# EDGAR Filing Document

**Accession Number:** 0001556505
**File Stem:** 0001580642-25-005863
**Filing Date:** 2025-9
**Character Count:** 430424
**Document Hash:** 9b223ae1928827f80ffca7c81be12c52
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005863.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001580642-25-005863

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 116

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250908

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors Preferred Trust
- **CENTRAL INDEX KEY:** 0001556505

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22756
- **FILM NUMBER:** 251297653

**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

## Series and Classes Contracts Data

### Quantified Managed Income Fund (Series ID: S000041789)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000129682 | Quantified Managed Income Fund Investor Class Shares | QBDSX           |
| C000159195 | Quantified Managed Income Fund Advisor Class Shares  | QBDAX           |

### Quantified Market Leaders Fund (Series ID: S000041791)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000129684 | Quantified Market Leaders Fund Investor Class Shares | QMLFX           |
| C000159197 | Quantified Market Leaders Fund Advisor Class Shares  | QMLAX           |

### Quantified Alternative Investment Fund (Series ID: S000041792)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000129685 | Quantified Alternative Investment Fund Investor Class Shares | QALTX           |
| C000159198 | Quantified Alternative Investment Fund Advisor Class Shares  | QALAX           |

### Quantified STF Fund (Series ID: S000051349)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000161884 | Quantified STF Fund Advisor Class Shares  | QSTAX           |
| C000161885 | Quantified STF Fund Investor Class Shares | QSTFX           |

### Quantified Common Ground Fund (Series ID: S000066115)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000213660 | Quantified Common Ground Fund Investor Class Shares | QCGDX           |
| C000213661 | Quantified Common Ground Fund Advisor Class Shares  | QCGAX           |

### Quantified Evolution Plus Fund (Series ID: S000066116)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000213662 | Quantified Evolution Plus Fund Investor Class Shares | QEVOX           |

### Quantified Pattern Recognition Fund (Series ID: S000066117)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000213664 | Quantified Pattern Recognition Fund Investor Class Shares | QSPMX           |

### Quantified Tactical Fixed Income Fund (Series ID: S000066118)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000213666 | Quantified Tactical Fixed Income Fund Investor Class Shares | QFITX           |

### Quantified Tactical Sectors Fund (Series ID: S000071104)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000225736 | Quantified Tactical Sectors Fund Investor Class Shares | QTSSX           |

### Quantified Government Income Tactical Fund (Series ID: S000071457)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000226634 | Quantified Government Income Tactical Fund Investor Class Shares | QGITX           |

### Quantified Rising Dividend Tactical Fund (Series ID: S000071458)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000226637 | Quantified Rising Dividend Tactical Fund Investor Class Shares | QRDTX           |

### Quantified Global Fund (Series ID: S000082430)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000245743 | Investor Class Shares | QGBLX           |

### Quantified Eckhardt Managed Futures Strategy Fund (Series ID: S000087591)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000253434 | Quantified Eckhardt Managed Futures Strategy Fund Advisor Class  |  |
| C000253435 | Quantified Eckhardt Managed Futures Strategy Fund Investor Class |  |

?xml version='1.0' encoding='ASCII'?

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 <u>811-22756</u>

**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: <u>631-470-2734</u>

Date of fiscal year end: <u>6/30</u>

Date of reporting period: <u>6/30/25</u>

**Item 1. Reports to Stockholders.**

(a) # Quantified Alternative Investment Fund - Advisor (QALAX)

#### Annual Shareholder Report - June 30, 2025
![Image](ib0929583bd3e50e31b5874d3.jpg)

## Fund Overview
This annual shareholder report contains important information about the Quantified Alternative Investment Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor | $203 | 2.02% |

---

## How did the Fund perform during the reporting period?
The Fund rose by 0.77% for the year. The S&P 500 Index, the Fund's benchmark, gained 15.16% for the same period.

<u>Strategy</u>

The Quantified Alternative Investment Fund dynamically manages a ranked portfolio of alternative investments with the diversification and liquidity traditionally available only to hedge funds.

<u>Techniques</u>

The Fund Rose 0.21% for the third quarter of 2024, underperforming the S&P 500's 5.89% gain. The Fund's cash position was 15.63% at the beginning of July, 14.98% in August, and 31.18% in September. The Fund's NASDAQ Futures hedging exposure and actively traded long-term government bond futures negatively impacted performance during the quarter. For the fourth quarter of 2024, the Fund fell -2.99%, while the S&P gained 2.41%. The Fund's cash position increased from 7.16% at the beginning of October to 7.99% at the beginning of November and 10.33% at the start of December. Both the Fund's NASDAQ futures hedging exposure and its actively traded long-term government bond futures positively contributed to its performance for the quarter.

The Fund returned -0.22% for the first quarter of 2025, outperforming the S&P 500 which lost -4.27%. The Fund's cash position rose from 14.28% at the beginning of January to 18.51% at the beginning of February, and 18.66% at the beginning of March. Its NASDAQ futures hedging exposure detracted from performance, while its actively traded long-term government bond futures contributed positively. The Fund gained 3.88% for the second quarter, underperforming the S&P 500 Index, which gained 10.94%. The Fund's cash position was 16.9% at the beginning of April, rose to 31.11% at the beginning of May, and declined to 17.46% at the beginning of June. Both the Fund's NASDAQ futures hedging exposure and its actively traded long-term government bond futures contributed positively to performance for this period.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1eb8517efdb3bcde7f438532.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Alternative Investment Fund** | **S&P 500 Index TR** |
| **Mar-2016** | $10000 | $10000 |
| **Jun-2016** | $10224 | $10301 |
| **Jun-2017** | $10574 | $12145 |
| **Jun-2018** | $10812 | $13891 |
| **Jun-2019** | $10766 | $15338 |
| **Jun-2020** | $9877 | $16489 |
| **Jun-2021** | $12441 | $23215 |
| **Jun-2022** | $12136 | $20751 |
| **Jun-2023** | $11865 | $24816 |
| **Jun-2024** | $12641 | $30910 |
| **Jun-2025** | $12738 | $35598 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (March 18, 2016)** |
| Quantified Alternative Investment Fund | 0.77% | 5.22% | 2.64% |
| S&P 500 Index TR | 15.16% | 16.64% | 14.65% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$5,110,652

* Number of Portfolio Holdings49

* Advisory Fee $149,760

* Portfolio Turnover659%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic4363e0fc80f0151900361c1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Private Investment Funds | 5.7% |
| Money Market Funds | 7.7% |
| Collateral for Securities Loaned | 16.5% |
| Exchange-Traded Funds | 70.1% |

---

## What did the Fund invest in?

## **Instrument Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](ie4840b98b58a9510127ba57f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Alternative | 5% |
| Private Investment Funds | 6% |
| Equity Index | 7% |
| Bond | 8% |
| Cash & Equivalent | 9% |
| Fixed Income - Other | 26% |
| Equities | 39% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Assets Portfolio | 19.4% |
| Hyperion Fund LLC | 6.6% |
| SPDR Bloomberg Convertible Securities ETF | 5.6% |
| Fidelity MSCI Industrials Index ETF | 5.4% |
| ProShares DJ Brookfield Global Infrastructure ETF | 4.9% |
| iShares Convertible Bond ETF | 4.8% |
| iShares MSCI Qatar ETF | 4.8% |
| Fidelity Government Portfolio, Class I | 4.5% |
| First American Government Obligations Fund, Class Z | 4.5% |
| iShares 0-5 Year TIPS Bond ETF | 3.8% |

---

## Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](iaf214b24e6399e7499e05e87.jpg)

# Quantified Alternative Investment Fund - Advisor (QALAX)

#### Annual Shareholder Report - June 30, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-QALAX

# Quantified Alternative Investment Fund - Investor (QALTX)

#### Annual Shareholder Report - June 30, 2025
![Image](i7151cc36a224f774716d29ea.jpg)

## Fund Overview
This annual shareholder report contains important information about the Quantified Alternative Investment Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $139 | 1.38% |

---

## How did the Fund perform during the reporting period?
The Fund rose by 1.48% for the year. The S&P 500 Index, the Fund's benchmark, gained 15.16% for the same period.

<u>Strategy</u>

The Quantified Alternative Investment Fund dynamically manages a ranked portfolio of alternative investments with the diversification and liquidity traditionally available only to hedge funds.

<u>Techniques</u>

The Fund Rose 0.42% for the third quarter of 2024, underperforming the S&P 5.89% gain. The Fund's cash position was 15.63% at the beginning of July, 14.98% in August, and 31.18% in September. The Fund's NASDAQ Futures hedging exposure and actively traded long-term government bond futures negatively impacted performance during the quarter. For the fourth quarter of 2024, the Fund fell -2.89%, while the S&P gained 2.41%. The Fund's cash position increased from 7.16% at the beginning of October to 7.99% at the beginning of November and 10.33% at the start of December. Both the Fund's NASDAQ futures hedging exposure and its actively traded long-term government bond futures positively contributed to its performance for the quarter.

The Fund returned 0.00% for the first quarter of 2025, outperforming the S&P 500 which lost 4.27%. The Fund's cash position rose from 14.28% at the beginning of January to 18.51% at the beginning of February, and 18.66% at the beginning of March. Its NASDAQ futures hedging exposure detracted from performance, while its actively traded long-term government bond futures contributed positively. The Fund gained 4.06% for the second quarter, underperforming the S&P 500 Index, which gained 10.94%. The Fund's cash position was 16.9% at the beginning of April, rose to 31.11% at the beginning of May, and declined to 17.46% at the beginning of June. Both the Fund's NASDAQ futures hedging exposure and its actively traded long-term government bond futures contributed positively to performance for this period.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i180cafc9e3d7b17a23365bec.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Alternative Investment Fund** | **S&P 500 Index TR** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $9725 | $10399 |
| **Jun-2017** | $10123 | $12260 |
| **Jun-2018** | $10417 | $14023 |
| **Jun-2019** | $10435 | $15483 |
| **Jun-2020** | $9625 | $16645 |
| **Jun-2021** | $12193 | $23436 |
| **Jun-2022** | $11950 | $20948 |
| **Jun-2023** | $11746 | $25053 |
| **Jun-2024** | $12588 | $31204 |
| **Jun-2025** | $12775 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Quantified Alternative Investment Fund | 1.48% | 5.83% | 2.48% |
| S&P 500 Index TR | 15.16% | 16.64% | 13.65% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$5,110,652

* Number of Portfolio Holdings49

* Advisory Fee $149,760

* Portfolio Turnover659%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i33adca3beb417db0ce8a6d9d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Private Investment Funds | 5.7% |
| Money Market Funds | 7.7% |
| Collateral for Securities Loaned | 16.5% |
| Exchange-Traded Funds | 70.1% |

---

## What did the Fund invest in?

## **Instrument Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](i7906275c20a16ee191fd1504.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Alternative | 5% |
| Private Investment Funds | 6% |
| Equity Index | 7% |
| Bond | 8% |
| Cash & Equivalent | 9% |
| Fixed Income - Other | 26% |
| Equities | 39% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Assets Portfolio | 19.4% |
| Hyperion Fund LLC | 6.6% |
| SPDR Bloomberg Convertible Securities ETF | 5.6% |
| Fidelity MSCI Industrials Index ETF | 5.4% |
| ProShares DJ Brookfield Global Infrastructure ETF | 4.9% |
| iShares Convertible Bond ETF | 4.8% |
| iShares MSCI Qatar ETF | 4.8% |
| Fidelity Government Portfolio, Class I | 4.5% |
| First American Government Obligations Fund, Class Z | 4.5% |
| iShares 0-5 Year TIPS Bond ETF | 3.8% |

---

## Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](i468473d5f2dfaee7c1aa471c.jpg)

# Quantified Alternative Investment Fund - Investor (QALTX)

#### Annual Shareholder Report - June 30, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-QALTX

#### Quantified Common Ground Fund - Advisor (QCGAX)

#### Annual Shareholder Report - June 30, 2025
![Image](ia521e9a6c3a826f5e074391d.jpg)

# Fund Overview
This annual shareholder report contains important information about the Quantified Common Ground Fund for the period of January 31, 2025 to June 30, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor | $88 | 2.23%<sup>Footnote Reference\*</sup> |

---

\* Annualized. Expenses would be higher if the Class had been in operations for the full twelve-month reporting period.

# How did the Fund perform during the reporting period?
The Fund declined by –6.21% for the period, due in part to its underperformance in the second quarter of 2025. The S&P Composite 1500 Total Return Index, the Fund's benchmark, gained 2.68% for the same period.

<u>Strategy</u>

The Quantified Common Ground Fund invests in securities of issuers that can be considered compliant with both ESG (Environmental, Social and Governance) and BRI (Biblically Responsible Investing) standards and is actively managed.

<u>Techniques</u>

The Fund actively sought the best opportunities in the evolving market throughout the period. The Fund favored Consumer Staples for the first quarter of 2025. The Fund was primarily invested in equities at the start of April, continuing to favor the Consumer Staples sector, with only a 7.86% allocation to cash. After April's volatility, the Fund shifted to a more defensive stance in May, with a combined cash and bond position of 23.72%. It maintained that defensive posture in June, ending the period with a combined cash and bond position of 28.82%.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ibf32edf47574607ddb7a4f42.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Common Ground Fund** | **S&P Composite 1500<sup>®</sup> Index** |
| **Jan-2025** | $10000 | $10000 |
| **Jun-2025** | $9379 | $10268 |

---

# **Average Annual Total Returns** 

---

| | |
|:---|:---|
| | **Since Inception (January 31, 2025)** |
| Quantified Common Ground Fund | -6.21% |
| S&P Composite 1500<sup>®</sup> Index | 2.68% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $118129657 |
| Number of Portfolio Holdings | 42 |
| Advisory Fee | $1507784 |
| Portfolio Turnover | 711% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](id5bfef113fe74229d6ef971e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 5.1% |
| Common Stocks | 68.0% |
| Exchange-Traded Funds | 24.5% |
| Money Market Funds | 2.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of total investments)**![Group By Sector Chart](i5815f2a7f9e3c02af976d1e9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.7% |
| Energy | 1.0% |
| Financials | 2.8% |
| Technology | 4.6% |
| Industrials | 4.6% |
| Money Market | 7.5% |
| Real Estate | 10.9% |
| Health Care | 12.7% |
| Consumer Staples | 14.5% |
| Utilities | 16.2% |
| Fixed Income | 24.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares 7-10 Year Treasury Bond ETF | 25.8% |
| ALLETE, Inc. | 7.0% |
| Mount Vernon Liquid Assets Portfolio | 5.4% |
| Amedisys, Inc. | 5.3% |
| Cencora, Inc. | 4.5% |
| Southern Company (The) | 3.2% |
| Hormel Foods Corporation | 3.0% |
| Realty Income Corporation | 2.7% |
| CME Group, Inc. | 2.7% |
| California Water Service Group | 2.7% |

---

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](ifeb3a1033281ac1fbfaf0dd7.jpg)

#### Quantified Common Ground Fund - Advisor (QCGAX)

#### Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-QCGAX

#### Quantified Common Ground Fund - Investor (QCGDX)

#### Annual Shareholder Report - June 30, 2025
![Image](i7ca53400109f287a9444f14d.jpg)

# Fund Overview
This annual shareholder report contains important information about the Quantified Common Ground Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $158 | 1.59% |

---

# How did the Fund perform during the reporting period?
The Fund declined by –1.79% for the period, due in part to its underperformance in the second quarter of 2025. The S&P Composite 1500 Total Return Index, the Fund's benchmark, gained 14.48% for the same period.

<u>Strategy</u>

The Quantified Common Ground Fund invests in securities of issuers that can be considered compliant with both ESG (Environmental, Social and Governance) and BRI (Biblically Responsible Investing) standards and is actively managed.

<u>Techniques</u>

The Fund actively sought the best opportunities in the evolving market throughout the period. It favored Industrials in July and August 2024, shifting to Financials in September. The portfolio managers continued to focus on Financials from October through November, shifting to Consumer Staples in December, and the first quarter of 2025. The Fund was primarily invested in equities at the start of April, continuing to favor the Consumer Staples sector, with only a 7.86% allocation to cash. After April's volatility, the Fund shifted to a more defensive stance in May, with a combined cash and bond position of 23.72%. It maintained that defensive posture in June, ending the period with a combined cash and bond position of 28.82%.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i60469a7c883eb14b21cae0f5.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Common Ground Fund** | **S&P Composite 1500<sup>®</sup> Index** |
| **Dec-2019** | $10000 | $10000 |
| **Jun-2020** | $9370 | $9570 |
| **Jun-2021** | $13023 | $13601 |
| **Jun-2022** | $13851 | $12103 |
| **Jun-2023** | $14044 | $14431 |
| **Jun-2024** | $16599 | $17826 |
| **Jun-2025** | $16302 | $20406 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 27, 2019)** |
| Quantified Common Ground Fund | -1.79% | 11.71% | 9.28% |
| S&P Composite 1500<sup>®</sup> Index | 14.48% | 16.35% | 13.82% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $118129657 |
| Number of Portfolio Holdings | 42 |
| Advisory Fee | $1507784 |
| Portfolio Turnover | 711% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i47a74d56021b60ccceb253bb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 5.1% |
| Common Stocks | 68.0% |
| Exchange-Traded Funds | 24.5% |
| Money Market Funds | 2.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of total investments)**![Group By Sector Chart](ib9ed2dc6ef3d792a51567b56.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.7% |
| Energy | 1.0% |
| Financials | 2.8% |
| Technology | 4.6% |
| Industrials | 4.6% |
| Money Market | 7.5% |
| Real Estate | 10.9% |
| Health Care | 12.7% |
| Consumer Staples | 14.5% |
| Utilities | 16.2% |
| Fixed Income | 24.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares 7-10 Year Treasury Bond ETF | 25.8% |
| ALLETE, Inc. | 7.0% |
| Mount Vernon Liquid Assets Portfolio | 5.4% |
| Amedisys, Inc. | 5.3% |
| Cencora, Inc. | 4.5% |
| Southern Company (The) | 3.2% |
| Hormel Foods Corporation | 3.0% |
| Realty Income Corporation | 2.7% |
| CME Group, Inc. | 2.7% |
| California Water Service Group | 2.7% |

---

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](idb825646f6c34de7cf72ddb3.jpg)

#### Quantified Common Ground Fund - Investor (QCGDX)

#### Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-QCGDX

#### Quantified Eckhardt Managed Futures Strategy Fund - Advisor (QETAX)

#### Annual Shareholder Report - June 30, 2025
![Image](iec305fb275a0a85a65ce5449.jpg)

# Fund Overview
This annual shareholder report contains important information about the Quantified Eckhardt Managed Futures Strategy Fund for the period of January 31, 2025 (commencement of operations) to June 30, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor | $86 | 2.24%<sup>Footnote Reference\*</sup> |

---

\* Annualized. Expenses would be higher if the Class had been in operations for the full twelve-month reporting period.

# How did the Fund perform during the reporting period?
The Fund declined by –12.76% for the period. The S&P 500 Total Return Index, the Fund's benchmark, gained 3.33% for the same period.

<u>Strategy</u>

The Fund seeks to achieve capital appreciation by leveraging trend-based strategies in both commodity and financial futures markets through investments in specialized commodity pools. Additionally, it has the option to generate income depending on liquidity through a diverse range of debt instruments, including individual bonds, ETFs, and debt futures.

<u>Techniques</u>

The Fund had gains from long positions in energy and soft commodities, as well as from long positions in currencies relative to the U.S. dollar and from short positions in grains. However, losses from long positions in grains and short positions in non-U.S. currencies in the first quarter; and from longs in equity index futures and shorts in debt futures exceeded those gains.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ibe5b50ed58c2c5ed605e4604.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Eckhardt Managed Futures Strategy Fund** | **S&P 500 Index TR** |
| **Jan-2025** | $10000 | $10000 |
| **Mar-2025** | $9382 | $9313 |
| **Jun-2025** | $8724 | $10333 |

---

# **Average Annual Total Returns** 

---

| | |
|:---|:---|
| | **Since Inception (January 31, 2025)** |
| Quantified Eckhardt Managed Futures Strategy Fund | -12.76% |
| S&P 500 Index TR | 3.33% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $39025458 |
| Number of Portfolio Holdings | 4 |
| Advisory Fee | $295200 |
| Portfolio Turnover | 161% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie427018a237a34c3cc885391.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 52.1% |
| Private Investment Funds | 47.9% |

---

# What did the Fund invest in?

# **Sector Weighting (% of total investments)**![Group By Sector Chart](ibe6205f0c474bf9970b0c84e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Private Investment Funds | 48% |
| Cash & Equivalent | 52% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity Government Portfolio, Class I | 51.2% |
| Galaxy Plus Fund LLC Evolution Strategy Financials Feeder Fund | 31.7% |
| Galaxy Plus Fund Evolution Strategy Commodities Offshore Feeder Fund | 16.2% |
| First American Government Obligations Fund, Class X | 0.9% |

---

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](i47df40f5e33d76d369cd12e1.jpg)

#### Quantified Eckhardt Managed Futures Strategy Fund - Advisor (QETAX)

#### Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.quantifiedfunds.com/fund-documents**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-QETAX

#### Quantified Eckhardt Managed Futures Strategy Fund - Investor (QETCX)

#### Annual Shareholder Report - June 30, 2025
![Image](ia5be2d67798f652a88d2ad87.jpg)

# Fund Overview
This annual shareholder report contains important information about the Quantified Eckhardt Managed Futures Strategy Fund for the period of October 16, 2024 (commencement of operations) to June 30, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $106 | 1.60%<sup>Footnote Reference\*</sup> |

---

\* Annualized. Expenses would be higher if the Class had been in operations for the full twelve-month reporting period.

# How did the Fund perform during the reporting period?
The Fund declined by -10.82% for the period. The S&P 500 Total Return Index, the Fund's benchmark, gained 7.21% for the same period.

<u>Strategy</u>

The Fund seeks to achieve capital appreciation by leveraging trend-based strategies in both commodity and financial futures markets through investments in specialized commodity pools. Additionally, it has the option to generate income depending on liquidity through a diverse range of debt instruments, including individual bonds, ETFs, and debt futures.

<u>Techniques</u>

From its inception on October 25, 2024 through year end, the Fund rose by 1.10% on profits from short positions in currency and U.S. fixed income future, and mixed positions in equity index and agricultural futures; while it had losses from long positions in European fixed income and metals and short positions in energies. For the first two quarters of 2025, the Fund underperformed. The Fund had gains from long positions in energy and soft commodities, as well as from long positions in currencies relative to the U.S. dollar and from short positions in grains. However, losses from long positions in grains and short positions in non-U.S. currencies in the first quarter; and from longs in equity index futures and shorts in debt futures exceeded those gains.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](id4d95dca9208859a395843d8.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Eckhardt Managed Futures Strategy Fund** | **S&P 500 Index TR** |
| **Oct-2024** | $10000 | $10000 |
| **Dec-2024** | $10110 | $10095 |
| **Mar-2025** | $9579 | $9663 |
| **Jun-2025** | $8918 | $10721 |

---

# **Average Annual Total Returns** 

---

| | |
|:---|:---|
| | **Since Inception (October 16, 2024)** |
| Quantified Eckhardt Managed Futures Strategy Fund | -10.82% |
| S&P 500 Index TR | 7.21% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $39025458 |
| Number of Portfolio Holdings | 4 |
| Advisory Fee | $295200 |
| Portfolio Turnover | 161% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6dc549f044fbbc3bf06b36d2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 52.1% |
| Private Investment Funds | 47.9% |

---

# What did the Fund invest in?

# **Sector Weighting (% of total investments)**![Group By Sector Chart](icd5213ddb4493fe37336a87c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Private Investment Funds | 48% |
| Cash & Equivalent | 52% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity Government Portfolio, Class I | 51.2% |
| Galaxy Plus Fund LLC Evolution Strategy Financials Feeder Fund | 31.7% |
| Galaxy Plus Fund Evolution Strategy Commodities Offshore Feeder Fund | 16.2% |
| First American Government Obligations Fund, Class X | 0.9% |

---

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](ide2923a88b0e54beb64392b8.jpg)

#### Quantified Eckhardt Managed Futures Strategy Fund - Investor (QETCX)

#### Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.quantifiedfunds.com/fund-documents**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-QETCX

#### Quantified Evolution Plus Fund - Investor (QEVOX)

#### Annual Shareholder Report - June 30, 2025
![Image](ieaa2cc0375394ea6798d7f83.jpg)

# Fund Overview
This annual shareholder report contains important information about the Quantified Evolution Plus Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $167 | 1.67% |

---

# How did the Fund perform during the reporting period?
The Fund rose by 0.47% for the period but underperformed its benchmark primarily in the quarter ending June 30. 2025. The S&P 500 Index, the Fund's benchmark, gained 15.16% for the same period.

<u>Strategy</u>

The Quantified Evolution Plus Fund utilizes a strategy that seeks strong absolute risk-adjusted returns on a wide variety of asset classes

<u>Techniques</u>

The Fund gained 8.35% in the third quarter of 2024. During this period, the Fund's largest allocation was to gold; it also allocated to the S&P 500, the NASDAQ 100, real estate, European and emerging market equities, and long-term Treasuries. The Fund continued to focus on gold in the fourth quarter, but also allocated to the S&P 500, the NASDAQ 100, and real estate. During the first quarter of 2025, in addition to having its largest average allocation in gold, the Fund maintained positions in the S&P 500, the NASDAQ 100, real estate and European equities. In early April, the Fund experienced losses due to its heavy exposures to gold and European equities. The Fund quickly shifted into more defensive positions, which limited its participation in the market's recovery throughout the rest of the month. In May and June, the Fund maintained a heavy tilt toward intermediate-term U.S. Treasury bonds, which lagged equities and contributed to underperformance during the quarter.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib4e663b34091d62dcff7bb76.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Evolution Plus Fund** | **S&P 500 Index TR** |
| **Sep-2019** | $10000 | $10000 |
| **Jun-2020** | $8913 | $10571 |
| **Jun-2021** | $10116 | $14883 |
| **Jun-2022** | $9275 | $13303 |
| **Jun-2023** | $8676 | $15910 |
| **Jun-2024** | $9212 | $19817 |
| **Jun-2025** | $9255 | $22822 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (September 30, 2019)** |
| Quantified Evolution Plus Fund | 0.47% | 0.76% | -1.34% |
| S&P 500 Index TR | 15.16% | 16.64% | 15.43% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $12548335 |
| Number of Portfolio Holdings | 9 |
| Advisory Fee | $286793 |
| Portfolio Turnover | 1,708% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iee94c755d53c163aeabe46c2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 0.4% |
| Exchange-Traded Funds | 0.7% |
| Money Market Funds | 98.9% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](id5806f52e57a0d87aa2a6780.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| ETFs – Commodities | 8.0% |
| Cash & Cash Equivalents | 39.0% |
| Futures (Treasuries) | 53.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity Government Portfolio Class I, 4.180%, | 43.1% |
| First American Government Obligations Fund Class Z, 4.173%, | 43.1% |
| First American Government Obligations Fund, 4.213%, | 9.9% |
| iShares 7-10 Year Treasury Bond ETF | 0.7% |
| Mount Vernon Liquid Assets Portfolio, 4.500%, | 0.3% |

---

The Fund has economic exposure through securities and derivatives to the above security types of approximately 150% of its assets. The Asset Weighting chart and the Top 10 Holdings table do not include derivatives. Please refer to the annual shareholder report (address below) for a complete listing of the Fund's holdings.

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](if695eca1f5e4bde5e1704757.jpg)

#### Quantified Evolution Plus Fund - Investor (QEVOX)

#### Annual Shareholder Report - June 30, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-QEVOX

#### Quantified Global Fund - Investor (QGBLX)

#### Annual Shareholder Report - June 30, 2025
![Image](i791b0dce0d393905de0c3af3.jpg)

# Fund Overview
This annual shareholder report contains important information about the Quantified Global Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $173 | 1.61% |

---

# How did the Fund perform during the reporting period?
The Fund rose by 14.62% for the period. The MSCI ACWI, the Fund's benchmark, gained 16.17% for the same period.

<u>Strategy</u>

The Quantified Global Fund invests seeks to provide foreign exposure (at least 40% under normal circumstances) using a dynamic tactical strategy.

<u>Techniques</u>

In actively seeking the best opportunities in the market environment, the Fund favored Financials in July 2024; Energy in August; Consumer Stables in September and October; Materials in November; and Health Care in December. In January 2025, the Fund focused on Utilities in January; Financials in February, March and April; Consumer Staples in May; and Financials once more in June. At the end of the period, the Fund held 11.76% of its assets in cash.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](iaec148d0eff1ad7f959a548e.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Global Fund** | **MSCI ACWI Index Net** |
| **Nov-2023** | $10000 | $10000 |
| **Jun-2024** | $10780 | $11705 |
| **Jun-2025** | $12356 | $13597 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (November 29, 2023)** |
| Quantified Global Fund | 14.62% | 14.27% |
| MSCI ACWI Index Net | 16.17% | 21.37% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $79273491 |
| Number of Portfolio Holdings | 49 |
| Advisory Fee | $271360 |
| Portfolio Turnover | 982% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](id869378fc51740110d3a1935.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 85.1% |
| Money Market Funds | 14.9% |

---

# What did the Fund invest in?

# **Country Weighting (% of net assets)**![Group By Sector Chart](iaacec8874415d23207c26095.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Other Countries | 8.4% |
| Bermuda | 3.5% |
| Germany | 4.6% |
| Korea (Republic Of) | 4.9% |
| Italy | 6.5% |
| Cayman Islands | 8.6% |
| Japan | 11.7% |
| Brazil | 12.3% |
| United Kingdom | 12.3% |
| Chile | 12.4% |
| United States | 14.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Government Obligations Fund - Class Z | 7.4% |
| Fidelity Government Portfolio - Class I | 7.4% |
| Shell PLC | 6.7% |
| Takeda Pharmaceutical Company Ltd. | 6.7% |
| Eni SpA | 6.5% |
| SAP S.E. | 4.6% |
| Shinhan Financial Group Company Ltd. | 4.4% |
| Banco de Chile | 4.2% |
| TIM S.A. | 4.1% |
| Banco Santander Chile | 4.1% |

---

Please refer to the annual shareholder report (address below) for a complete listing of the Fund's holdings.

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](i3498b65c6e5ce311f6b5aac1.jpg)

#### Quantified Global Fund - Investor (QGBLX)

#### Annual Shareholder Report - June 30, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-QGBLX

#### Quantified Government Income Tactical Fund - Investor (QGITX)

#### Annual Shareholder Report - June 30, 2025
![Image](i1a87505d3c81ff1569a3f5f0.jpg)

# Fund Overview
This annual shareholder report contains important information about the Quantified Government Income Tactical Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $165 | 1.61% |

---

# How did the Fund perform during the reporting period?
The Fund returned 4.46% for the period. The Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index returned 6.08% for the year.

<u>Strategy</u>

The Quantified Government Tactical Income Fund is designed for investors seeking aggressive growth using U.S. government bond vehicles for trading.

<u>Techniques</u>

The Fund gained 0.86% for the third quarter of 2024, underperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index, which gained 5.20%. The Fund maintained a long bias toward long-term Treasurys but took short positions at the start of each month. It primarily used long-term Treasurys for exposure to bond markets during the quarter. The Fund gained 0.45% for the fourth quarter, outperforming the Bloomberg U.S. Aggregate Bond Index which fell by -3.06%. The Fund maintained a long bias for long-term Treasurys throughout the quarter but briefly held short positions early on. The Fund's long bias was represented by a partial exposure that ranged from a maximum long position of 85% to a minimum long exposure of 3.9%. The Fund rose 2.66% for the first quarter of 2025, underperforming its benchmark which gained 2.78%. The Fund maintained a long bias for long-term Treasurys throughout the quarter but entered short positions at the beginning of each month. The Fund rose 0.43% for the second quarter of this year, underperforming the Bloomberg U.S. Aggregate Bond Index which earned1.21%. The Fund shifted exposure between inverse and leveraged positions throughout the quarter.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i90c0b25ea11dbc0b5d199628.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Government Income Tactical Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Apr-2021** | $10000 | $10000 |
| **Jun-2021** | $10090 | $10076 |
| **Jun-2022** | $9581 | $9039 |
| **Jun-2023** | $8183 | $8955 |
| **Jun-2024** | $7445 | $9190 |
| **Jun-2025** | $7777 | $9749 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (April 15, 2021)** |
| Quantified Government Income Tactical Fund | 4.46% | -5.80% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.60% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $42119015 |
| Number of Portfolio Holdings | 4 |
| Advisory Fee | $345404 |
| Portfolio Turnover | 415% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i841c63cd6e16f05be1698ef0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 100.0% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](i53cba837f55973a88bfd85be.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Bond | 18% |
| Cash & Equivalent | 82% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity Government Portfolio Class I, 4.180%, | 48.1% |
| First American Government Obligations Fund Class Z, 4.173%, | 48.1% |
| iShares 20+ Year Treasury Bond ETF | 0.0% |

---

The Asset Weighting chart and the Top 10 Holdings table do not include derivatives. Please refer to the annual shareholder report for a complete listing of the Fund's holdings.

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](ia7b46891942059223b47795a.jpg)

#### Quantified Government Income Tactical Fund - Investor (QGITX)

#### Annual Shareholder Report - June 30, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-QGITX

#### Quantified Managed Income Fund - Advisor (QBDAX)

#### Annual Shareholder Report - June 30, 2025
![Image](i3afc0a06db7f7958e36450f8.jpg)

# Fund Overview
This annual shareholder report contains important information about the Quantified Managed Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor | $203 | 1.98% |

---

# How did the Fund perform during the reporting period?
The Fund returned 5.40% for the period. The Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 6.08% for the year.

<u>Strategy</u>

The Quantified Managed Income Fund selects income investments from a universe of bond, equity, REIT and MLP investments to create an optimized risk adjusted portfolio that is actively managed.

<u>Techniques</u>

The Fund gained 3.47% for the third quarter of 2024. Its benchmark, the Bloomberg U.S. Aggregate Bond Market Index, gained 5.19%. The Fund's dividend-paying stock sleeve, which remained primarily market neutral to reduce volatility, was the best-performing component. The Fund's rotational ETF sleeve, using average cash exposure to manage risk, was up this quarter but underperformed the Fund's benchmark. The Fund's high-yield bond trading sleeve and actively traded long-term government-bond futures overlay both underperformed the Fund's benchmark during the third quarter. The Fund lost -1.76% for the fourth quarter 0f 2024, outperforming its benchmark which lost -3.06%. The Fund's actively traded long-term government-bond futures overlay was the best performing component, outperforming the Fund's benchmark. The Fund's strategic high-yield bond trading sleeve and its rotational component, which used average cash exposure to manage risk, outperformed the Fund's benchmark. The Fund's dividend-paying stock sleeve, which remained primarily market-neutral to reduce volatility, was the only component to underperform the Fund's benchmark for the fourth quarter.

