0001752724-22-202766.txt : 20220912
0001752724-22-202766.hdr.sgml : 20220912
20220912124541
ACCESSION NUMBER: 0001752724-22-202766
CONFORMED SUBMISSION TYPE: N-CEN
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20220630
FILED AS OF DATE: 20220912
DATE AS OF CHANGE: 20220912
EFFECTIVENESS DATE: 20220912
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Advisors Preferred Trust
CENTRAL INDEX KEY: 0001556505
IRS NUMBER: 000000000
STATE OF INCORPORATION: DE
FILING VALUES:
FORM TYPE: N-CEN
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-22756
FILM NUMBER: 221238119
BUSINESS ADDRESS:
STREET 1: 1445 RESEARCH BOULEVARD
STREET 2: SUITE 530
CITY: ROCKVILLE
STATE: MD
ZIP: 20850
BUSINESS PHONE: 2402231998
MAIL ADDRESS:
STREET 1: 1445 RESEARCH BOULEVARD
STREET 2: SUITE 530
CITY: ROCKVILLE
STATE: MD
ZIP: 20850
0001556505
S000041789
Quantified Managed Income Fund
C000129682
Quantified Managed Income Fund Investor Class Shares
QBDSX
C000159195
Quantified Managed Income Fund Advisor Class Shares
QBDAX
0001556505
S000041791
Quantified Market Leaders Fund
C000129684
Quantified Market Leaders Fund Investor Class Shares
QMLFX
C000159197
Quantified Market Leaders Fund Advisor Class Shares
QMLAX
0001556505
S000041792
Quantified Alternative Investment Fund
C000129685
Quantified Alternative Investment Fund Investor Class Shares
QALTX
C000159198
Quantified Alternative Investment Fund Advisor Class Shares
QALAX
0001556505
S000051349
Quantified STF Fund
C000161884
Quantified STF Fund Advisor Class Shares
QSTAX
C000161885
Quantified STF Fund Investor Class Shares
QSTFX
0001556505
S000066115
Quantified Common Ground Fund
C000213660
Quantified Common Ground Fund Investor Class Shares
QCGDX
0001556505
S000066116
Quantified Evolution Plus Fund
C000213662
Quantified Evolution Plus Fund Investor Class Shares
QEVOX
0001556505
S000066117
Quantified Pattern Recognition Fund
C000213664
Quantified Pattern Recognition Fund Investor Class Shares
QSPMX
0001556505
S000066118
Quantified Tactical Fixed Income Fund
C000213666
Quantified Tactical Fixed Income Fund Investor Class Shares
QFITX
0001556505
S000071104
Quantified Tactical Sectors Fund
C000225736
Quantified Tactical Sectors Fund Investor Class Shares
QTSSX
0001556505
S000071457
Quantified Government Income Tactical Fund
C000226634
Quantified Government Income Tactical Fund Investor Class Shares
QGITX
0001556505
S000071458
Quantified Rising Dividend Tactical Fund
C000226637
Quantified Rising Dividend Tactical Fund Investor Class Shares
QRDTX
N-CEN
1
primary_doc.xml
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C000129685
S000066118
C000213666
S000051349
C000161884
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C000129682
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S000071457
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Advisors Preferred Trust
811-22756
0001556505
549300VBL7C31PY2VZ37
1445 Research Blvd.
Suite 530
Rockville
20850
US-MD
US
855-647-8268
Ultimus Fund Solutions LLC
225 Pictoria Drive
Suite 450
Cincinnatti
45246
631-470-2719
Fund Accounting and Transfer Agent Records
N
N
N-1A
21
Y
David Feldman
N/A
N
Catherine Ayers-Rigsby
N/A
Y
Charles R. Ranson
N/A
N
Brian S. Humphrey
N/A
Y
Felix Rivera
N/A
N
Angela Holland
004420688
1445 Research Blvd.
Suite 530
Rockville
20850
XXXXXX
N
N
N
N
N
N
Ceros Financial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
Y
N
Cohen & Company
925
N/A
N
N
N
N
N
N
Quantified Common Ground Fund
S000066115
5493004PINRU41OQOB51
N
1
0
0
N/A
Y
N
Y
N
N
U.S. Bank, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Revenue sharing split
Cash collateral reinvestment fee
14561465.00000000
14023.00000000
Rule 32a-4 (17 CFR 270.32a-4)
Rule 17e-1 (17 CFR 270.17e-1)
N
N
N
N
Advisors Preferred, LLC
801-72430
000157980
549300TRU3LKQM6T8K44
N
Flexible Plan Investments, Ltd.
