0001752724-23-201417.txt : 20230912
0001752724-23-201417.hdr.sgml : 20230912
20230912140154
ACCESSION NUMBER: 0001752724-23-201417
CONFORMED SUBMISSION TYPE: N-CEN
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20230630
FILED AS OF DATE: 20230912
DATE AS OF CHANGE: 20230912
EFFECTIVENESS DATE: 20230912
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: 231249645
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
X0404
N-CEN
LIVE
0001556505
XXXXXXXX
811-22756
false
false
false
N-1A
S000066115
C000213660
S000041791
C000159197
C000129684
S000066116
C000213662
S000041792
C000159198
C000129685
S000066118
C000213666
S000051349
C000161884
C000161885
S000041789
C000129682
C000159195
S000071457
C000226634
S000071458
C000226637
S000071104
C000225736
S000066117
C000213664
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
22
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
Cash collateral reinvestment fee
Revenue sharing split
11661464.91000000
17442.00000000
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
289763.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
289763.00000000
289763.00000000
0.00000000
N
82623769.00000000
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
35435553.75000000
86860.00000000
Rule 17e-1 (17 CFR 270.17e-1)
Rule 18f-4 (17 CFR 270.18f-4)
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
315078.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
315078.00000000
315078.00000000
0.00000000
N
225498537.00000000
0.00000000
N
N
N
N
Quantified Evolution Plus Fund
S000066116
549300YUGEUAX6TKYC84
N
1
0
0
Fund of Funds
N
Y
N
N
U.S. Bank, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Cash collateral reinvestment fee
Revenue sharing split
21635.02000000
1611.00000000
Rule 17e-1 (17 CFR 270.17e-1)
Rule 18f-4 (17 CFR 270.18f-4)
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
10197.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
10197.00000000
10197.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
7069782.00000000
7069782.00000000
N
74971133.00000000
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
Cash collateral reinvestment fee
Revenue sharing split
633497.27000000
22790.00000000
Rule 32a-4 (17 CFR 270.32a-4)
Rule 17e-1 (17 CFR 270.17e-1)
Rule 18f-4 (17 CFR 270.18f-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
20973.00
U.S. Bancorp Asset Management, Inc.
N/A
000111912
8KUMV9EIJ75IBFMLFD23
25.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
20973.00000000
20998.00000000
U.S. Bancorp Asset Management, Inc.
N/A
000111912
8KUMV9EIJ75IBFMLFD23
20321.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
32482755.00000000
32503076.00000000
N
11681389.00000000
0.00000000
Uncommitted
15000000.00000000
N
N
N
Quantified Tactical Fixed Income Fund
S000066118
54930065JS1HIWOMBS45
N
1
0
0
N/A
N
N
Y
N
N
U.S. Bank, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Cash collateral reinvestment fee
Revenue sharing split
499874.81000000
4263.00000000
Rule 18f-4 (17 CFR 270.18f-4)
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
8895.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
8895.00000000
8895.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
11080227.00000000
11080227.00000000
N
117079619.00000000
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
589125.89000000
1695.00000000
Rule 18f-4 (17 CFR 270.18f-4)
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
11923.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
11923.00000000
11923.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
12000000.00000000
12000000.00000000
N
135500091.00000000
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
22108255.25000000
423044.00000000
Rule 18f-4 (17 CFR 270.18f-4)
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
208585.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
208585.00000000
208585.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
17640935.00000000
17640935.00000000
N
162666645.00
0.00000000
Uncommitted
15000000.00000000
N
N
N
N
Quantified Government Income Tactical Fund
S000071457
549300YXWGYCGRSHLY66
N
1
0
0
Fund of Funds
N
N
Y
N
U.S. Bank, N.A.
6BYL5QZYBDK8S7L73M02
N
N
N/A
0.00000000
0.00000000
Rule 18f-4 (17 CFR 270.18f-4)
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
6751.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
6751.00000000
6751.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
7000000.00000000
7000000.00000000
N
40605970.00000000
0.00000000
N
N
N
N
Quantified Rising Dividend Tactical Fund
S000071458
549300EBDDL0V0G8IE17
N
1
0
0
Fund of Funds
N
N
Y
N
U.S. Bank, N.A.
6BYL5QZYBDK8S7L73M02
N
N
N/A
0.00000000
0.00000000
Rule 32a-4 (17 CFR 270.32a-4)
Rule 18f-4 (17 CFR 270.18f-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
16151.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
16151.00000000
16151.00000000
0.00000000
N
31119125.00000000
0.00000000
N
N
N
N
Quantified Tactical Sectors Fund
S000071104
5493009X40FY0296X247
N
1
0
0
Fund of Funds
Y
N
Y
N
N
U.S. Bank, N.A.
6BYL5QZYBDK8S7L73M02
N
N
Revenue sharing split
Cash collateral reinvestment fee
22318965.71000000
49472.00000000
Rule 18f-4 (17 CFR 270.18f-4)
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
105972.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
105972.00000000
105972.00000000
0.00000000
N
104616123.00000000
0.00000000
N
N
N
N
Quantified Pattern Recognition Fund
S000066117
549300E5MRLTWDUO0W63
N
1
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
16242.89000000
1276.00000000
Rule 18f-4 (17 CFR 270.18f-4)
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
1285.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
1285.00000000
1285.00000000
Ceros Finacial Services, Inc.
8-47955
000037869
549300N2YQ0P5G0WE562
8000000.00000000
8000000.00000000
N
31195508.00000000
0.00000000
N
N
N
N
true
INTERNAL CONTROL RPT
2
ICL_Quantified.txt
NCEN LETTER
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, 2023, 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, 2023.
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.
Philadelphia, Pennsylvania
August 29, 2023