The Fund gained 2.41% for the first quarter of 2025, slightly trailing the Bloomberg U.S. Aggregate Bond Market Index, which gained 2.78%. The Fund's actively traded long-term government-bond futures overlay was its best-performing component, outperforming the benchmark. The strategic high-yield bond trading sleeve and the rotational component, which used average cash exposure to manage risk, posted gains but underperformed the benchmark. The dividend-paying stock sleeve, which remained primarily market-neutral to reduce volatility, outperformed the benchmark for the first quarter. The Fund gained 1.98% for the second quarter of 2025, outperforming its benchmark, which gained 1.21% for the quarter. The Fund's actively traded long-term government-bond futures overlay was its best-performing component, significantly outperforming the benchmark. The dividend-paying stock sleeve was the worst performing component for the quarter. The Fund built up a sizable cash position in April and began deploying some of that cash in late May.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i020c99ced121d862fbbec4e9.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Managed Income Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Mar-2016** | $10000 | $10000 |
| **Jun-2016** | $10332 | $10281 |
| **Jun-2017** | $10674 | $10249 |
| **Jun-2018** | $10496 | $10208 |
| **Jun-2019** | $11142 | $11011 |
| **Jun-2020** | $10501 | $11974 |
| **Jun-2021** | $10223 | $11934 |
| **Jun-2022** | $10072 | $10706 |
| **Jun-2023** | $9667 | $10605 |
| **Jun-2024** | $9763 | $10884 |
| **Jun-2025** | $10290 | $11546 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (March 18, 2016)** |
| Quantified Managed Income Fund | 5.40% | -0.40% | 0.31% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.56% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $109136997 |
| Number of Portfolio Holdings | 46 |
| Advisory Fee | $1148571 |
| Portfolio Turnover | 826% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4bee25be87890a7ae9c706bc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Reit | 0.9% |
| Common Stocks | 7.8% |
| Collateral for Securities Loaned | 15.9% |
| Money Market Funds | 23.2% |
| Exchange-Traded Funds | 52.2% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](if6f8399a4d042210653cfd18.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Futures (S&P 500) | 5% |
| Equities (Energy) | 6% |
| Equities - Technology | 8% |
| Futures (Long Bond) | 12% |
| Cash & Cash Equivalents | 24% |
| Fixed Income - Other | 45% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Assets Portfolio | 18.7% |
| iShares 7-10 Year Treasury Bond ETF | 17.3% |
| Fidelity Government Portfolio - Class I | 13.6% |
| First American Government Obligations Fund - Class Z | 13.6% |
| Vanguard Intermediate-Term Bond ETF | 6.8% |
| Alerian MLP ETF | 6.8% |
| Vanguard Short-Term Corporate Bond ETF | 6.8% |
| iShares Floating Rate Bond ETF | 6.8% |
| SPDR Bloomberg High Yield Bond ETF | 4.0% |
| SPDR Bloomberg Convertible Securities ETF | 3.2% |

---

The Asset Weighting chart and the Top 10 Holdings table do not include derivatives. Please refer to the annual shareholder report (address below) for a complete listing of the Fund's holdings.

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](i0d71c575a86978ee8521ea2e.jpg)

#### Quantified Managed Income Fund - Advisor (QBDAX)

#### Annual Shareholder Report - June 30, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-QBDAX

#### Quantified Managed Income Fund - Investor (QBDSX)

#### Annual Shareholder Report - June 30, 2025
![Image](i530d9748a001ebcb0786e616.jpg)

# Fund Overview
This annual shareholder report contains important information about the Quantified Managed Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $138 | 1.34% |

---

# How did the Fund perform during the reporting period?
The Fund returned 6.16% for the period. The Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 6.08% for the year.

<u>Strategy</u>

The Quantified Managed Income Fund selects income investments from a universe of bond, equity, REIT and MLP investments to create an optimized risk adjusted portfolio that is actively managed.

<u>Techniques</u>

The Fund gained 3.47% for the third quarter of 2024. Its benchmark, the Bloomberg U.S. Aggregate Bond Market Index, gained 5.19%. The Fund's dividend-paying stock sleeve, which remained primarily market neutral to reduce volatility, was the best-performing component. The Fund's rotational ETF sleeve, using average cash exposure to manage risk, was up this quarter but underperformed the Fund's benchmark. The Fund's high-yield bond trading sleeve and actively traded long-term government-bond futures overlay both underperformed the Fund's benchmark during the third quarter. The Fund lost -1.76% for the fourth quarter 0f 2024, outperforming its benchmark which lost -3.06%. The Fund's actively traded long-term government-bond futures overlay was the best performing component, outperforming the Fund's benchmark. The Fund's strategic high-yield bond trading sleeve and its rotational component, which used average cash exposure to manage risk, outperformed the Fund's benchmark. The Fund's dividend-paying stock sleeve, which remained primarily market-neutral to reduce volatility, was the only component to underperform the Fund's benchmark for the fourth quarter.

The Fund gained 2.41% for the first quarter of 2025, slightly trailing the Bloomberg U.S. Aggregate Bond Market Index, which gained 2.78%. The Fund's actively traded long-term government-bond futures overlay was its best-performing component, outperforming the benchmark. The strategic high-yield bond trading sleeve and the rotational component, which used average cash exposure to manage risk, posted gains but underperformed the benchmark. The dividend-paying stock sleeve, which remained primarily market-neutral to reduce volatility, outperformed the benchmark for the first quarter. The Fund gained 1.98% for the second quarter of 2025, outperforming its benchmark, which gained 1.21% for the quarter. The Fund's actively traded long-term government-bond futures overlay was its best-performing component, significantly outperforming the benchmark. The dividend-paying stock sleeve was the worst performing component for the quarter. The Fund built up a sizable cash position in April and began deploying some of that cash in late May.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i59ae41fa02e9ef650d77276e.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Managed Income Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $10389 | $10600 |
| **Jun-2017** | $10818 | $10567 |
| **Jun-2018** | $10711 | $10525 |
| **Jun-2019** | $11449 | $11353 |
| **Jun-2020** | $10855 | $12345 |
| **Jun-2021** | $10647 | $12304 |
| **Jun-2022** | $10552 | $11038 |
| **Jun-2023** | $10179 | $10934 |
| **Jun-2024** | $10343 | $11222 |
| **Jun-2025** | $10981 | $11904 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Quantified Managed Income Fund | 6.16% | 0.23% | 0.94% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $109136997 |
| Number of Portfolio Holdings | 46 |
| Advisory Fee | $1148571 |
| Portfolio Turnover | 826% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](icdbcdac7675030b5885fec6e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Reit | 0.9% |
| Common Stocks | 7.8% |
| Collateral for Securities Loaned | 15.9% |
| Money Market Funds | 23.2% |
| Exchange-Traded Funds | 52.2% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](iad7929b5d64f4a637ea48d13.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Futures (S&P 500) | 5% |
| Equities (Energy) | 6% |
| Equities - Technology | 8% |
| Futures (Long Bond) | 12% |
| Cash & Cash Equivalents | 24% |
| Fixed Income - Other | 45% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Assets Portfolio | 18.7% |
| iShares 7-10 Year Treasury Bond ETF | 17.3% |
| Fidelity Government Portfolio - Class I | 13.6% |
| First American Government Obligations Fund - Class Z | 13.6% |
| Vanguard Intermediate-Term Bond ETF | 6.8% |
| Alerian MLP ETF | 6.8% |
| Vanguard Short-Term Corporate Bond ETF | 6.8% |
| iShares Floating Rate Bond ETF | 6.8% |
| SPDR Bloomberg High Yield Bond ETF | 4.0% |
| SPDR Bloomberg Convertible Securities ETF | 3.2% |

---

The Asset Weighting chart and the Top 10 Holdings table do not include derivatives. Please refer to the annual shareholder report (address below) for a complete listing of the Fund's holdings.

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](iebfdafeced435bb29a88516d.jpg)

#### Quantified Managed Income Fund - Investor (QBDSX)

#### Annual Shareholder Report - June 30, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-QBDSX

#### Quantified Market Leaders Fund - Advisor (QMLAX)

#### Annual Shareholder Report - June 30, 2025
![Image](if099a35430c26fbd7cf98676.jpg)

# Fund Overview
This annual shareholder report contains important information about the Quantified Market Leaders Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor | $187 | 1.94% |

---

# How did the Fund perform during the reporting period?
The Fund returned -7.43% for the period, underperforming its benchmarks. The Fund's primary benchmark, the MSCI ACWI Index returned 16.17%, and the Morningstar Aggressive Target Risk Index, a secondary benchmark, returned 16.75% for the year.

<u>Strategy</u>

The Quantified Market Leaders Fund pursues an active asset allocation strategy designed to overweight portfolio investments into the top-performing asset classes while eliminating exposure to under-performing assets.

<u>Techniques</u>

The Fund declined -3.53% in the third quarter of 2024, underperforming its primary benchmark, the MSCI ACWI, which rose by 6.61%. At the start of the quarter, the Fund was heavily weighted in the Technology sector (26%) and Large-Cap Growth (20%) with a market exposure of 156%. In mid-July 2024, the market fell 9.5%, leading to a 15.3% decline for the Fund. Despite reducing market exposure, the Fund's prominent positions in Technology and Large-Cap Growth resulted in a more significant loss. However, leadership changed, and the Fund adapted by shifting into Financials and Small-Cap and Mid-Cap stocks, gaining 6.45% between the July sell-off and the end of the third quarter. In the fourth quarter, the Fund rose 4.04%, outperforming its primary benchmark, which lost -0.99%. Throughout the fourth quarter, the Fund was weighted heavily to Small-Cap and Mid-Cap stocks, 33.6% unleveraged, and 26% unleveraged in the S&P 500 Index. In the first two months of the quarter, the Fund participated fully in the election rally, gaining 11.46%. However, an unusually volatile December, which ended with markets closing at monthly lows, erased 6.36% of the overall gains. The Fund maintained a market exposure of 156% for all but the last week of the quarter.

The Fund fell -10.92 % in the first quarter of 2025, underperforming its benchmark, the S&P 500, which fell -4.27%. At the start of the quarter, the Fund was weighted heavily to Large-Cap and Mid-Cap stocks at 31.2% and 23.4% respectively. It gained 3.61% during the early rally but gave back those gains – and more – in the second half of the quarter. The Fund maintained 156% market exposure for the first two weeks, then began building a defensive position in cash. The Fund gained 3.55% in the second quarter of the year, underperforming the S&P 500, which gained 10.94%. It was active in April, as it adjusted to market volatility early in the month. A sharp market rebound later in the month caused the Fund to lag the broader market. However, performance improved in May and June as the fund rebuilt its market exposure near the end of April and started using leverage in early May.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i9a804bcf621fde27478d313d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Quantified Market Leaders Fund** | **MSCI ACWI Index Net** | **Morningstar Aggressive Target Risk Index** |
| **Mar-2016** | $10000 | $10000 | $10000 |
| **Jun-2016** | $10290 | $10137 | $10270 |
| **Jun-2017** | $11838 | $12041 | $12143 |
| **Jun-2018** | $14038 | $13333 | $13529 |
| **Jun-2019** | $13088 | $14099 | $14351 |
| **Jun-2020** | $15297 | $14396 | $14235 |
| **Jun-2021** | $24510 | $20049 | $19846 |
| **Jun-2022** | $17380 | $16891 | $16750 |
| **Jun-2023** | $19160 | $19683 | $19136 |
| **Jun-2024** | $21678 | $23497 | $21982 |
| **Jun-2025** | $20068 | $27296 | $25664 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (March 18, 2016)** |
| Quantified Market Leaders Fund | -7.43% | 5.58% | 7.79% |
| MSCI ACWI Index Net | 16.17% | 13.65% | 11.42% |
| Morningstar Aggressive Target Risk Index | 16.75% | 12.51% | 10.68% |

---

The Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in equity securities generally or in the Fund in particular or the ability of the Fund to track general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE FUND OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $124565333 |
| Number of Portfolio Holdings | 17 |
| Advisory Fee | $1036759 |
| Portfolio Turnover | 1,119% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic19f8147127b1b4cf29d96f3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 13.4% |
| Collateral for Securities Loaned | 25.1% |
| Exchange-Traded Funds | 61.5% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](i38cb25cb12409e016e056601.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| ETFs - Equities (Large Cap Growth) | 7% |
| Consumer Cyclical | 11% |
| Money Market Funds | 12% |
| ETFs - Equities (Mid Cap Growth) | 15% |
| ETFs – Equities (International) | 22% |
| ETFs - Equities (Technology) | 33% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Assets Portfolio, LLC | 32.3% |
| iShares MSCI EAFE ETF | 22.7% |
| Communication Services Select Sector SPDR Fund | 19.3% |
| Consumer Discretionary Select Sector SPDR Fund | 18.6% |
| iShares MSCI Emerging Markets ETF | 15.2% |
| Fidelity Government Portfolio, Class I | 8.6% |
| First American Government Obligations Fund, Class Z | 8.5% |
| Technology Select Sector SPDR Fund | 3.3% |

---

The Fund has economic exposure through securities and derivatives to the above security types of approximately 124% of its assets. The Asset Weighting chart and the Top 10 Holdings table do not include derivatives. Please refer to the annual shareholder report (address below) for a complete listing of the Fund's holdings.

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](ia82e84ee0742fa4746acc7a0.jpg)

#### Quantified Market Leaders Fund - Advisor (QMLAX)

#### Annual Shareholder Report - June 30, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-QMLAX

#### Quantified Market Leaders Fund - Investor (QMLFX)

#### Annual Shareholder Report - June 30, 2025
![Image](i8c56e76996ae55d418083f55.jpg)

# Fund Overview
This annual shareholder report contains important information about the Quantified Market Leaders Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $129 | 1.34% |

---

# How did the Fund perform during the reporting period?
The Fund returned -6.91% for the period, underperforming its benchmarks. The Fund's primary benchmark, the MSCI ACWI Index returned 16.17%, and the Morningstar Aggressive Target Risk Index, a secondary benchmark, returned 16.75% for the year.

<u>Strategy</u>

The Quantified Market Leaders Fund pursues an active asset allocation strategy designed to overweight portfolio investments into the top-performing asset classes while eliminating exposure to under-performing assets.

<u>Techniques</u>

The Fund declined -3.45% in the third quarter of 2024, underperforming its primary benchmark, the MSCI ACWI, which rose by 6.61%. At the start of the quarter, the Fund was heavily weighted in the Technology sector (26%) and Large-Cap Growth (20%) with a market exposure of 156%. In mid-July 2024, the market fell 9.5%, leading to a 15.3% decline for the Fund. Despite reducing market exposure, the Fund's prominent positions in Technology and Large-Cap Growth resulted in a more significant loss. However, leadership changed, and the Fund adapted by shifting into Financials and Small-Cap and Mid-Cap stocks, gaining 6.45% between the July sell-off and the end of the third quarter. In the fourth quarter, the Fund rose 4.22%, outperforming its primary benchmark, which lost -0.99%. Throughout the fourth quarter, the Fund was weighted heavily to Small-Cap and Mid-Cap stocks, 33.6% unleveraged, and 26% unleveraged in the S&P 500 Index. In the first two months of the quarter, the Fund participated fully in the election rally, gaining 11.46%. However, an unusually volatile December, which ended with markets closing at monthly lows, erased 6.36% of the overall gains. The Fund maintained a market exposure of 156% for all but the last week of the quarter.

The Fund fell -10.74% in the first quarter of 2025, underperforming its benchmark, the S&P 500, which fell -4.27%. At the start of the quarter, the Fund was weighted heavily to Large-Cap and Mid-Cap stocks at 31.2% and 23.4% respectively. It gained 3.61% during the early rally but gave back those gains – and more – in the second half of the quarter. The Fund maintained 156% market exposure for the first two weeks, then began building a defensive position in cash. The Fund gained 3.65% in the second quarter of the year, underperforming the S&P 500, which gained 10.94%. It was active in April, as it adjusted to market volatility early in the month. A sharp market rebound later in the month caused the Fund to lag the broader market. However, performance improved in May and June as the fund rebuilt its market exposure near the end of April and started using leverage in early May.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2fe8c2ae935454767efca1ca.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Quantified Market Leaders Fund** | **MSCI ACWI Index Net** | **Morningstar Aggressive Target Risk Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $9544 | $9627 | $9830 |
| **Jun-2017** | $11052 | $11436 | $11622 |
| **Jun-2018** | $13190 | $12662 | $12949 |
| **Jun-2019** | $12375 | $13389 | $13735 |
| **Jun-2020** | $14538 | $13672 | $13625 |
| **Jun-2021** | $23397 | $19040 | $18995 |
| **Jun-2022** | $16695 | $16041 | $16031 |
| **Jun-2023** | $18508 | $18693 | $18315 |
| **Jun-2024** | $21077 | $22315 | $21039 |
| **Jun-2025** | $19621 | $25923 | $24564 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Quantified Market Leaders Fund | -6.91% | 6.18% | 6.97% |
| MSCI ACWI Index Net | 16.17% | 13.65% | 9.99% |
| Morningstar Aggressive Target Risk Index | 16.75% | 12.51% | 9.40% |

---

The Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in equity securities generally or in the Fund in particular or the ability of the Fund to track general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE FUND OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $124565333 |
| Number of Portfolio Holdings | 17 |
| Advisory Fee | $1036759 |
| Portfolio Turnover | 1,119% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i70343939eafb08fc4253c04c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 13.4% |
| Collateral for Securities Loaned | 25.1% |
| Exchange-Traded Funds | 61.5% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](i9feb2d1bbbcd50541ceeb744.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| ETFs - Equities (Large Cap Growth) | 7% |
| Consumer Cyclical | 11% |
| Money Market Funds | 12% |
| ETFs - Equities (Mid Cap Growth) | 15% |
| ETFs – Equities (International) | 22% |
| ETFs - Equities (Technology) | 33% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Assets Portfolio, LLC | 32.3% |
| iShares MSCI EAFE ETF | 22.7% |
| Communication Services Select Sector SPDR Fund | 19.3% |
| Consumer Discretionary Select Sector SPDR Fund | 18.6% |
| iShares MSCI Emerging Markets ETF | 15.2% |
| Fidelity Government Portfolio, Class I | 8.6% |
| First American Government Obligations Fund, Class Z | 8.5% |
| Technology Select Sector SPDR Fund | 3.3% |

---

The Fund has economic exposure through securities and derivatives to the above security types of approximately 124% of its assets. The Asset Weighting chart and the Top 10 Holdings table do not include derivatives. Please refer to the annual shareholder report (address below) for a complete listing of the Fund's holdings.

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](idcd6ff7bd8a5a4ac494267d8.jpg)

#### Quantified Market Leaders Fund - Investor (QMLFX)

#### Annual Shareholder Report - June 30, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-QMLFX

#### Quantified Pattern Recognition Fund - Investor (QSPMX)

#### Annual Shareholder Report - June 30, 2025
![Image](i92f39ce77d591030dbbc5a27.jpg)

# Fund Overview
This annual shareholder report contains important information about the Quantified Pattern Recognition Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $171 | 1.61% |

---

# How did the Fund perform during the reporting period?
The Fund returned 12.55% for the period. The S&P 500 Total Return Index, the Fund's primary benchmark, returned 15.16% for the same period. The Fund's secondary benchmark, a blended index of 50% each of the S&P 500 Total Return Index and the Bloomberg U.S. Aggregate Bond Index, was up 10.72% for the 12 months.

<u>Strategy</u>

The Quantified Pattern Recognition Fund seeks out daily patterns in the stock market that have been found to be determinative of probable future price direction.

<u>Techniques</u>

The Fund gained 5.01% for the third quarter of 2024, slightly underperforming its primary benchmark, the S&P 500 Total Return Index, which gained 5.89%. The Fund identified that the market was trending at the start of the third quarter and maintained 160% exposure through mid-July. When the market started to pull back in July, the Fund reduced its exposure and was in cash by August 2. It began returning to the market shortly after but returned to cash midway through August. The Fund then sought mean-reversion trades for the rest of the quarter and ended September with short positions. The Fund rose 1.76% for the quarter, underperforming its benchmark, the S&P500 TR, which gained 2.41%. The Fund started the quarter primarily seeking mean-reversion patterns, starting with a long position of 11.0%. By the end of October, it had shifted to a maximum short exposure of 130%. From the end of November through the end of the quarter, the Fund returned to a long bias.

The Fund fell -2.66% for the first quarter of 2025, outperforming the S&P 500 TR Index which lost -4.27%. The Fund started the quarter in a leverage position but reduced exposure to below 100% at the end of January, where it remained for most of the quarter. In March, the Fund began taking small short positions in response to elevated market volatility. The Fund rose 8.19% for the second quarter of 2025, trailing the S&P 500 which gained 10.94%. The Fund used both leveraged and inverse positions throughout the quarter. It spent most of the quarter in long positions, outperforming in April but trailing in May and June.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4c790598390b86a354aa6dd5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Quantified Pattern Recognition Fund** | **S&P 500 Index TR** | **50/50 S&P 500/Bloomberg Aggregate Bond** |
| **Aug-2019** | $10000 | $10000 | $10000 |
| **Sep-2019** | $10270 | $10187 | $10067 |
| **Dec-2019** | $11150 | $11111 | $10526 |
| **Mar-2020** | $9530 | $8934 | $9619 |
| **Jun-2020** | $10890 | $10769 | $10729 |
| **Sep-2020** | $10817 | $11730 | $11245 |
| **Dec-2020** | $11111 | $13155 | $11964 |
| **Mar-2021** | $12422 | $13968 | $12126 |
| **Jun-2021** | $13962 | $15162 | $12752 |
| **Sep-2021** | $13785 | $15250 | $12797 |
| **Dec-2021** | $14875 | $16932 | $13496 |
| **Mar-2022** | $12978 | $16153 | $12794 |
| **Jun-2022** | $10962 | $13552 | $11452 |
| **Sep-2022** | $11041 | $12891 | $10909 |
| **Dec-2022** | $12124 | $13865 | $11436 |
| **Mar-2023** | $13377 | $14905 | $12033 |
| **Jun-2023** | $14829 | $16208 | $12503 |
| **Sep-2023** | $14209 | $15677 | $12099 |
| **Dec-2023** | $13803 | $17510 | $13218 |
| **Mar-2024** | $16040 | $19358 | $13854 |
| **Jun-2024** | $15340 | $20188 | $14155 |
| **Sep-2024** | $16108 | $21376 | $14940 |
| **Dec-2024** | $16393 | $21891 | $14890 |
| **Mar-2025** | $15957 | $20956 | $14779 |
| **Jun-2025** | $17264 | $23249 | $15672 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (August 30, 2019)** |
| Quantified Pattern Recognition Fund | 12.55% | 9.65% | 9.81% |
| S&P 500 Index TR | 15.16% | 16.64% | 15.55% |
| 50/50 S&P 500/Bloomberg Aggregate Bond | 10.72% | 7.87% | 8.02% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $47239439 |
| Number of Portfolio Holdings | 3 |
| Advisory Fee | $369115 |
| Portfolio Turnover | 889% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iae3fbb5ecbda382d9424c3b8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Private Investment Funds | 6.5% |
| Money Market Funds | 93.5% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](i16b9f3c7462e9305f111f318.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Private Investment Funds | 6% |
| Cash & Equivalent | 94% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity Government Portfolio Class I, 4.180%, | 45.7% |
| First American Government Obligations Fund Class Z, 4.173%, | 45.7% |
| Hyperion Fund LLC | 6.3% |

---

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](i4f29e7a4323018b578d8918c.jpg)

#### Quantified Pattern Recognition Fund - Investor (QSPMX)

#### Annual Shareholder Report - June 30, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-QSPMX

#### Quantified Rising Dividend Tactical Fund - Investor (QRDTX)

#### Annual Shareholder Report - June 30, 2025
![Image](i9a15344cb41a925dfa8e947e.jpg)

# Fund Overview
This annual shareholder report contains important information about the Quantified Rising Dividend Tactical Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $167 | 1.63% |

---

# How did the Fund perform during the reporting period?
The Fund returned 4.96% for the period. The S&P 500 Total Return Index, the Fund's benchmark, returned 15.16% for the year.

<u>Strategy</u>

The Quantified Rising Dividend Tactical Fund strives to build a portfolio of domestic and international ETF's that hold strong companies with rising dividends which is actively managed.

<u>Techniques</u>

The Fund rose 11.39% in the third quarter of 2024, outperforming its benchmark, the S&P 500 Total Return Index, which gained 5.89%. Despite having 140% market exposure, the Fund declined just 7.4% during the 8.5% sell-off in the S&P 500 in July. Four of the five Fund holdings outperformed the S&P 500 for the quarter. The most significant fund position was the Equity Weighted S&P 500, which rose 9.5%. The Fund declined 3.64% in the fourth quarter of 2024, underperforming its benchmark which gained 2.41%. The Fund maintained a 140% market exposure, with its largest position (60%) in the Equity Weighted S&P 500, which lost 1.85%.

The Fund fell -0.74% in the first quarter, outperforming the S&P 500, which fell -4.27%. The Fund maintained 140% market exposure, with its most significant position (60%) in the Equally Weighted S&P 500, which lost -0.67%. The Fund fell -1.48% in the second quarter, underperforming its benchmark, which gained 10.94%. The Fund remained defensive through most of April, with 75% allocated to cash. Toward the end of the month, it shifted to its most bullish stance, reaching 140% invested. Its positions included 60% in the Equally Weighted S&P 500, 25% in dividend appreciation, 20% in low volatility, 20% in international dividend appreciations, and 15% in the NASDAQ 100. The Fund began to recover April's losses through May and June.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie673d693ec4e7a04569f3dde.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Rising Dividend Tactical Fund** | **S&P 500 Index TR** |
| **Apr-2021** | $10000 | $10000 |
| **Jun-2021** | $10240 | $10449 |
| **Sep-2021** | $10200 | $10510 |
| **Dec-2021** | $11114 | $11669 |
| **Mar-2022** | $10501 | $11133 |
| **Jun-2022** | $8622 | $9340 |
| **Sep-2022** | $7778 | $8884 |
| **Dec-2022** | $7571 | $9556 |
| **Mar-2023** | $7571 | $10272 |
| **Jun-2023** | $7994 | $11170 |
| **Sep-2023** | $7478 | $10805 |
| **Dec-2023** | $8565 | $12068 |
| **Mar-2024** | $9354 | $13342 |
| **Jun-2024** | $9208 | $13913 |
| **Sep-2024** | $10257 | $14732 |
| **Dec-2024** | $9883 | $15087 |
| **Mar-2025** | $9810 | $14443 |
| **Jun-2025** | $9665 | $16023 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (April 14, 2021)** |
| Quantified Rising Dividend Tactical Fund | 4.96% | -0.81% |
| S&P 500 Index TR | 15.16% | 11.85% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $26012348 |
| Number of Portfolio Holdings | 32 |
| Advisory Fee | $308717 |
| Portfolio Turnover | 208% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0bbcb5d9c68f49da2c47ba7b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 85.4% |
| Money Market Funds | 14.6% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](i57b5a2851ef48f1ab04cedc9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| ETFs – Equities (Technology) | 10.0% |
| Cash & Cash Equivalents | 10.0% |
| ETFs – Equities (Internatonal) | 13.0% |
| ETFs - Equities (Large Cap Income) | 16.0% |
| ETFs - Equities (S&P 500) | 51.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard Dividend Appreciation ETF | 20.9% |
| Vanguard International Dividend Appreciation ETF | 16.7% |
| Invesco S&P 500 Equal Weight ETF | 16.6% |
| Invesco S&P 500 Low Volatility ETF | 16.5% |
| Invesco QQQ Trust Series 1 | 12.8% |
| Fidelity Government Portfolio, Class I | 7.1% |
| First American Government Obligations Fund, Class Z | 7.1% |

---

The Fund has economic exposure through securities and derivatives to the above security types of approximately 135% of its assets. The Asset Weighting chart and the Top 10 Holdings table do not include derivatives. Please refer to the annual shareholder report (address below) for a complete listing of the Fund's holdings.

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](if38b7a821f8282aefefe67f1.jpg)

#### Quantified Rising Dividend Tactical Fund - Investor (QRDTX)

#### Annual Shareholder Report - June 30, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-QRDTX

#### Quantified STF Fund - Advisor (QSTAX)

#### Annual Shareholder Report - June 30, 2025
![Image](if3b10c952e45ddd61f81cf95.jpg)

# Fund Overview
This annual shareholder report contains important information about the Quantified STF Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor | $207 | 2.21% |

---

# How did the Fund perform during the reporting period?
The Fund declined by -12.27% for the year primarily due to underperformance in the first quarter of 2025. The NASDAQ 100 Total Return Index, the Fund's benchmark, gained 16.10% for the same period.

<u>Strategy</u>

The Quantified STF follows easily identifiable up and down trends in the market based solely on the price action of the NASDAQ 100. It uses futures to achieve leverage and inverse positions.

<u>Techniques</u>

The Fund signal began the third quarter of 2024 at 2.0X but adjusted between 0.8X and 1.6X as markets declined and volatility increased. It increased to 2.0X on August 16 as volatility declined while markets attempted to reestablish upward momentum following the market sell-off during July. After fluctuating between 1.6X and 0X in September, it moved to 2.0X on September 12, following a shallow pullback in late August to early September, and remained there through the beginning of the fourth quarter as upward market momentum strengthened. As markets declined and volatility increased in the second half of October, the Fund signal reduced to 1.0X and ended at 0X. Once the post-election rally got underway, the Fund signal ranged from 0X to 2.0X, with adjustments coming from its volatility overlay. When volatility started to pick up in December, the Fund signal went to 0X on December 11 and stayed flat until December 26, when it rose to 1.0X. However, with continued volatility in late December, the signal returned to 0X on December 30, where it remained through the end of 2024 and the beginning of 2025.

It increased to 2.0X on January 6 as markets started to rise. Throughout January, the signal stayed within a range of 1.0X to 2.0X before moving to 0X on February 3. In February and March, the Fund's volatility overlay triggered signals between 0X and 2.0X, with its targeted volatility component reducing 2X positions to 1.6X and 1.0X positions to 0.8X at times. A spike in volatility from late February through March resulted in whipsaw events for the Fund. Volatility continued to rise in late March, prompting the signal to return to 0X on March 28th, where it stayed through quarter-end. The Fund avoided the market turmoil in early April by remaining in cash. However, it stayed in defensive investments during part of the initial recovery, missing some of the rebound. It moved to a sustained 2.0X position from mid-May through the end of the period.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ibd95996fa58b238a94e84f6c.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified STF Fund** | **Nasdaq-100<sup>®</sup> Total Return Index** |
| **Nov-2015** | $10000 | $10000 |
| **Jun-2016** | $8240 | $9892 |
| **Jun-2017** | $11150 | $12799 |
| **Jun-2018** | $13749 | $16128 |
| **Jun-2019** | $13247 | $17767 |
| **Jun-2020** | $18981 | $23768 |
| **Jun-2021** | $28638 | $34311 |
| **Jun-2022** | $23275 | $27319 |
| **Jun-2023** | $26561 | $36370 |
| **Jun-2024** | $36878 | $47561 |
| **Jun-2025** | $32354 | $55221 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (November 13, 2015)** |
| Quantified STF Fund | -12.27% | 11.26% | 12.97% |
| Nasdaq-100<sup>®</sup> Total Return Index | 16.10% | 18.36% | 19.42% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $191138206 |
| Number of Portfolio Holdings | 10 |
| Advisory Fee | $1854303 |
| Portfolio Turnover | 153% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i85d0d8d81d098df822949443.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 0.1% |
| Exchange-Traded Funds | 0.2% |
| Certificate Of Deposit | 2.5% |
| Private Investment Funds | 12.7% |
| Money Market Funds | 84.5% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](i62afa953551107a2b1add622.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Private Investment Funds | 3% |
| Cash & Equivalent | 30% |
| Equity Index | 67% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity Government Portfolio Class I, 4.180%, | 35.3% |
| First American Government Obligations Fund Class Z, 4.173%, | 35.2% |
| Galaxy Plus Fund LLC - Profit Score Regime - Adaptive Equity Feeder Fund | 10.7% |
| Axos Bank, 3.800%, 04/02/27 | 0.6% |
| ESSA Bank & Trust, 3.700%, 09/25/26 | 0.5% |
| Ally Bank, 3.750%, 09/27/27 | 0.5% |
| Texas Exchange Bank SSB, 3.650%, 03/26/27 | 0.5% |
| Invesco QQQ Trust Series 1 | 0.2% |
| Mount Vernon Liquid Assets Portfolio, 4.460%, | 0.0% |

---

The Fund has economic exposure through securities and derivatives to the above security types of approximately 227% of its assets. The Asset Weighting chart and the Top 10 Holdings table do not include derivatives. Please refer to the annual shareholder report (address below) for a complete listing of the Fund's holdings.

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](i60cc045d1b7f3519ad859d77.jpg)

#### Quantified STF Fund - Advisor (QSTAX)

#### Annual Shareholder Report - June 30, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-QSTAX

#### Quantified STF Fund - Investor (QSTFX)

#### Annual Shareholder Report - June 30, 2025
![Image](i3158e9e0bc3c4c6c0d98f590.jpg)

# Fund Overview
This annual shareholder report contains important information about the Quantified STF Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $150 | 1.59% |

---

# How did the Fund perform during the reporting period?
The Fund declined by -11.74% for the year primarily due to underperformance in the first quarter of 2025. The NASDAQ 100 Total Return Index, the Fund's benchmark, gained 16.10% for the same period.

<u>Strategy</u>

The Quantified STF follows easily identifiable up and down trends in the market based solely on the price action of the NASDAQ 100. It uses futures to achieve leverage and inverse positions.

<u>Techniques</u>

The Fund signal began the third quarter of 2024 at 2.0X but adjusted between 0.8X and 1.6X as markets declined and volatility increased. It increased to 2.0X on August 16 as volatility declined while markets attempted to reestablish upward momentum following the market sell-off during July. After fluctuating between 1.6X and OX in September, it moved to 2.0X on September 12, following a shallow pullback in late August to early September, and remained there through the beginning of the fourth quarter as upward market momentum strengthened. As markets declined and volatility increased in the second half of October, the Fund signal reduced to 1.0X and ended at 0X. Once the post-election rally got underway, the Fund signal ranged from 0X to 2.0X, with adjustments coming from its volatility overlay. When volatility started to pick up in December, the Fund signal went to OX on December 11 and stayed flat until December 26, when it rose to 1.0X. However, with continued volatility in late December, the signal returned to OX on December 30, where it remained through the end of 2024 and the beginning of 2025.