801-21073
000110762
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N
N
Ultimus Fund Solutions, LLC
84-05829
N/A
N
N
N
ICE Data Services
N/A
Filing Number
N
N
U.S. BANK, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
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Ultimus Fund Solutions, LLC
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Filing Number
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Ultimus Fund Solutions, LLC
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Filing Number
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N
Ceros Finacial Services, Inc.
8-47955
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549300N2YQ0P5G0WE562
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Fidelity Capital Markets
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1106.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
245949.00000000
247055.00000000
0.00000000
N
86354695.00000000
0.00000000
Uncommitted
15000000.00000000
N
N
N
Quantified Market Leaders Fund
S000041791
549300QSRK424ULUJS68
N
2
0
0
Fund of Funds
N
N
Y
N
N
U.S. Bank, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Cash collateral reinvestment fee
Revenue sharing split
42897582.00000000
137510.00000000
Rule 17e-1 (17 CFR 270.17e-1)
Rule 32a-4 (17 CFR 270.32a-4)
N
N
N
N
Advisors Preferred, LLC
801-72430
000157980
549300TRU3LKQM6T8K44
N
Flexible Plan Investments, Ltd.
801-21073
000110762
N/A
N
N
Ultimus Fund Solutions, LLC
84-05829
N/A
N
N
N
ICE Data Services
N/A
Filing Number
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N
U.S. BANK, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Ultimus Fund Solutions, LLC
84-05829
Filing Number
N
N
N
Ultimus Fund Solutions, LLC
84-05829
Filing Number
N
N
N
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
358278.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
358278.00000000
358278.00000000
0.00000000
N
329034131.00000000
0.00000000
N
N
N
N
Quantified Evolution Plus Fund
S000066116
549300YUGEUAX6TKYC84
N
1
0
0
Fund of Funds
Y
Y
N
N
U.S. Bank, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Cash collateral reinvestment fee
Revenue sharing split
563539.00000000
1492.00000000
Rule 17e-1 (17 CFR 270.17e-1)
Rule 32a-4 (17 CFR 270.32a-4)
N
N
N
N
Advisors Preferred, LLC
801-72430
000157980
549300TRU3LKQM6T8K44
N
Flexible Plan Investments, Ltd.
801-21073
000110762
N/A
N
N
Ultimus Fund Solutions, LLC
84-05829
N/A
N
N
N
ICE Data Services
N/A
Filing Number
N
N
U.S. BANK, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Ultimus Fund Solutions, LLC
84-05829
Filing Number
N
N
N
Ultimus Fund Solutions, LLC
84-05829
Filing Number
N
N
N
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
26006.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
26006.00000000
26006.00000000
ADM Investor Services
8-45590
000031973
I9O8MELCUVOTLJABOX92
66680778.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
2747025798.00000000
2813706576.00000000
N
70632000.00000000
0.00000000
N
N
N
N
Quantified Alternative Investment Fund
S000041792
549300JVX0RHVG4MGO93
N
2
0
0
Fund of Funds
N
N
Y
N
N
U.S. Bank, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Revenue sharing split
Cash collateral reinvestment fee
652153.00000000
24907.00000000
Rule 32a-4 (17 CFR 270.32a-4)
Rule 17e-1 (17 CFR 270.17e-1)
N
N
N
N
Advisors Preferred, LLC
801-72430
000157980
549300TRU3LKQM6T8K44
N
Flexible Plan Investments, Ltd.
801-21073
000110762
N/A
N
N
Ultimus Fund Solutions, LLC
84-05829
N/A
N
N
N
ICE Data Services
N/A
Filing Number
N
N
U.S. BANK, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Ultimus Fund Solutions, LLC
84-05829
Filing Number
N
N
N
Ultimus Fund Solutions, LLC
84-05829
Filing Number
N
N
N
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
35035.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
35035.00000000
35035.00000000
ADM Investor Services
8-45590
000031973
I9O8MELCUVOTLJABOX92
2404500.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
189360072.00000000
191764572.00000000
N
15177947.00000000
0.00000000
Uncommitted
15000000.00000000
N
N
N
Quantified Tactical Fixed Income Fund
S000066118
54930065JS1HIWOMBS45
N
1
0
0
N/A
Y
N
Y
N
N
U.S. Bank, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Cash collateral reinvestment fee
Revenue sharing split
2961456.00000000
8231.00000000
Rule 17e-1 (17 CFR 270.17e-1)
Rule 32a-4 (17 CFR 270.32a-4)
N
N
N
N
Advisors Preferred, LLC
801-72430
000157980
549300TRU3LKQM6T8K44
N
Flexible Plan Investments, Ltd.
