.29% was within range of net expense ratio for the Morningstar Mid Cap Blend C Class category and below the maximum net expenses. The Board concluded that the advisory fee and net expenses for Common Ground are reasonable.

Quantified Pattern Recognition Fund

The Board noted that advisory fee of 1.00% for Pattern Recognition was within range for the Morningstar Allocation 50%-70% Equity category and well below the maximum management fee. The Trustees discussed the net expenses of 1.68% for Investor Class shares and found it within range of the Morningstar Allocation 50%-70% Equity A Class category. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.28% was within range of the Allocation 50%-70% Equity Morningstar C Class category and below maximum net expenses. The Board concluded that the advisory fee and net expenses for Pattern Recognition are reasonable.

Quantified Tactical Sectors Fund

The Board noted that advisory fee of 1.00% for the Fund was within range of the Morningstar Large Blend Category. The Trustees discussed that the net expenses of 1.80% for Investor Class shares and found it within range of the net expense ratios for the Large Blend A Class. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.40% was within range of the net expense ratio for the Morningstar Large Blend C Class category. The Board concluded that the advisory fee and net expenses for Tactical Sector are reasonable.

Quantified Rising Dividend Tactical Fund

The Board noted that advisory fee of 1.00% for the Fund was within range of the Morningstar Large World Large Stock Blend Category. The Trustees discussed the net expenses of 1.66% for Investor Class shares and found it slightly above the range of the net expense ratios for the World Large Stock Blend A Class. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.28% was slightly above range of the net expense ratio for the Morningstar World Large Stock Blend C Class category. The Board concluded that the advisory fee and net expenses for Rising Dividend are reasonable in light of the complexity of the Fund and the fact that the Adviser and Sub-Adviser do not directly control Fund expenses.

Quantified Government Income Tactical Fund

The Board noted that advisory fee of 1.00% for the Fund was slightly above range of the Morningstar Intermediate Core Bond Category. The Trustees discussed the net expenses of 1.68% for Investor Class shares and found it was slightly above range of the net expense ratios for the Intermediate Core Bond A Class category. With regards to Adviser Class shares, The Board noted the net expense ratio of 2.28% was slightly above range of the net expense ratio for the Morningstar Intermediate Core Bond C Class category. The Board concluded that the advisory fee and net expenses for Government Income are reasonable in light of the narrow

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strategy of the Morningstar Intermediate Core Bond C Class category constituents and complexity of the Fund and the fact that the Adviser and Sub-Adviser do not directly control Fund expenses.

Profitability of Adviser. The Board reviewed the levels of profits to the Adviser for the most recent fiscal years from each Quantified Fund with respect to advisory fees and from the total relationship with each Quantified Fund. They considered whether profits from each Quantified Fund were reasonable in light of services provided, including the assets levels and payments to the Sub-Adviser, and any reverse breakpoints in fee split fees applicable to the Quantified Funds. The Board, in consultation with counsel noted that current court rulings with respect to profitability suggest up to or even over a 50% profit margin for any adviser or sub-adviser could be acceptable and not considered excessive.

Quantified Managed Income Fund, Quantified Market Leaders Fund, Quantified STF Fund, Quantified Common Ground Fund, Quantified Tactical Fixed Income Fund

With respect to Quantified Funds identified above, the Board noted that after fees paid to the Sub-Adviser, the Adviser operated at a slight profit and a slight profit when taking into account the totality of the relationship with the Funds. The Board considered the split between the Sub-Adviser to be reasonable for services provided. The Board concluded that based on the assets levels and services provided the profit levels for the Adviser are not excessive.

Quantified Alternative Investment Fund, Quantified Evolution Plus Fund, Quantified Pattern Recognition Fund, Quantified Tactical Sectors Fund, Quantified Rising Dividend Tactical Fund and Quantified Government Income Tactical Fund

In discussing the Adviser’s profits with respect to the Quantified Funds listed above, the Board acknowledged the Adviser was operating these Funds at a loss. With respect to Evolution Plus, the Board noted the Adviser was operating at the breakeven point. The Board concluded that any excess profit to the Adviser was currently not a concern, and they would continue to monitor as assets of the Funds grow.