It increased to 2.0X on January 6 as markets started to rise. Throughout January, the signal stayed within a range of 1.0X to 2.0X before moving to 0X on February 3. In February and March, the Fund's volatility overlay triggered signals between 0X and 2.0X, with its targeted volatility component reducing 2X positions to 1.6X and 1.0X positions to 0.8X at times. A spike in volatility from late February through March resulted in whipsaw events for the Fund. Volatility continued to rise in late March, prompting the signal to return to 0X on March 28th, where it stayed through quarter-end. The Fund avoided the market turmoil in early April by remaining in cash. However, it stayed in defensive investments during part of the initial recovery, missing some of the rebound. It moved to a sustained 2.0X position from mid-May through the end of the period.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](idf962c94dc1fa8b8f4966f08.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified STF Fund** | **Nasdaq-100<sup>®</sup> Total Return Index** |
| **Nov-2015** | $10000 | $10000 |
| **Jun-2016** | $8250 | $9892 |
| **Jun-2017** | $11222 | $12799 |
| **Jun-2018** | $13922 | $16128 |
| **Jun-2019** | $13488 | $17767 |
| **Jun-2020** | $19445 | $23768 |
| **Jun-2021** | $29529 | $34311 |
| **Jun-2022** | $24166 | $27319 |
| **Jun-2023** | $27729 | $36370 |
| **Jun-2024** | $38729 | $47561 |
| **Jun-2025** | $34180 | $55221 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (November 13, 2015)** |
| Quantified STF Fund | -11.74% | 11.94% | 13.61% |
| Nasdaq-100<sup>®</sup> Total Return Index | 16.10% | 18.36% | 19.42% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $191138206 |
| Number of Portfolio Holdings | 10 |
| Advisory Fee | $1854303 |
| Portfolio Turnover | 153% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i468bc72a40497b121bd2a304.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 0.1% |
| Exchange-Traded Funds | 0.2% |
| Certificate Of Deposit | 2.5% |
| Private Investment Funds | 12.7% |
| Money Market Funds | 84.5% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](ied1338d29d3dea35f366ff2c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Private Investment Funds | 3% |
| Cash & Equivalent | 30% |
| Equity Index | 67% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity Government Portfolio Class I, 4.180%, | 35.3% |
| First American Government Obligations Fund Class Z, 4.173%, | 35.2% |
| Galaxy Plus Fund LLC - Profit Score Regime - Adaptive Equity Feeder Fund | 10.7% |
| Axos Bank, 3.800%, 04/02/27 | 0.6% |
| ESSA Bank & Trust, 3.700%, 09/25/26 | 0.5% |
| Ally Bank, 3.750%, 09/27/27 | 0.5% |
| Texas Exchange Bank SSB, 3.650%, 03/26/27 | 0.5% |
| Invesco QQQ Trust Series 1 | 0.2% |
| Mount Vernon Liquid Assets Portfolio, 4.460%, | 0.0% |

---

The Fund has economic exposure through securities and derivatives to the above security types of approximately 227% of its assets. The Asset Weighting chart and the Top 10 Holdings table do not include derivatives. Please refer to the annual shareholder report (address below) for a complete listing of the Fund's holdings.

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](ib745321837fff9f6ca337770.jpg)

#### Quantified STF Fund - Investor (QSTFX)

#### Annual Shareholder Report - June 30, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-QSTFX

#### Quantified Tactical Fixed Income Fund - Investor (QFITX)

#### Annual Shareholder Report - June 30, 2025
![Image](ia49913713d5dda778df9a73b.jpg)

# Fund Overview
This annual shareholder report contains important information about the Quantified Tactical Fixed Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $160 | 1.64% |

---

# How did the Fund perform during the reporting period?
The Fund returned -5.06% for the period. The Bloomberg U.S. Aggregate Bond Index, the Fund's benchmark, returned 6.08% for the year.

<u>Strategy</u>

The Quantified Tactical Fixed Income Fund's strategy is to combine numerous computerized strategies to create a multi-strategy, dynamically risk-managed methodology for trading government and high yield bond market indexes represented in the ETF and futures markets.

<u>Techniques</u>

The Fund rose 0.67% for the third quarter of 2024, underperforming the Bloomberg U.S. Aggregate Bond Index's 5.19% gain. The Fund maintained a long bias toward long-term Treasurys, but took short positions at the start of each month. It also maintained a 26% exposure to high yield bonds throughout the quarter. In the fourth quarter, the Fund declined by 1.69%, still outperforming its benchmark which fell -3.06%. The Fund maintained a long bias for long-term Treasurys throughout the quarter, but briefly traded to a short position early on, which proved beneficial. The Fund also maintained a small exposure to high yield bonds, ranging from 11% to 25% during the period.

The Fund declined -0.14% in the first quarter of 2025 compared to its benchmark return of 2.78%. The Fund made changes on February 26 to increase exposure to high yield bonds, including expanding the sub-strategies, making the sub-strategies focused on trading high yield bonds, and improving the overlay the portfolio manager uses to select the sub-strategies. The Fund's allocations to Treasurys switched between 50% long and 25% short during that period. When the changes were implemented, the Fund moved to a 100% short position in high yield before shifting to leveraged exposure for most of March. The Fund fell -3.93% for the second quarter of 2025, underperforming the Bloomberg U.S. Aggregate Bond Index which rose 1.21%. The Fund started April with long positions in high yield bonds, then intermittently took short positions from mid-April through early June. It returned to long exposures for the rest of the quarter.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3bc3d7998845b7a0c16609c1.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Tactical Fixed Income Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Sep-2019** | $10000 | $10000 |
| **Jun-2020** | $11184 | $10771 |
| **Jun-2021** | $10420 | $10735 |
| **Jun-2022** | $9523 | $9630 |
| **Jun-2023** | $8251 | $9540 |
| **Jun-2024** | $7808 | $9791 |
| **Jun-2025** | $7413 | $10386 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (September 13, 2019)** |
| Quantified Tactical Fixed Income Fund | -5.06% | -7.90% | -5.03% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 0.65% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $9870308 |
| Number of Portfolio Holdings | 10 |
| Advisory Fee | $330527 |
| Portfolio Turnover | 91% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3c2e485b24a47196fd5f28bb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 100.0% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](i74a1783982d1185359d183c6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| High Yield Bond | 67% |
| Cash & Equivalent | 33% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity Government Portfolio Class I, 4.180%, | 43.4% |
| First American Government Obligations Fund Class Z, 4.173%, | 43.3% |

---

The Fund has economic exposure through securities and derivatives to the above security types of approximately 213% of its assets. The Asset Weighting chart and the Top 10 Holdings table do not include derivatives. Please refer to the annual shareholder report (address below) for a complete listing of the Fund's holdings.

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](i74c2212b6722d101cb074a86.jpg)

#### Quantified Tactical Fixed Income Fund - Investor (QFITX)

#### Annual Shareholder Report - June 30, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-QFITX

#### Quantified Tactical Sectors Fund - Investor (QTSSX)

#### Annual Shareholder Report - June 30, 2025
![Image](i758947efeca99d31ad89fe20.jpg)

# Fund Overview
This annual shareholder report contains important information about the Quantified Tactical Sectors Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $158 | 1.61% |

---

# How did the Fund perform during the reporting period?
The Fund returned -3.59% for the period. The S&P 500 Total Return Index, the Fund's benchmark, returned 15.16% for the year.

<u>Strategy</u>

The Quantified Tactical Sectors Fund is an aggressive active asset allocation strategy designed to overweight portfolio investments into the top-performing asset classes while eliminating exposure to underperforming assets.

<u>Techniques</u>

The Fund lost -2.44% in the third quarter of 2024, underperforming its benchmark, the S&P 500 Total Return Index, which rose by 5.89%. It started the period with a 50% allocation in Technology and 50% in the S&P 500 Index, initially generating a gain of 6.79% compared with the S&P 500's 3.79% gain. However, the sharp sell-off in July erased the gain and more, with the fund declining over 13%. It managed to recover about half of that loss by the end of the quarter. It gained 5.15% in the fourth quarter of 2024, outperforming its benchmark which rose by 2.41%. For most of the quarter, the Fund allocated 25% to Technology, 25% to Financial Services, and the remainder to the S&P 500 Index, maintaining a market exposure of 156%. The Fund rallied 10.60% from October through November, compared to a 5.02% gain for the S&P 500 TR Index during the same period. However, the Fund fell -4.93% in December.

The Fund fell -11.48% in the first quarter of 2025, underperforming the S&P 500 Index, which fell -4.27%. During most of January, it held 25% in Technology, 25% in Financial Services, and 50% in the S&P 500 Index, with a total market exposure of 156%. In February and most of March, it shifted to 25% allocations in Financial Services, Technology, Communication Services, and Consumer Discretionary. The Fund began building a defensive position in the second week of March. Toward quarter-end, Energy and Health Care flashed buy signals and replaced Technology and Consumer Discretionary, which were sitting in the safety of cash. The Fund rose 6.17% in the second quarter of 2025, underperforming the S&P 500 which gained 10.94%. The Fund spent most of April in a defensive position, allocated 100% to cash following the early-month spike in volatility. In May and June, the Fund took positions in Communications Services, Consumer Discretionary, Financial Services, Technology, and the S&P 500.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ide4187f3c60c0205b0507362.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Tactical Sectors Fund** | **S&P 500 Index TR** |
| **Mar-2021** | $10000 | $10000 |
| **Mar-2021** | $10060 | $10553 |
| **Jun-2021** | $10560 | $11456 |
| **Sep-2021** | $8750 | $11522 |
| **Dec-2021** | $8341 | $12793 |
| **Mar-2022** | $6866 | $12205 |
| **Jun-2022** | $6031 | $10240 |
| **Sep-2022** | $5825 | $9740 |
| **Dec-2022** | $6043 | $10476 |
| **Mar-2023** | $5960 | $11261 |
| **Jun-2023** | $6911 | $12246 |
| **Sep-2023** | $6136 | $11845 |
| **Dec-2023** | $6874 | $13230 |
| **Mar-2024** | $7609 | $14626 |
| **Jun-2024** | $7642 | $15253 |
| **Sep-2024** | $7455 | $16151 |
| **Dec-2024** | $7840 | $16540 |
| **Mar-2025** | $6939 | $15833 |
| **Jun-2025** | $7368 | $17566 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (March 4, 2021)** |
| Quantified Tactical Sectors Fund | -3.59% | -6.82% |
| S&P 500 Index TR | 15.16% | 13.92% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $51587799 |
| Number of Portfolio Holdings | 17 |
| Advisory Fee | $643511 |
| Portfolio Turnover | 729% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6d6ce777b6ca9c3d2ab94818.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 12.6% |
| Collateral for Securities Loaned | 28.6% |
| Exchange-Traded Funds | 58.8% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](i9b35451e61395b466563fcec.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 13% |
| Consumer Cyclical | 21% |
| ETFs - Equities (Technology) | 66% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Assets Portfolio | 37.9% |
| Vanguard Information Technology ETF | 20.2% |
| Technology Select Sector SPDR Fund | 19.5% |
| Communication Services Select Sector SPDR Fund | 19.3% |
| Consumer Discretionary Select Sector SPDR Fund | 18.9% |
| First American Government Obligations Fund, Class Z | 8.3% |
| Fidelity Government Portfolio, Class I | 8.3% |

---

The Fund has economic exposure through securities and derivatives to the above security types of approximately 118% of its assets. The Asset Weighting chart and the Top 10 Holdings table do not include derivatives. Please refer to the annual shareholder report (address below) for a complete listing of the Fund's holdings.

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](i99d68e413618433e25573e0a.jpg)

#### Quantified Tactical Sectors Fund - Investor (QTSSX)

#### Annual Shareholder Report - June 30, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-QTSSX

(b) Not applicable

**Item 2. Code of Ethics.**

(a) The registrant has, as of the end of the period covered by this report, 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) N/A

(c) During the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During the period covered by this report, there were no waivers or implicit waivers of a provision of the
 code of ethics.

(e) N/A

(f) See Item 19(a)(1)

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

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

(a)(2) Not applicable.

(a)(3) Not applicable.

**Item 4. Principal Accountant Fees and Services.**

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered
 by the registrant's principal accountant for the audit of the registrant's annual financial statements or services that are
 normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

2025 - $176,800

2024 - $163,200

(b) Audit-Related Fees. There were no fees billed in each of the last two fiscal years for assurances and related
 services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements
 and are not reported under paragraph (a) of this item.

2025 - None

2024 - None

(c) Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered
 by the principal accountant for tax compliance are as follows:

2025 - $42,250

2024 - $33,000

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. The aggregate fees billed in each of the last two fiscal years for products and services provided
 by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and
 $0 for the fiscal years ended June 30, 2025 and 2024 respectively.

(e)(1) The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.

(e)(2) There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable. The percentage of hours expended on the principal accountant's engagement to audit the
 registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the
 principal accountant's full-time, permanent employees was zero percent (0%).

(g) All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant
 for the fiscal years ended June 30, 2025 and 2024 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services
 performed by the registrant's principal accountant for the registrant's adviser.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ![](logo_001.jpg)

Annual Financial Statements and

Additional Information

June 30, 2025

---

| | |
|:---|:---|
| 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 |
|  | Advisor Class Shares QCGAX |
| Quantified Tactical Sectors Fund | Quantified Rising Dividend Tactical Fund |
| Investor Class Shares QTSSX | Investor Class Shares QRDTX |
| Quantified Government Income Tactical Fund | Quantified Global Fund |
| Investor Class Shares QGITX | Investor Class Shares QGBLX |

---

Quantified Eckhardt Managed Futures Strategy Fund

Investor Class Shares QETCX

Advisor Class Shares QETAX

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

**www.advisorspreferred.com**

**Distributed by Ceros Financial Services, Inc.**

**QUANTIFIED MANAGED INCOME FUND SCHEDULE OF INVESTMENTS June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.2%** |  |
|  | **ASSET MANAGEMENT - 0.3%** |  |
| 8259 | Federated Hermes, Inc. | $366039 |
|  | **BEVERAGES - 0.3%** |  |
| 5193 | Coca-Cola Company | 367405 |
|  | **CHEMICALS - 0.7%** |  |
| 2074 | Avery Dennison Corporation | 363925 |
| 3308 | RPM International, Inc. | 363351 |
|  |  | 727276 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.7%** |  |
| 6933 | Rollins, Inc. | 391160 |
| 1701 | Waste Management, Inc. | 389223 |
|  |  | 780383 |
|  | **DIVERSIFIED INDUSTRIALS - 0.4%** |  |
| 1602 | Honeywell International, Inc. | 373074 |
|  | **ELECTRICAL EQUIPMENT - 0.3%** |  |
| 5592 | A O Smith Corporation | 366667 |
|  | **FOOD - 0.3%** |  |
| 4616 | Kellanova | 367110 |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.4%** |  |
| 1220 | Cencora, Inc. | 365817 |
|  | **HOUSEHOLD PRODUCTS - 0.7%** |  |
| 2855 | Kimberly-Clark Corporation | 368066 |
| 2290 | Procter & Gamble Company | 364843 |
|  |  | 732909 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.4%** |  |
| 378 | WW Grainger, Inc. | 393211 |
|  | **INSURANCE - 1.0%** |  |
| 3477 | Aflac, Inc. | 366685 |

---

See accompanying notes to financial statements.

**QUANTIFIED MANAGED INCOME FUND SCHEDULE OF INVESTMENTS (Continued) June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.2% (Continued)** |  |
|  | **INSURANCE - 1.0% (Continued)** |  |
| 8341 | AMERISAFE, Inc. | $364752 |
| 1685 | Marsh & McLennan Companies, Inc. | 368408 |
|  |  | 1099845 |
|  | **MACHINERY - 1.0%** |  |
| 5264 | Donaldson Company, Inc. | 365059 |
| 2193 | MSA Safety, Inc. | 367393 |
| 3616 | Veralto Corporation | 365035 |
|  |  | 1097487 |
|  | **MORTGAGE FINANCE - 0.7%** |  |
| 18893 | Annaly Capital Management, Inc. | 355566 |
| 28703 | PennyMac Mortgage Investment Trust | 369121 |
|  |  | 724687 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 0.3%** |  |
| 33135 | Franklin BSP Realty Trust, Inc.<sup>(b)</sup> | 354213 |
|  | **RETAIL - DISCRETIONARY - 0.3%** |  |
| 2969 | TJX Companies, Inc. | 366642 |
|  | **RETAIL REIT - 0.4%** |  |
| 11131 | Saul Centers, Inc. | 380012 |
|  | **TECHNOLOGY SERVICES - 2.0%** |  |
| 1204 | Automatic Data Processing, Inc. | 371314 |
| 825 | FactSet Research Systems, Inc. | 369006 |
| 661 | Mastercard, Inc., Class A | 371442 |
| 1168 | Morningstar, Inc. | 366670 |
| 1190 | Verisk Analytics, Inc. | 370685 |
| 1046 | Visa, Inc., Class A | 371382 |
|  |  | 2220499 |
|  | **TOTAL COMMON STOCKS (Cost $10,893,745)** | 11083276 |

---

See accompanying notes to financial statements.

**QUANTIFIED MANAGED INCOME FUND SCHEDULE OF INVESTMENTS (Continued) June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 61.2%** |  |
|  | **ENERGY MLP FUNDS - 6.8%** |  |
| 152722 | Alerian MLP ETF<sup>(b)</sup> | $7461997 |
|  | **FIXED INCOME - 54.4%** |  |
| 178624 | Invesco Fundamental High Yield Corporate Bond ETF | 3297399 |
| 197481 | iShares 7-10 Year Treasury Bond ETF | 18912755 |
| 146017 | iShares Floating Rate Bond ETF | 7449787 |
| 16083 | iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(b)</sup> | 1762858 |
| 40910 | iShares iBoxx $ High Yield Corporate Bond ETF<sup>(b)</sup> | 3299392 |
| 75719 | Schwab U.S. Aggregate Bond ETF | 1759710 |
| 42670 | SPDR Bloomberg Convertible Securities ETF<sup>(b)</sup> | 3527102 |
| 45323 | SPDR Bloomberg High Yield Bond ETF<sup>(b)</sup> | 4408568 |
| 96638 | Vanguard Intermediate-Term Bond ETF | 7473983 |
| 93814 | Vanguard Short-Term Corporate Bond ETF | 7458213 |
|  |  | 59349767 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $65,936,318)** | 66811764 |
|  | **SHORT-TERM INVESTMENTS — 27.2%** |  |
|  | **MONEY MARKET FUNDS - 27.2%** |  |
| 14869330 | Fidelity Government Portfolio, Class I, 4.18%<sup>(a)</sup> | 14869330 |
| 14869331 | First American Government Obligations Fund, Class Z, 4.17%<sup>(a)</sup> | 14869331 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $29,738,661)** | 29738661 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $29,738,661)** | 29738661 |

---

See accompanying notes to financial statements.

**QUANTIFIED MANAGED INCOME FUND SCHEDULE OF INVESTMENTS (Continued) June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Units** |  | **Fair Value** |
|  | **COLLATERAL FOR SECURITIES LOANED — 18.7%** |  |
| 20375870 | Mount Vernon Liquid Assets Portfolio, LLC, 4.50%<sup>(a),(c),(d)</sup> | $20375870 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $20,375,870)** |  |
|  | **TOTAL INVESTMENTS - 117.3% (Cost $126,944,594)** | 128009571 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (17.3)%** | (18872574) |
|  | **NET ASSETS - 100.0%** | $109136997 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional<br> Amount** | **Unrealized<br> (Depreciation)** |
| 19 | CME E-Mini Standard & Poor's 500 Index Futures | 09/22/2025 | $5941063 | $(207687) |
| 138 | Ultra U.S. Treasury Bond Futures | 09/22/2025 | 16439250 | (56056) |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $(263743) |

---

ETF - Exchange-Traded Fund <br> REIT - Real Estate Investment Trust <br> SPDR - Standard & Poor's Depositary Receipt

<sup>(a)</sup> Rate disclosed is the seven-day effective yield as of June 30, 2025.

<sup>(b)</sup> All or portion of the security is on loan. Total loaned securities had a value of $19,972,212 at June 30, 2025.

<sup>(c)</sup> Security purchased with cash proceeds of securities lending collateral.

<sup>(d)</sup> Investment is valued using net asset value per share as a practical expedient.

See accompanying notes to financial statements.

**QUANTIFIED MARKET LEADERS FUND SCHEDULE OF INVESTMENTS June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 79.1%** |  |
|  | **EQUITY - 79.1%** |  |
| 220978 | Communication Services Select Sector SPDR Fund<sup>(b)</sup> | $23982742 |
| 106729 | Consumer Discretionary Select Sector SPDR Fund | 23195414 |
| 316242 | iShares MSCI EAFE ETF<sup>(b)</sup> | 28268872 |
| 392596 | iShares MSCI Emerging Markets ETF<sup>(b)</sup> | 18938831 |
| 16122 | Technology Select Sector SPDR Fund | 4082574 |
|  |  | 98468433 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $95,279,261)** | 98468433 |
|  | **SHORT-TERM INVESTMENTS — 17.1%** |  |
|  | **MONEY MARKET FUNDS - 17.1%** |  |
| 10684703 | Fidelity Government Portfolio, Class I, 4.18%<sup>(a)</sup> | 10684703 |
| 10684703 | First American Government Obligations Fund, Class Z, 4.17%<sup>(a)</sup> | 10684703 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $21,369,406)** | 21369406 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $21,369,406)** | 21369406 |

---

---

| | | |
|:---|:---|:---|
| **Units** |  | |
|  | **COLLATERAL FOR SECURITIES LOANED — 32.3%** |  |
| 40195714 | Mount Vernon Liquid Assets Portfolio, LLC, 4.50%<sup>(a),(c),(d),(e)</sup> | 40195714 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $40,195,714)** |  |
|  | **TOTAL INVESTMENTS - 128.5% (Cost $156,844,381)** | $160033553 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (28.5)%** | (35468220) |
|  | **NET ASSETS - 100.0%** | $124565333 |

---

See accompanying notes to financial statements.

**QUANTIFIED MARKET LEADERS FUND SCHEDULE OF INVESTMENTS (Continued) June 30, 2025**

---

| | |
|:---|:---|
| EAFE | - Europe, Australasia and Far East |
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> Rate disclosed is the seven-day effective yield as of June 30, 2025.

<sup>(b)</sup> All or portion of the security is on loan. Total loaned securities had a value of $39,529,885 at June 30, 2025.

<sup>(c)</sup> Security purchased with cash proceeds of securities lending collateral.

<sup>(d)</sup> Investment is valued using net asset value per share as a practical expedient.

<sup>(e)</sup> See note 10.

**TOTAL RETURN SWAPS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> Shares** | **Reference Entity** | **Notional<br> Amount at<br> June 30,<br> 2025** | **Interest Rate<br> Payable<sup>(1)</sup>** | **Termination<br> Date** | **Counterparty** | **Unrealized<br> Appreciation** |
| Long Position: | Long Position: | Long Position: | Long Position: |  |  |  |
| 20380 | iShares Russell 1000 Growth ETF | $8652941 | USD SOFR plus 60 bp | 6/22/2026 | BRC | $576092 |
| 2750 | iShares Russell 1000 Growth ETF | 1167595 | USD SOFR plus 60 bp | 7/2/2026 | BRC | 54392 |
| 31990 | iShares Russell Mid-Cap Growth ETF | 4436373 | USD SOFR plus 60 bp | 6/5/2026 | BRC | 400736 |
| 91320 | iShares Russell Mid-Cap Growth ETF | 12664258 | USD SOFR plus 60 bp | 6/22/2026 | BRC | 667459 |
| 16040 | iShares Russell Mid-Cap Growth ETF | 2224427 | USD SOFR plus 60 bp | 7/2/2025 | BRC | 63635 |
| 131550 | iShares Russell Mid-Cap Growth ETF | 18243354 | USD SOFR plus 60 bp | 7/23/2026 | BRC | 422746 |
| 36110 | Vanguard Information Technology ETF | 23951041 | USD SOFR plus 60 bp | 7/23/2026 | BRC | 1024558 |
| 67280 | Technology Select Sector SPDR Fund | 17037314 | USD SOFR plus 60 bp | 6/22/2026 | BRC | 1560114 |
| 11030 | Technology Select Sector SPDR Fund | 2793127 | USD SOFR plus 60 bp | 7/2/2026 | BRC | 181461 |
|  |  |  |  |  | Total: | $4951193 |

---

BRC - Barclays Capital <br> SOFR - Secured Overnight Financing Rate

<sup>(1)</sup> Interest rate is based upon predetermined notional amounts, which may be a multiple of the number of shares plus a specified spread.

See accompanying notes to financial statements.

**QUANTIFIED ALTERNATIVE INVESTMENT FUND SCHEDULE OF INVESTMENTS June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 82.4%** |  |
|  | **ALTERNATIVE - 6.2%** |  |
| 5736 | AltShares Merger Arbitrage ETF | $163419 |
| 581 | IndexIQ ETF Trust - IQ Hedge Multi-Strategy Tracker ETF | 18778 |
| 5045 | Simplify Managed Futures Strategy ETF | 134903 |
|  |  | 317100 |
|  | **EQUITY - 45.8%** |  |
| 3447 | Aptus Collared Investment Opportunity ETF | 142706 |
| 3536 | Fidelity MSCI Industrials Index ETF<sup>(c)</sup> | 274146 |
| 389 | First Trust Cloud Computing ETF<sup>(f)</sup> | 47318 |
| 1091 | First Trust Industrials/Producer Durables AlphaDEX Fund<sup>(c)</sup> | 80974 |
| 1296 | First Trust NASDAQ Cybersecurity ETF | 97952 |
| 2076 | First Trust NASDAQ Technology Dividend Index Fund | 187193 |
| 143 | Franklin International Low Volatility High Dividend Index ETF | 4655 |
| 235 | Global X Silver Miners ETF | 11313 |
| 318 | Invesco Building & Construction ETF | 25551 |
| 379 | Invesco ETF Trust Invesco Dorsey Wright Industrials Momentum ETF | 59522 |
| 777 | Invesco S&P 500 Equal Weight Technology ETF | 31686 |
| 2908 | iShares Global Infrastructure ETF | 172154 |
| 482 | iShares MSCI Brazil ETF<sup>(c)</sup> | 13906 |
| 931 | iShares MSCI Chile ETF<sup>(c)</sup> | 29280 |
| 3577 | iShares MSCI Global Gold Miners ETF<sup>(c)</sup> | 156601 |
| 1411 | iShares MSCI Hong Kong ETF | 28022 |
| 966 | iShares MSCI India ETF<sup>(c)</sup> | 53787 |
| 945 | iShares MSCI Indonesia ETF<sup>(c)</sup> | 16660 |
| 198 | iShares MSCI Peru and Global Exposure ETF | 9621 |
| 2021 | iShares MSCI Philippines ETF | 54809 |
| 223 | iShares MSCI Poland ETF | 7194 |
| 13168 | iShares MSCI Qatar ETF | 245188 |
| 51 | iShares MSCI USA Min Vol Factor ETF | 4787 |
| 138 | iShares U.S. Technology ETF | 23911 |
| 4620 | ProShares DJ Brookfield Global Infrastructure ETF | 248796 |
| 123 | SPDR S&P Emerging Markets Dividend ETF | 4689 |
| 684 | SPDR S&P Global Infrastructure ETF | 46055 |
| 53 | Technology Select Sector SPDR Fund | 13421 |
| 3086 | VanEck Gold Miners ETF | 160657 |

---

See accompanying notes to financial statements.

**QUANTIFIED ALTERNATIVE INVESTMENT FUND SCHEDULE OF INVESTMENTS (Continued) June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 82.4% (Continued)** |  |
|  | **EQUITY - 45.8% (Continued)** |  |
| 410 | VanEck Junior Gold Miners ETF | $27712 |
| 93 | Vanguard Information Technology ETF | 61685 |
|  |  | 2341951 |
|  | **FIXED INCOME - 30.4%** |  |
| 3359 | FlexShares Credit-Scored US Corporate Bond Index Fund | 163852 |
| 6987 | FlexShares iBoxx 5-Year Target Duration TIPS Index Fund | 168247 |
| 1666 | Invesco Variable Rate Preferred ETF | 40734 |
| 1879 | iShares 0-5 Year TIPS Bond ETF<sup>(c)</sup> | 193368 |
| 2742 | iShares Convertible Bond ETF<sup>(c)</sup> | 247054 |
| 1619 | iShares Interest Rate Hedged High Yield Bond ETF | 140092 |
| 3665 | iShares Short Duration Bond Active ETF | 187282 |
| 3456 | SPDR Bloomberg Convertible Securities ETF<sup>(c)</sup> | 285673 |
| 6149 | VanEck Emerging Markets High Yield Bond ETF<sup>(c)</sup> | 121873 |
|  |  | 1548175 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $4,153,267)** | 4207226 |
|  | **PRIVATE INVESTMENT FUND - 6.6%** |  |
|  | **PRIVATE INVESTMENT- 6.6%** |  |
| N/A | Hyperion Fund LLC<sup>(a)(e)</sup> | 339745 |
|  | **TOTAL PRIVATE INVESTMENT FUND (Cost $336,000)** | 339745 |
|  | **SHORT-TERM INVESTMENTS — 9.0%** |  |
|  | **MONEY MARKET FUNDS - 9.0%** |  |
| 230801 | Fidelity Government Portfolio, Class I, 4.18%<sup>(b)</sup> | 230801 |
| 230801 | First American Government Obligations Fund, Class Z, 4.17%<sup>(b)</sup> | 230801 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $461,602)** | 461602 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $461,602)** | 461602 |

---

See accompanying notes to financial statements.

**QUANTIFIED ALTERNATIVE INVESTMENT FUND SCHEDULE OF INVESTMENTS (Continued) June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Units** |  | **Fair Value** |
|  | **COLLATERAL FOR SECURITIES LOANED — 19.4%** |  |
| 990291 | Mount Vernon Liquid Assets Portfolio, LLC, 4.50%<sup>(b),(d),(e)</sup> | $990291 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $990,291)** |  |
|  | **TOTAL INVESTMENTS - 117.4% (Cost $5,941,160)** | $5998864 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (17.4)%** | (888212) |
|  | **NET ASSETS - 100.0%** | $5110652 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | | | |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | <br>**Expiration** |<br>**Notional<br> Amount** |<br>**Unrealized<br> Appreciation** |
| 1 | CME E-Mini NASDAQ 100 Index Futures | 09/22/2025 | $457865 | $20455 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | | | |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | <br>**Expiration** |<br>**Notional<br> Amount** |<br>**Unrealized<br> (Depreciation)** |
| 4 | Ultra U.S. Treasury Bond Futures | 09/22/2025 | $476500 | $(1625) |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> Hyperion Fund LLC - ("Hyperion") investment objective is to achieve capital growth through the speculative trading of financial instruments on U.S. futures exchanges. Hyperion has no unfunded commitments or redemption lock-up period, as the investment offers daily redemptions. However, Hyperion may temporarily suspend redemptions in certain limited circumstances.

<sup>(b)</sup> Rate disclosed is the seven-day effective yield as of June 30, 2025.

<sup>(c)</sup> All or portion of the security is on loan. Total loaned securities had a value of $976,228 at June 30, 2025.

<sup>(d)</sup> Security purchased with cash proceeds of securities lending collateral.

<sup>(e)</sup> Investment is valued using net asset value per share as a practical expedient.

<sup>(f)</sup> Non-income producing security.

See accompanying notes to financial statements.

**QUANTIFIED STF FUND SCHEDULE OF INVESTMENTS June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUND — 0.2%** |  |
|  | **EQUITY - 0.2%** |  |
| 600 | Invesco QQQ Trust Series 1<sup>(c)</sup> | $330984 |
|  | **TOTAL EXCHANGE-TRADED FUND (Cost $327,608)** | 330984 |
|  | **PRIVATE INVESTMENT FUND — 10.7%** |  |
|  | **PRIVATE INVESTMENT - 10.7%** |  |
| N/A | Galaxy Plus Fund LLC - Profit Score Regime - Adaptive Equity Feeder Fund<sup>(a)(e)</sup> | 20346296 |
|  | **TOTAL PRIVATE INVESTMENT FUND (Cost $20,731,838)** | 20346296 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | |
|  | **CERTIFICATE OF DEPOSIT — 2.1%** |  |  |  |
|  | **BANKING - 2.1%** |  |  |  |
| 1000000 | Ally Bank | 3.7500 | 09/27/27 | 995397 |
| 1000000 | Axos Bank | 3.8000 | 04/02/27 | 997127 |
| 1000000 | ESSA Bank & Trust | 3.7000 | 09/25/26 | 995936 |
| 1000000 | Texas Exchange Bank SSB | 3.6500 | 03/26/27 | 994437 |
|  |  |  |  | 3982897 |
|  | **TOTAL CERTIFICATE OF DEPOSIT (Cost $4,000,000)** |  |  | 3982897 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | |
|  | **SHORT-TERM INVESTMENTS — 70.5%** |  |
|  | **MONEY MARKET FUNDS – 70.5%** |  |
| 67393951 | Fidelity Government Portfolio, Class I, 4.18%<sup>(b),(f)</sup> | 67393951 |
| 67393950 | First American Government Obligations Fund, Class Z, 4.17%<sup>(b),(f)</sup> | 67393950 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $134,787,901)** | 134787901 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $134,787,901)** | 134787901 |

---

See accompanying notes to financial statements.

**QUANTIFIED STF FUND SCHEDULE OF INVESTMENTS (Continued) June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Units** |  | **Fair Value** |
|  | **COLLATERAL FOR SECURITIES LOANED — 0.0%<sup>(g)</sup>** |  |
| 82769 | Mount Vernon Liquid Assets Portfolio, LLC, 4.50%<sup>(b),(d),(e)</sup> | $82769 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $82,769)** |  |
|  | **TOTAL INVESTMENTS – 83.5% (Cost $159,930,116)** | $159530847 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 16.5%** | 31607359 |
|  | **NET ASSETS - 100.0%** | $191138206 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | | |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** |<br>**Notional<br> Amount** |<br>**Unrealized<br> Appreciation** |
| 835 | CME E-Mini NASDAQ 100 Index Futures | 09/22/2025 | $382317275 | $11831293 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

ETF - Exchange-Traded Fund <br> LLC - Limited Liability Company

<sup>(a)</sup> Galaxy Plus Fund LLC - Profit Score Regime - Adaptive Equity Feeder Fund (the "Feeder") effectuates its trading strategy through the Galaxy Plus Fund - Profit Score Regime - Adaptive Equity Master Fund (570) LLC (the "Master Fund"). The trading strategy of the Master Fund is a highly liquid, systematic program trading S&P 500 E-Mini Futures. Quantified STF Fund invests into the Feeder and then the Feeder invests in the Master.

<sup>(b)</sup> Rate disclosed is the seven-day effective yield as of June 30, 2025.

<sup>(c)</sup> All or portion of the security is on loan. Total loaned securities had a value of $81,643 at June 30, 2025.

<sup>(d)</sup> Security purchased with cash proceeds of securities lending collateral.

<sup>(e)</sup> Investment is valued using net asset value per share as a practical expedient.

<sup>(f)</sup> See note 10.

<sup>(g)</sup> Percentage rounds to less than 0.1%.

See accompanying notes to financial statements.

**QUANTIFIED PATTERN RECOGNITION FUND SCHEDULE OF INVESTMENTS June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **PRIVATE INVESTMENT FUND — 6.3%** |  |
|  | **PRIVATE INVESTMENT - 6.3%** |  |
| N/A | Hyperion Fund LLC<sup>(a)</sup> | $3006598 |
|  | **TOTAL PRIVATE INVESTMENT FUND (Cost $3,000,000)** | 3006598 |
|  | **SHORT-TERM INVESTMENTS — 91.4%** |  |
|  | **MONEY MARKET FUNDS – 91.4%** |  |
| 21582520 | Fidelity Government Portfolio, Class I, 4.18%<sup>(b),(c)</sup> | 21582520 |
| 21582520 | First American Government Obligations Fund, Class Z, 4.17%<sup>(b),(c)</sup> | 21582520 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $43,165,040)** | 43165040 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $43,165,040)** | 43165040 |
|  | **TOTAL INVESTMENTS – 97.7% (Cost $46,165,040)** | $46171638 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 2.3%** | 1067801 |
|  | **NET ASSETS - 100.0%** | $47239439 |

---

LLC - Limited Liability Company

<sup>(a)</sup> Investment valued using net asset value per share as practical expedient. Hyperion Fund LLC - ("Hyperion") investment objective is to achieve capital growth through the speculative trading of financial instruments on U.S. futures exchanges. Hyperion has no unfunded commitments or redemption lock-up period, as the investment offers daily redemptions. However, Hyperion may temporarily suspend redemptions in certain limited circumstances.