801-21073
000110762
N/A
N
N
Ultimus Fund Solutions, LLC
84-05829
N/A
N
N
N
ICE Data Services
N/A
Filing Number
N
N
U.S. BANK, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Ultimus Fund Solutions, LLC
84-05829
Filing Number
N
N
N
Ultimus Fund Solutions, LLC
84-05829
Filing Number
N
N
N
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
30946.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
30946.00000000
30946.00000000
ADM Investor Services
8-45590
000031973
I9O8MELCUVOTLJABOX92
165792858.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
10054430230.00000000
10220223088.00000000
N
173104912.00000000
0.00000000
N
N
N
N
Quantified STF Fund
S000051349
549300GDSYC6XA4O0L88
N
2
0
0
Fund of Funds
N
N
Y
N
N
U.S. Bank, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Cash collateral reinvestment fee
Revenue sharing split
3960569.00000000
10145.00000000
Rule 32a-4 (17 CFR 270.32a-4)
Rule 17e-1 (17 CFR 270.17e-1)
N
N
N
N
Advisors Preferred, LLC
801-72430
000157980
549300TRU3LKQM6T8K44
N
Flexible Plan Investments, Ltd.
801-21073
000110762
N/A
N
N
Ultimus Fund Solutions, LLC
84-05829
N/A
N
N
N
ICE Data Services
N/A
Filing Number
N
N
U.S. BANK, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Ultimus Fund Solutions, LLC
84-05829
Filing Number
N
N
N
Ultimus Fund Solutions, LLC
84-05829
Filing Number
N
N
N
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
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Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
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56503.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
7374663637.00000000
ADM Investor Services
8-45590
000031973
I9O8MELCUVOTLJABOX92
537946847.00000000
7912610484.00000000
N
193885128.00000000
0.00000000
N
N
N
N
Quantified Managed Income Fund
S000041789
5493000BY1HI4XV6HL42
N
2
0
0
Fund of Funds
N
N
Y
N
N
U.S. Bank, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Cash collateral reinvestment fee
Revenue sharing split
21850995.00000000
298162.00000000
Rule 32a-4 (17 CFR 270.32a-4)
Rule 17e-1 (17 CFR 270.17e-1)
N
N
N
N
Advisors Preferred, LLC
801-72430
000157980
549300TRU3LKQM6T8K44
N
Flexible Plan Investments, Ltd.
801-21073
000110762
N/A
N
N
Ultimus Fund Solutions, LLC
84-05829
N/A
N
N
N
ICE Data Services
N/A
Filing Number
N
N
U.S. BANK, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Ultimus Fund Solutions, LLC
84-05829
Filing Number
N
N
N
Ultimus Fund Solutions, LLC
84-05829
Filing Number
N
N
N
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
163438.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
163438.00000000
163438.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
1675633405.00000000
ADM Investor Services
8-45590
000031973
I9O8MELCUVOTLJABOX92
30388972.00000000
1706022377.00000000
N
137815259.00000000
0.00000000
Uncommitted
15000000.00000000
N
N
N
Quantified Government Income Tactical Fund
S000071457
549300YXWGYCGRSHLY66
N
1
0
0
N/A
N
N
Y
N
U.S. Bank, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Cash collateral reinvestment fee
Revenue sharing split
652153.00000000
24907.00000000
Rule 17e-1 (17 CFR 270.17e-1)
Rule 32a-4 (17 CFR 270.32a-4)
N
N
N
N
Advisors Preferred, LLC
801-72430
000157980
549300TRU3LKQM6T8K44
N
Flexible Plan Investments, Ltd.
801-21073
000110762
N/A
N
N
Ultimus Fund Solutions, LLC
84-05829
N/A
N
N
N
ICE Data Services
N/A
Filing Number
N
N
U.S. BANK, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Ultimus Fund Solutions, LLC
84-05829
Filing Number
N
N
N
Ultimus Fund Solutions, LLC
84-05829
Filing Number
N
N
N
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
33641.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
33641.00000000
33641.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
1862592608.00000000
1862592608.00000000
N
33447144.00000000
0.00000000
N
N
N
N
Quantified Rising Dividend Tactical Fund
S000071458
549300EBDDL0V0G8IE17
N
1
0
0
N/A
N
N
Y
N
U.S. Bank, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Cash collateral reinvestment fee
Revenue sharing split
0.00000000
0.00000000
Rule 32a-4 (17 CFR 270.32a-4)
Rule 17e-1 (17 CFR 270.17e-1)
N
N
N
N
Advisors Preferred, LLC
801-72430
000157980
549300TRU3LKQM6T8K44
N
Flexible Plan Investments, Ltd.