Profitability Sub-Adviser: The Board reviewed the levels of profits to the Sub-Adviser for the most recent fiscal year from each Quantified Fund with respect to sub-advisory fees and from the total relationship with each Fund. With regards to all Quantified Funds, the Board noted that the Sub-Adviser usually charges higher fees from separately managed accounts with similar investment strategies, if any. The Board, in consultation with counsel noted that current court rulings with respect to profitability suggest up to or even over a 50% profit margin for any adviser or sub-adviser could be acceptable and not considered excessive.

Quantified Managed Income Fund

With respect to the Sub-Adviser’s profitability review, the Board noted FPI operated the Fund at a loss when reviewing sub-advisory fees. However, when reviewing the total relationship with the Fund, FPI operated at a slight profit of 2%. The Board concluded that based on the assets levels and services provided, the Sub-Adviser having excess profits it not a current concern.

Quantified Market Leaders Fund

With respect to the Sub-Adviser’s profitability review, the Board noted FPI operated the Fund at a loss when reviewing sub-advisory fees. However, when reviewing the total relationship with the Fund, and other fees earned, Flexible Plan made a slight profit. The Board concluded that based on the assets levels and services provided, the Sub-Adviser having excess profits it not a current concern.

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Quantified Alternative Investment Fund

With respect to the Sub-Adviser’s profitability review, the Board noted FPI operated the Fund at a loss when reviewing sub-advisory fees, and also saw a loss from the total relationship with the Fund. The Board concluded that based on the assets levels and services provided, the Sub-Adviser having excess profits is not a current concern.

Quantified STF Fund

The Board reviewed the profitability of FPI with respect to the Fund and noted the Sub-Adviser made a small profit from managing the Fund. They further noted that Sub-Adviser’s profit increased to a 26% when including other income earned from their relationship with the Fund. The Board concluded that based on the asset levels and services provided, the Sub-Adviser having excess profits from the Fund is not a current concern.

Quantified Common Ground Fund

In discussing the Sub-Adviser’s profits with respect to the Fund, the Board acknowledged FPI was managing the Fund at a small profit from the sub-advisory fees. However, when taking into account other fees earned, the Board acknowledged the profits to FPI were higher at 27%. The Board determined that this was acceptable for the services provided. The Board concluded that based on the asset levels and services provided, the Sub-Adviser having excess profits is not a current concern.

Quantified Evolution Plus Fund, Quantified Pattern Recognition Fund, Quantified Tactical Fixed Income Fund, Quantified Tactical Sectors Fund, Quantified Rising Dividend Tactical Fund and Quantified Government Income Tactical Fund

In discussing the Sub-Adviser’s profits with respect to the above-mentioned Quantified Funds, the Board acknowledged FPI was managing each Fund at a slight profit from the sub-advisory fees. However, when taking into account other fees earned, the Board acknowledged FPI’s profits were higher at 28%, 27%, 28%, 30%, 29% and 27%, respectively, for Evolution Plus, Pattern Recognition, Tactical Fixed, Sectors Allocation, Rising Dividend, and Government Income. The Board determined that these profits are acceptable for the services provided to each Fund by the Sub-Adviser and below the threshold of concern.

With the fees based on average assets of combined Quantified Funds, even with a slight reverse breakpoint fee schedule, the Board acknowledged it unlikely that the Sub-Adviser will, with respect to sub-advisory fees, or when taking into account the totality of the relationship, experience excess profits from its relationship with the any of the Quantified Funds. The Board stated they will monitor profit levels from each Quantified Fund as FPI continues to build assets of the Quantified Funds.

Economies of Scale. As to the extent to which the Quantified Funds will realize economies of scale, the Adviser reported an estimate of $500 million per Fund to be the minimum asset level required to reach such economies of scale. The Board discussed the Adviser’s expectations for the growth of each Fund and concluded that any material economies of scale were not a concern at present assets levels. The Board also confirmed that economies of scale is not a concern for approval of any sub-advisory agreements.

Conclusion. Counsel assisted the Board throughout the Advisory Agreements and Sub-Advisory Agreements review process. The Board members relied upon the advice of independent counsel, and their own business judgment in determining the material factors to be considered in evaluating each of the Advisory Agreements and Subsidiary Advisory Agreements where

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appropriate; as well as each Sub-Advisory Agreement and Subsidiary Sub-Advisory Agreement where appropriate. In considering the approval Board noted that each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Advisory Agreements and Sub-Advisory Agreements.