<sup>(b)</sup> Rate disclosed is the seven-day effective yield as of June 30, 2025.

<sup>(c)</sup> See note 10.

See accompanying notes to financial statements.

**QUANTIFIED TACTICAL FIXED INCOME FUND SCHEDULE OF INVESTMENTS June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 86.7%** |  |
|  | **MONEY MARKET FUNDS - 86.7%** |  |
| 4279397 | Fidelity Government Portfolio, Class I, 4.18%<sup>(a),(b)</sup> | $4279397 |
| 4279397 | First American Government Obligations Fund, Class Z, 4.17%<sup>(a),(b)</sup> | 4279397 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $8,558,794)** | 8558794 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $8,558,794)** | 8558794 |
|  | **TOTAL INVESTMENTS - 86.7% (Cost $8,558,794)** | $8558794 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 13.3%** | 1311514 |
|  | **NET ASSETS - 100.0%** | $9870308 |

---

**<sup>(a)</sup>** **Rate disclosed is the seven-day effective yield as of June 30, 2025.**

**<sup>(b)</sup>** **See note 10.**

**TOTAL RETURN SWAPS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> Shares** | **Reference Entity** | **Notional<br> Amount at<br> June 30, <br> 2025** | **Interest Rate <br> Payable<sup>(1)</sup>** | **Termination<br> Date** | **Counterparty** | **Unrealized<br> Apepreciation** |
| Long Position: | Long Position: |  |  |  |  |  |
| 17700 | iShares iBoxx $ High Yield Corporate Bond ETF | $1427505 | USD SOFR plus 60 bp | 7/16/2026 | BRC | $16892 |
| 104300 | iShares iBoxx $ High Yield Corporate Bond ETF | 8411795 | USD SOFR plus 60 bp | 7/17/2026 | BRC | 98922 |
| 200 | iShares iBoxx $ High Yield Corporate Bond ETF | 16130 | USD SOFR plus 60 bp | 7/24/2026 | BRC | 72 |
| 300 | iShares iBoxx $ High Yield Corporate Bond ETF | 24195 | USD SOFR plus 60 bp | 7/31/2026 | BRC | 10 |
| 14800 | SPDR Bloomberg High Yield Bond ETF | 1439596 | USD SOFR plus 60 bp | 7/16/2026 | BRC | 16794 |
| 86400 | SPDR Bloomberg High Yield Bond ETF | 8404128 | USD SOFR plus 60 bp | 7/17/2026 | BRC | 98753 |
| 100 | SPDR Bloomberg High Yield Bond ETF | 9727 | USD SOFR plus 60 bp | 7/24/2026 | BRC | 43 |
| 200 | SPDR Bloomberg High Yield Bond ETF | 19454 | USD SOFR plus 60 bp | 7/31/2026 | BRC | 2 |
|  |  |  |  |  | Total: | $231488 |

---

BRC - Barclays Capital <br> SOFR - Secured Overnight Financing Rate

<sup>(1)</sup> Interest rate is based upon predetermined notional amounts, which may be a multiple of the number of shares plus a specified spread.

See accompanying notes to financial statements.

**QUANTIFIED EVOLUTION PLUS FUND CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUND — 0.7%** |  |
|  | **FIXED INCOME - 0.7%** |  |
| 900 | iShares 7-10 Year Treasury Bond ETF<sup>(b)</sup> | $86193 |
|  | **TOTAL EXCHANGE-TRADED FUND (Cost $85,822)** | 86193 |
|  | **SHORT-TERM INVESTMENTS — 96.0%** |  |
|  | **MONEY MARKET FUNDS - 96.0%** |  |
| 5402965 | Fidelity Government Portfolio, Class I, 4.18%<sup>(a),(e)</sup> | 5402965 |
| 1241963 | First American Government Obligations Fund, Class X, 4.21%<sup>(a),(f)</sup> | 1241963 |
| 5402964 | First American Government Obligations Fund, Class Z, 4.17%<sup>(a),(e)</sup> | 5402964 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $12,047,892)** | 12047892 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $12,047,892)** | 12047892 |

---

---

| | | |
|:---|:---|:---|
| **Units** |  | |
|  | **COLLATERAL FOR SECURITIES LOANED — 0.3%** |  |
| 43388 | Mount Vernon Liquid Assets Portfolio, LLC, 4.50%<sup>(a),(c),(d)</sup> | 43388 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $43,388)** |  |
|  | **TOTAL INVESTMENTS - 97.0% (Cost $12,177,102)** | $12177473 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 3.0%** | 370862 |
|  | **NET ASSETS - 100.0%** | $12548335 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | | |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** |<br>**Notional**<br> **Amount** |<br>**Unrealized<br> Appreciation** |
| 147 | CBOT 10 Year US Treasury Notes | 09/22/2025 | $16482375 | $224796 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

ETF - Exchange-Traded Fund

<sup>(a)</sup> Rate disclosed is the seven-day effective yield as of June 30, 2025.

<sup>(b)</sup> All or portion of the security is on loan. Total loaned securities had a value of $42,618 at June 30, 2025.

<sup>(c)</sup> Security purchased with cash proceeds of securities lending collateral.

<sup>(d)</sup> Investment is valued using net asset value per share as a practical expedient.

<sup>(e)</sup> See note 10.

<sup>(f)</sup> All or a portion of this investment is a holding of the QEPF Fund Limited.

See accompanying notes to consolidated financial statements.

**QUANTIFIED EVOLUTION PLUS FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**June 30, 2025**

**TOTAL RETURN SWAPS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> Shares** | **Reference Entity** | **Notional <br> Amount at<br> June 30,<br> 2025** | **Interest Rate<br> Payable<sup>(1)</sup>** | **Termination<br> Date** | **Counterparty** | **Unrealized<br> (Depreciation)** |
| Long Position: | Long Position: |  |  |  |  |  |
| 72700 | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | $948008 | USD SOFR plus 60 bp | 7/16/2026 | BRC | $(39595) |
| 109800 | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 1431792 | USD SOFR plus 60 bp | 7/23/2026 | BRC | (51618) |
| 10400 | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 135616 | USD SOFR plus 60 bp | 7/24/2026 | BRC | (612) |
|  |  |  |  |  | Total: | $(91825) |

---

BRC - Barclays Capital

SOFR - Secured Overnight Financing Rate

<sup>(1)</sup> Interest rate is based upon predetermined notional amounts, which may be a multiple of the number of shares plus a specified spread.

See accompanying notes to consolidated financial statements.

**QUANTIFIED COMMON GROUND FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 71.6%** |  |
|  | **BIOTECH & PHARMA - 1.3%** |  |
| **20194** | **Exelixis, Inc.<sup>(a)</sup>** | $**890051** |
| **4748** | **TransMedics Group, Inc.<sup>(a),(c)</sup>** | **636279** |
|  |  | **1526330** |
|  | **COMMERCIAL SUPPORT SERVICES - 2.6%** |  |
| **13308** | **Waste Management, Inc.** | **3045137** |
|  | **CONTAINERS & PACKAGING - 0.4%** |  |
| **37607** | **O-I Glass, Inc.<sup>(a),(c)</sup>** | **554327** |
|  | **ELECTRIC UTILITIES - 12.3%** |  |
| **128258** | **ALLETE, Inc.** | **8217490** |
| **68956** | **CenterPoint Energy, Inc. <sup>(c)</sup>** | **2533443** |
| **40867** | **Southern Company** | **3752817** |
|  |  | **14503750** |
|  | **FOOD - 5.1%** |  |
| **78286** | **Fresh Del Monte Produce, Inc.** | **2538032** |
| **116118** | **Hormel Foods Corporation** | **3512570** |
|  |  | **6050602** |
|  | **GAS & WATER UTILITIES - 4.7%** |  |
| **69577** | **California Water Service Group** | **3164362** |
| **54002** | **New Jersey Resources Corporation** | **2420370** |
|  |  | **5584732** |
|  | **HEALTH CARE FACILITIES & SERVICES - 11.4%** |  |
| **63118** | **Amedisys, Inc.<sup>(a),(c)</sup>** | **6210180** |
| **17900** | **Cencora, Inc.** | **5367315** |
| **1882** | **Humana, Inc.** | **460111** |
| **47415** | **Owens & Minor, Inc.<sup>(a)</sup>** | **431477** |
| **5379** | **Tenet Healthcare Corporation<sup>(a)</sup>** | **946704** |
|  |  | **13415787** |
|  | **HEALTH CARE REIT - 2.2%** |  |
| **16586** | **Welltower, Inc.** | **2549766** |

---

See accompanying notes to financial statements.

**QUANTIFIED COMMON GROUND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 71.6% (Continued)** |  |
|  | **HOUSEHOLD PRODUCTS - 2.5%** |  |
| **23040** | **Kimberly-Clark Corporation** | $**2970317** |
|  | **INDUSTRIAL SUPPORT SERVICES - 2.3%** |  |
| **2617** | **WW Grainger, Inc.** | **2722308** |
|  | **INFRASTRUCTURE REIT - 2.4%** |  |
| **11966** | **SBA Communications Corporation, Class A** | **2810095** |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.7%** |  |
| **11514** | **CME Group, Inc.** | **3173489** |
|  | **INSURANCE - 0.3%** |  |
| **6078** | **Trupanion, Inc.<sup>(a)</sup>** | **336417** |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.7%** |  |
| **2823** | **Insulet Corporation<sup>(a)</sup>** | **886930** |
|  | **METALS & MINING - 0.3%** |  |
| **12072** | **Alcoa Corporation** | **356245** |
|  | **OIL & GAS PRODUCERS - 0.6%** |  |
| **22747** | **CNX Resources Corporation<sup>(a),(c)</sup>** | **766119** |
|  | **RENEWABLE ENERGY - 0.3%** |  |
| **2472** | **First Solar, Inc.<sup>(a),(c)</sup>** | **409215** |
|  | **RESIDENTIAL REIT - 4.2%** |  |
| **69252** | **American Homes 4 Rent, Class A** | **2497920** |
| **11915** | **AvalonBay Communities, Inc.** | **2424702** |
|  |  | **4922622** |
|  | **RETAIL - CONSUMER STAPLES - 1.6%** |  |
| **4038** | **Dollar Tree, Inc.<sup>(a)</sup>** | **399924** |
| **8941** | **Sprouts Farmers Market, Inc.<sup>(a)</sup>** | **1472046** |
|  |  | **1871970** |

---

See accompanying notes to financial statements.

**QUANTIFIED COMMON GROUND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 71.6% (Continued)** |  |
|  | **RETAIL REIT - 2.7%** |  |
| **56093** | **Realty Income Corporation** | $**3231518** |
|  | **TECHNOLOGY HARDWARE - 2.6%** |  |
| **67304** | **Juniper Networks, Inc.** | **2687448** |
| **5288** | **Western Digital Corporation<sup>(c)</sup>** | **338379** |
|  |  | **3025827** |
|  | **TECHNOLOGY SERVICES - 2.3%** |  |
| **8709** | **Verisk Analytics, Inc.** | **2712854** |
|  | **WHOLESALE - CONSUMER STAPLES - 6.1%** |  |
| **24563** | **Chefs' Warehouse, Inc.<sup>(a),(c)</sup>** | **1567365** |
| **32707** | **Sysco Corporation** | **2477227** |
| **45313** | **United Natural Foods, Inc.<sup>(a)</sup>** | **1056246** |
| **26868** | **US Foods Holding Corporation<sup>(a)</sup>** | **2069105** |
|  |  | **7169943** |
|  | **TOTAL COMMON STOCKS (Cost $83,950,466)** | **84596300** |
|  | **EXCHANGE-TRADED FUND — 25.8%** |  |
|  | **FIXED INCOME - 25.8%** |  |
| **318624** | **iShares 7-10 Year Treasury Bond ETF<sup>(c),(f)</sup>** | **30514620** |
|  | **TOTAL EXCHANGE-TRADED FUND (Cost $30,201,806)** | **30514620** |
|  | **SHORT-TERM INVESTMENTS — 2.6%** |  |
|  | **MONEY MARKET FUNDS - 2.6%** |  |
| **1513943** | **Fidelity Government Portfolio, Class I, 4.18%<sup>(b)</sup>** | **1513943** |
| **1513942** | **First American Government Obligations Fund, Class Z, 4.17%<sup>(b)</sup>** | **1513942** |
|  | **TOTAL MONEY MARKET FUNDS (Cost $3,027,885)** | **3027885** |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $3,027,885)** | **3027885** |

---

See accompanying notes to financial statements.

**QUANTIFIED COMMON GROUND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Units** |  | **Fair Value** |
|  | **COLLATERAL FOR SECURITIES LOANED — 5.4%** |  |
| **6380608** | **Mount Vernon Liquid Assets Portfolio, LLC, 4.50%(<sup>(b),(d),(e)</sup>** | $**6380608** |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $6,380,608)** |  |
|  | **TOTAL INVESTMENTS - 105.4% (Cost $123,560,765)** | $**124519413** |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (5.4)%** | **(6389756)** |
|  | **NET ASSETS - 100.0%** | $**118129657** |

---

ETF - Exchange-Traded Fund <br> REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Rate disclosed is the seven-day effective yield as of June 30, 2025.

<sup>(c)</sup> All or portion of the security is on loan. Total loaned securities had a value of $6,286,698 at June 30, 2025.

<sup>(d)</sup> Security purchased with cash proceeds of securities lending collateral.

<sup>(e)</sup> Investment is valued using net asset value per share as a practical expedient.

<sup>(f)</sup> See note 10.

See accompanying notes to financial statements.

**QUANTIFIED TACTICAL SECTORS FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 78.0%** |  |
|  | **EQUITY - 78.0%** |  |
| 91688 | Communication Services Select Sector SPDR Fund<sup>(a)</sup> | $9950899 |
| 45000 | Consumer Discretionary Select Sector SPDR Fund<sup>(a)</sup> | 9779850 |
| 39806 | Technology Select Sector SPDR Fund | 10080073 |
| 15736 | Vanguard Information Technology ETF | 10437374 |
|  |  | 40248196 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $36,920,807)** | 40248196 |
|  | **SHORT-TERM INVESTMENTS — 16.6%** |  |
|  | **MONEY MARKET FUNDS - 16.6%** |  |
| 4291943 | Fidelity Government Portfolio, Class I, 4.18%<sup>(b)</sup> | 4291943 |
| 4291943 | First American Government Obligations Fund, Class Z, 4.17%<sup>(b)</sup> | 4291942 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $8,583,885)** | 8583885 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $8,583,885)** | 8583885 |

---

---

| | | |
|:---|:---|:---|
| **Units** |  | |
|  | **COLLATERAL FOR SECURITIES LOANED — 37.9%** |  |
| 19534237 | Mount Vernon Liquid Assets Portfolio, LLC,, 4.50%<sup>(b),(c),(d),(e)</sup> | 19534237 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $19,534,237)** |  |
|  | **TOTAL INVESTMENTS - 132.5% (Cost $65,038,929)** | $68366318 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (32.5)%** | (16778519) |
|  | **NET ASSETS - 100.0%** | $51587799 |

---

ETF - Exchange-Traded Fund <br> SPDR - Standard & Poor's Depositary Receipt

<sup>(a)</sup> All or portion of the security is on loan. Total loaned securities had a value of $19,153,356 at June 30, 2025.

<sup>(b)</sup> Rate disclosed is the seven-day effective yield as of June 30, 2025.

<sup>(c)</sup> Security purchased with cash proceeds of securities lending collateral.

<sup>(d)</sup> Investment is valued using net asset value per share as a practical expedient.

<sup>(e)</sup> See note 10.

See accompanying notes to financial statements.

**QUANTIFIED TACTICAL SECTORS FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**June 30, 2025**

**TOTAL RETURN SWAPS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> Shares** | **Reference Entity** | **Notional<br> Amount at<br> June 30,<br> 2025** | **Interest Rate<br> Payable<sup>(1)</sup>**  | **Termination<br> Date** | **Counterparty** | **Unrealized<br> Appreciation** |
| Long Position: | Long Position: |  |  |  |  |  |
| 3060 | Communication Services Select Sector SPDR Fund | $332102 | USD SOFR plus 60 bp | 5/29/2026 | BRC | $40625 |
| 72980 | Communication Services Select Sector SPDR Fund | 7920520 | USD SOFR plus 60 bp | 6/5/2026 | BRC | 754480 |
| 8080 | Communication Services Select Sector SPDR Fund | 876922 | USD SOFR plus 60 bp | 7/2/2026 | BRC | 47345 |
| 4240 | Communication Services Select Sector SPDR Fund | 460167 | USD SOFR plus 60 bp | 7/23/2026 | BRC | 19912 |
| 1470 | Consumer Discretionary Select Sector SPDR Fund | 319475 | USD SOFR plus 60 bp | 5/29/2026 | BRC | 26085 |
| 35760 | Consumer Discretionary Select Sector SPDR Fund | 7771721 | USD SOFR plus 60 bp | 6/5/2026 | BRC | 603268 |
| 3910 | Consumer Discretionary Select Sector SPDR Fund | 849760 | USD SOFR plus 60 bp | 7/2/2026 | BRC | 28900 |
| 33770 | Technology Select Sector SPDR Fund | 8551577 | USD SOFR plus 60 bp | 6/22/2026 | BRC | 779435 |
| 2710 | Technology Select Sector SPDR Fund | 686253 | USD SOFR plus 60 bp | 7/2/2026 | BRC | 44586 |
| 14450 | Vanguard Information Technology Index Fund | 9584396 | USD SOFR plus 60 bp | 7/23/2026 | BRC | 410065 |
|  |  |  |  |  | Total: | $2754701 |

---

BRC - Barclays Capital <br> SOFR - Secured Overnight Financing Rate

<sup>(1)</sup> Interest rate is based upon predetermined notional amounts, which may be a multiple of the number of shares plus a specified spread.

See accompanying notes to financial statements.

**QUANTIFIED RISING DIVIDEND TACTICAL FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 83.5%** |  |
|  | **EQUITY - 83.5%** |  |
| **6018** | **Invesco QQQ Trust Series 1** | $**3319770** |
| **23797** | **Invesco S&P 500 Equal Weight ETF** | **4324867** |
| **58753** | **Invesco S&P 500 Low Volatility ETF** | **4278393** |
| **26567** | **Vanguard Dividend Appreciation ETF** | **5437468** |
| **48225** | **Vanguard International Dividend Appreciation ETF** | **4346037** |
|  |  | **21706535** |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $20,739,067)** | **21706535** |
|  | **SHORT-TERM INVESTMENTS — 14.2%** |  |
|  | **MONEY MARKET FUNDS - 14.2%** |  |
| **1848619** | **Fidelity Government Portfolio, Class I, 4.18%<sup>(a)</sup>** | **1848619** |
| **1848619** | **First American Government Obligations Fund, Class Z, 4.17%<sup>(a)</sup>** | **1848619** |
|  | **TOTAL MONEY MARKET FUNDS (Cost $3,697,238)** | **3697238** |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $3,697,238)** | **3697238** |
|  | **TOTAL INVESTMENTS - 97.7% (Cost $24,436,305)** | $**25403773** |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 2.3%** | **608575** |
|  | **NET ASSETS - 100.0%** | $**26012348** |

---

ETF - Exchange-Traded Fund

<sup>(a)</sup> Rate disclosed is the seven-day effective yield as of June 30, 2025.

See accompanying notes to financial statements.

**QUANTIFIED RISING DIVIDEND TACTICAL FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**June 30, 2025**

**TOTAL RETURN SWAPS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> Shares** | **Reference Entity** | **Notional<br> Amount at<br> June 30,<br> 2025** | **Interest Rate<br> Payable<sup>(1)</sup>** | **Termination<br> Date** | **Counterparty** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Long Position: | Long Position: |  |  |  |  |  |
| 370 | Invesco QQQ Trust Series 1 | $204107 | USD SOFR plus 60 bp | 5/28/2026 | BRC | $27920 |
| 110 | Invesco QQQ Trust Series 1 | 60680 | USD SOFR plus 60 bp | 6/11/2026 | BRC | 6713 |
| 70 | Invesco QQQ Trust Series 1 | 38615 | USD SOFR plus 60 bp | 6/22/2026 | BRC | 2491 |
| 290 | Invesco QQQ Trust Series 1 | 159975 | USD SOFR plus 60 bp | 7/2/2026 | BRC | 7282 |
| 80 | Invesco QQQ Trust Series 1 | 44131 | USD SOFR plus 60 bp | 7/10/2026 | BRC | 1403 |
| 23530 | Invesco S&P 500 Equal Weight ETF | 4276342 | USD SOFR plus 60 bp | 5/28/2026 | BRC | 306001 |
| 6450 | Invesco S&P 500 Equal Weight ETF | 1172223 | USD SOFR plus 60 bp | 6/11/2026 | BRC | 55415 |
| 4440 | Invesco S&P 500 Equal Weight ETF | 806925 | USD SOFR plus 60 bp | 6/22/2026 | BRC | 28840 |
| 19020 | Invesco S&P 500 Equal Weight ETF | 3456695 | USD SOFR plus 60 bp | 7/2/2026 | BRC | 86114 |
| 5150 | Invesco S&P 500 Equal Weight ETF | 935961 | USD SOFR plus 60 bp | 7/10/2026 | BRC | 13721 |
| 3850 | Invesco S&P 500 Low Volatility ETF | 280357 | USD SOFR plus 60 bp | 5/28/2026 | BRC | 2203 |
| 1030 | Invesco S&P 500 Low Volatility ETF | 75005 | USD SOFR plus 60 bp | 6/11/2026 | BRC | (108) |
| 360 | Invesco S&P 500 Low Volatility ETF | 26215 | USD SOFR plus 60 bp | 6/22/2026 | BRC | 54 |
| 2960 | Invesco S&P 500 Low Volatility ETF | 215547 | USD SOFR plus 60 bp | 7/2/2026 | BRC | (16) |
| 850 | Invesco S&P 500 Low Volatility ETF | 61897 | USD SOFR plus 60 bp | 7/10/2026 | BRC | (231) |
| 1680 | Vanguard Dividend Appreciation ETF | 343846 | USD SOFR plus 60 bp | 5/28/2026 | BRC | 24793 |
| 470 | Vanguard Dividend Appreciation ETF | 96195 | USD SOFR plus 60 bp | 6/11/2026 | BRC | 5495 |
| 300 | Vanguard Dividend Appreciation ETF | 61401 | USD SOFR plus 60 bp | 6/22/2026 | BRC | 2869 |
| 1290 | Vanguard Dividend Appreciation ETF | 264024 | USD SOFR plus 60 bp | 7/2/2026 | BRC | 6950 |
| 340 | Vanguard Dividend Appreciation ETF | 69588 | USD SOFR plus 60 bp | 7/10/2026 | BRC | 866 |
| 3210 | Vanguard International Dividend Appreciation ETF | 289285 | USD SOFR plus 60 bp | 5/28/2026 | BRC | 14002 |
| 840 | Vanguard International Dividend Appreciation ETF | 75701 | USD SOFR plus 60 bp | 6/11/2026 | BRC | 2982 |
| 440 | Vanguard International Dividend Appreciation ETF | 39653 | USD SOFR plus 60 bp | 6/22/2026 | BRC | 805 |
| 2300 | Vanguard International Dividend Appreciation ETF | 207276 | USD SOFR plus 60 bp | 7/2/2026 | BRC | 567 |
| 630 | Vanguard International Dividend Appreciation ETF | 56776 | USD SOFR plus 60 bp | 7/10/2026 | BRC | (467) |
|  |  |  |  |  | Total: | $596664 |

---

BRC - Barclays Capital <br> SOFR - Secured Overnight Financing Rate

<sup>(1)</sup> Interest rate is based upon predetermined notional amounts, which may be a multiple of the number of shares plus a specified spread.

See accompanying notes to financial statements.

**QUANTIFIED GOVERNMENT INCOME TACTICAL FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUND — 0.0%<sup>(a)</sup>** |  |
|  | **FIXED INCOME - 0.0%** |  |
| 200 | iShares 20+ Year Treasury Bond ETF | $17650 |
|  | **TOTAL EXCHANGE-TRADED FUND (Cost $17,479)** | 17650 |
|  | **SHORT-TERM INVESTMENTS — 96.2%** |  |
|  | **MONEY MARKET FUNDS - 96.2%** |  |
| 20254181 | Fidelity Government Portfolio, Class I 4.18%<sup>(b),(c)</sup> | 20254181 |
| 20254181 | First American Government Obligations Fund, Class Z, 4.17%<sup>(b),(c)</sup> | 20254181 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $40,508,362)** | 40508362 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $40,508,362)** | 40508362 |
|  | **TOTAL INVESTMENTS - 96.2% (Cost $40,525,841)** | $40526012 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 3.8%** | 1593003 |
|  | **NET ASSETS - 100.0%** | $42119015 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | | | |
| **Number of <br> Contracts** | **Open Short Futures Contracts** | <br>**Expiration** |<br>**Notional <br> Amount** |<br>**Unrealized<br> (Depreciation)** |
| 78 | Ultra U.S. Treasury Bond Futures | 09/22/2025 | $9291750 | $(12184) |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

ETF - Exchange-Traded Fund

<sup>(a)</sup> Percentage rounds to less than 0.1%.

<sup>(b)</sup> Rate disclosed is the seven-day effective yield as of June 30, 2025.

<sup>(c)</sup> See Note 10.

See accompanying notes to financial statements.

**QUANTIFIED GLOBAL FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 85.2%** |  |
|  | **ASSET MANAGEMENT - 0.2%** |  |
| 1245 | Futu Holdings Ltd. - ADR | $153870 |
|  | **AUTOMOTIVE - 3.3%** |  |
| 15081 | Toyota Motor Corporation - ADR | 2597853 |
|  | **BANKING - 22.7%** |  |
| 19483 | Banco Bilbao Vizcaya Argentaria S.A. - ADR | 299454 |
| 837833 | Banco Bradesco S.A. - ADR | 2588904 |
| 108751 | Banco de Chile - ADR | 3308205 |
| 5653 | Banco Macro S.A. - ADR | 396897 |
| 127577 | Banco Santander Chile - ADR | 3217492 |
| 29708 | Banco Santander S.A. - ADR | 246577 |
| 34198 | Barclays plc - ADR | 635741 |
| 5531 | HDFC Bank Ltd. - ADR | 424062 |
| 19585 | HSBC Holdings plc - ADR | 1190572 |
| 134633 | Lloyds Banking Group plc - ADR | 572190 |
| 82121 | Mitsubishi UFJ Financial Group, Inc. - ADR | 1126700 |
| 42181 | Mizuho Financial Group, Inc. - ADR | 234526 |
| 20492 | NatWest Group plc - ADR | 289962 |
| 77059 | Shinhan Financial Group Company Ltd. - ADR | 3481526 |
|  |  | 18012808 |
|  | **BIOTECH & PHARMA - 7.0%** |  |
| 496 | Argenx S.E. - ADR<sup>(a)</sup> | 273405 |
| 343309 | Takeda Pharmaceutical Company Ltd. - ADR | 5307557 |
|  |  | 5580962 |
|  | **E-COMMERCE DISCRETIONARY - 4.7%** |  |
| 24676 | Alibaba Group Holding Ltd. - ADR | 2798505 |
| 8879 | PDD Holdings, Inc. - ADR<sup>(a)</sup> | 929276 |
|  |  | 3727781 |
|  | **ELECTRIC UTILITIES - 2.3%** |  |
| 306812 | Cia Energetica de Minas Gerais - ADR | 601352 |
| 37017 | Cia Paranaense de Energia - ADR | 337965 |
| 5750 | Empresa Distribuidora Y Comercializadora Norte - ADR<sup>(a)</sup> | 152317 |
| 90875 | Enel Chile S.A. - ADR | 329876 |

---

See accompanying notes to financial statements.

**QUANTIFIED GLOBAL FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 85.2% (Continued)** |  |
|  | **ELECTRIC UTILITIES - 2.3% (Continued)** |  |
| 26098 | Korea Electric Power Corporation - ADR | $371636 |
|  |  | 1793146 |
|  | **ENTERTAINMENT CONTENT - 0.4%** |  |
| 2095 | Sea Ltd. - ADR<sup>(a)</sup> | 335074 |
|  | **GAS & WATER UTILITIES - 0.5%** |  |
| 17474 | Cia de Saneamento Basico do Estado de Sao Paulo - ADR | 383904 |
|  | **LEISURE FACILITIES & SERVICES - 0.6%** |  |
| 6946 | Atour Lifestyle Holdings Ltd. - ADR | 225814 |
| 8144 | H World Group Ltd. - ADR | 276245 |
|  |  | 502059 |
|  | **METALS & MINING - 0.8%** |  |
| 13777 | Gold Fields Ltd. - ADR | 326102 |
| 20053 | Harmony Gold Mining Company Ltd. - ADR | 280140 |
|  |  | 606242 |
|  | **OIL & GAS PRODUCERS - 17.0%** |  |
| 159082 | Eni SpA - ADR | 5157438 |
| 35232 | Equinor ASA - ADR | 885732 |
| 44170 | Petroleo Brasileiro S.A. - ADR | 509722 |
| 127250 | Petroleo Brasileiro S.A. - ADR | 1591898 |
| 75819 | Shell PLC - ADR | 5338416 |
|  |  | 13483206 |
|  | **SEMICONDUCTORS - 1.4%** |  |
| 4952 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 1121579 |
|  | **SOFTWARE - 5.1%** |  |
| 12092 | SAP S.E. - ADR | 3677177 |
| 57400 | Yalla Group Ltd. - ADR<sup>(a)</sup> | 386876 |
|  |  | 4064053 |
|  | **SPECIALTY FINANCE - 2.1%** |  |
| 39100 | Qifu Technology, Inc. - ADR | 1695376 |

---

See accompanying notes to financial statements.

**QUANTIFIED GLOBAL FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 85.2% (Continued)** |  |
|  | **STEEL - 0.6%** |  |
| 167207 | Gerdau S.A. - ADR | $488244 |
|  | **TECHNOLOGY SERVICES - 0.5%** |  |
| 24217 | Endava plc, ADR - ADR<sup>(a)</sup> | 371004 |
|  | **TELECOMMUNICATIONS - 10.6%** |  |
| 141310 | Telkom Indonesia Persero Tbk P.T. - ADR | 2393792 |
| 160448 | TIM S.A. - ADR | 3226609 |
| 59619 | VEON Ltd. - ADR<sup>(a)</sup> | 2746647 |
|  |  | 8367048 |
|  | **TOBACCO & CANNABIS - 1.7%** |  |
| 28117 | British American Tobacco plc - ADR | 1330778 |
|  | **TRANSPORTATION & LOGISTICS - 3.7%** |  |
| 72813 | Latam Airlines Group S.A. - ADR | 2959120 |
|  | **TOTAL COMMON STOCKS (Cost $65,065,773)** | 67574107 |
|  | **SHORT-TERM INVESTMENTS — 14.8%** |  |
|  | **MONEY MARKET FUNDS - 14.8%** |  |
| 5849613 | Fidelity Government Portfolio, Class I, 4.18%<sup>(b)</sup> | 5849613 |
| 5849613 | First American Government Obligations Fund, Class Z, 4.17%<sup>(b)</sup> | 5849613 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $11,699,226)** | 11699226 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $11,699,226)** | 11699226 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $76,764,999)** | $79273333 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - (0.0)%** | 158 |
|  | **NET ASSETS - 100.0%** | $79273491 |

---

See accompanying notes to financial statements.

**QUANTIFIED GLOBAL FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**June 30, 2025**

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| PT | - Perseroan Terbatas |
| S/A | - Société Anonyme |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven-day effective yield as of June 30, 2025.

See accompanying notes to financial statements.

**QUANTIFIED ECKHARDT MANAGED FUTURES STRATEGY FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **PRIVATE INVESTMENT FUNDS — 47.9%** |  |
|  | **PRIVATE INVESTMENTS - 47.9%** |  |
| 10872 | Galaxy Plus Fund Evolution Strategy Commodities Offshore Feeder Fund<sup>(a),(c)</sup> | $6298251 |
| N/A | Galaxy Plus Fund LLC Evolution Strategy Financials Feeder Fund<sup>(a),(d)</sup> | 12385217 |
|  |  | 18683468 |
|  | **TOTAL PRIVATE INVESTMENT FUNDS (Cost $22,010,477)** | 18683468 |
|  | **SHORT-TERM INVESTMENTS — 52.1%** |  |
|  | **MONEY MARKET FUNDS - 52.1%** |  |
| 19990917 | Fidelity Government Portfolio, Class I, 4.18%<sup>(b),(d)</sup> | 19990918 |
| 354784 | First American Government Obligations Fund, Class X, 4.21%<sup>(b),(c)</sup> | 354784 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $20,345,702)** | 20345702 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $20,345,702)** | 20345702 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $42,356,179)** | $39029170 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%<sup>(e)</sup>** | (3712) |
|  | **NET ASSETS - 100.0%** | $39025458 |

---

LLC - Limited Liability Company

<sup>(a)</sup> Galaxy Plus Fund LLC – Evolution Strategy Financials Feeder Fund (587) LLC (the "Onshore Feeder") effectuates its trading strategy through the Galaxy Plus Fund – Evolution Strategy Financials Master Fund (587) LLC (the "Onshore Master Fund"). Galaxy Plus Fund LLC – Evolution Strategy Commodities Offshore Feeder Fund (586) Segregated Portfolio (the "Offshore Feeder") effectuates its trading strategy through the Galaxy Plus Fund – Evolution Strategy Commodities Master Fund (586) LLC (the "Offshore Master Fund). The strategy's objective is to generate absolute returns through speculative trading of futures interest on U.S. and non-U.S. exchanges, options on futures contracts, forward contracts in metals traded on the London Metal Exchange, and may trade currency forward contracts the interbank market. Quantified Eckhardt Managed Futures Fund invests into each Feeder and then each Feeder invests in the Master.

<sup>(b)</sup> Rate disclosed is the seven-day effective yield as of June 30, 2025.

<sup>(c)</sup> All or a portion of this investment is a holding of the QEMFS Fund Limited.

<sup>(d)</sup> See note 10.

<sup>(e)</sup> Percentage rounds to less than 0.1%.

See accompanying notes to consolidated financial statements.