801-21073
000110762
N/A
N
N
Ultimus Fund Solutions, LLC
84-05829
N/A
N
N
N
ICE Data Services
N/A
Filing Number
N
N
U.S. BANK, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Ultimus Fund Solutions, LLC
84-05829
Filing Number
N
N
N
Ultimus Fund Solutions, LLC
84-05829
Filing Number
N
N
N
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
11858.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
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11858.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
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Fidelity Capital Markets
8-49243
000040925
549300XVSM8LN3LQOK63
355643.00000000
623791.00000000
N
30337197.00000000
0.00000000
N
N
N
N
Quantified Tactical Sectors Fund
S000071104
5493009X40FY0296X247
N
1
0
0
N/A
Y
N
Y
N
N
U.S. Bank, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Cash collateral reinvestment fee
Revenue sharing split
12597161.00000000
70606.00000000
Rule 17e-1 (17 CFR 270.17e-1)
Rule 32a-4 (17 CFR 270.32a-4)
N
N
N
N
Advisors Preferred, LLC
801-72430
000157980
549300TRU3LKQM6T8K44
N
Flexible Plan Investments, Ltd.
801-21073
000110762
N/A
N
N
Ultimus Fund Solutions, LLC
84-05829
N/A
N
N
N
ICE Data Services
N/A
Filing Number
N
N
U.S. BANK, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Ultimus Fund Solutions, LLC
84-05829
Filing Number
N
N
N
Ultimus Fund Solutions, LLC
84-05829
Filing Number
N
N
N
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
111947.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
111947.00000000
111947.00000000
0.00000000
N
70771043.00000000
0.00000000
N
N
N
N
Quantified Pattern Recognition Fund
S000066117
549300E5MRLTWDUO0W63
N
1
0
0
Fund of Funds
Y
N
Y
N
N
U.S. Bank, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Cash collateral reinvestment fee
Revenue sharing split
270976.00
655.00
Rule 32a-4 (17 CFR 270.32a-4)
Rule 17e-1 (17 CFR 270.17e-1)
N
N
N
N
Advisors Preferred, LLC
801-72430
000157980
549300TRU3LKQM6T8K44
N
Flexible Plan Investments, Ltd.
801-21073
000110762
N/A
N
N
Ultimus Fund Solutions, LLC
84-05829
N/A
N
N
N
ICE Data Services
N/A
Filing Number
N
N
U.S. BANK, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Ultimus Fund Solutions, LLC
84-05829
Filing Number
N
N
N
Ultimus Fund Solutions, LLC
84-05829
Filing Number
N
N
N
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
20627.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
20627.00000000
20627.00000000
ADM Investor Services
8-45590
000031973
I9O8MELCUVOTLJABOX92
57289155.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
3699644199.00000000
3756933354.00000000
N
38704331.00000000
0.00000000
N
N
N
N
true
INTERNAL CONTROL RPT
2
Quantified_IC_Letter.txt
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
To the Shareholders of Quantified Funds and Board of Trustees of
Advisors Preferred Trust
In planning and performing our audit of the financial statements
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 Common Ground Fund, Quantified
Tactical Sectors Fund, Quantified Rising Dividend Tactical Fund,
Quantified Government Income Tactical Fund, and the
consolidated financial statements of Quantified Evolution Plus
Fund (the Funds), each a series of Advisors Preferred Trust, as of
and for the year ended June 30, 2022, in accordance with the
standards of the Public Company Accounting Oversight Board
(United States) (PCAOB), we considered the Funds internal
control over financial reporting, including controls over
safeguarding securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of
Form N-CEN, but not for the purpose of expressing an opinion on
the effectiveness of the Funds internal control over financial
reporting. Accordingly, we express no such opinion.
The management of the Funds is responsible for establishing and
maintaining effective internal control over financial reporting. In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls. A funds internal control over financial
reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with
generally accepted accounting principles (GAAP). A funds internal
control over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions
and dispositions of the assets of the fund; (2) provide reasonable
assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with GAAP, and
that receipts and expenditures of the fund are being made only in
accordance with authorizations of management and trustees of
the fund; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use or
disposition of a funds assets that could have a material effect on
the financial statements.
Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods
are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on a
timely basis. A material weakness is a deficiency, or combination
of deficiencies, in internal control over financial reporting, such
that there is a reasonable possibility that a material misstatement
of the Funds annual or interim financial statements will not be
prevented or detected on a timely basis.
Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control that might be material weaknesses under
standards established by the PCAOB. However, we noted no
deficiencies in the Funds internal control over financial reporting
and its operation, including controls over safeguarding securities,
that we consider to be a material weakness as defined above as
of June 30, 2022.
This report is intended solely for the information and use of
management and the Board of Trustees of the Funds and the
Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than these specified
parties.
/s/COHEN & COMPANY, LTD.
Chicago, Illinois
August 26, 2022