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The following table provides information regarding each Trustee who is not an “interested person” of the Trust, as defined in the 1940 Act.

Name, Address ¹ and Year of Birth	Position(s) Held with the Trust	Term of Office/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee ⁽²⁾	Other Directorships Held by Trustee During Past Five Years
Charles R. Ranson Born: 1947	Trustee	Indefinite, since November 2012	Principal, Ranson & Associates (business consultancy) ), (since 2003)	21	Northern Lights Fund Trust IV (27 Series) (Since July 2015)
Felix Rivera Born: 1963	Trustee	Indefinite, since November 2012	Managing Partner, Independent Channel Advisors, LLC (consultancy practice), (since January 2011)	21	BlueArc Multi-Strategy Fund (Nov. 2014 to Jan. 2018)
David Feldman Born: 1963	Trustee	Indefinite, since September 2017	Independent Consultant (since January 2015). Head of Intermediary Sales, Baron Capital Inc. (February 2010 to December 2014)	21	None

^1.

Unless otherwise specified, the mailing address of each Trustee is c/o Advisors Preferred Trust, 1145 Research Blvd., Suite 530, Rockville, MD 20850. .

^2.

The “Fund Complex” consists of the series of the Trust.

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The following table provides information regarding each Trustee who is an “interested person” of the Trust, as defined in the 1940 Act, and each officer of the Trust.

Name, Address ⁽¹⁾ and Year of Birth	Position(s) Held with the Fund	Term of Office/ Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee⁽²⁾	Other Directorships Held by Trustee During Past 5 Years
Catherine Ayers- Rigsby⁽³⁾ Born: 1948	Trustee, Chairperson, President	Indefinite; since November 2012	CEO, Advisors Preferred, LLC (since June 2011); President, Ceros Financial Services, Inc. (broker/dealer), (since August 2009); President Atcap Partners, LLC investment adviser) (since July 2011)	21	None
Brian S. Humphrey⁽⁴⁾ Born: 1972	Trustee	Indefinite; since November 2012	Managing Director, Ceros Financial Services, Inc. (since January 2011)	21	None
Christine Casares Born: 1975	Treasurer	Indefinite; since May 2019	Vice President, Tax Administration, Ultimus Fund Solutions, LLC (since February 2016); Assistant Vice President, Tax Administration (February 12 January 2016)	N/A	N/A
Angela Holland Born: 1970	Chief Compliance Officer	Indefinite; since July 2020	Chief Compliance Officer, Ceros Financial Services, Inc. (January 2016 to Present), Sales Supervisor/AML Compliance Officer, Ceros Financial Services, Inc. (April 2012 – January 2016); Compliance Manager, Advisors Preferred, LLC (since April 2012); Compliance Manager, AtCap Partners, LLC (investment adviser) (Since April 2012)	N/A	N/A
Richard Malinowski Born: 1983	Secretary	Indefinite; Since November 2012	Senior Vice President and Senior Managing Counsel, Ultimus Fund Solutions, LLC (since February 2020); Senior Vice President Legal Administration and Counsel , (April 2016 – February 2017) and AVP and Staff Attorney (September 2012 – March 2016)	N/A	N/A
Jeff Meacham Born: 1976	Assistant Treasurer	Indefinite; Since November 2021	Senior Trader Ceros Financial Services, Inc.	N/A	N/A
Daniel Gibson Born: 1984	Assistant Treasurer	Indefinite; Since November 2021	Trader/Dealer & Commissions Specialist, Ceros Financial Services, Inc.	N/A	N/A

^1.

Unless otherwise specified, the mailing address of each Trustee is c/o Advisors Preferred Trust, 1145 Research Blvd., Suite 530, Rockville, MD 20850. .

^2.

The “Fund Complex” consists of the series of the Trust.

^3.

Ms. Ayers-Rigsby is an interested Trustees because she is an officer of the Trust, an officer of the Trust’s investment adviser and an officer of the Trust’s principal underwriter

^4.

Mr. Humphrey is an interested Trustee because he is an officer of the Trust’s principal underwriter.

The Funds’ Statement of Additional Information includes additional information about the Trustees and is available free of charge by calling toll- free 1-855-647-8268.

103

PRIVACY NOTICE

Rev. May 2014

FACTS	WHAT DOES ADVISORS PREFERRED TRUST DO WITH YOUR PERSONAL INFORMATION?

Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include:
	■ Social Security number	■ Purchase History
	■ Assets	■ Account Balances
	■ Retirement Assets	■ Account Transactions
	■ Transaction History	■ Wire Transfer Instructions
	■ Checking Account Information
	When you are no longer our customer, we continue to share your information as described in this notice.

How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Advisors Preferred Trust chooses to share; and whether you can limit this sharing.

	Does Advisors
	Preferred Trust	Can you limit this
Reasons we can share your personal information	share?	sharing?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes – to offer our products and services to you	No	We don’t share
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes – information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes – information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions?

Call 1-866-862-9686

104

Who we are
Who is providing this notice?	Advisors Preferred Trust
What we do
How does Advisors Preferred Trust protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How does Advisors Preferred Trust collect my personal information?	We collect your personal information, for example, when you ■ Open an account ■ Provide account information ■ Give us your contact information ■ Make deposits or withdrawals from your account ■ Make a wire transfer ■ Tell us where to send the money ■ Tells us who receives the money ■ Show your government-issued ID ■ Show your driver’s license We also collect your personal information from other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ■ Sharing for affiliates’ everyday business purposes – information about your creditworthiness ■ Affiliates from using your information to market to you ■ Sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ■ Advisors Preferred Trust does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ■ Advisors Preferred Trust does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ■ Advisors Preferred Trust doesn’t jointly market.

105

PROXY VOTING POLICY

Information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling 1-855-647-8268 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PORTFOLIO HOLDINGS

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. The information on Form N-PORT is available without charge, upon request, by calling 1-855-647-8268.

INVESTMENT ADVISOR

Advisors Preferred LLC

1445 Research Blvd., Suite 530

Rockville, MD 20850

SUB-ADVISOR

Flexible Plan Investments, Ltd.

3883 Telegraph Road, Suite 100

Bloomfield Hills, MI 48302

ADMINISTRATOR

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

QUANT-AR22

(b) Not applicable.

Item 2. Code of Ethics.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) For purposes of this item, “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote:

(1)

Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

(2)

Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

(3) Compliance with applicable governmental laws, rules, and regulations;

(4)

The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

(5) Accountability for adherence to the code.

(c) Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

(d) Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

(e) The Code of Ethics is not posted on Registrant’ website.

(f) A copy of the Code of Ethics is attached as an exhibit.

Item 3. Audit Committee Financial Expert.

(a)

The Registrant’s board of trustees has determined that Felix Rivera is the audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Rivera is independent for purposes of this Item 3.

Item 4. Principal Accountant Fees and Services.

(a)

Audit Fees

2022 - $134,750

2021 - $128,500

(b)

Audit-Related Fees

2022 - None

2021 - None

(c)

Tax Fees

2022 - $27,500

2021 - $27,500

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d)

All Other Fees

2022 - None

2021 - None

(e)

(1) Audit Committee’s Pre-Approval Policies

The registrant’s Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the registrant. The registrant’s Audit Committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant, to the extent that the services may be determined to have an impact on the operations or financial reporting of the registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee.

(2)

Percentages of Services Approved by the Audit Committee

2022 2021

Audit-Related Fees: 100% 100%

Tax Fees: 100% 100%

All Other Fees: 100% 100%

(f)

During the audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g)

The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:

2022 - $27,500

2021 - $27,500

(h) The registrant's audit committee has considered whether the provision of non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Companies. Not applicable to open-end investment companies.

Item 6. Schedule of Investments. Schedule of investments in securities of unaffiliated issuers is included under Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Funds. Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders. Vote of security holders is included under item 1.

Item 11. Controls and Procedures.

(a) Based on an evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no significant changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal half-year 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.

Item 13. Exhibits.

(a)(1) Code of Ethics filed herewith.

(a)(2) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.

(a)(3) Not applicable for open-end investment companies.

(b) Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) 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.

(Registrant) Advisors Preferred Trust

By (Signature and Title)

/s/ Catherine Ayers-Rigsby

Catherine Ayer-Rigsby, President/Principal Executive Officer

Date 9/8/22

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

/s/Catherine Ayers-Rigsby

Catherine Ayers-Rigsby, President/Principal Executive Officer

Date ___9/8/22

By (Signature and Title)

/s/ Christine Casares

Christine Casares, Treasurer/Principal Financial Officer

Date 9/8/22