**STATEMENTS OF ASSETS AND LIABILITIES**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quantified<br> Managed<br> Income Fund** | **Quantified<br> Market<br> Leaders Fund** | **Quantified<br> Alternative<br> Investment Fund** | **Quantified<br> STF Fund** |
| **Assets:** |  |  |  |  |
| Investment securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At cost | $126944594 | $156844381 | $5941160 | $159930116 |
| &nbsp;&nbsp;&nbsp;At value <sup>(a)</sup> | $128009571 | $160033553 | $5998864 | $159530847 |
| Cash |  |  |  | 1107500 |
| Deposits with brokers for futures | 1764463 |  | 85480 | 18915390 |
| Receivable: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 110327 | 13689 | 51 | 90874 |
| &nbsp;&nbsp;&nbsp;Dividends and Interest | 163580 | 148097 | 6691 | 449837 |
| Unrealized appreciation on futures |  |  | 20455 | 11831293 |
| Unrealized appreciation on swaps |  | 4951193 |  |  |
| Prepaid expenses and other assets | 2674 | - | 879 | 18213 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | **130050615** | **165146532** | **6112420** | **191943954** |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateral on securities loaned | 20375870 | 40195714 | 990291 | 82769 |
| &nbsp;&nbsp;&nbsp;Securities purchased |  |  |  | 165587 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 125010 | 241757 | 5088 | 262171 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 88286 | 79703 | 3095 | 146486 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees | 32618 | 26633 | 1054 | 47699 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees - Investor Class | 17019 | 15928 | 615 | 19757 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 11072 | 21464 |  | 81279 |
| Unrealized depreciation on futures | 263743 | - | 1625 | - |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | **20913618** | **40581199** | **1001768** | **805748** |
| **Net Assets** | $**109136997** | $**124565333** | $**5110652** | $**191138206** |
| **Net Assets Consist of:** |  |  |  |  |
| Capital Stock | $129712560 | $182994571 | $9461980 | $210795555 |
| Accumulated losses | (20575563) | (58429238) | (4351328) | (19657349) |
| **Net Assets** | $**109136997** | $**124565333** | $**5110652** | $**191138206** |
| **Net Asset Value Per Share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Investor Class Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $103696331 | $124453267 | $5076034 | $171457451 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 12587579 | 11838667 | 535433 | 11150225 |
| &nbsp;&nbsp;&nbsp;Net asset value, (Net Assets ÷ Shares Outstanding), offering and redemption price per share | $8.24 | $10.51 | $9.48 | $15.38 |
| &nbsp;&nbsp;&nbsp;**Advisor Class Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $5440666 | $112066 | $34618 | $19680755 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 648619 | 10967 | 3698 | 1355673 |
| &nbsp;&nbsp;&nbsp;Net asset value, (Net Assets ÷ Shares Outstanding), offering and redemption price per share | $8.39 | $10.22 | $9.36 | $14.52 |

---

<sup>(a)</sup> Includes loaned securities with a value of $19,972,212, $39,529,885, $976,228 and $81,643, respectively.

See accompanying notes to financial statements.

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quantified<br> Pattern<br> Recognition Fund** | **Quantified<br> Tactical Fixed<br> Income Fund** | **Quantified Evolution<br> Plus Fund<br> (Consolidated)** | **Quantified<br> Common<br> Ground Fund** |
| **Assets:** |  |  |  |  |
| Investment securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At cost | $46165040 | $8558794 | $12177102 | $123560765 |
| &nbsp;&nbsp;&nbsp;At value <sup>(a)</sup> | $46171638 | $8558794 | $12177473 | $124519413 |
| Cash | 1050744 | 1079129 |  |  |
| Cash collateral for swaps |  |  | 5 |  |
| Deposits with brokers for futures | 36 | 57 | 257988 |  |
| Receivable: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and Interest | 105447 | 30495 | 40530 | 83876 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 23921 | 1878 | 36333 | 56294 |
| &nbsp;&nbsp;&nbsp;Receivable for swaps |  |  | 26022 |  |
| Unrealized appreciation on futures |  |  | 224796 |  |
| Unrealized appreciation on swaps |  | 231488 |  |  |
| Prepaid expenses and other assets | 2555 | 2002 | 4195 | 3798 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | **47354341** | **9903843** | **12767342** | **124663381** |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateral on securities loaned |  |  | 43388 | 6380608 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 49435 | 753 | 22089 | 6359 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 22962 | 20987 | 19522 | 13519 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 30361 | 8425 | 10645 | 94878 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees - Investor Class | 4554 | 1264 | 1597 | 14130 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees | 7590 | 2106 | 2661 | 24230 |
| &nbsp;&nbsp;&nbsp;Payable for swaps |  |  | 27280 |  |
| Unrealized depreciation on swaps | - | - | 91825 | - |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | **114902** | **33535** | **219007** | **6533724** |
| **Net Assets** | $**47239439** | $**9870308** | $**12548335** | $**118129657** |
| **Net Assets Consist of:** |  |  |  |  |
| Capital Stock | $56478706 | $60758426 | $25577455 | $127369729 |
| Accumulated losses | (9239267) | (50888118) | (13029120) | (9240072) |
| **Net Assets** | $**47239439** | $**9870308** | $**12548335** | $**118129657** |
| **Net Asset Value Per Share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Investor Class Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $47239439 | $9870308 | $12548335 | $117250439 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 3845749 | 1440422 | 2162883 | 8066388 |
| &nbsp;&nbsp;&nbsp;Net asset value, (Net Assets ÷ Shares Outstanding), offering and redemption price per share | $12.28 | $6.85 | $5.80 | $14.54 |
| &nbsp;&nbsp;&nbsp;**Advisor Class Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $- | $- | $- | $879218 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) |  |  |  | 60602 |
| &nbsp;&nbsp;&nbsp;Net asset value, (Net Assets ÷ Shares Outstanding), offering and redemption price per share | $- | $- | $- | $14.51 |

---

<sup>(a)</sup> Includes loaned securities with a value of $0, $0, $42,618 and $6,286,698, respectively.

See accompanying notes to consolidated financial statements.

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)**

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quantified**<br> **Tactical**<br> **Sectors Fund** | **Quantified**<br> **Rising Dividend**<br> **Tactical Fund** | **Quantified**<br> **Government Income**<br> **Tactical Fund** | **Quantified**<br> **Global**<br> **Fund** | **Quantified Eckhardt<br> Managed Futures<br> Strategy Fund<br> (Consolidated)** |
| **Assets:** |  |  |  |  |  |
| Investment securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At cost | $65038929 | $24436305 | $40525841 | $76764999 | $42356179 |
| &nbsp;&nbsp;&nbsp;At value <sup>(a)</sup> | $68366318 | $25403773 | $40526012 | $79273333 | $39029170 |
| Cash |  |  |  | 105726 |  |
| Deposits with brokers for futures |  |  | 1439505 |  |  |
| Unrealized appreciation on swaps | 2754701 | 597486 |  |  |  |
| Receivable: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities sold |  |  | 61770 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 80514 | 36139 | 143243 | 103858 | 81690 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 3350 | 4340 | 16416 | 23884 | 1747 |
| Prepaid expenses and other assets | 3000 | 16049 | 9677 | 10158 | 14840 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | **71207883** | **26057787** | **42196623** | **79516959** | **39127447** |
| **Liabilities:** |  |  |  |  |  |
| Payables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateral on securities loaned | 19534237 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 38613 | 19654 | 36305 | 48785 | 35137 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 24287 | 15392 | 12498 | 175169 | 37678 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees | 9653 | 4914 | 9076 | 12196 | 14985 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees - Investor Class | 5792 | 2948 | 5446 | 7318 | 4030 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 7502 | 1709 | 2099 |  | 10159 |
| Unrealized depreciation on swaps |  | 822 |  |  |  |
| Unrealized depreciation on futures | - | - | 12184 | - | - |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | **19620084** | **45439** | **77608** | **243468** | **101989** |
| **Net Assets** | $**51587799** | $**26012348** | $**42119015** | $**79273491** | $**39025458** |
| **Net Assets Consist of:** |  |  |  |  |  |
| Capital Stock | $91466079 | $28083518 | $56636545 | $76851605 | $42680984 |
| Accumulated earnings (losses) | (39878280) | (2071170) | (14517530) | 2421886 | (3655526) |
| **Net Assets** | $**51587799** | $**26012348** | $**42119015** | $**79273491** | $**39025458** |
| **Net Asset Value Per Share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Investor Class Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $51587799 | $26012348 | $42119015 | $79273491 | $28646674 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 7693004 | 2793207 | 6033452 | 7769664 | 3217879 |
| &nbsp;&nbsp;&nbsp;Net asset value, (Net Assets ÷ Shares Outstanding), offering and redemption price per share | $6.71 | $9.31 | $6.98 | $10.20 | $8.90 |
| &nbsp;&nbsp;&nbsp;**Advisor Class Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $- | $- | $- | $- | $10378784 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) |  |  |  |  | 1168117 |
| &nbsp;&nbsp;&nbsp;Net asset value, (Net Assets ÷ Shares Outstanding), offering and redemption price per share | $- | $- | $- | $- | $8.89 |

---

<sup>(a)</sup> Includes loaned securities with a value of $19,153,356, $0, $0, $0 and $0, respectively.

See accompanying notes to consolidated financial statements.

**STATEMENTS OF OPERATIONS**

For the Year Ended June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quantified<br> Managed<br> Income Fund** | **Quantified<br> Market<br> Leaders Fund** | **Quantified<br> Alternative<br> Investment Fund** | **Quantified<br> STF Fund** |
| **Investment Income** |  |  |  |  |
| Dividends | $5123496 | $1986829 | $570565 | $811 |
| Interest | 1165757 | 1191719 | 131675 | 6994441 |
| Securities lending, net | 317810 | 71168 | 57198 | 77 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | **6607063** | **3249716** | **759438** | **6995329** |
| **Expenses** |  |  |  |  |
| Investment advisory fees | 1148571 | 1036759 | 149760 | 1854303 |
| Operating services fees | 284816 | 258556 | 45558 | 346251 |
| Distribution (12b-1) fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 380504 | 345228 | 49778 | 453514 |
| &nbsp;&nbsp;&nbsp;Advisor Class | 9411 | 1432 | 567 | 40246 |
| Shareholder services fees - Investor Class | 228303 | 207137 | 29867 | 272100 |
| Miscellaneous expenses | 9000 | 9000 | 9000 | 9000 |
| &nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **2060605** | **1858112** | **284530** | **2975414** |
| &nbsp;&nbsp;&nbsp;Less: Expenses waived by the Advisor | - | - | (9000) | - |
| &nbsp;&nbsp;&nbsp;Net Expenses | 2060605 | 1858112 | 275530 | 2975414 |
| &nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **2060605** | **1858112** | **275530** | **2975414** |
| **Net Investment Income** | **4546458** | **1391604** | **483908** | **4019915** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures and Swaps** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 1225944 | (1512106) | (1577853) | (1916799) |
| &nbsp;&nbsp;&nbsp;Futures | 1365895 |  | (118778) | (31740554) |
| &nbsp;&nbsp;&nbsp;Swaps |  | (10049731) |  |  |
| &nbsp;&nbsp;&nbsp;Capital gain distributions from underlying investment companies | - | - | 84096 | - |
|  | 2591839 | (11561837) | (1612535) | (33657353) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 135781 | (2078396) | (261254) | (334967) |
| &nbsp;&nbsp;&nbsp;Futures | (119212) |  | 42885 | 10383031 |
| &nbsp;&nbsp;&nbsp;Swaps | - | 883113 | - | - |
|  | 16569 | (1195283) | (218369) | 10048064 |
| **Net Realized and Unrealized Gain (Loss) on Investments, Futures and Swaps** | **2608408** | **(12757120)** | **(1830904)** | **(23609289)** |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**7154866** | $**(11365516)** | $**(1346996)** | $**(19589374)** |

---

See accompanying notes to financial statements.

**STATEMENTS OF OPERATIONS (Continued)**

For the Year Ended June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quantified<br> Pattern<br> Recognition Fund** | **Quantified<br> Tactical Fixed<br> Income Fund** | **Quantified Evolution<br> Plus Fund<br> (Consolidated)** | **Quantified<br> Common<br> Ground Fund** |
| **Investment Income** |  |  |  |  |
| Dividends (net of foreign withholding tax of $0, $0, $0 and $101) | $663 | $1385 | $2112 | $3095328 |
| Interest | 1587214 | 1488880 | 1178150 | 463210 |
| Securities lending, net | 22 | 202 | 152 | 21389 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | **1587899** | **1490467** | **1180414** | **3579927** |
| **Expenses** |  |  |  |  |
| Investment advisory fees | 369115 | 330527 | 286793 | 1507784 |
| Distribution (12b-1) fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 92279 | 82632 | 71698 | 376607 |
| &nbsp;&nbsp;&nbsp;Advisor Class\* |  |  |  | 1355 |
| Operating services fees | 77131 | 69988 | 66650 | 270979 |
| Shareholder services fees - Investor Class | 55367 | 49579 | 43019 | 225964 |
| Interest expense on line of credit |  |  |  | 1448 |
| Miscellaneous expenses | 9000 | 9000 | 9000 | 9000 |
| &nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **602892** | **541726** | **477160** | **2393137** |
| &nbsp;&nbsp;&nbsp;Less: Expenses waived by the Advisor | (9000) | - | - | - |
| &nbsp;&nbsp;&nbsp;Net Expenses | 593892 | 541726 | 477160 | 2393137 |
| &nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **593892** | **541726** | **477160** | **2393137** |
| **Net Investment Income** | **994007** | **948741** | **703254** | **1186790** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures and Swaps** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (3755) | 11088 | 84284 | (2715427) |
| &nbsp;&nbsp;&nbsp;Futures | 3022746 | (939137) | 2857165 |  |
| &nbsp;&nbsp;&nbsp;Swaps | - | (636465) | (5025695) | - |
|  | 3018991 | (1564514) | (2084246) | (2715427) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 9871 | 56713 | 4439 | (238768) |
| &nbsp;&nbsp;&nbsp;Futures | 96709 | 112931 | 512262 |  |
| &nbsp;&nbsp;&nbsp;Swaps | - | 255294 | (77695) | - |
|  | 106580 | 424938 | 439006 | (238768) |
| **Net Realized and Unrealized Gain (Loss) on Investments, Futures and Swaps** | **3125571** | **(1139576)** | **(1645240)** | **(2954195)** |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**4119578** | $**(190835)** | $**(941986)** | $**(1767405)** |

---

\* The Fund's Advisor class commenced operations on January 31, 2025.

See accompanying notes to consolidated financial statements.

**STATEMENTS OF OPERATIONS (Continued)**

For the Year or Period Ended June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quantified**<br> **Tactical**<br> **Sectors Fund** | **Quantified**<br> **Rising Dividend**<br> **Tactical Fund** | **Quantified**<br> **Government Income**<br> **Tactical Fund** | **Quantified**<br> **Global**<br> **Fund** | **Quantified Eckhardt<br> Managed Futures<br> Strategy Fund<br> (Consolidated)\*** |
| **Investment Income** |  |  |  |  |  |
| Dividends (net of foreign withholding tax of $0, $0, $0, $160,183 and $0) | $605856 | $378424 | $2863 | $886244 |  |
| Interest | 625569 | 186203 | 1521062 | 97120 | 719356 |
| Securities lending, net | 16823 | - | - | - | - |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | **1248248** | **564627** | **1523925** | **983364** | **719356** |
| **Expenses** |  |  |  |  |  |
| Investment advisory fees | 643511 | 308717 | 345404 | 271360 | 295200 |
| Distribution (12b-1) fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 160878 | 77179 | 86351 | 67840 | 68453 |
| &nbsp;&nbsp;&nbsp;Advisor Class\*\* |  |  |  |  | 21387 |
| Operating services fees | 124409 | 64202 | 73751 | 53267 | 60399 |
| Shareholder services fees - Investor Class | 96527 | 46308 | 51811 | 40704 | 41072 |
| Custody overdraft fees |  | 6933 |  | 2762 |  |
| Miscellaneous expenses | 9000 | 9000 | 9000 | 9000 | 6288 |
| &nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **1034325** | **512339** | **566317** | **444933** | **492799** |
| &nbsp;&nbsp;&nbsp;Less: Expenses waived by the Advisor | - | (9000) | (9000) | (9000) | (6288) |
| &nbsp;&nbsp;&nbsp;Net Expenses | 1034325 | 503339 | 557317 | 435933 | 486511 |
| &nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **1034325** | **503339** | **557317** | **435933** | **486511** |
| **Net Investment Income** | **213923** | **61288** | **966608** | **547431** | **232845** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures and Swaps** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (714812) | 3400752 | 3880 | (205385) | (2156930) |
| &nbsp;&nbsp;&nbsp;Futures |  |  | 345253 |  |  |
| &nbsp;&nbsp;&nbsp;Swaps | (4766215) | 1015375 | - | - | - |
|  | (5481027) | 4416127 | 349133 | (205385) | (2156930) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 711995 | (1998795) | 3447 | 2408665 | (3327009) |
| &nbsp;&nbsp;&nbsp;Futures |  |  | 47937 |  |  |
| &nbsp;&nbsp;&nbsp;Swaps | 506334 | (889101) | - | - | - |
|  | 1218329 | (2887896) | 51384 | 2408665 | (3327009) |
| **Net Realized and Unrealized Gain (Loss) on Investments, Futures and Swaps** | **(4262698)** | **1528231** | **400517** | **2203280** | **(5483939)** |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**(4048775)** | $**1589519** | $**1367125** | $**2750711** | $**(5251094)** |

---

\* The Fund commenced operations on October 16, 2024.

\*\* The Fund's Advisor class commenced operations on January 31, 2025.

See accompanying notes to consolidated financial statements.

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Quantified Managed <br> Income Fund** | **Quantified Managed <br> Income Fund** |
|  | **Year Ended<br> June 30,<br> 2025** | **Year Ended<br> June 30,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS FROM:** |  |  |
| **Operations** |  |  |
| Net investment income | $4546458 | $5184542 |
| Net realized gain (loss) from investments and futures | 2591839 | (4091615) |
| Net change in unrealized appreciation on investments and futures | 16569 | 564426 |
| Net Increase in Net Assets Resulting From Operations | 7154866 | 1657353 |
| **Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (4949271) | (5579407) |
| &nbsp;&nbsp;&nbsp;Advisor Class | (320) | (262) |
| Total Distributions to Shareholders | (4949591) | (5579669) |
| **Shares of Beneficial Interest:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 570573190 | 566469873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 5434465 | 575 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 4940355 | 5572709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 320 | 262 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (576885826) | (598574688) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (107826) | (14851) |
| Total Increase (Decrease) in Net Assets From Shares of Beneficial Interest | 3954678 | (26546120) |
| **Total Increase (Decrease) in Net Assets** | 6159953 | (30468436) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 102977044 | 133445480 |
| &nbsp;&nbsp;&nbsp;End of Year | $**109136997** | $**102977044** |
| **Share Activity** |  |  |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 69961491 | 68730706 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestments of Distributions | 624571 | 687141 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (70757723) | (72726311) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Shares of Beneficial Interest Outstanding | (171661) | (3308464) |
| Advisor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 660571 | 68 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestments of Distributions | 40 | 32 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (13093) | (1784) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | 647518 | (1684) |

---

See accompanying notes to financial statements.

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quantified Market<br> Leaders Fund** | **Quantified Market<br> Leaders Fund** | **Quantified Alternative<br> Investment Fund** | **Quantified Alternative<br> Investment Fund** |
|  | **Year Ended<br> June 30,<br> 2025** | **Year Ended<br> June 30,<br> 2024** | **Year Ended<br> June 30,<br> 2025** | **Year Ended<br> June 30,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS FROM:** |  |  |  |  |
| **Operations** |  |  |  |  |
| Net investment income | $1391604 | $2398889 | $483908 | $157871 |
| Net realized gain (loss) from investments, futures and Swaps | (11561837) | 28951036 | (1612535) | (240372) |
| Net change in unrealized appreciation (depreciation) on investments, futures and swaps | (1195283) | (3851749) | (218369) | 154033 |
| Net Increase (Decrease) in Net Assets Resulting From Operations | (11365516) | 27498176 | (1346996) | 71532 |
| **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (4601537) | (463325) | (147554) |
| &nbsp;&nbsp;&nbsp;Advisor Class | - | (2644) | (592) | (1832) |
| Total Distributions to Shareholders | - | (4604181) | (463917) | (149386) |
| **Shares of Beneficial Interest:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 246005861 | 348776225 | 19953434 | 52206249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 12244 | 20546 | 3338 | 7421 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 4588996 | 462294 | 147553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class |  | 2644 | 592 | 1832 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (294499471) | (371899420) | (40301816) | (32047290) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (59351) | (43733) | (34673) | (17084) |
| Total Increase (Decrease) in Net Assets From Shares of Beneficial Interest | (48540717) | (18554742) | (19916831) | 20298681 |
| **Total Increase (Decrease) in Net Assets** | (59906233) | 4339253 | (21727744) | 20220827 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 184471566 | 180132313 | 26838396 | 6617569 |
| &nbsp;&nbsp;&nbsp;End of Year | $**124565333** | $**184471566** | $**5110652** | $**26838396** |
| **Share Activity** |  |  |  |  |
| Investor Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 22373457 | 34309741 | 2114899 | 5619021 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestments of Distributions |  | 445967 | 49978 | 16635 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (26858645) | (36232519) | (4450893) | (3528036) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | (4485188) | (1476811) | (2286016) | 2107620 |
| Advisor Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1228 | 2151 | 360 | 824 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestments of Distributions |  | 262 | 65 | 208 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (5257) | (4077) | (3753) | (1876) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Shares of Beneficial Interest Outstanding | (4029) | (1664) | (3328) | (844) |

---

See accompanying notes to financial statements.

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quantified<br> STF Fund** | **Quantified<br> STF Fund** | **Quantified Pattern<br> Recognition Fund** | **Quantified Pattern<br> Recognition Fund** |
|  | **Year Ended<br> June 30,<br> 2025** | **Year Ended<br> June 30,<br> 2024** | **Year Ended<br> June 30,<br> 2025** | **Year Ended<br> June 30,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS FROM:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| Net investment income | $4019915 | $4204300 | $994007 | $1194661 |
| Net realized gain (loss) from investments and futures | (33657353) | 62705212 | 3018991 | (973781) |
| Net change in unrealized appreciation (depreciation) on investments and futures | 10048064 | (6132662) | 106580 | 445127 |
| Net Increase (Decrease) in Net Assets Resulting From Operations | (19589374) | 60776850 | 4119578 | 666007 |
| **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (10073765) | (1889603) | (1136484) | (1090186) |
| &nbsp;&nbsp;&nbsp;Advisor Class | (15006) | (1228) | - | - |
| Total Distributions to Shareholders | (10088771) | (1890831) | (1136484) | (1090186) |
| **Shares of Beneficial Interest:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 282802875 | 317525341 | 53136506 | 53477918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 18318897 | 248359 |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 9887682 | 1831593 | 1135487 | 1088810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 12229 | 1003 |  |  |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (338970982) | (339399213) | (41072596) | (84486585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (1187523) | (146541) | - | - |
| Total Increase (Decrease) in Net Assets From Shares of Beneficial Interest | (29136822) | (19939458) | 13199397 | (29919857) |
| **Total Increase (Decrease) in Net Assets** | (58814967) | 38946561 | 16182491 | (30344036) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 249953173 | 211006612 | 31056948 | 61400984 |
| &nbsp;&nbsp;&nbsp;End of Year | $**191138206** | $**249953173** | $**47239439** | $**31056948** |
| **Share Activity** |  |  |  |  |
| Investor Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 17184633 | 21935465 | 4444024 | 4903600 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestments of Distributions | 535048 | 125969 | 92316 | 108555 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (20209206) | (24354955) | (3469011) | (7698858) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | (2489525) | (2293521) | 1067329 | (2686703) |
| **Share Activity** |  |  |  |  |
| Advisor Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1417889 | 17933 |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestments of Distributions | 699 | 73 |  |  |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (88481) | (10725) | - | - |
| &nbsp;&nbsp;&nbsp;Net Increase in Shares of Beneficial Interest Outstanding | 1330107 | 7281 | - | - |

---

See accompanying notes to financial statements.

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quantified Tactical<br> Fixed Income Fund** | **Quantified Tactical<br> Fixed Income Fund** | **Quantified Evolution<br> Plus Fund (Consolidated)** | **Quantified Evolution<br> Plus Fund (Consolidated)** |
|  | **Year Ended<br> June 30,<br> 2025** | **Year Ended<br> June 30,<br> 2024** | **Year Ended<br> June 30,<br> 2025** | **Year Ended<br> June 30,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS FROM:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| Net investment income | $948741 | $1178998 | $703254 | $872673 |
| Net realized gain (loss) from investments, futures and swaps | (1564514) | (6634407) | (2084246) | 226263 |
| Net change in unrealized appreciation on investments, futures and swaps | 424938 | 1105512 | 439006 | 9538 |
| Net Increase (Decrease) in Net Assets Resulting From Operations | (190835) | (4349897) | (941986) | 1108474 |
| **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (1178463) | (46531) | (1074046) | (2819019) |
| Total Distributions to Shareholders | (1178463) | (46531) | (1074046) | (2819019) |
| **Shares of Beneficial Interest:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 42573931 | 131063263 | 135102440 | 127122320 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 1175106 | 46474 | 1070893 | 2816778 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (84853805) | (187684404) | (144571731) | (154559645) |
| Total Decrease in Net Assets From Shares of Beneficial Interest | (41104768) | (56574667) | (8398398) | (24620547) |
| **Total Decrease in Net Assets** | (42474066) | (60971095) | (10414430) | (26331092) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 52344374 | 113315469 | 22962765 | 49293857 |
| &nbsp;&nbsp;&nbsp;End of Year | $**9870308** | $**52344374** | $**12548335** | $**22962765** |
| **Share Activity** |  |  |  |  |
| Investor Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 5705383 | 17016144 | 20312188 | 18683251 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestments of Distributions | 163664 | 6205 | 170524 | 483982 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (11430738) | (24351312) | (21938333) | (22162957) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Shares of Beneficial Interest Outstanding | (5561691) | (7328963) | (1455621) | (2995724) |

---

See accompanying notes to consolidated financial statements.

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quantified Common<br> Ground Fund** | **Quantified Common<br> Ground Fund** | **Quantified Tactical<br> Sectors Fund** | **Quantified Tactical<br> Sectors Fund** |
|  | **Year Ended**<br>**June 30,<br> 2025** | **Year Ended**<br>**June 30,<br> 2024** | **Year Ended**<br>**June 30,<br> 2025** | **Year Ended**<br>**June 30,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS FROM:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| Net investment income | $1186790 | $277827 | $213923 | $506761 |
| Net realized gain (loss) from investments and swaps | (2715427) | 21255226 | (5481027) | 14812446 |
| Net change in unrealized appreciation (Depreciation) on investments, and swaps | (238768) | (3353028) | 1218329 | (8017522) |
| Net Increase (Decrease) in Net Assets Resulting From Operations | (1767405) | 18180025 | (4048775) | 7301685 |
| **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (6349357) | (306845) | - | (4254456) |
| Total Distributions to Shareholders | (6349357) | (306845) | - | (4254456) |
| **Shares of Beneficial Interest:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 457579954 | 701276523 | 97726189 | 105009299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class\* | 867564 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 6307455 | 306260 |  | 4250691 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (518227219) | (640727335) | (106964252) | (117384196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class\* | (1703) | - | - | - |
| Total Increase (Decrease) in Net Assets From Shares of Beneficial Interest | (53473949) | 60855448 | (9238063) | (8124206) |
| **Total Increase (Decrease) in Net Assets** | (61590711) | 78728628 | (13286838) | (5076977) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 179720368 | 100991740 | 64874637 | 69951614 |
| &nbsp;&nbsp;&nbsp;End of Year | $**118129657** | $**179720368** | $**51587799** | $**64874637** |
| **Share Activity** |  |  |  |  |
| Investor Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 29563084 | 49974310 | 13670703 | 16276365 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestments of Distributions | 415785 | 21342 |  | 677941 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (33547128) | (46068427) | (15294190) | (18100277) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | (3568259) | 3927225 | (1623487) | (1145971) |
| **Share Activity** |  |  |  |  |
| Advisor Class\*: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 60718 |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (116) | - | - | - |
| &nbsp;&nbsp;&nbsp;Net Increase in Shares of Beneficial Interest Outstanding | 60602 | - | - | - |

---

\* The Fund's Advisor Class commenced operations on January 31, 2025.

See accompanying notes to financial statements.

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quantified Rising Dividend <br> Tactical Fund** | **Quantified Rising Dividend <br> Tactical Fund** | **Quantified Government Income <br> Tactical Fund** | **Quantified Government Income <br> Tactical Fund** |
|  | **Year Ended**<br>**June 30,<br> 2025** | **Year Ended**<br>**June 30,<br> 2024** | **Year Ended**<br>**June 30,<br> 2025** | **Year Ended**<br>**June 30,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS FROM:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| Net investment income | $61288 | $280471 | $966608 | $875940 |
| Net realized gain (loss) from investments, futures and swaps | 4416127 | 2725731 | 349133 | (3009843) |
| Net change in unrealized appreciation (depreciation) on investments, futures and swaps | (2887896) | 2869995 | 51384 | (45416) |
| Net Increase (Decrease) in Net Assets Resulting From Operations | 1589519 | 5876197 | 1367125 | (2179319) |
| **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | - | (284803) | (924528) | (813095) |
| Total Distributions to Shareholders | - | (284803) | (924528) | (813095) |
| **Shares of Beneficial Interest:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 86392944 | 52776157 | 89811733 | 96361138 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 284025 | 921919 | 812129 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (99587333) | (51480721) | (76738422) | (109695101) |
| Total Increase (Decrease) in Net Assets From Shares of Beneficial Interest | (13194389) | 1579461 | 13995230 | (12521834) |
| **Total Increase (Decrease) in Net Assets** | (11604870) | 7170855 | 14437827 | (15514248) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 37617218 | 30446363 | 27681188 | 43195436 |
| &nbsp;&nbsp;&nbsp;End of Year | $**26012348** | $**37617218** | $**42119015** | $**27681188** |
| **Share Activity** |  |  |  |  |
| Investor Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 9185551 | 6619084 | 12907265 | 13138962 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestments of Distributions |  | 34469 | 135377 | 116853 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (10632132) | (6342428) | (10993853) | (14616830) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | (1446581) | 311125 | 2048789 | (1361015) |

---

See accompanying notes to financial statements.

**STATEMENT OF CHANGES IN NET ASSETS (Continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Quantified <br> Global Fund** | **Quantified <br> Global Fund** | **Quantified Eckhardt<br> Managed Futures<br> Strategy Fund<br> (Consolidated)** |
|  | **Year Ended**<br>**June 30,<br> 2025** | **Year Ended**<br>**June 30,<br> 2024** | **Period Ended**<br>**June 30,<br> 2025\*** |
| **INCREASE (DECREASE) IN NET ASSETS FROM:** |  |  |  |
| **Operations** |  |  |  |
| Net investment income | $547431 | $98243 | $232845 |
| Net realized gain (loss) from investments | (205385) | 606660 | (2156930) |
| Net change in unrealized appreciation (depreciation) on investments | 2408665 | 99669 | (3327009) |
| Net Increase (decrease) in Net Assets Resulting From Operations | 2750711 | 804572 | (5251094) |
| **Distributions to Shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (549614) | - | (92869) |
| Total Distributions to Shareholders | (549614) | - | (92869) |
| **Shares of Beneficial Interest:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 224679134 | 30929424 | 188589073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class\*\* |  |  | 11275558 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 545545 |  | 92857 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (155445704) | (24440577) | (155133995) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class\*\* | - | - | (454072) |
| Total Increase in Net Assets From Shares of Beneficial Interest | 69778975 | 6488847 | 44369421 |
| **Total Increase in Net Assets** | 71980072 | 7293419 | 39025458 |
| **Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year or Period | 7293419 | - | - |
| &nbsp;&nbsp;&nbsp;End of Year or Period | $**79273491** | $**7293419** | $**39025458** |
| **Share Activity** |  |  |  |
| Investor Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 21989752 | 3013309 | 19376055 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestments of Distributions | 58535 |  | 9212 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (14955079) | (2336853) | (16167388) |
| &nbsp;&nbsp;&nbsp;Net Increase in Shares of Beneficial Interest Outstanding | 7093208 | 676456 | 3217879 |
| Advisor Class\*\*: |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold |  |  | 1218965 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | - | - | (50848) |
| &nbsp;&nbsp;&nbsp;Net Increase in Shares of Beneficial Interest Outstanding | - | - | 1168117 |

---

\* The Fund commenced operations on October 16, 2024.

\*\* The Fund's Advisor Class commenced operations on January 31, 2025.

See accompanying notes to consolidated financial statements.

**FINANCIAL HIGHLIGHTS**

**Quantified Managed Income Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $8.07 | $8.30 | $8.65 | $8.79 | $9.04 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> | 0.24 | 0.29 | 0.23 | 0.08 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and futures | 0.24 | (0.15) | (0.54) | (0.16) | (0.23) |
| Total from investment operations | 0.48 | 0.14 | (0.31) | (0.08) | (0.17) |
| Distributions to Shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.31) | (0.37) | (0.04) | (0.06) | (0.08) |
| Total distributions | (0.31) | (0.37) | (0.04) | (0.06) | (0.08) |
| Net asset value, end of year | $8.24 | $8.07 | $8.30 | $8.65 | $8.79 |
| Total return<sup>(2)</sup> | 6.16% | 1.62% | (3.53)% | (0.90)% | (1.92)% |
| Net assets, end of year (in 000s) | $103696 | $102968 | $133422 | $208199 | $124443 |
| Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets<sup>(3)</sup> | 1.34% | 1.35% | 1.33% | 1.31% | 1.41% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(34)</sup> | 2.98% | 3.55% | 2.68% | 0.88% | 0.70% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 826% | 718% | 802% | 820% | 619% |

---

<sup>(1)</sup> Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

<sup>(2)</sup> Total return shown assumes the reinvestment of all distributions.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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 Managed Income Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $8.22 | $8.35 | $8.70 | $8.83 | $9.07 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | 0.14 | 0.24 | 0.19 | 0.04 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and futures | 0.29 | (0.16) | (0.54) | (0.17) | (0.22) |
| Total from investment operations | 0.43 | 0.08 | (0.35) | (0.13) | (0.24) |
| Distributions to Shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.26) | (0.21) | - | - | - |
| Total distributions | (0.26) | (0.21) | - | - | - |
| Net asset value, end of year | $8.39 | $8.22 | $8.35 | $8.70 | $8.83 |
| Total return<sup>(2)</sup> | 5.40% | 0.99% | (4.02)% | (1.47)% | (2.65)% |
| Net assets, end of year (in 000s) | $5441 | $9 | $23 | $17 | $27 |
| Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets<sup>(3)</sup> | 1.98% | 1.94% | 1.93% | 1.91% | 2.02% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(34)</sup> | 1.74% | 2.92% | 2.21% | 0.44% | (0.25)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 826% | 718% | 802% | 820% | 619% |

---

<sup>(1)</sup> Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

<sup>(2)</sup> Total return shown assumes the reinvestment of all distributions.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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 the year.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $11.29 | $10.11 | $9.12 | $16.20 | $11.02 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | 0.11 | 0.13 | 0.08 | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and swaps | (0.89) | 1.25 | 0.91 | (3.88) | 6.46 |
| Total from investment operations | (0.78) | 1.38 | 0.99 | (3.89) | 6.45 |
| Distributions to Shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.20) |  | (0.19) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gains | - | - | - | (3.00) | (1.24) |
| Total distributions | - | (0.20) | - | (3.19) | (1.27) |
| Net asset value, end of year | $10.51 | $11.29 | $10.11 | $9.12 | $16.20 |
| Total return<sup>(2)</sup> | (6.91)% | 13.88% | 10.86% | (28.64)% | 60.94% |
| Net assets, end of year (in 000s) | $124453 | $184306 | $179967 | $234197 | $360780 |
| Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets<sup>(3)</sup> | 1.34% | 1.34% | 1.32% | 1.30% | 1.40% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(34)</sup> | 1.01% | 1.25% | 0.83% | (0.08)% | (0.07)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 1119% | 1289% | 1592% | 1058% | 568% |

---

<sup>(1)</sup> Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

<sup>(2)</sup> Total returns shown assumes the reinvestment of all distributions.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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 the year.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $11.04 | $9.90 | $8.98 | $15.92 | $10.87 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | 0.03 | 0.05 | 0.02 | (0.08) | (0.19) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and swaps | (0.85) | 1.24 | 0.90 | (3.83) | 6.48 |
| Total from investment operations | (0.82) | 1.29 | 0.92 | (3.91) | 6.29 |
| Distributions to Shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.15) |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | - | - | - | (3.00) | (1.24) |
| Total distributions | - | (0.15) | - | (3.03) | (1.24) |
| Net asset value, end of year | $10.22 | $11.04 | $9.90 | $8.98 | $15.92 |
| Total return<sup>(2)</sup> | (7.43)% | 13.14% | 10.25% | (29.09)% | 60.23% |
| Net assets, end of year (in 000s) | $112 | $166 | $165 | $151 | $189 |
| Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets<sup>(3)</sup> | 1.94% | 1.94% | 1.93% | 1.90% | 2.00% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(34)</sup> | 0.31% | 0.53% | 0.23% | (0.67)% | (1.48)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 1119% | 1289% | 1592% | 1058% | 568% |

---

<sup>(1)</sup> Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

<sup>(2)</sup> Total returns shown assumes the reinvestment of all distributions.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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 the year.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $9.49 | $9.17 | $9.49 | $10.92 | $8.62 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | 0.23 | 0.11 | 0.22 | 0.18 | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments, futures and distributions from underlying investment companies | (0.09) | 0.53<sup>(5)</sup> | (0.39) | (0.34) | 2.34 |
| Total from investment operations | 0.14 | 0.64 | (0.17) | (0.16) | 2.30 |
| Distributions to Shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.32) | (0.15) | (0.16) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | - | - | - | (1.11) | - |
| Total distributions | (0.15) | (0.32) | (0.15) | (1.27) | - |
| Net asset value, end of year | $9.48 | $9.49 | $9.17 | $9.49 | $10.92 |
| Total return<sup>(2)</sup> | 1.48% | 7.17% | (1.71)% | (1.99)% | 26.68% |
| Net assets, end of year (in 000s) | $5076 | $26773 | $6546 | $10458 | $8627 |
| Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets<sup>(3)</sup> | 1.42% | 1.50% | 1.57% | 1.33% | 1.56% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets<sup>(3)</sup> | 1.38% | 1.43% | 1.49% | 1.33% | 1.56% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(34)</sup> | 2.43% | 1.13% | 2.39% | 1.77% | (0.43)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 659% | 571% | 971% | 1321% | 1031% |

---

<sup>(1)</sup> Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

<sup>(2)</sup> Total returns shown assumes the reinvestment of all distributions.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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.

<sup>(5)</sup> Net realized and unrealized gain on investments per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains (losses) in the Statements of Operations due to the timing of share transactions in relation to fluctuating market values for the year.

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 the year.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $9.37 | $9.03 | $9.32 | $10.72 | $8.51 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | 0.16 | 0.15 | 0.15 | 0.16 | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments, futures and distributions from underlying investment companies | (0.09) | 0.42<sup>(5)</sup> | (0.36) | (0.37) | 2.26 |
| Total from investment operations | 0.07 | 0.57 | (0.21) | (0.21) | 2.21 |
| Distributions to Shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.08) | (0.23) | (0.08) | (0.08) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | - | - | - | (1.11) | - |
| Total distributions | (0.08) | (0.23) | (0.08) | (1.19) | - |
| Net asset value, end of year | $9.36 | $9.37 | $9.03 | $9.32 | $10.72 |
| Total return<sup>(2)</sup> | 0.77% | 6.54% | (2.24)% | (2.45)% | 25.97% |
| Net assets, end of year (in 000s) | $35 | $66 | $71 | $70 | $82 |
| Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets<sup>(3)</sup> | 2.07% | 2.16% | 2.19% | 1.94% | 2.24% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets<sup>(3)</sup> | 2.02% | 2.10% | 2.11% | 1.94% | 2.24% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(34)</sup> | 1.78% | 1.66% | 1.68% | 1.58% | (0.49)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 659% | 571% | 971% | 1321% | 1031% |

---

<sup>(1)</sup> Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

<sup>(2)</sup> Total returns shown assumes the reinvestment of all distributions.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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.

<sup>(5)</sup> Net realized and unrealized gain on investments per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains (losses) in the Statements of Operations due to the timing of share transactions in relation to fluctuating market values for the year.

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 the year.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $18.29 | $13.23 | $11.52 | $17.12 | $13.64 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | 0.37 | 0.33 | 0.08 | (0.19) | (0.19) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and futures | (2.36) | 4.88 | 1.63 | (1.74) | 6.95 |
| Total from investment operations | (1.99) | 5.21 | 1.71 | (1.93) | 6.76 |
| Distributions to Shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.15) |  |  | 0.00<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.69) | - | - | (3.67) | (3.28) |
| Total distributions | (0.92) | (0.15) | - | (3.67) | (3.28) |
| Net asset value, end of year | $15.38 | $18.29 | $13.23 | $11.52 | $17.12 |
| Total return<sup>(3)</sup> | (11.74)% | 39.67% | 14.84% | (18.23)%<sup>(6)</sup> | 51.86% |
| Net assets, end of year (in 000s) | $171457 | $249510 | $210778 | $140559 | $177970 |
| Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets<sup>(4)</sup> | 1.59% | 1.60% | 1.58% | 1.55% | 1.66% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(45)</sup> | 2.19% | 2.30% | 0.74% | (1.18)% | (1.16)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 153% | 38% | 102% | 168% | 238% |

---

<sup>(1)</sup> Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

<sup>(2)</sup> Represents less than $0.01 per share.

<sup>(3)</sup> Total returns shown assumes the reinvestment of all distributions.

<sup>(4)</sup> 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.

<sup>(5)</sup> 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.

<sup>(6)</sup> 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.

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 the year.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $17.32 | $12.53 | $10.98 | $16.55 | $13.34 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | 0.15 | 0.24 | 0.01 | (0.28) | (0.28) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and futures | (2.14) | 4.61 | 1.54 | (1.62) | 6.77 |
| Total from investment operations | (1.99) | 4.85 | 1.55 | (1.90) | 6.49 |
| Distributions to Shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.12) | (0.06) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.69) | - | - | (3.67) | (3.28) |
| Total distributions | (0.81) | (0.06) | - | (3.67) | (3.28) |
| Net asset value, end of year | $14.52 | $17.32 | $12.53 | $10.98 | $16.55 |
| Total return<sup>(2)</sup> | (12.27)% | 38.84% | 14.12%<sup>(5)</sup> | (18.72)% | 50.87% |
| Net assets, end of year (in 000s) | $19681 | $443 | $229 | $302 | $566 |
| Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets<sup>(3)</sup> | 2.21% | 2.20% | 2.18% | 2.15% | 2.27% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(34)</sup> | 1.11% | 1.73% | 0.10% | (1.79)% | (1.74)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 153% | 38% | 102% | 168% | 238% |

---

<sup>(1)</sup> Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

<sup>(2)</sup> Total returns shown assumes the reinvestment of all distributions.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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.

<sup>(5)</sup> 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.

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 each year.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $11.18 | $11.24 | $8.32 | $13.42 | $10.49 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | 0.32 | 0.37 | 0.21 | (0.13) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and futures | 1.08 | (0.03) | 2.72 | (1.94) | 3.08 |
| Total from investment operations | 1.40 | 0.34 | 2.93 | (2.07) | 2.95 |
| Distributions to Shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.30) | (0.40) | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | - | - | - | (3.03) | (0.02) |
| Total distributions | (0.30) | (0.40) | (0.01) | (3.03) | (0.02) |
| Net asset value, end of year | $12.28 | $11.18 | $11.24 | $8.32 | $13.42 |
| Total return<sup>(2)</sup> | 12.55% | 3.45% | 35.28% | (21.49)% | 28.21% |
| Net assets, end of year (in 000s) | $47239 | $31057 | $61401 | $18290 | $70953 |
| Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets<sup>(3)</sup> | 1.63% | 1.64% | 1.62% | 1.55% | 1.67% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets<sup>(3)</sup> | 1.61% | 1.61% | 1.59% | 1.55% | 1.67% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(34)</sup> | 2.69% | 3.33% | 2.17% | (1.17)% | (1.12)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 889% | 135% | 314% | 495% | 226% |

---

<sup>(1)</sup> Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

<sup>(2)</sup> Total returns shown assumes the reinvestment of all distributions.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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 Fixed Income Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $7.48 | $7.91 | $9.13 | $9.99 | $10.95 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | 0.21 | 0.12 | 0.06 | (0.12) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments, futures and swaps | (0.58) | (0.54) | (1.28) | (0.74) | (0.59) |
| Total from investment operations | (0.37) | (0.42) | (1.22) | (0.86) | (0.73) |
| Distributions to Shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.26) | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.23) |
| &nbsp;&nbsp;&nbsp;Return of capital | - | - | - | - | (0.00)<sup>(5)</sup> |
| Total distributions | (0.26) | (0.01) | - | - | (0.23) |
| Net asset value, end of year | $6.85 | $7.48 | $7.91 | $9.13 | $9.99 |
| Total return<sup>(2)</sup> | (5.06)% | (5.36)% | (13.36)% | (8.61)% | (6.83)% |
| Net assets, end of year (in 000s) | $9870 | $52344 | $113315 | $152863 | $172596 |
| Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets<sup>(3)</sup> | 1.64% | 1.61% | 1.58% | 1.56% | 1.66% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(34)</sup> | 2.87% | 1.63% | 0.72% | (1.20)% | (1.31)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 91% | 14% | 85% | 121% | 121% |

---

<sup>(1)</sup> Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

<sup>(2)</sup> Total returns shown assumes the reinvestment of all distributions.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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.

<sup>(5)</sup> 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 each year.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $6.35 | $7.45 | $7.97 | $9.87 | $8.90 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | 0.16 | 0.21 | 0.12 | (0.12) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments, futures and swaps | (0.08) | 0.12 | (0.63) | (0.50) | 1.32 |
| Total from investment operations | 0.08 | 0.33 | (0.51) | (0.62) | 1.19 |
| Distributions to Shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.63) | (1.43) | (0.01) |  | (0.22) |
| &nbsp;&nbsp;&nbsp;Net realized gains | - | - | - | (1.28) | - |
| Total distributions | (0.63) | (1.43) | (0.01) | (1.28) | (0.22) |
| Net asset value, end of year | $5.80 | $6.35 | $7.45 | $7.97 | $9.87 |
| Total return<sup>(2)</sup> | 0.47% | 6.18% | (6.46)% | (8.32)% | 13.50% |
| Net assets, end of year (in 000s) | $12548 | $22963 | $49294 | $141943 | $58744 |
| Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets<sup>(3)</sup> | 1.67% | 1.65% | 1.59% | 1.56% | 1.66% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(34)</sup> | 2.46% | 3.04% | 1.56% | (1.26)% | (1.37)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 1708% | 329% | 635% | 514% | 594% |

---

<sup>(1)</sup> Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

<sup>(2)</sup> Total returns shown assumes the reinvestment of all distributions.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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 consolidated financial statements.

**FINANCIAL HIGHLIGHTS**

**Quantified Common Ground Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $15.45 | $13.10 | $12.92 | $12.81 | $9.37 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | 0.12 | 0.04 | 0.05 | 0.04 | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.37) | 2.34 | 0.13<sup>(6)</sup> | 0.84 | 3.73 |
| Total from investment operations | (0.25) | 2.38 | 0.18 | 0.88 | 3.63 |
| Distributions to Shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.13) | (0.03) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.53) | - | - | (0.77) | (0.19) |
| Total distributions | (0.66) | (0.03) | - | (0.77) | (0.19) |
| Net asset value, end of year | $14.54 | $15.45 | $13.10 | $12.92 | $12.81 |
| Total return<sup>(2)</sup> | (1.79)% | 18.19% | 1.39% | 6.35%<sup>(3)</sup> | 38.99% |
| Net assets, end of year (in 000s) | $117250 | $179720 | $100992 | $43520 | $51981 |
| Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets<sup>(4)</sup> | 1.59% | 1.71% | 1.77% | 1.68% | 1.78% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(45)</sup> | 0.79% | 0.25% | 0.39% | 0.31% | (0.86)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 711% | 860% | 1063% | 1382% | 1001% |

---

<sup>(1)</sup> Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

<sup>(2)</sup> Total returns shown assumes the reinvestment of all distributions.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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.

<sup>(5)</sup> 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.

<sup>(6)</sup> Net realized and unrealized gain on investments per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains (losses) in the Statements of Operations due to the timing of share transactions in relation to fluctuating market values for the year.

See accompanying notes to financial statements.

**FINANCIAL HIGHLIGHTS**

**Quantified Common Ground Fund**

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

---

| | |
|:---|:---|
|  | **Advisor Class** |
|  | **Period Ended<br> June 30,<br> 2025 <sup>(1)</sup>** |
| Net asset value, beginning of period | $15.47 |
| Activity from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.94) |
| Total from investment operations | (0.96) |
| Net asset value, end of period | $14.51 |
| Total return<sup>(3)</sup> | (6.21)%<sup>(6)</sup> |
| Net assets, end of period (in 000s) | $879 |
| Ratios/Supplemental Data: |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets<sup>(4)</sup> | 2.22%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(45)</sup> | (0.29)%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 711%<sup>(6)</sup> |

---

<sup>(1)</sup> The Advisor Class commenced operations on January 31, 2025.

<sup>(2)</sup> Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

<sup>(3)</sup> Total returns shown assumes the reinvestment of all distributions.

<sup>(4)</sup> 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.

<sup>(5)</sup> 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.

<sup>(6)</sup> Not Annualized.

<sup>(7)</sup> Annualized.

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 each year or period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | |
|  | **2025** | **2024** | **2023** | **2022** | **Period Ended**<br>**June 30,**<br>**2021 <sup>(1)</sup>** |
| Net asset value, beginning of year or period | $6.96 | $6.69 | $5.85 | $10.56 | $10.00 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | 0.02 | 0.05 | 0.03 | (0.05) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and swaps | (0.27) | 0.61 | 0.82 | (4.41) | 0.58 |
| Total from investment operations | (0.25) | 0.66 | 0.85 | (4.46) | 0.56 |
| Distributions to Shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.39) | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | - | - | - | (0.25) | - |
| Total distributions | - | (0.39) | (0.01) | (0.25) | - |
| Net asset value, end of year or period | $6.71 | $6.96 | $6.69 | $5.85 | $10.56 |
| Total return<sup>(3)</sup> | (3.59)% | 10.58% | 14.58% | (42.89)% | 5.60%<sup>(6)</sup> |
| Net assets, end of year or period (in 000s) | $51588 | $64875 | $69952 | $75230 | $54251 |
| Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets<sup>(4)</sup> | 1.61% | 1.61% | 1.58% | 1.56% | 1.62%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(45)</sup> | 0.33% | 0.70% | 0.54% | (0.70)% | (0.66)%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 729% | 1130% | 1223% | 1392% | 205%<sup>(6)</sup> |

---

<sup>(1)</sup> The Fund commenced operations on March 4, 2021.

<sup>(2)</sup> Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year or period.

<sup>(3)</sup> Total returns shown assumes the reinvestment of all distributions.

<sup>(4)</sup> 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.

<sup>(5)</sup> 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.

<sup>(6)</sup> Not Annualized.

<sup>(7)</sup> Annualized.

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 each year or period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | |
|  | **2025** | **2024** | **2023** | **2022** | **Period Ended**<br>**June 30,**<br>**2021 <sup>(1)</sup>** |
| Net asset value, beginning of year or period | $8.87 | $7.75 | $8.58 | $10.24 | $10.00 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(2)</sup> | 0.02 | 0.07 | 0.04 | 0.01 | 0.00<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and swaps | 0.42 | 1.10 | (0.67) | (1.62) | 0.24 |
| Total from investment operations | 0.44 | 1.17 | (0.63) | (1.61) | 0.24 |
| Distributions to Shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.05) |  | (0.05) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | - | - | (0.20) | - | - |
| Total distributions | - | (0.05) | (0.20) | (0.05) | - |
| Net asset value, end of year or period | $9.31 | $8.87 | $7.75 | $8.58 | $10.24 |
| Total return<sup>(3)</sup> | 4.96% | 15.19% | (7.28)% | (15.80)% | 2.40%<sup>(7)</sup> |
| Net assets, end of year or period (in 000s) | $26012 | $37617 | $30446 | $27418 | $21578 |
| Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets<sup>(4)</sup> | 1.66% | 1.64% | 1.65% | 1.59% | 1.58%<sup>(8)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets<sup>(4)</sup> | 1.63% | 1.61% | 1.62% | 1.59% | 1.58%<sup>(8)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(45)</sup> | 0.20% | 0.81% | 0.51% | 0.11% | 0.11%<sup>(8)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 208% | 173% | 469% | 288% | 0%<sup>(7)</sup> |

---

<sup>(1)</sup> The Fund commenced operations on April 14, 2021.

<sup>(2)</sup> Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year or period.

<sup>(3)</sup> Total returns shown assumes the reinvestment of all distributions.

<sup>(4)</sup> 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

<sup>(5)</sup> 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.

<sup>(6)</sup> Represents less than $0.01 per share.

<sup>(7)</sup> Not Annualized.

<sup>(8)</sup> Annualized.

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 each year or period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | |
|  | **2025** | **2024** | **2023** | **2022** | **Period Ended**<br>**June 30,**<br>**2021 <sup>(1)</sup>** |
| Net asset value, beginning of year or period | $6.95 | $8.08 | $9.46 | $10.09 | $10.00 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | 0.19 | 0.25 | 0.13 | (0.12) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and futures | 0.11 | (0.98) | (1.51) | (0.37) | 0.12 |
| Total from investment operations | 0.30 | (0.73) | (1.38) | (0.49) | 0.09 |
| Distributions to Shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.27) | (0.40) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | - | - | - | (0.14) | - |
| Total distributions | (0.27) | (0.40) | - | (0.14) | - |
| Net asset value, end of year or period | $6.98 | $6.95 | $8.08 | $9.46 | $10.09 |
| Total return<sup>(3)</sup> | 4.46% | (9.02)% | (14.59)% | (5.05)% | 0.90%<sup>(6)</sup> |
| Net assets, end of year or period (in 000s) | $42119 | $27681 | $43195 | $66188 | $6947 |
| Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets<sup>(4)</sup> | 1.64% | 1.65% | 1.61% | 1.56% | 1.63%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets<sup>(4)</sup> | 1.61% | 1.62% | 1.59% | 1.56% | 1.63%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(45)</sup> | 2.80% | 3.36% | 1.49% | (1.15)% | (1.28)%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 415% | 86% | 593% | 766% | 98%<sup>(6)</sup> |

---

<sup>(1)</sup> The Fund commenced operations on April 15, 2021.

<sup>(2)</sup> Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year or period.

<sup>(3)</sup> Total returns shown assumes the reinvestment of all distributions.

<sup>(4)</sup> 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.

<sup>(5)</sup> 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.

<sup>(6)</sup> Not Annualized.

<sup>(7)</sup> Annualized.

See accompanying notes to financial statements.

**FINANCIAL HIGHLIGHTS**

**Quantified Global Fund**

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

---

| | | |
|:---|:---|:---|
|  | **Investor Class** | **Investor Class** |
|  | **Year Ended<br> June 30,<br> 2025** | **Period Ended<br> June 30,<br> 2024 <sup>(1)</sup>** |
| Net asset value, beginning of year or period | $10.78 | $10.00 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(2)</sup> | 0.21 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 1.18 | 0.66 |
| Total from investment operations | 1.39 | 0.78 |
| Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.83) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.14) | - |
| Total distributions | (1.97) | - |
| Net asset value, end of year or period | $10.20 | $10.78 |
| Total return<sup>(3)</sup> | 14.62% | 7.80%<sup>(6)</sup> |
| Net assets, end of year or period (in 000s) | $79273 | $7293 |
| Ratios/Supplemental Data: |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets<sup>(4)</sup> | 1.64% | 1.84%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets<sup>(4)</sup> | 1.61% | 1.73%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(45)</sup> | 2.02% | 2.01%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 982% | 524%<sup>(6)</sup> |

---

<sup>(1)</sup> The Fund commenced operations on November 29, 2023.

<sup>(2)</sup> Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year or period.

<sup>(3)</sup> Total returns shown assumes the reinvestment of all distributions.

<sup>(4)</sup> 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.

<sup>(5)</sup> 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.

<sup>(6)</sup> Not Annualized.

<sup>(7)</sup> Annualized.

See accompanying notes to financial statements.

**CONSOLIDATED FINANCIAL HIGHLIGHTS**

**Quantified Eckhardt Managed Futures Strategy Fund**

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

---

| | |
|:---|:---|
|  | **Investor Class** |
|  | **Period Ended<br> June 30,<br> 2025 <sup>(1)</sup>** |
| Net asset value, beginning of period | $10.00 |
| Activity from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(2)</sup> | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | (1.14) |
| Total from investment operations | (1.08) |
| Distributions to Shareholders: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.02) |
| Total distributions | (0.02) |
| Net asset value, end of period | $8.90 |
| Total return<sup>(3)</sup> | (10.82)%<sup>(6)</sup> |
| Net assets, end of period (in 000s) | $28647 |
| Ratios/Supplemental Data: |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets<sup>(4)</sup> | 1.62%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets<sup>(4)</sup> | 1.60%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(45)</sup> | 0.82%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 161%<sup>(6)</sup> |

---

<sup>(1)</sup> The Fund commenced operations on October 16, 2024.

<sup>(2)</sup> Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

<sup>(3)</sup> Total returns shown assumes the reinvestment of all distributions.

<sup>(4)</sup> 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.

<sup>(5)</sup> 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.

<sup>(6)</sup> Not Annualized.

<sup>(7)</sup> Annualized.

See accompanying notes to consolidated financial statements.

**CONSOLIDATED FINANCIAL HIGHLIGHTS**

**Quantified Eckhardt Managed Futures Strategy Fund**

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

---

| | |
|:---|:---|
|  | **Advisor Class** |
|  | **Period Ended<br> June 30,<br> 2025 <sup>(1)</sup>** |
| Net asset value, beginning of period | $10.19 |
| Activity from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(2)</sup> | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | (1.31) |
| Total from investment operations | (1.30) |
| Net asset value, end of period | $8.89 |
| Total return<sup>(3)</sup> | (12.76)%<sup>(6)</sup> |
| Net assets, end of period (in 000s) | $10379 |
| Ratios/Supplemental Data: |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets<sup>(4)</sup> | 2.27%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets<sup>(4)</sup> | 2.24%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(45)</sup> | 0.33%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 161%<sup>(6)</sup> |

---

<sup>(1)</sup> The Fund commenced operations on October 16, 2024; the Advisor Class commenced operations on January 31, 2025.

<sup>(2)</sup> Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

<sup>(3)</sup> Total returns shown assumes the reinvestment of all distributions.

<sup>(4)</sup> 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.

<sup>(5)</sup> 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.

<sup>(6)</sup> Not Annualized.

<sup>(7)</sup> Annualized.

See accompanying notes to consolidated financial statements.

**The Quantified Funds**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**June 30, 2025**

**1.** **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 Government Income Tactical Fund, Quantified Global Fund and Quantified Eckhardt Managed Futures Strategy Fund (each a "Fund" and collectively the "Funds") are each a diversified series (except Quantified Common Ground Fund, Quantified Global Fund and Quantified Eckhardt Managed Futures Strategy Fund, 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, Quantified STF Fund, Quantified Common Ground Fund and Quantified Eckhardt Managed Futures Strategy 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 Tactical Sectors Fund, Quantified Rising Dividend Tactical Fund, Quantified Government Income Tactical Fund and Quantified Global Fund currently offer Investor Class shares, which are offered at NAV. The Funds, with the exception of Quantified Common Ground Fund and Quantified Global Fund, are "fund of funds", in that these Funds will generally invest in other investment companies.

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 | January 31, 2025 | 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 |
| Quantified Global Fund | November 29, 2023 | N/A | seeks total return |
| Quantified Eckhardt Managed Futures Strategy Fund | October 16, 2024 | January 31, 2025 | seeks total return |

---

**2.** **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.

**The Quantified Funds NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) June 30, 2025**

**Operating Segments** – The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**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 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

**The Quantified Funds NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) June 30, 2025**

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 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 may invests in portfolios of exchange traded funds and open-end 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-ended mutual funds are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, and ETFs 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 closed-end investment company or ETF purchased by the Fund will not change.

Units of Mount Vernon Liquid Assets Portfolio, LLC and private investment funds are not traded on an exchange and are valued at the investment company's NAV per unit without further adjustment, as a practical expedient of fair value and are not required to be categorized in the fair value hierarchy.

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

**The Quantified Funds NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) June 30, 2025**

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.

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, 2025 for each Fund's assets and liabilities measured at fair value:

**Quantified Managed Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks \* | $11083276 | $- | $- | $11083276 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 66811764 | - | - | 66811764 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 29738661 | - | - | 29738661 |
| &nbsp;&nbsp;&nbsp;Collateral For Securities Loaned | - | - | - | 20375870 |
| Total Investments | $107633701 | $- | $- | $128009571 |
| Total Assets | $107633701 | $- | $- | $128009571 |
| **Liabilities** |  |  |  |  |
| Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts ^ | $(263743) | $- | $- | $(263743 |
| Total Liabilities | $(263743) | - | - | $(263743 |

---

**Quantified Market Leaders Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** | |
| **Assets** | | | | | |
| Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $98468433 | $- | $- | $98468433 |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 21369406 | - | - | 21369406 |  |
| &nbsp;&nbsp;&nbsp;Collateral For Securities Loaned | - | - | - | 40195714 | \*\* |
| Total Investments | $119837839 | $- | $- | $160033553 |  |
| Derivatives |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Return Swaps ^^ | $- | $4951193 | $- | $4951193 |  |
| Total Assets | $119837839 | $4951193 | $- | $164984746 |  |

---

**The Quantified Funds NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) June 30, 2025**

**Quantified Alternative Investment Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $4207226 | $- | $- | $4207226 |
| &nbsp;&nbsp;&nbsp;Private Investment Fund | - | - | - | 339745 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 461602 | - | - | 461602 |
| &nbsp;&nbsp;&nbsp;Collateral For Securities Loaned | - | - | - | 990291 |
| Total Investments | $4668828 | $- | $- | $5998864 |
| Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts ^ | $20455 | $- | $- | $20455 |
| Total Assets | $4689283 | $- | $- | $6019319 |
| **Liabilities** |  |  |  |  |
| Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts ^ | $(1625) | $- | $- | $(1625 |
| Total Liabilities | $(1625) | $- | $- | $(1625 |

---

**Quantified STF Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** | |
| **Assets** | | | | | |
| Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Fund | $330984 | $- | $- | $330984 |  |
| &nbsp;&nbsp;&nbsp;Private Investment Fund | - | - | - | 20346296 | \*\* |
| &nbsp;&nbsp;&nbsp;Certificate of Deposit \* | - | 3982897 | - | 3982897 |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 134787901 | - | - | 134787901 |  |
| &nbsp;&nbsp;&nbsp;Collateral For Securities Loaned | - |  |  | 82769 | \*\* |
| Total Investments | $135118885 | $3982897 | $- | $159530847 |  |
| Derivatives |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts ^ | $11831293 | $- | $- | $11831293 |  |
| Total Assets | $146950178 | $3982897 | $- | $171362140 |  |

---

**Quantified Pattern Recognition Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** | |
| **Assets** | | | | | |
| Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Private Investment Fund | $- | $- | $- | $3006598 | \*\* |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 43165040 | - | - | 43165040 |  |
| Total Investments | $43165040 | $- | $- | $46171638 |  |
| Total Assets | $43165040 | $- | $- | $46171638 |  |

---

**Quantified Tactical Fixed Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | $8558794 | $- | $- | $8558794 |
| Total Investments | $8558794 | $- | $- | $8558794 |
| Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Return Swaps ^^ | $- | $231488 | $- | $231488 |
| Total Assets | $8558794 | $231488 | $- | $8790282 |

---

**The Quantified Funds NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) June 30, 2025**

**Quantified Evolution Plus Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Fund | $86193 | $- | $- | $86193 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 12047892 | - | - | 12047892 |
| &nbsp;&nbsp;&nbsp;Collateral For Securities Loaned | - | - | - | 43388 |
| Total Investments | $12134085 | $- | $- | $12177473 |
| Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts ^ | $224796 | $- | $- | $224796 |
| Total Assets | $12358881 | $- | $- | $12402269 |
| **Liabilities** |  |  |  |  |
| Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Return Swaps ^^ | $- | $(105453) | $- | $(105453 |
| Total Liabilities | $- | $(105453) | $- | $(105453 |

---

**Quantified Common Ground Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** | |
| **Assets** | | | | | |
| Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks \* | $84596300 | $- | $- | $84596300 |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Fund | 30514620 | - | - | 30514620 |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 3027885 | - | - | 3027885 |  |
| &nbsp;&nbsp;&nbsp;Collateral For Securities Loaned | - | - | - | 6380608 | \*\* |
| Total Investments | $118138805 | $- | $- | $124519413 |  |
| Total Assets | $118138805 | $- | $- | $124519413 |  |

---

**Quantified Tactical Sectors Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** | |
| **Assets** | | | | | |
| Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $40248196 | $- | $- | $40248196 |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 8583885 | - | - | 8583885 |  |
| &nbsp;&nbsp;&nbsp;Collateral For Securities Loaned | - | - | - | 19534237 | \*\* |
| Total Investments | $48832081 | $- | $- | $68366318 |  |
| Derivatives |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Return Swaps ^^ | $- | $2754701 | $- | $2754701 |  |
| Total Assets | $48832081 | $2754701 | $- | $71121019 |  |

---

**Quantified Rising Dividend Tactical Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $21706535 | $- | $- | $21706535 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 3697238 | - | - | 3697238 |
| Total Investments | $25403773 | $- | $- | $25403773 |
| Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Return Swaps ^^ | $- | $597486 | $- | $597486 |
| Total Assets | $25403773 | $597486 | $- | $26001259 |
| **Liabilities** |  |  |  |  |
| Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Return Swaps ^^ | $- | $(822) | $- | $(822) |
| Total Liabilities | $- | $(822) | $- | $(822) |

---

**The Quantified Funds NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) June 30, 2025**

**Quantified Government Income Tactical Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Fund | 17650 | $- | $- | $17650 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 40508362 | - | - | 40508362 |
| Total Investments | $40526012 | $- | $- | $40526012 |
| Total Assets | $40526012 | $- | $- | $40526012 |
| **Liabilities** |  |  |  |  |
| Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts ^ | $(12184) | $- | $- | $(12184) |
| Total Liabilities | $(12184) | $- | $- | $(12184) |

---

**Quantified Global Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks \* | $67574107 | - | $- | $67574107 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 11699226 | - | - | 11699226 |
| Total Investments | $79273333 | $- | $- | $79273333 |

---

**Quantified Eckhardt Managed Futures Strategy Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** | |
| **Assets** | | | | | |
| Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Private Investment Funds | $- | - | $- | $18683468 | \*\* |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 20345702 | - | - | 20345702 |  |
| Total Investments | $20345702 | $- | $- | $39029170 |  |

---

---

| | |
|:---|:---|
| \* | Refer to each of the Schedule of Investments for industry classifications. |
| \*\* | Investment valued using the NAV per share practical expedient. In accordance with Topic 820, the investment is excluded from the fair value table. |
| ^ | Includes cumulative unrealized gain (loss) on futures contracts open at June 30, 2025. |
| ^^ | The amounts shown for swaps are unrealized appreciation/depreciation. |

---

The Funds did not hold any Level 3 securities during the year ended June 30, 2025.

**Consolidation of Subsidiaries** – The consolidated financial statements of the Quantified Evolution Plus Fund and Quantified Eckhardt Managed Futures Strategy Fund include the accounts of QEPF Fund Limited ("QEPF Ltd.") and QEMFSF Fund Limited ("QEMFSF Ltd.), respectively, wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. These Funds may invest up to 25% of its total assets in QEPF Ltd. and QEMFSF Ltd., which act as investment vehicles in order to affect certain investments consistent with the Funds' investment objectives and policies. The subsidiaries commenced operations on December 30, 2019 and October 16, 2024, respectively, and are exempted Cayman Islands company with limited liability.

A summary of the Funds' investment in QEPF Ltd. And QEMFSF Ltd. are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Inception Date** | **Net Assets at<br> June 30,<br> 2025** | **% of<br> Net Assets at<br> June 30,<br> 2025** |
| QEPF Ltd. | 12/30/19 | $1314770 | 10.5% |
| QEMFSF Ltd. | 10/16/24 | $6654223 | 17.1% |

---

**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, 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.

**The Quantified Funds NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) June 30, 2025**

Each Fund may invest 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, 2025.

**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. These amounts are included with Net realized and unrealized gain/(loss) on Investments in the Statements of Operations. 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 security or "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 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

**The Quantified Funds NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) June 30, 2025**

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, 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 <u>www.sec.gov</u>.

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

**The Quantified Funds NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) June 30, 2025**

Master Agreements. Any election to early terminate could be material to the financial statements. For the year ended June 30, 2025, Quantified Market Leaders Fund, Quantified Tactical Fixed Income Fund, Quantified Evolution Plus Fund, Quantified Tactical Sectors Fund and Quantified Rising Dividend Tactical 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 are 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.

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, 2022 – June 30, 2024) or expected to be taken in the Funds' June 30, 2025 tax returns. The Funds identify their major tax jurisdictions as U.S. Federal, and foreign jurisdictions where each Fund makes significant investments; however the

**The Quantified Funds NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) June 30, 2025**

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. and QEMFSF Ltd. are each an exempted Cayman Islands investment company. QEPF and QEMFSF have 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 and QEMFSF are each is a controlled foreign corporation ("CFC") and as such are not subject to U.S. income tax. However, as a wholly-owned CFC, the net income and capital gain of each CFC, to the extent of its earnings and profits, will be included each year in Quantified Evolution Plus Fund's and Quantified Eckhardt Managed Futures Strategy 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.

**3.** **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, 2025 for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Quantified Managed Income Fund | $1008762251 | $1030652528 |
| Quantified Market Leaders Fund | 1316859456 | 1368042696 |
| Quantified Alternative Investment Fund | 108331950 | 125168395 |
| Quantified STF Fund | 50916850 | 36325045 |
| Quantified Pattern Recognition Fund | 15513778 | 13755181 |
| Quantified Tactical Fixed Income Fund | 3564450 | 15624430 |
| Quantified Evolution Plus Fund | 26136841 | 27668184 |
| Quantified Common Ground Fund | 1020028819 | 1053159975 |
| Quantified Tactical Sectors Fund | 380390406 | 392193458 |
| Quantified Rising Dividend Tactical Fund | 57254313 | 69854523 |
| Quantified Government Income Tactical Fund | 5024579 | 6112202 |
| Quantified Global Fund | 307991668 | 249339315 |
| Quantified Eckhardt Managed Futures Strategy Fund | 51138632 | 26971225 |

---

**The Quantified Funds NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) June 30, 2025**

**4.** **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, 2025:

---

| | |
|:---|:---|
| **Derivative Investment Type** | **Location on the Statements of Assets and Liabilities** |
| Futures | Unrealized appreciation (depreciation) on futures |
| Swaps | Unrealized appreciation (depreciation) on swaps |

---

---

| | | |
|:---|:---|:---|
| | **Asset derivatives** | |
| Quantified Market Leaders Fund | Swaps - Equity Contracts | $4951193 |
| Quantified Alternative Investment Fund | Futures - Equity Contracts | 20455 |
| Quantified STF Fund | Futures - Equity Contracts | 11831293 |
| Quantified Tactical Fixed Income Fund | Swaps - Credit Contracts | 231488 |
| Quantified Evolution Plus Fund | Futures - Interest Rate Contracts | 224796 |
| Quantified Tactical Sectors Fund | Swaps - Equity Contracts | 2754701 |
| Quantified Rising Dividend Tactical Fund | Swaps - Equity Contracts | 597486 |

---

---

| | | |
|:---|:---|:---|
| | **Liability derivatives** | |
| Quantified Managed Income Fund | Futures - Interest Rate Contracts | $(56056) |
|  | Futures - Equity Contracts | (207687) |
| Quantified Alternative Investment Fund | Futures - Interest Rate Contracts | (1625) |
| Quantified Evolution Plus Fund | Swaps - Commodity Contracts | (91825) |
| Quantified Rising Dividend Tactical Fund | Swaps - Equity Contracts | (822) |
| Quantified Government Income Tactical Fund | Futures - Interest Rate Contracts | (12184) |

---

**The Quantified Funds NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) June 30, 2025**

---

| | | |
|:---|:---|:---|
| Transactions in derivative instruments during the six months ended June 30, 2025, were as follows: | Transactions in derivative instruments during the six months ended June 30, 2025, were as follows: | Transactions in derivative instruments during the six months ended June 30, 2025, were as follows: |
|  | **Statements of Operations location** | **Equity/Interest<br> Rate/Credit/Commodity<br> Contracts** |
| **Quantified Managed Income Fund** | **Net Realized gain (loss) from: <sup>(1)</sup>** |  |
| Interest Rate Risk | Futures | $2723684 |
| Equity Risk | Futures | (1357789) |
|  |  | 1365895 |
|  | **Net Change in unrealized appreciation (depreciation) on: <sup>(2)</sup>** |  |
| Interest Rate Risk | Futures | $88475 |
| Equity Risk | Futures | (207687) |
|  |  | (119212) |
| **Quantified Market Leaders Fund** | **Net Realized gain (loss) from: <sup>(1)</sup>** |  |
| Equity Risk | Swaps | $(10049731) |
|  | **Net Change in unrealized appreciation (depreciation) on: <sup>(2)</sup>** |  |
| Equity Risk | Swaps | $883113 |
| **Quantified Alternative Investment Fund** | **Net Realized gain (loss) from: <sup>(1)</sup>** |  |
| Interest Rate Risk | Futures | 57022 |
| Equity Risk | Futures | $(175800) |
|  |  | (118778) |
|  | **Net Change in unrealized appreciation (depreciation) on: <sup>(2)</sup>** |  |
| Equity Risk | Futures | $18386 |
| Interest Rate Risk | Futures | 24499 |
|  |  | 42885 |
| **Quantified STF Fund** | **Net Realized gain (loss) from: <sup>(1)</sup>** |  |
| Equity Risk | Futures | $(31740554) |
|  | **Net Change in unrealized appreciation (depreciation) on: <sup>(2)</sup>** |  |
| Equity Risk | Futures | $10383031 |
| **Quantified Pattern Recognition Fund** | **Net Realized gain (loss) from: <sup>(1)</sup>** |  |
| Equity Risk | Futures | $3022746 |
|  | **Net Change in unrealized appreciation (depreciation) on: <sup>(2)</sup>** |  |
| Equity Risk | Futures | $96709 |
| **Quantified Tactical Fixed Income Fund** | **Net Realized gain (loss) from: <sup>(1)</sup>** |  |
| Interest Rate Risk | Futures | $(939137) |
| Credit Risk | Swaps | (636465) |
|  | **Net Change in unrealized appreciation (depreciation) on: <sup>(2)</sup>** |  |
| Interest Rate Risk | Futures | $112931 |
| Credit Risk | Swaps | 255294 |
| **Quantified Evolution Plus Fund (Consolidated)** | **Net Realized gain (loss) from: <sup>(1)</sup>** |  |
| Commodity Risk | Futures | $5141200 |
| Equity Risk | Futures | (2060628) |
| Interest Rate Risk | Futures | (223407) |
|  |  | 2857165 |
| Commodity Risk | Swaps | (839046) |
| Equity Risk | Swaps | (4186649) |
|  |  | (5025695) |
|  | **Net Change in unrealized appreciation (depreciation) on: <sup>(2)</sup>** |  |
| Commodity Risk | Futures | $317880 |
| Equity Risk | Futures | (30413) |
| Interest Rate Risk | Futures | 224795 |
|  |  | 512262 |
| Commodity Risk | Swaps | (91825) |
| Equity Risk | Swaps | 14130 |
|  |  | (77695) |

---

**The Quantified Funds NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) June 30, 2025**

---

| | | |
|:---|:---|:---|
| | **Statements of Operations location** | **Equity/Interest<br> Rate/Credit/Commodity<br> Contracts** |
| **Quantified Tactical Sectors Fund** | **Net Realized gain (loss) from: <sup>(1)</sup>** |  |
| Equity Risk | Swaps | $(4766215) |
|  | **Net Change in unrealized appreciation (depreciation) on: <sup>(2)</sup>** |  |
| Equity Risk | Swaps | $506334 |
| **Quantified Rising Dividend Tactical Fund** | **Net Realized gain (loss) from: <sup>(1)</sup>** |  |
| Equity Risk | Swaps | $1015375 |
|  | **Net Change in unrealized appreciation (depreciation) on: <sup>(2)</sup>** |  |
| Equity Risk | Swaps | $(889101) |
| **Quantified Government Income Tactical Fund** | **Net Realized gain (loss) from: <sup>(1)</sup>** |  |
| Interest Rate Risk | Futures | $345253 |
|  | **Net Change in unrealized appreciation (depreciation) on: <sup>(2)</sup>** |  |
| Interest Rate Risk | Futures | $47937 |

---

<sup>(1)</sup> Statement of Operations location: Net realized gain (loss) from futures, Net realized gain (loss) from swaps.

<sup>(2)</sup> Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures, Net change in unrealized appreciation (depreciation) on swaps.

The derivative instruments outstanding as of June 30, 2025 as disclosed in the Schedules of Investments and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period 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 schedules 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.

*Counterparty Risk:* Each Fund may invest in swap contracts (the "Product") with Barclays or CIBC as the counterparty. If Barclays or CIBC becomes insolvent, 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

**The Quantified Funds NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) June 30, 2025**

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.

**5.** **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, 2025.

**Quantified Managed Income Fund:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Gross Amounts Not Offset in the** | **Gross Amounts Not Offset in the** | |
| **Liabilities:** | | | | **Statement of Assets & Liabilities** | **Statement of Assets & Liabilities** | |
| <u>**Description**</u> |<br>**Gross Amounts of** **<br> Recognized<br> Liabilities** |<br>**Gross Amounts** **<br> Offset in the<br> Statement of Assets<br> & Liabilities** |<br>**Net Amounts of** **<br> Liabilities Presented in the<br> Statement of Assets<br> & Liabilities** | **Financial** **<br> Instruments** | **Cash Collateral** **<br> Pledged<sup>(1)</sup>** |<br>**Net Amount** |
| Unrealized Depreciation on Futures | $(263743) | $- | $(263743) | $- | $263743 | $- |
| Total | $(263743) | $- | $(263743) | $- | $263743 | $- |

---

**Quantified Market Leaders Fund:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Gross Amounts Not Offset in the** | **Gross Amounts Not Offset in the** | |
| **Assets:** | | | | **Statements of Assets & Liabilities** | **Statements of Assets & Liabilities** | |
| <u>**Description**</u> |<br>**Gross Amounts** **<br> Presented in the<br> Statements of Assets<br> & Liabilities** |<br>**Gross Amounts** **<br> Offset in the<br> Statements of Assets<br> & Liabilities** |<br>**Net Amounts of** **<br> Assets Presented in the <br> Statements of Assets<br> & Liabilities** | **Financial** **<br> Instruments** | **Cash Collateral** **<br> Received** |<br>**Net Amount** |
| Unrealized Appreciation on Swaps | $4951193 | $- | $4951193 | $- | $- | $4951193 |
| Total | $4951193 | $- | $4951193 | $- | $- | $4951193 |

---

**Quantified Alternative Investment Fund:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Gross Amounts Not Offset in the** | **Gross Amounts Not Offset in the** | |
| **Assets:** | | | | **Statements of Assets & Liabilities** | **Statements of Assets & Liabilities** | |
| <u>**Description**</u> |<br>**Gross Amounts** **<br> Presented in the<br> Statements of Assets<br> & Liabilities** |<br>**Gross Amounts** **<br> Offset in the<br> Statement of Assets<br> & Liabilities** |<br>**Net Amounts of** **<br> Assets Presented in the<br> Statement of Assets<br> & Liabilities** | **Financial** **<br> Instruments** | **Cash Collateral** **<br> Received** |<br>**Net Amount** |
| Unrealized Appreciation on Futures | $20455 | $- | $20455 | $(1625) | $- | $18830 |
| Total | $20455 | $- | $20455 | $(1625) | $- | $18830 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Gross Amounts Not Offset in the** | **Gross Amounts Not Offset in the** | |
| **Liabilities:** | | | | **Statement of Assets & Liabilities** | **Statement of Assets & Liabilities** | |
| <u>**Description**</u> |<br>**Gross Amounts of** **<br> Recognized<br> Liabilities** |<br>**Gross Amounts** **<br> Offset in the <br> Statement of Assets<br> & Liabilities** |<br>**Net Amounts of<br> Libilities Presented in the** **<br> Statement of Assets<br> & Liabilities** | **Financial** **<br> Instruments** | **Cash Collateral** **<br> Pledged<sup>(1)</sup>** |<br>**Net Amount** |
| Unrealized Depreciation on Futures | $(1625) | $- | $(1625) | $1625 | $- | $- |
|  | $(1625) | $- | $(1625) | $1625 | $- | $- |

---

**The Quantified Funds NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) June 30, 2025**

**Quantified STF Fund:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Gross Amounts Not Offset in the** | **Gross Amounts Not Offset in the** | |
| **Assets:** | | | | **Statements of Assets & Liabilities** | **Statements of Assets & Liabilities** | |
| <u>**Description**</u> |<br>**Gross Amounts** **<br> Presented in the<br> Statements of Assets<br> & Liabilities** |<br>**Gross Amounts** **<br> Offset in the<br> Statement of Assets<br> & Liabilities** |<br>**Net Amounts** **<br> Presented in the<br> Statement of Assets<br> & Liabilities** | **Financial** **<br> Instruments** | **Cash Collateral** **<br> Received** |<br>**Net Amount** |
| Unrealized Appreciation on Futures | $11831293 | $- | $11831293 | $- | $- | $11831293 |
| Total | $11831293 | $- | $11831293 | $- | $- | $11831293 |

---

**Quantified Tactical Fixed Income Fund:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Gross Amounts Not Offset in the** | **Gross Amounts Not Offset in the** | |
| **Assets:** | | | | **Statements of Assets & Liabilities** | **Statements of Assets & Liabilities** | |
| <u>**Description**</u> |<br>**Gross Amounts<br> Presented in the<br> Statements of Assets<br> & Liabilities** |<br>**Gross Amounts<br> Offset in the<br> Statement of Assets<br> & Liabilities** |<br>**Net Amounts of<br> Assets Presented in the<br> Statement of Assets<br> & Liabilities** | **Financial<br> Instruments** | **Cash Collateral<br> Received** |<br>**Net Amount** |
| Unrealized Appreciation on Swaps | $231488 | $- | $231488 | $- | $- | $231488 |
| Total | $231488 | $- | $231488 | $- | $- | $231488 |

---

**Quantified Evolution Plus Fund:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Gross Amounts Not Offset in the** | **Gross Amounts Not Offset in the** | |
| **Assets:** | | | | **Statements of Assets & Liabilities** | **Statements of Assets & Liabilities** | |
| <u>**Description**</u> |<br>**Gross Amounts<br> Presented in the<br> Statements of Assets <br> & Liabilities** |<br>**Gross Amounts<br> Offset in the<br> Statements of Assets<br> & Liabilities** |<br>**Net Amounts of<br> Assets Presented in the<br> Statements of Assets<br> & Liabilities** | **Financial<br> Instruments** | **Cash Collateral<br> Received** |<br>**Net Amount** |
| Unrealized Appreciation on Futures | $224796 | $- | $224796 | $- | $- | $224796 |
| Total | $224796 | $- | $224796 | $- | $- | $224796 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Gross Amounts Not Offset in the** | **Gross Amounts Not Offset in the** | |
| **Liabilities:** | | | | **Statement of Assets & Liabilities** | **Statement of Assets & Liabilities** | |
| <u>**Description**</u> |<br>**Gross Amounts of<br> Recognied <br> Liabilities** |<br>**Gross Amounts<br> Offset in the<br> Statement of Assets<br> & Liabilities** |<br>**Net Amounts of<br> Liabilities Presented in the<br> Statement of Assets<br> & Liabilities** | **Financial<br> Instruments** | **Cash Collateral<br> Pledged<sup>(1)</sup>** |<br>**Net Amount** |
| Unrealized Depreciation on Swaps | $(91825) | - | $(91825) | $- | $- | $(91825) |
| Total | $(91825) | $- | $(91825) | $- | $- | $(91825) |

---

**Quantified Tactical Sectors Fund:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Gross Amounts Not Offset in the** | **Gross Amounts Not Offset in the** | |
| **Assets:** | | | | **Statements of Assets & Liabilities** | **Statements of Assets & Liabilities** | |
| <u>**Description**</u> |<br>**Gross Amounts** **<br> Presented in the<br> Statements of Assets<br> & Liabilities** |<br>**Gross Amounts** **<br> Offset in the<br> Statement of Assets<br> & Liabilities** |<br>**Net Amounts of** **<br> Assets Presented in the<br> Statement of Assets<br> & Liabilities** | **Financial** **<br> Instruments** | **Cash Collateral** **<br> Received** |<br>**Net Amount** |
| Unrealized Appreciation on Swaps | $2754701 | $- | $2754701 | $- | $- | $2754701 |
| Total | $2754701 | $- | $2754701 | $- | $- | $2754701 |

---

**The Quantified Funds NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) June 30, 2025**

**Quantified Rising Dividend Tactical Fund:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Gross Amounts Not Offset in the** | **Gross Amounts Not Offset in the** | |
| **Assets:** | | | | **Statements of Assets & Liabilities** | **Statements of Assets & Liabilities** | |
| **<br> <u>Description</u>** |<br>**Gross Amounts** **<br> Presented in the<br> Statements of Assets<br> & Liabilities** |<br>**Gross Amounts<br> Offset in the<br> Statement of Assets<br> & Liabilities** |<br>**Net Amounts of<br> Assets Presented in the** **<br> Statement of Assets &<br> Liabilities** | **Financial** **<br> Instruments** | **Cash Collateral** **<br> Received** |<br>**Net Amount** |
| Unrealized Appreciation on Swaps | $597486 | $- | $597486 | $(822) | $- | $596664 |
| Total | $597486 | $- | $597486 | $(822) | $- | $596664 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Gross Amounts Not Offset in the** | **Gross Amounts Not Offset in the** | |
| **Liabilities:** | | | | **Statement of Assets & Liabilities** | **Statement of Assets & Liabilities** | |
| **<br> <u>Description</u>** |<br>**Gross Amounts of** **<br> Recognized<br> Liabilities** |<br>**Gross Amounts<br> Offset in the<br> Statement of Assets<br> & Liabilities** |<br>**Net Amounts of** **<br> Liabilities Presented in the<br> Statement of Assets &<br> Liabilities** | **Financial** **<br> Instruments** | **Collateral** **<br> Pledged<sup>(1)</sup>** |<br>**Net Amount** |
| Unrealized Depreciation on Swaps | $(822) | $- | $(822) | $822 | $- | $- |
| Total | $(822) | $- | $(822) | $822 | $- | $- |

---

**Quantified Government Income Tactical Fund:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Gross Amounts Not Offset in the** | **Gross Amounts Not Offset in the** | |
| **Liabilities:** | | | | **Statement of Assets & Liabilities** | **Statement of Assets & Liabilities** | |
| <u>**<br> Description**</u> |<br>**Gross Amounts of** **<br> Recognized<br> Liabilities** |<br>**Gross Amounts<br> Offset in the<br> Statement of Assets** **<br> & Liabilities** |<br>**Net Amounts of** **<br> Liabilities Presented in the<br> Statement of Assets &<br> Liabilities** | **Financial** **<br> Instruments** | **Cash Collateral** **<br> Pledged<sup>(1)</sup>** |<br>**Net Amount** |
| Unrealized Depreciation on Futures | $(12184) | $- | $(12184) | $- | $12184 | $- |
| Total | $(12184) | $- | $(12184) | $- | $12184 | $- |

---

<sup>(1)</sup> The amount is limited to the derivative liability balance and accordingly does not include excess collateral pledged. Detailed collateral amounts are presented in the Statements of Assets and Liabilities.

**6.** **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 at an annual rate of 1.00%, except for Quantified Alternative Investment Fund, Quantified Managed Income Fund and Quantified Market Leaders Fund which pay 0.75%. There is no separate advisory fees payable to the CFCs. For the year or period ended June 30, 2025, each Fund accrued the following advisory fees:

**The Quantified Funds NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) June 30, 2025**

---

| | |
|:---|:---|
| Quantified Managed Income Fund | $1148571 |
| Quantified Market Leaders Fund | 1036759 |
| Quantified Alternative Investment Fund | 149760 |
| Quantified STF Fund | 1854303 |
| Quantified Pattern Recognition Fund | 369115 |
| Quantified Tactical Fixed Income Fund | 330527 |
| Quantified Evolution Plus Fund | 286793 |
| Quantified Common Ground Fund | 1507784 |
| Quantified Tactical Sectors Fund | 643511 |
| Quantified Rising Dividend Tactical Fund | 308717 |
| Quantified Government Income Tactical Fund | 345404 |
| Quantified Global Fund | 271360 |
| Quantified Eckhardt Managed Futures Strategy Fund | 295200 |

---

Pursuant to a liquidity program administrator agreement with the Funds, the Advisor, 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 Advisor, the Funds pay the Advisor out of pocket expenses and an annual fee of $9,000 per Fund. Pursuant to the liquidity program administrator agreement, the Advisor earned (net of voluntary waivers) the following fees in the Statements of Operations (miscellaneous expenses) for the year or period ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | **Fees** | **Waived** |
| Quantified Managed Income Fund | $9000 | $- |
| Quantified Market Leaders Fund | 9000 |  |
| Quantified Alternative Investment Fund | 9000 | (9000) |
| Quantified STF Fund | 9000 |  |
| Quantified Pattern Recognition Fund | 9000 | (9000) |
| Quantified Tactical Fixed Income Fund | 9000 |  |
| Quantified Evolution Plus Fund | 9000 |  |
| Quantified Common Ground Fund | 9000 |  |
| Quantified Tactical Sectors Fund | 9000 |  |
| Quantified Rising Dividend Tactical Fund | 9000 | (9000) |
| Quantified Government Income Tactical Fund | 9000 | (9000) |
| Quantified Global Fund | 9000 | (9000) |
| Quantified Eckhardt Managed Futures Strategy Fund | 6288 | (6288) |

---

*<u>Ultimus Fund Solutions, LLC ("UFS")</u>,* 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 Funds. 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:

*<u>Blu Giant, LLC</u>* <u>("Blu Giant")</u>*,* 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 Quantified Funds NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) June 30, 2025**

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 the Funds pay fees to the Ceros Financial Services, Inc. ("Ceros" or "Distributor") for providing distribution and/or shareholder services to the Funds. Under the Plans, Investor Class shares of a Funds 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 Funds' 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.

For the year or period ended June 30, 2025, pursuant to the Rule 12b-1 Plan, each Fund accrued:

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Advisor Class** | **Total** |
| Quantified Managed Income Fund | $380504 | $9411 | $389915 |
| Quantified Market Leaders Fund | 345228 | 1432 | 346660 |
| Quantified Alternative Investment Fund | 49778 | 567 | 50345 |
| Quantified STF Fund | 453514 | 40246 | 493760 |
| Quantified Pattern Recognition Fund | 92279 |  | 92279 |
| Quantified Tactical Fixed Income Fund | 82632 |  | 82632 |
| Quantified Evolution Plus Fund | 71698 |  | 71698 |
| Quantified Common Ground Fund | 376607 | 1355 | 377962 |
| Quantified Tactical Sectors Fund | 160878 |  | 160878 |
| Quantified Rising Dividend Tactical Fund | 77179 |  | 77179 |
| Quantified Government Income Tactical Fund | 86351 |  | 86351 |
| Quantified Global Fund | 67840 |  | 67840 |
| Quantified Eckhardt Managed Futures Strategy Fund | 68453 | 21387 | 89840 |

---

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 of accounts, not otherwise required to be provided by the Advisor. Ceros is an affiliate of the Advisor.

For the year or period ended June 30, 2025, pursuant to the Shareholder Services Agreement, each Fund accrued:

---

| | |
|:---|:---|
| | **Investor Class** |
| Quantified Managed Income Fund | $228303 |
| Quantified Market Leaders Fund | 207137 |
| Quantified Alternative Investment Fund | 29867 |
| Quantified STF Fund | 272100 |
| Quantified Pattern Recognition Fund | 55367 |
| Quantified Tactical Fixed Income Fund | 49579 |
| Quantified Evolution Plus Fund | 43019 |
| Quantified Common Ground Fund | 225964 |
| Quantified Tactical Sectors Fund | 96527 |
| Quantified Rising Dividend Tactical Fund | 46308 |
| Quantified Government Income Tactical Fund | 51811 |
| Quantified Global Fund | 40704 |
| Quantified Eckhardt Managed Futures Strategy Fund | 41072 |

---

**The Quantified Funds NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) June 30, 2025**

During the year ended June 30, 2025, 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, Quantified Government Income Tactical Fund and Quantified Global Fund received $268,294, $138,335, $27,504, $462, $331, $579, $1,402, $314,639, $33,317, $7,687, $836 and $210,606 in trade commissions, respectively.

Each Trustee who is not an "interested person" of the Trust or Advisor is compensated at a rate of $72,000 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.

**7.** **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 its respective gross unrealized appreciation and depreciation at June 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| Quantified Managed Income Fund | $127824847 | $1203934 | $(1019210) | $184724 |
| Quantified Market Leaders Fund | 158188606 | 8322011 | (1525871) | 6796140 |
| Quantified Alternative Investment Fund | 5964363 | 72018 | (37517) | 34501 |
| Quantified STF Fund | 160809884 | 3376 | (1282413) | (1279037) |
| Quantified Pattern Recognition Fund | 46187136 | 6614 | (22112) | (15498) |
| Quantified Tactical Fixed Income Fund | 8558426 | 261196 | (29340) | 231856 |
| Quantified Evolution Plus Fund | 12181613 | 713328 | (809293) | (95965) |
| Quantified Common Ground Fund | 124972247 | 2271425 | (2724259) | (452834) |
| Quantified Tactical Sectors Fund | 65034640 | 6193325 | (106946) | 6086379 |
| Quantified Rising Dividend Tactical Fund | 25880495 | 1586595 | (1466653) | 119942 |
| Quantified Government Income Tactical Fund | 40561361 | 171 | (35520) | (35349) |
| Quantified Global Fund | 76942093 | 3027988 | (696748) | 2331240 |
| Quantified Eckhardt Managed Futures Strategy Fund | 43975824 | 860696 | (5807350) | (4946654) |

---

**The Quantified Funds NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) June 30, 2025**

**8.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of distributions paid for the years ended June 30, 2025, and June 30, 2024, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Tax Exempt<br> Income** | **Total** |
| Quantified Managed Income Fund | $4949591 | $– $|  | $– $| 4949591 |
| Quantified Alternative Investment Fund | 463917 | – |  | – | 463917 |
| Quantified STF Fund | 10088771 | – |  | – | 10088771 |
| Quantified Pattern Recognition Fund | 1136484 | – |  | – | 1136484 |
| Quantified Tactical Fixed Income Fund | 1178463 | – |  | – | 1178463 |
| Quantified Evolution Plus Fund | 1074046 | – |  | – | 1074046 |
| Quantified Common Ground Fund | 6349357 | – |  | – | 6349357 |
| Quantified Government Income Tactical Fund | 924528 | – |  | – | 924528 |
| Quantified Global Fund | 549614 | – |  | – | 549614 |
| Quantified Eckhardt Managed Futures Strategy Fund | 92869 | – |  | – | 92869 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the period ended June 30, 2024:** | **For the period ended June 30, 2024:** | **For the period ended June 30, 2024:** | **For the period ended June 30, 2024:** | **For the period ended June 30, 2024:** |
| <br>**Portfolio** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Tax Exempt<br> Income** | **Total** |
| Quantified Managed Income Fund | $5579669 | $- | $- | $- | $5579669 |
| Quantified Market Leaders Fund | 4604181 |  |  |  | 4604181 |
| Quantified Alternative Investment Fund | 149386 |  |  |  | 149386 |
| Quantified STF Fund | 1890831 |  |  |  | 1890831 |
| Quantified Pattern Recognition Fund | 1090186 |  |  |  | 1090186 |
| Quantified Tactical Fixed Income Fund | 46531 |  |  |  | 46531 |
| Quantified Evolution Plus Fund | 2819019 |  |  |  | 2819019 |
| Quantified Common Ground Fund | 306845 |  |  |  | 306845 |
| Quantified Tactical Sectors Fund | 4254456 |  |  |  | 4254456 |
| Quantified Rising Dividend Tactical Fund | 284803 |  |  |  | 284803 |
| Quantified Government Income Tactical Fund | 813095 |  |  |  | 813095 |

---

As of June 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

**The Quantified Funds NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) June 30, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-Term<br> Capital Gains** | **Post October<br> Loss and<br> Late Year Loss** | **Capital Loss<br> Carry<br> Forwards** | **Other<br> Book/Tax<br> Differences** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Total<br> Accumulated<br> Earnings/(Deficits)** |
| Quantified Managed Income Fund | $2512261 | $- | $- | $(23272548) | $– $| 184724 | $(20575563) |
| Quantified Market Leaders Fund | 1396524 |  | (5103292) | (61518610) | – | 6796140 | (58429238) |
| Quantified Alternative Investment Fund | 77110 |  |  | (4462939) | – | 34501 | (4351328) |
| Quantified STF Fund | 3843414 |  | (9910280) | (12311446) | – | (1279037) | (19657349) |
| Quantified Pattern Recognition Fund | 365237 |  |  | (9589006) | – | (15498) | (9239267) |
| Quantified Tactical Fixed Income Fund | 947611 |  |  | (52067585) | – | 231856 | (50888118) |
| Quantified Evolution Plus Fund | 5862305 |  |  | (18795460) | – | (95965) | (13029120) |
| Quantified Common Ground Fund | 147823 |  | (8935061) |  | – | (452834) | (9240072) |
| Quantified Tactical Sectors Fund | 212966 |  |  | (46177625) | – | 6086379 | (39878280) |
| Quantified Rising Dividend Tactical Fund | 61288 |  |  | (2252400) | – | 119942 | (2071170) |
| Quantified Government Income Tactical Fund | 457610 |  |  | (14939791) | – | (35349) | (14517530) |
| Quantified Global Fund | 799553 |  | (708907) |  | – | 2331240 | 2421886 |
| Quantified Eckhardt Managed Futures Strategy Fund | 588962 | 702166 |  |  | – | (4946654) | (3655526) |

---

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, mark-to-market on open Section 1256 contracts, swap contracts, passive foreign investment companies, corporation return of capital distributions and tax differences related to partnership investments.

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<br> Losses** |
| Quantified Market Leaders Fund | $5103292 |
| Quantified STF Fund | 9910280 |
| Quantified Common Ground Fund | 8935061 |
| Quantified Global Fund | 708907 |

---

At June 30, 2025, the Funds below had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carryforwards utilized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short-Term** | **Long-Term** | **Total** | **CLCF Utilized** |
| Quantified Managed Income Fund | $12866876 | $10405672 | $23272548 | $1979840 |
| Quantified Market Leaders Fund | 59992877 | 1525733 | 61518610 |  |
| Quantified Alternative Investment Fund | 4173498 | 289441 | 4462939 |  |
| Quantified STF Fund | 4880605 | 7430841 | 12311446 |  |
| Quantified Pattern Recognition Fund | 3760674 | 5828332 | 9589006 | 3134956 |
| Quantified Tactical Fixed Income Fund | 23465232 | 28602353 | 52067585 |  |
| Quantified Evolution Plus Fund | 12205734 | 6589726 | 18795460 |  |
| Quantified Common Ground Fund |  |  |  | 675670 |
| Quantified Tactical Sectors Fund | 46177625 |  | 46177625 |  |
| Quantified Rising Dividend Tactical Fund |  | 2252400 | 2252400 | 5753583 |
| Quantified Government Income Tactical Fund | 6086119 | 8853672 | 14939791 | 393538 |

---

**The Quantified Funds NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) June 30, 2025**

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of non-deductible expenses, net operating losses, distributions in excess, and tax adjustments related to certain funds wholly owned subsidiaries', resulted in reclassification for the period ended June 30, 2025, as follows:

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| | | |
|:---|:---|:---|
|  | **Paid In<br> Capital** | **Accumulated<br> Earnings (Losses)** |
| Quantified Market Leaders Fund | $(1421582) | $1421582 |
| Quantified Evolution Plus Fund | (290793) | 290793 |
| Quantified Tactical Sectors Fund | (354873) | 354873 |
| Quantified Rising Dividend Tactical Fund | (152854) | 152854 |
| Quantified Eckhardt Managed Futures Strategy Fund | (1688437) | 1688437 |

---

**9.** **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, 2025, Axos Clearing LLC held 77.36% of the Quantified Managed Income Fund, 81.72% of the Quantified Market Leaders Fund, 70.76% of the Quantified Alternative Investment Fund, 63.71% of the Quantified STF Fund, 81.54% of the Quantified Pattern Recognition Fund, 76.91% of the Quantified Tactical Fixed Income Fund, 85.19% of the Quantified Evolution Plus Fund, 70.29% of the Quantified Common Ground Fund, 83.64% of the Quantified Tactical Sectors Fund, 83.88% of the Quantified Rising Dividend Tactical Fund, 81.71% of the Quantified Government Income Tactical Fund, 73.38% of the Quantified Global Fund and 62.68% of the Quantified Eckhardt Managed Future Strategy Fund.

**10.** **UNDERLYING INVESTMENT IN OTHER INVESTMENT COMPANIES** 

The following Funds currently invest greater than 25% of their net assets in the corresponding investments. The Funds may redeem these investments at any time if the Advisor or Subadvisor determines that it is in the best interest of the Funds and their shareholders to do so. The performance of the Fund will be directly affected by the performance of the investments. Other than Mount Vernon Liquid Assets Portfolio, LLC and Galaxy Plus Fund LLC Evolution Strategy Financials Feeder Fund, 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. Upon request by a Quantified Eckhardt Managed Futures Strategy Fund shareholder, the Fund will provide the financial statements of the Galaxy Plus Fund LLC Evolution Strategy Financials Feeder Fund.

**The Quantified Funds NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Fund** | **Investment** | **Percentage of<br> Net Assets** |
| Quantified Market Leaders Fund | Mount Vernon Liquid Assets Portfolio, LLC | 32.3% |
| Quantified STF Fund | Fidelity Government Portfolio Class I | 35.3% |
|  | First American Government Obligations Fund Class Z | 35.2% |
| Quantified Pattern Recognition Fund | Fidelity Government Portfolio Class I | 45.7% |
|  | First American Government Obligations Fund Class Z | 45.7% |
| Quantified Tactical Fixed Income Fund | Fidelity Government Portfolio Class I | 43.4% |
|  | First American Government Obligations Fund Class Z | 43.3% |
| Quantified Evolution Plus Fund | Fidelity Government Portfolio Class I | 43.1% |
|  | First American Government Obligations Fund Class Z | 43.1% |
| Quantified Common Ground Fund | iShares 7-10 Year Treasury Bond ETF | 25.8% |
| Quantified Tactical Sector Fund | Mount Vernon Liquid Assets Portfolio, LLC | 37.9% |
| Quantified Government Income Tactical Fund | Fidelity Government Portfolio Class I | 48.1% |
|  | First American Government Obligations Fund Class Z | 48.1% |
| Quantified Eckhardt Managed Futures Strategy Fund | Galaxy Plus Fund LLC Evolution Strategy Financials Feeder Fund | 31.7% |
|  | Fidelity Government Portfolio Class I | 51.2% |

---

**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, at the time of the loan, 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, 2025, 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:

---

| | | |
|:---|:---|:---|
| **Fund** | **Value of <br> Securities<br> Loaned** | **Overnight and Continuous<br> Value of <br> Collateral\*** |
| Quantified Managed Income Fund | $19972212 | $20375870 |
| Quantified Market Leaders Fund | 39529885 | 40195714 |
| Quantified Alternative Investment Fund | 976228 | 990291 |
| Quantified STF Fund | 81643 | 82769 |
| Quantified Evolution Plus Fund | 42618 | 43388 |
| Quantified Common Ground Fund | 6286698 | 6380608 |
| Quantified Tactical Sectors Fund | 19153356 | 19534237 |

---

\* 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.

**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

**The Quantified Funds NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) June 30, 2025**

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 October 30, 2025. During the year ended June 30, 2025, the Quantified Common Ground Fund was the only Fund that accessed the line of credit as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Average Amount<br> Borrowings<br> Outstanding** | **Interest<br> Expense** | **Average<br> Interest Rate** | **Outstanding<br> Borrowings <br> June 30, <br> 2025** |
| Quantified Common Ground Fund | $6132000 | $1448 | 8.50% | $- |

---

**13.** **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.

![](img_001.jpg)

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

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, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and 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, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of<br> Operations** | **Statement(s) of<br> Changes in Net Assets** | **Financial Highlights** |
| 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\*, and Quantified Common Ground Fund | For the year ended June 30, 2025 | For the years ended June 30, 2025 and 2024 | For the years ended June 30, 2025, 2024, 2023, 2022, and 2021 |
| Quantified Tactical Sectors Fund | For the year ended June 30, 2025 | For the years ended June 30, 2025 and 2024 | For the years ended June 30, 2025, 2024, 2023, and 2022, and for the period from March 4, 2021 (commencement of operation) through June 30, 2021 |
| Quantified Rising Dividend Tactical Fund | For the year ended June 30, 2025 | For the years ended June 30, 2025 and 2024 | For the years ended June 30, 2025, 2024, 2023, and 2022, and for the period from April 14, 2021 (commencement of operations) through June 30, 2021 |

---

![](img_002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Quantified Government Income Tactical Fund | For the year ended June 30, 2025 | For the years ended June 30, 2025 and 2024 | For the years ended June 30, 2025, 2024, 2023, and 2022, and for the period from April 15, 2021 (commencement of operations) through June 30, 2021 |
| Quantified Global Fund | For the year ended June 30, 2025 | For the year ended June 30, 2025 and for the period from November 29, 2023 (commencement of operations) through June 30, 2024 | For the year ended June 30, 2025 and for the period from November 29, 2023 (commencement of operations) through June 30, 2024 |
| Quantified Eckhardt Managed Futures Strategy Fund\* | For the period from October 16, 2024 (commencement of operations) through June 30, 2025 | For the period from October 16, 2024 (commencement of operations) through June 30, 2025 | For the period from October 16, 2024 (commencement of operations) through June 30, 2025 |

---

\* The financial statements referred to throughout are Consolidated Financial Statements

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, 2025, by correspondence with the custodians 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 Funds' auditor since 2012.

![](img_003.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

August 29, 2025

**<u>PROXY VOTING POLICY</u>**

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, by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov, or by visiting www.advisorspreferred.com/quantified-funds.

**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

**The Quantified Funds**

**ADDITIONAL INFORMATION (Unaudited)**

**June 30, 2025**

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

**Approval of the Renewal of the Investment Advisory and Sub-Advisory Agreements for 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, Quantified Government Income Tactical Fund and Quantified Global Fund (all together the "Quantified Funds").**

At an in-person Board meeting held on May 21, 2025 (the "Meeting"), 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 Funds: Managed Income, Market Leaders, Alternative Investment (and its subsidiary) ("QAIF Fund Limited"), respectively; STF, Tactical Fixed Income, Evolution Plus Plan and its subsidiary, ("QEPF Fund Limited"), Common Ground, Pattern Recognition, Tactical Sectors, Rising Dividend Tactical, Government Income and Global. The Board also considered the renewal of each sub-advisory agreement (the "Sub-Advisory Agreements") between the Adviser and Flexible Plan Investments, Ltd. (the "Sub-Adviser" or "Flexible Plan" or "FPI")). The Board and Directors of the QAIF Fund Limited, QEPF Fund Limited, each a wholly owned foreign subsidiary of Alternative Investment and Evolution Plus respectively, approved the renewal of the investment advisory agreements between QAIF Fund Limited and QEPF Fund Limited and the Adviser (the "Subsidiary Advisory Agreements") as well as the subsidiary sub-advisory agreements (the "Subsidiary Sub-Advisory Agreements") between the Adviser and Flexible Plan with respect to the QAIF Fund Limited and QEPF Fund Limited. The Fund level agreements and subsidiary agreements are referred to collectively for convenience and references to a Fund include the subsidiary as the context indicates; collectively (the "Advisory Agreements"). The Trustees' and Directors' deliberations are presented as collective deliberations as they were conducted concurrently and refences to the Board also include the Directors.

**The Quantified Funds**

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

**June 30, 2025**

The Board then reviewed and discussed the written materials that were provided by Advisers Preferred, LLC, and Flexible Plan, in advance of the Meeting and deliberated on the renewal of the Advisory Agreements with respect to Quantified Funds. The Board members relied upon the advice of independent legal counsel and their own business judgement in determining the material factors to be considered in evaluating the Advisory Agreements with respect to Quantified Funds. The Board conducted some of their deliberations on a joint basis for the Adviser and Flexible Plan the given the close working relationship of the Adviser and Sub-Adviser and conducted their deliberations on a consolidated basis for the Funds that have a subsidiary.

***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 and trade execution, are 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 the Quantified Funds, including the team of individuals that primarily monitor and execute the investment and administration process, and the respective portfolio managers. The Board considered the depth of resources of the Adviser and the Sub-Adviser. Further the Board reviewed 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 noted that each of the Adviser and Sub-Adviser have adopted procedures reasonably necessary to prevent Access Persons from violating such Code of Ethics.

*<u>Advisors Preferred, LLC</u>:*

The Board reviewed the balance sheet of the Adviser as of March 31, 2025, and the income statement and balance sheet at March 31, 2025 and the profit and loss statement for January through March 31, 2025. The Board also reviewed the audited financials of the Adviser as of December 31, 2024. The Adviser reported $1.5 billion in total assets under management in active mutual funds and Ms. Ayers-Rigsby noted the commitment from Adviser to raise assets and fees as discussed earlier. The Board confirmed with Ms. Ayers-Rigsby that the Adviser has access to additional capital if so required.

The Board discussed the Adviser's compliance program with the CCO of the Trust. The Board considered that the CCO of the Trust also serves as CCO of the Adviser and was recently appointed to serve as the CCO for The North Country Funds. The Trustees acknowledged they are confident in her abilities with respect to all positions, and Trustees were comfortable that if a conflict of interest were to arise, counsel would be called upon for a solution. 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

**The Quantified Funds**

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

**June 30, 2025**

and resources to ensure the compliance procedures of the Trust are updated in accordance with current SEC rules. The Board considered that the cybersecurity risk of the Adviser is managed by Sikich LLP (a cybersecurity consultancy)with no data breaches reported. The Board discussed the overall technology of the Adviser with the CCO. The Adviser confirmed adequate Directors & Officers Error & Omissions Professional Liability Insurance ("E&O/E&O") is in place. Counsel noted the Board had previously reviewed the business continuity plan for the Adviser. The Board concluded that the Adviser has qualified professionals, resources, and compliance policies essential to performing its duties under the Advisory Agreements. The Board reviewed financial statements of the Adviser and concluded it has sufficient financial resources to fulfill Trust-related obligations, based in part on a representation that the Adviser has access to additional capital, as needed.

*<u>Flexible Plan</u>:*

The Board reviewed the balance sheet as of December 31, 2024 and profit & loss statement for calendar year ended December 31, 2024 from Flexible Plan and confirmed there were no changes to its financial conditions since then. The Board recalled the presentation by the Sub-Adviser and earlier discussions concerning reverse breakpoint fee splits, and the financial stability of FPI. The Board noted that over 60% of the assets managed by Flexible Plan are directed into purchases of the Gold Funds and Quantified Funds. The Board saw that Mr. Wagner remains dedicated to growing the Funds as investment vehicles under the various strategies for his clients, and determined Flexible Plan is financially equipped to continue to serve the Flex Funds as Sub-Adviser.

The Board confirmed with the CCO that she works closely with the CCO of FPI, and she had reviewed the policies and procedures manual of the Sub-Adviser, including latest revisions and business continuity plans. The Board confirmed that cybersecurity risk management is the responsibility of the Chief Information Officer/Chief Insurance Security Officer of Flexible Plan and that there were no reported breaches. The Trustees also noted that FPI has D&O/E&O coverage.

The Board determined that Flexible Plan has a compliance program in place that is reasonably designed to prevent violation of the applicable federal securities laws. The Board noted they are familiar with the portfolio managers of the Sub-Adviser and their qualifications in managing the Quantified Funds.

***Performance.*** The Board considered that the Adviser delegates day-to-day investment decisions to the Sub-Adviser and, therefore, does not directly control the performance of the Funds. The Board considered the Adviser's other responsibilities under the Advisory Agreements, including with respect to trade oversight, reviewing daily positions and balance reports for the Quantified Funds, obtaining derivative agreements, and reporting to the Board. The Trustees kept in mind that the Sub-Adviser's emphasis is how their strategies work and it use of the Funds as rotational vehicles, not necessarily for individual Fund performance. The Trustees concluded that the Adviser appears to be properly and reasonably monitoring the Sub-Adviser's adherence to the respective Quantified Fund's investment objectives and to be carrying out its functions appropriately.

**The Quantified Funds**

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

**June 30, 2025**

With respect to the performance, the Board reviewed the Sub-Adviser's daily management and investment strategies and considered the updated performance of each of the Quantified Funds through March 31, 2025 compared to their primary benchmark and Morningstar category for various periods provided by the Adviser. Counsel noted there were additions/changes to Morningstar categories presented for certain Quantified Funds for a more comprehensive comparison. The Board recalled the earlier detailed presentations by the portfolio manager of Flexible Plan with respect to strategy and each Quantified Fund's performance for various periods with explanations for over/under performance.

*<u>Quantified Managed Income Fund</u>:* With respect to Managed Income, (as measured by Investor Class shares) the Board noted the Fund lagged the Morningstar category for the one-, three-, five- and since-inception periods ended March 31, 2025. With respect to the Bloomberg Aggregate Bond Index, its benchmark, the Fund underperformed for the one- three- and since-inception periods ended March 31, 2025 while outperforming for the five-year period. The Board reviewed the Fund's positive return for all periods and reflected on the Fund's total return seeking strategy and observed the performance of each of the dividend paying stock, high-yield bond trading sleeve and rotational ETF sleeve and its effect on the Fund's performance whether good or bad with resulting swings in performance. The Board recalled the Sub-Adviser's earlier discussion on the strategy, and how Flexible Plan uses the Fund as a diversifying investment without purely focusing on the specific performance of the Fund. The Board concluded that Managed Income performance, while below expectations, 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.

*<u>Quantified Alternative Investment Fund (and subsidiary)</u>:* For Alternative Investment, the Board noted the Fund (as measured by Investor Class shares) underperformed the S&P 500 for the one-, three-, five-, and since-inception periods ended March 31, 2025. The Board discussed how the Fund's strategy can lead to investment in ultra-long futures, thus making it difficult to benchmark. The Trustees further noted the Fund lagged the Morningstar Macro Trading category for the one- three- and five-year periods. The Board acknowledged that the S&P 500 does not directly correspond to the Fund's investment strategy and noted that the Macro Trading category follows the alternative investment strategy of the Fund more closely and the Funds underperformance is more comparable. The Board concluded the Fund's performance, while below expectations, was acceptable.

*<u>Quantified Market Leaders Fund</u>:* The Board noted that Market Leaders (as measured by Investor Class shares) underperformed the MSCI ACWI Net Index for all periods reviewed. The Fund outperformed the Morningstar Tactical Allocation category for the five-year and ten year periods, while lagging for the one- and three-year period ended March 31, 2025. The Board noted the changes to sector allocation as discussed and acknowledged that the nature of the Fund's strategy had led to periods of underperformance. The Board noted the Sub-Adviser's refinements are designed to improve performance and serve to mitigate risk. The Board concluded that because of the Fund's novel nature and strategy, performance was acceptable.

**The Quantified Funds**

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

**June 30, 2025**

*<u>Quantified STF Fund</u>:* The Board acknowledged the Fund (as measured by Investor Class shares) underperformed its benchmark, NASDAQ 100 Total Return Index, and the Morningstar Tactical Allocation category for all periods ended March 31, 2025. The Board noted that the Fund's strategy includes a risk management element, with market exposure mitigates triggered in part by volatility which can result in a whipsaw effect to the Fund and is the main cause of its underperformance. It was acknowledged by the Board that the signals utilized in the STF strategy are not always correct in identifying and amplifying trending markets when there is such high volatility. The Board discussed how the Morningstar Tactical Sector is not a perfect comparison, yet somewhat informative. The Board concluded performance was acceptable.

*<u>Quantified Tactical Fixed Income Fund</u>:* Tactical Fixed (as measured by Investor Class shares) lagged both its benchmark, Bloomberg Aggregate Bond Index, and the Morningstar Nontraditional Bond category for all periods ended March 31, 2025. The Board acknowledged the recent change in strategy to focus on high yield bonds differentiating the Fund from the Government Income and deemphasizing U.S. Treasuries in an attempt to find higher returns. The Board determined additional time was needed for the Fund's new strategy to improve the Fund's performance. The Board concluded performance was nonetheless acceptable.

*<u>Quantified Evolution Plus Fund (and Subsidiary)</u>:* The Board reviewed the Fund's performance (as measured by Investor Class shares) for the one-year period ended March 31, 2025, and noted the Fund outperformed both the S&P 500 Index, and the Morningstar Tactical Allocation category. The Fund outperformed the Morningstar Tactical Allocation period for the three-year period as well but lagged for the five-year period. Longer term, the Fund underperformed the S&P 500 Index for the three-, five year and since inception periods. The Trustees discussed the various sources causing the Fund's underperformance. The Board realized 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 adjustments to the Fund's allocation strategy may improve performance but concluded performance is considered acceptable.

*<u>Quantified Common Ground Fund</u>:* For all periods ended March 31, 2025, Common Ground (as measured by Investor Class shares) underperformed its benchmarks, the S&P 1500 Index, and the Morningstar Tactical Allocation category except with respect to the one-year period when the Fund beat the Morningstar category. The Board noted that for the since inception period the Fund was slightly behind the S&P 1500 Index. The Board took into consideration that the Fund filters portfolio investments using both SRI (Socially Responsible Investing) and BRI (Biblically Responsible Investing) standards which can lead to periods of under or over performance as these sectors can fall in and out of favor. The Board determined to continue monitoring performance and found it is currently acceptable.

*<u>Quantified Pattern Recognition Fund</u>:* For the one-, three-, five-year, and since-inception periods ended March 31, 2025, the Board noted the Fund (as measured by Investor Class shares) underperformed its benchmark S&P 500 Index, while also lagging the Morningstar Large Blend category for the one-, three- and five-year periods. The Board discussed and took into

**The Quantified Funds**

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

**June 30, 2025**

consideration the Sub-Adviser's ongoing refinement of the Fund's strategy including refined trend following, mean reversion, and pattern recognition sub-strategies. The Board agreed to continue to monitor the Fund's performance, and concluded performance was considered acceptable.

*<u>Quantified Tactical Sectors Fund</u>:* The Board reviewed the Fund's performance (as measured by Investor Class shares) for the one-, three- year and since-inception periods ended March 31, 2025, and found the Fund trailed both the S&P 500 Index and the Morningstar Large Blend category. The Board noted the Fund's positive performance for the three-year period. The Board noted the Sub-Adviser's adjustments to the industry sectors strategy and mean reversion strategy in an attempt to improve future performance and agreed to monitor the Fund's performance, but concluded performance, while below expectations, was acceptable.

*<u>Quantified Government Income Tactical Fund</u>:* The Board reviewed the Fund's performance (as measured by Investor Class shares) for periods ended March 31, 2025 and found it had underperformed the Bloomberg Aggregate Bond Index and the Morningstar Intermediate Core Bond category for the one-, three-year and since-inception periods. The Board noted that the since-inception Morningstar Intermediate Core Bond category comparison was unavailable. The Board noted the Sub-Adviser's ongoing plans to adjust to a more tactical strategy sensitive to changes in interest rates to attempt to enhance returns. The Board agreed to continue to monitor the Fund's performance, and concluded it was acceptable in light of the Sub-Adviser's plans.

*<u>Quantified Rising Dividend Tactical Fund</u>:* The Board reviewed the Fund's performance (as measured by Investor Class shares) for one-, three year and since inception periods ended March 31, 2025, and found it lagged both the S&P 500 Index and the Morningstar Large Blend category. The Sub-Adviser had discussed how the Fund avoided the first market downturn in 2024, but stock selection (with a dividend focused strategy) had caused the Fund to underperform. The Sub-Adviser continues investments in dividend paying ETFs with exposure to weighted indexed ETFs and continues to attempt to maintain lower drawdowns. The Board noted the specialized nature of the Fund and that the Fund is not an index fund. The Trustees will continue to monitor the Fund's performance, but concluded it was nonetheless acceptable.

*<u>Quantified Global Fund</u>:* The Board found the Fund's performance for the one-year and since inception periods ended March 31, 2025 exceeded its benchmark, the MSCI ACWI and the Morningstar Global category. The Fund trailed its benchmark since its inception on November 29, 2023 while the Morningstar Global category was unavailable. The Board determined it best to reassess Fund performance at a later date, but concluded performance was acceptable.

In summary, for the performance of the Quantified Funds, the Board felt that with Adviser oversight, under the sub-adviser's portfolio management, and with relevant strategy refinements, all the Quantified Funds are expected to continue to provide acceptable returns for shareholders over the long term.

**The Quantified Funds**

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

**June 30, 2025**

***Fees and Expenses:*** As to the costs of the services provided to each 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 or categories as presented in the Meeting Materials. The Board acknowledged that the Adviser pays the sub-adviser directly consistent with agreements and any breakpoints in effect.

*<u>Quantified Managed Income Fund</u>:* The Board noted the advisory fee of 0.75% for Managed Income was within range of the Morningstar Conservative Allocation category, and above average and well below the maximum management fee. The Trustees discussed net expenses of 1.67% for Investor Class shares and found it was above average of the net expenses for the Morningstar Conservative Allocation category, but within range. With regards to Adviser Class shares, the Trustees noted the net expense ratio of 2.26% was within range and below the maximum net expenses for the Morningstar Conservative Allocation category range of expenses.

*<u>Quantified Market Leaders Fund</u>:* The Board noted the advisory fee of 0.75% for Market Leaders was below average for the Morningstar Tactical Allocation category, and below the maximum management fee. The Trustees discussed net expenses of 1.48% for Investor Class shares and found they were below average for the net expenses for the Morningstar Tactical Allocation A Class category. With regards to Adviser Class shares, the Trustees noted the net expense ratio of 2.08% was below the average of the net expense ratio for the Morningstar Tactical Allocation C Class category.

*<u>Quantified Alternative Investment Fund (and subsidiary)</u>:* The Board noted the 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 2.70% for Investor Class shares and found them above the average and above the maximum range for net expenses for the Morningstar Macro Trading A Class category. With regards to Adviser Class shares, the Board noted the net expense ratio of 3.36% was above both the average and the maximum net expense ratio for the Morningstar Macro Trading C Class category. The Trustees concluded that the above range total expenses were acceptable because they are not within the Adviser's nor Sub-Adviser's control.

*<u>Quantified STF Fund</u>:* The Board noted the advisory fee of 1.00% for STF was within range and well below the maximum of the Morningstar Tactical Allocation category. The Trustees discussed net expenses of 1.69% for Investor Class shares and found they were 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 2.29% was slightly below the average and well below the maximum net expense ratio for the Morningstar Tactical Allocation C Class category.

*<u>Quantified Tactical Fixed Income Fund</u>:* The Board noted the 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 net expenses of 1.65% for Investor Class

**The Quantified Funds**

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

**June 30, 2025**

shares and found it within range of net expenses for the Morningstar Nontraditional Bond A Class category. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.25% was above the average and well below the maximum net expense ratio for the Morningstar Nontraditional Bond C Class category.

*<u>Quantified Evolution Plus Fund (and subsidiary)</u>:* The Board noted the advisory fee of 1.00% for Evolution Plus was within range of the Morningstar Tactical Allocation category. The Trustees discussed net expenses of 1.74% for Investor Class shares and found they were 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 expense ratio of 2.34% was slightly below the average net expense ratio for the Morningstar Tactical Allocation Class C Class category.

*<u>Quantified Common Ground Fund</u>:* The Board noted the 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 net expenses of 1.72% for Investor Class shares and found them below the maximum and within range of the net expense for the Morningstar Mid Cap Blend A Class category. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.32% was within range of net expense ratio for the Morningstar Mid Cap Blend C Class category and below the maximum net expenses.

*<u>Quantified Pattern Recognition Fund</u>:* The Board noted the advisory fee of 1.00% for Pattern Recognition was within range for the Morningstar Large Blend category and below the maximum management fee. The Trustees discussed net expenses of 1.75% for Investor Class shares and found it was within the range of the Morningstar Large Blend category. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.35% was within the range of the Morningstar Large Blend C category and in line with the maximum net expenses.

*<u>Quantified Tactical Sectors Fund</u>:* The Board noted the advisory fee of 1.00% for the Fund was within range of the Morningstar Large Blend category and well below the maximum management fee. The Trustees discussed net expenses of 1.72% for Investor Class shares and found they were within range of the net expense ratios, and below the maximum net expenses for the Large Blend A Class. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.32% was within range of the net expense ratio, and below the maximum net expenses for the Morningstar Large Blend C Class category.

*<u>Quantified Government Income Tactical Fund</u>:* The Board noted that the Fund's investment strategy did not lend itself to a single Morningstar category and the advisory fee of 1.00% for the Fund was above the upper end of the range of the Morningstar Intermediate Core Bond category while below the upper end of the Morningstar Nontraditional Bond category. The Trustees discussed net expenses of 1.76% for Investor Class shares and found they were above range of the net expense ratios for the Morningstar Intermediate Core Bond A Class category and below the top end of the Nontraditional Bond A Class category. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.40% was above range of the net expense ratio for the Morningstar Intermediate Core Bond C Class category and below the top end of the Morningstar Nontraditional Bond C Class category. The Board noted the narrow

**The Quantified Funds**

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

**June 30, 2025**

strategy of the Morningstar Intermediate Core Bond C Class category constituents, and the better fit of Government Income Tactical into the Morningstar Nontraditional Bond category.

*<u>Quantified Rising Dividend Tactical Fund</u>:* The Board noted the advisory fee of 1.00% for the Fund was within range of the Morningstar Large Blend category and below the maximum management fee. The Trustees discussed net expenses of 1.80% for Investor Class shares and found it within range of the net expense ratios for the Morningstar Large Blend A Class. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.40% was just slightly above the 2.38% upper end of the range of the net expense ratios for the Morningstar Large Blend C Class category.

*<u>Quantified Global Fund</u>:* The Board noted that Global advisory fee of 1.00% was within range of the Morningstar Global Allocation category and below the maximum management fee. The Trustees discussed net expenses for Investor Class shares of 1.88% and found them within range and lower than maximum expense for the Morningstar category. With respect to Advisor Class shares expense ratio of 2.48%, the Board found them to be with range of the Morningstar Class A +75% category and lower than the maximum expense ratio.

In the review of expenses with respect to 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 respective Fund), and determined it was acceptable and reasonable for the services being provided to the respective Quantified Fund. The Board concluded that the advisory fees and net expenses of each Quantified Fund were reasonable, taking into consideration the complex investment strategy for the Quantified Funds.

***Profitability of Adviser.*** The Board considered the level of profitability for the Adviser, and if their fees were the result of arms-length negotiations with respect to the Sub-Advisory Agreement. The Trustees reviewed the levels of profits to the Adviser for the fiscal year ended December 31, 2024 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 breakpoints in fee structures for each respective Fund. The Board discussed the reverse breakpoint split fees applicable to the Quantified Funds. The Board considered the split with the Sub-Adviser to be reasonable for the services provided. The Board concluded the Adviser having excess profits from advising the Quantified Funds is not a concern.

*<u>Quantified Funds: Managed Income, Market Leaders, Alternative, STF, Common Ground,</u>*

*<u>Evolution Plus, Pattern Recognition, Tactical Fixed Fund, Tactical Sectors, Rising</u>*

*<u>Dividend, Government Income and Global</u>:*

With respect to the Quantified Funds identified above, the Board noted that after fees paid to the Sub-Adviser, the Advisory fees were minimal, and the Adviser operated at a loss or a very slight profit. The Board noted the Adviser operated Managed Income at a breakeven point and all other Funds at a loss when taking into account the totality of the relationship with the

**The Quantified Funds**

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

**June 30, 2025**

Funds. The Board considered the split with the Sub-Adviser to be reasonable for the services provided.

The Board discussed the reverse breakpoint split in advisory fees, and the Adviser's ability to continue to manage and operate the Quantified Funds at a loss. Ms. Ayers-Rigsby stated Flexible Plan has a strong sales team to assist with marketing. She also noted that with the addition of recently launched Eckhardt Fund the Adviser's profits should increase (or losses diminish). The Board concluded that based on assets levels and services provided, profit levels for the Adviser are not a concern at this time. The Board concluded they would continue to monitor the Adviser's profitability as assets of the Quantified Funds grow.

***Profitability of Sub-Adviser:*** The Board reviewed the levels of profits to the Sub-Adviser for the year with respect to Quantified Funds They noted the situation for each Fund with respect to sub-advisory fees and from the total relationship with each Fund. With regards to Quantified Funds, the Board noted that the Sub-Adviser usually charges higher fees for separately managed accounts with similar investment strategies or have fee structures that are not directly comparable. The Board, in consultation with counsel, noted that current court rulings with respect to profitability suggest up to or even over a 70% profit margin for any adviser or sub-adviser could be acceptable and not considered excessive.

*<u>Quantified Funds: Managed Income, Market Leaders, Alternative Investment Fund</u>*

With respect to the above referenced Quantified Funds, and after a review of the Sub-Adviser's profitability, the Board noted Flexible Plan operated each Fund at a loss when reviewing sub-advisory fees and at a loss when reviewing 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 of current concern.

Quantified Funds: STF Fund, Common Ground, Evolution Plus, Pattern Recognition, Tactical

Fixed Income, Tactical Sectors, Rising Dividend, Government Fixed and Globa

With respect to the above referenced Quantified Funds, the Board reviewed the profitability of Flexible Plan and noted the Sub-Adviser made a modest profit from managing each Fund. The Board found that the Sub-Adviser's profits remained basically the same when including other income earned from their total relationship with the Fund as show below:

With the sub-advisory fees based on average assets of combined Quantified Funds and taking into account the reverse breakpoint fee schedule, the Board acknowledged it is 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 Flexible Plan 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 $700 million per Fund. The Board discussed the Adviser's expectations

**The Quantified Funds**

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

**June 30, 2025**

for the growth in net assets of each Quantified Fund and concluded that any material economies of scale were not a concern at present assets levels. The Trustees noted economies of scale is an advisory agreement concern and is not a consideration for approval of any sub-advisory agreements. The Board agreed to revisit economies of scale as assets of the Quantified Funds continue to grow.

***Conclusion.*** Counsel assisted the Board throughout the 15(c) review process. The Board members relied upon the advice of counsel, and their own business judgement, in determining the material factors to be considered in evaluating each of the Advisory Agreement and Subsidiary Advisory Agreements, Sub-Advisory and Subsidiary Sub-Advisory Agreements. In considering the approval, the Board noted that each Trustee may have afforded different weight to the various factors in reaching his conclusions.

Accordingly, having requested and received such information from the Adviser and Sub-Adviser as appropriate; the Board, including a majority of the Independent Trustees, determined that, with respect to the Advisory Agreements, separately that (i) the terms of the Advisory Agreements are reasonable; (ii) the compensation payable by each Quantified Fund to Advisors Preferred, LLC under the Advisory Agreements is determined to be for investment advisory services that are not primarily intended to result in sales of shares of the Fund (iii) compensation payable under the Agreements is based on services provided that are in addition to rather than duplicative of services provided by other investment funds, ETFs, mutual funds and similar productions (iv) such compensation is determined to be fair and reasonable in light of such services and expenses and such other matters as the Trustees have considered to be relevant in the exercise of their reasonable business judgement and (v) the Advisory Agreements are in the best interests of each of each of the Quantified Funds and its respective shareholders.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable to open-end investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the
 registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation
 and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these
 disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect,
 the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers is attached hereto.

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto](quantifiedfund_ex99cert.htm).

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](quantifiedfund_ex99-906cert.htm) .

**SIGNATURES**

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

(Registrant) Advisors Preferred Trust

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Catherine Ayers-Rigsby |
|  | Catherine Ayers-Rigsby, Principal Executive Officer/President |

---

Date <u>9/3/25</u>

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

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Catherine Ayers-Rigsby |
|  | Catherine Ayers-Rigsby, Principal Executive Officer/President |

---

Date <u>9/3/25</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Christine Casares |
|  | Christine Casares, Principal Financial Officer/Treasurer |

---

Date <u>9/3/25</u>

## Ex-99.Cert

**EX-99.CERT**

**CERTIFICATIONS**

I, Catherine Ayers-Rigsby, certify that:

1. I have reviewed this report on Form N-CSR of the Quantified Funds (series of Advisors Preferred Trust);

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

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

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

&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

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

---

| | | |
|:---|:---|:---|
| Date: | 9/3/25 | /s/ Catherine Ayers-Rigsby |
|  |  | Catherine Ayers-Rigsby, |
|  |  | Principal Executive Officer/President |

---

I, Christine Casares, certify that:

1. I have reviewed this report on Form N-CSR of the Quantified Funds (series of Advisors Preferred Trust);

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

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

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

&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

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

---

| | | |
|:---|:---|:---|
| Date: | 9/3/25 | /s/ Christine Casares |
|  |  | Christine Casares<br> Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**EX-99.906 CERT**

**CERTIFICATION**

Catherine Ayers-Rigsby, Principal Executive Officer/President, and Christine Casares, Principal Financial Officer/Treasurer of Advisors Preferred Trust (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
Registrant's periodic report on Form N-CSR for the period ended June 30, 2025, (the "Form N-CSR") fully complies with
the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;2. The
information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations
of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Advisors Preferred Trust | Advisors Preferred Trust | Advisors Preferred Trust | Advisors Preferred Trust |
| /s/ Catherine Ayers-Rigsby | /s/ Catherine Ayers-Rigsby | /s/ Christine Casares | /s/ Christine Casares |
| Catherine Ayers-Rigsby | Catherine Ayers-Rigsby | Christine Casares | Christine Casares |
| Date: | 9/3/25 | Date: | 9/3/25 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Advisors Preferred Trust and will be retained by Advisors Preferred Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**<u>Advisors Preferred Trust</u>**

**CODE OF ETHICS**

November 27, 2012

The Advisors Preferred Trust (the "Trust") and each series thereof (the "Funds") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**The interests of the Funds must always be paramount**

Access Persons have a legal, fiduciary duty to place the interests of the Funds ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of Trust.

**Access Persons may not take advantage of their relationship with the Funds**

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Funds) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Funds.

**All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest**

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Funds, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Funds.

**Access Persons must comply with all applicable laws**

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.**

**DEFINITIONS**

**"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all officers and trustees (or persons occupying a similar status or performing a similar function)
of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. all officers and trustees (or persons occupying a similar status or performing a similar function)
of an Adviser with respect to its corresponding series of the Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any employee of the Trust or the Advisers (or of any company controlling or controlled by or under
common control with the Trust or the Advisers) who, in connection with his or her regular functions or duties, makes, participates
in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions relate to the
making of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any other natural person controlling, controlled by or under common control with the Trust or the
Advisers who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of Covered Securities
by the Funds.

**"Beneficial Ownership"** means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Trust with respect to Trustees and officers of the Trust, or the CCO of the Advisers with respect to Advisers personnel.

**"Code"** means this Code of Ethics.

**"Covered Security"** means any Security, except (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and (iii) shares issued by open-end mutual Funds.

"**Decision Making Access Person"** means any Access Person who, in connection with his or her regular functions or duties, makes or participates in or obtains information regarding recommendations on the purchase or sale of a security by the Funds, or whose functions relate to the making of any recommendations with respect to such purchases or sales. Decision Makers typically are Adviser personnel.

**"Funds"** means series of the Trust.

**"Immediate family"** means an individual's spouse, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**"Independent Trustees"** means those Trustees of the Trust that would not be deemed an "interested person" of the Trust, as defined in Section 2(a)(19)(A) of the 1940 Act.

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a

general partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in securities held by a Trust; (e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

**"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

**"Personal Securities Transaction"** means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

**"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trust when a recommendation to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**"Restricted List"** means the list of securities maintained by the Chief Compliance Officer in which trading by Access Persons is generally prohibited.

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly known as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**"Advisers"** mean the Advisers to the Trust.

**"Trust"** mean the Advisors Preferred Trust.

**PROHIBITED ACTIONS AND ACTIVITIES**

* No Access Person shall purchase or sell directly or indirectly, any
Covered Security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership
and which he or she knows or should have known at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold by a Fund.

* Decision-Making Access Persons may not participate in any initial public
offering of Covered Securities in any account over which they exercise Beneficial Ownership. All Access Persons must obtain prior
written authorization from the Chief Compliance Officer or his designee prior to such participation;

* No Access Person may purchase a Covered Security in which by reason
of such transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written authorization
of the acquisition by the Chief Compliance Officer or his designee;

* Access Persons may not accept any fee, commission, gift, or services,
other than de minimus gifts, from any single person or entity that does business with or on behalf of the Trust;

* Decision-Making Access Persons may not serve on the board of directors
of a publicly traded company without prior authorization from the Chief Compliance Officer or his designee based upon a determination
that such service would be consistent with the interests of the Trust. If such service is authorized, procedures will then be put
in place to isolate such Decision-Making Access Persons serving as directors of outside entities from those making investment decisions
on behalf of the Trust.

Advanced notice should be given so that the Trust or Advisers may take such action concerning the conflict as deemed appropriate by the Chief Compliance Officer or his designee.

* Decision-Making Access Persons may execute a Personal Securities Transaction
involving a Covered Security without pre-authorization of the Chief Compliance Officer or such persons who may be designated by
the Chief Compliance Officer from time to time, provided it is permitted by the Adviser's Code of Ethics. The Chief Compliance
Officer or his designee may restrict purchases of Covered Securities pursuant to the Adviser's Code of Ethics.

* It shall be a violation of this Code for any Access Person, in connection
with the purchase or sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

* to employ any device, scheme or artifice to defraud the Trust;

* to make to the Trust any untrue statement of a material fact or to
omit to state to the Trust a material fact necessary in order to make the statements made, in light of the circumstances under
which they are made, not misleading;

* to engage in any act, practice or course of business that operates
or would operate as a fraud or deceit upon the Trust; or

* to engage in any manipulative practice with respect to the Trust.

EXEMPTED TRANSACTIONS

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

· Purchases or Sales of Securities effected in any account in which
an Access Person has no Beneficial Ownership;

· Purchases or Sales of Securities which are non-volitional on the
part the Access Person (for example, the receipt of stock dividends);

· Purchase of Securities made as part of automatic dividend reinvestment
plans;

· Purchases of Securities made as part of an employee benefit plan
involving the periodic purchase of company stock or mutual Funds; and

· Purchases of Securities effected upon the exercise of rights issued
by an issuer pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and
sale of such rights so acquired.

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction involving, as defined in the Securities Act of 1933, an Initial Public Offering (IPO) or a Limited Offering, must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief Compliance Officer involving an IPO or Limited Offering, shall require prior authorization from the President or Chief Executive Officer of the Trust (unless such person is also the Chief Compliance Officer) or their designee, who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trust shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction involving an IPO or Limited Offering, is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders is effective unless the order conflicts with a Trust order.

If a Decision-Making Access Person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, he or she should consult with the Chief Compliance Officer or his or her designee.

**REPORTING AND MONITORING**

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity of all Access Persons pursuant to the procedures established under this Code.

**Disclosure of Personal Brokerage Accounts**

Within 10 days of the commencement of employment or at the commencement of a relationship with the Trust, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer or his designee. These statements and confirms for each series of the Trust may be sent to the Advisers.

Initial Holdings Report

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

Annual Holdings Reports

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

QUARTERLY TRANSACTION REPORTS

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

· The date of the transaction, the title, and as applicable the exchange
ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

· The nature of the transaction (i.e., purchase, sale or any other
type of acquisition or disposition);

· The price of the Covered Security at which the transaction was effected;
and

· The name of the broker, dealer, or bank with or through whom the
transaction was effected.

· The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to each Adviser's address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund.

**ENFORCEMENTS AND PENALTIES**

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Board of Trustees.

Upon being informed of a violation of this Code, the Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trust shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

Annually, the Chief Compliance Officer at each regular meeting of the Board shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

· Summarize existing procedures concerning Personal Securities investing
and any changes in the procedures made during the prior year;

· Identify any violations of this Code and any significant remedial
action taken during the prior year; and;

· Identify any recommended changes in existing restrictions or procedures
based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

**Acknowledgment**

The Trust must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.