# EDGAR Filing Document

**Accession Number:** 0001556505
**File Stem:** 0001580642-23-001188
**Filing Date:** 2023-3
**Character Count:** 142190
**Document Hash:** 93ed0225ba6d6ce7e78ce4a3c920d276
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-001188.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001580642-23-001188

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**EFFECTIVENESS DATE**: 20230303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors Preferred Trust
- **CENTRAL INDEX KEY:** 0001556505
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22756
- **FILM NUMBER:** 23702810

**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

### Decathlon Market Neutral Fund (Series ID: S000071447)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000226597 | Decathlon Market Neutral Fund Class A             | DECMX           |
| C000226598 | Decathlon Market Neutral Fund Institutional Class | DECIX           |

**united states<br> securities and exchange commission<br> washington, d.c. 20549<br>form n-csr<br>certified shareholder report of registered management<br> investment companies**

Investment Company Act file number <u>811-22756</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Advisors Preferred Trust</u> 

(Exact name of registrant as specified in charter)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1445 Research Blvd, Suite 530, Rockville, MD 20850</u> 

(Address of principal executive offices) (Zip code)

<u>The Corporation Trust Company</u>

<u>1209 Orange Street Wilmington, DE 19801</u> 

(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>12/31</u> 

Date of reporting period: <u>12/31/22</u> 

**Item 1. Reports to Stockholders.** 

**Decathlon Market Neutral Fund**

(formerly BCM Market Neutral Fund)

(formerly BCM Decathlon Moderate Fund)

Class A Shares (DECMX)

Institutional Class Shares (DECIX)

Annual Report

December 31, 2022

**1-833-786-1121** 

**www.advisorspreferred.com**

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

February 22, 2023

Dear Shareholders:

During 2022, the BCM Decathlon Moderate Fund was converted into the Decathlon Market Neutral Fund. The Decathlon system remains the key input to the Fund's ultimate strategy, but a variation employing both long and short sides of the rankings is now employed. In addition, a portion of the Fund is invested in fundamental market neutral ideas to supplement the Decathlon model.

For the period January 1 through September 14, 2022, the Fund was invested as the BCM Decathlon Moderate Fund, and from September 15 through December 31, 2022, the Fund was invested as the Decathlon Market Neutral Fund. For the year, the Fund's Institutional Class returned -12.60% and the Fund's Class A returned -13.00% (assuming no load). The ICE BofA 3 Month U.S, Treasury Bill Index, the Fund's new primary benchmark returned 1.47% , while the IQ Hedge Market Neutral Index declined by -9.74%. The Dow Jones Moderately Conservative Index Portfolio Index, the Fund's previous benchmark, was down -14.42% for the year.

For the first half of the year the sub-adviser's Decathlon system approached markets cautiously, with consistent underweight allocations to equity. Although fixed income did not provide the typical downside protection that it has in the past it, was ultimately favorable when compared to the strategies' previous benchmark. From the end of August until September 15th , the strategy was invested in cash as it transitioned between strategies, which ultimately helped relative performance as fixed income generally fell over that period.

On September 15, 2022, the Fund became the Decathlon Market Neutral Fund, adopting an unleveraged, 50% long, 50% short, hedge fund approach. The new strategy targets annual pre-tax returns of 5-10% with volatility in the same range, with the goal of providing attractive risk-adjusted returns uncorrelated with equity markets and interest rates. The Fund employs a combination of quantitative and fundamental strategies to generate profits. The quantitative portion, which represented roughly 75% of the assets in the fourth quarter, is currently driven by ETF rankings from the Decathlon Machine Learning investment system. The portfolio is comprised of long positions in 16 highly ranked ETFs paired with short positions in 16 poorly ranked ETFs from a large set of globally diversified equity ETFs. The fundamental portion, which represented the remaining 25% of assets in the fourth quarter, consists of traditional long/short pairs. Ideas for pair trades can be generated on either side of the trade, or both sides.

We thank you for your investment in the Decathlon Market Neutral Fund. Further information can be found at the Fund's website: <u>https://investbcm.com/mutual-funds</u>.

Beaumont Capital Management, LLC Advisors Preferred, LLC <br>Sub-adviser Advisor

**Decathlon Market Neutral Fund** 

**Portfolio Review (Unaudited)** 

**December 31, 2022**

**Comparison of the Change in Value of a $10,000 Investment**

Since Inception through December 31, 2022 +

![(LINE GRAPH)](df001_v1.jpg)

**Comparison of the Change in Value of a $25,000 Investment** 

Since Inception through December 31, 2022 +

![(LINE GRAPH)](df002_v1.jpg)

**Decathlon Market Neutral Fund** 

**Portfolio Review (Unaudited)(Continued)** 

**December 31, 2022**

The Fund's performance figures\* for the year ended December 31, 2022, as compared to its benchmark:

---

| | | |
|:---|:---|:---|
|  | One<br>Year | Since Inception<br>April 19, 2021 |
| Decathlon Market Neutral Fund - Class A without load | (13.00)% | (6.77)% |
| Decathlon Market Neutral Fund - Class A with load | (17.14)% | (9.39)% |
| Decathlon Market Neutral Fund - Institutional Class | (12.60)% | (6.44)% |
| ICE BofA 3-Month U.S. Treasury Bill Index\*\* | 1.47% | 0.87% |
| IQ Hedge Market Neutral Index\*\*\* | (9.74)% | (7.10)% |
| Dow Jones Moderately Conservative U.S. Portfolio Index \*\*\*\* | (14.42)% | (7.63)% |

---

\* The Performance data quoted is historical. **Past performance is no guarantee of future results**. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Returns greater than one year are annualized. The total gross estimated operating expenses including underlying funds as stated in the fee table of the Fund's prospectus dated August 1, 2022 is 3.23% for Class A, and 2.83% for Institutional Class. Class A shares are subject to a maximum slaes charge (load) of 4.75%. Investors should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Fund's prospectus and summary prospectus contain these as well as other information about the Fund and should be read carefully before investing. A prospectus or summary prospectus and current performance may be obtained by calling 1-833-786-1121.

\*\* ICE BofA 3-Month U.S. Treasury Bill Index is an index of short-term U.S. Government securities with a remaining term to final maturity of less than three months. Investors cannot invest directly in an index, and index performance does not reflect deductions for fees, expenses or taxes. Index returns are gross of any fees, brokerage commissions or other expenses of investing.

\*\*\* IQ Hedge Market Neutral Index is seeks to replicate the risk-adjusted return characteristics of the collective hedge funds using a market neutral hedge fund investment style. Investors cannot invest directly in an index, and index performance does not reflect deductions for fees, expenses or taxes. Index returns are gross of any fees, brokerage commissions or other expenses of investing.

---

| | |
|:---|:---|
| \*\*\*\* | The Dow Jones Moderately Conservative U.S. Portfolio Index is a weighted average of other stock, bond, and cash indexes. It is reconstructed monthly and represents 40% of the risk of the U.S. equities market. Investors cannot invest directly in an index or benchmark; unmanaged index returns do not reflect any fees, expenses or sales charges. |

---

+ Inception date is April 19, 2021 for Class A and Institutional Class.

---

| | |
|:---|:---|
| **Schedule Composition** | **% of Net Assets** |
| Money Market Funds | 50.1% |
| Exchange Traded Funds | 33.3% |
| Common Stocks | 15.9% |
| Preferred Stock | 0.3% |
| Call Options Purchased | 0.1% |
| Liabilities in Excess of Other Assets<sup>(1)</sup> | 0.3% |
|  | 100.0% |

---

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

<sup>(1)</sup> Net of call and put options written and securities sold short.

---

| |
|:---|
| **DECATHLON MARKET NEUTRAL FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 15.9%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 2.1%** |  |
| 14323 | Allbirds, Inc.<sup>(a)</sup> | $34662 |
|  | **AUTOMOTIVE - 0.6%** |  |
| 550 | Rivian Automotive, Inc.<sup>(a)</sup> | 10136 |
|  | **BANKING - 1.8%** |  |
| 95 | Signature Bank | 10946 |
| 1106 | Silvergate Capital Corporation, Class A<sup>(a)</sup> | 19244 |
|  |  | 30190 |
|  | **BIOTECH & PHARMA - 1.3%** |  |
| 125 | Novo Nordisk A/S - ADR | 16918 |
| 93 | Pfizer, Inc. | 4765 |
|  |  | 21683 |
|  | **E-COMMERCE DISCRETIONARY - 0.8%** |  |
| 157 | Amazon.com, Inc.<sup>(a)</sup> | 13188 |
|  | **ELECTRICAL EQUIPMENT - 0.7%** |  |
| 107 | Generac Holdings, Inc.<sup>(a)</sup> | 10771 |
|  | **ENTERTAINMENT CONTENT - 0.9%** |  |
| 1645 | Warner Bros Discovery, Inc.<sup>(a)</sup> | 15594 |
|  | **HOME CONSTRUCTION - 0.9%** |  |
| 284 | Toll Brothers, Inc. | 14177 |
|  | **INTERNET MEDIA & SERVICES - 3.7%** |  |
| 238 | Expedia Group, Inc.<sup>(a)</sup> | 20849 |
| 3524 | Grindr, Inc.<sup>(a)</sup> | 16387 |
| 711 | Lyft, Inc.<sup>(a)</sup> | 7835 |
| 670 | Uber Technologies, Inc.<sup>(a)</sup> | 16569 |
|  |  | 61640 |

---

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

---

| |
|:---|
| **DECATHLON MARKET NEUTRAL FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 15.9% (Continued)** |  |
|  | **SEMICONDUCTORS - 1.2%** |  |
| 495 | Intel Corporation | $13083 |
| 149 | Micron Technology, Inc. | 7447 |
|  |  | 20530 |
|  | **SOFTWARE - 1.9%** |  |
| 494 | Bandwidth, Inc., Class A<sup>(a)</sup> | 11337 |
| 39 | Microsoft Corporation | 9353 |
| 125 | Oracle Corporation | 10218 |
|  |  | 30908 |
|  | **TOTAL COMMON STOCKS (Cost $284,243)** | 263479 |
|  | **EXCHANGE-TRADED FUNDS — 33.3%** |  |
|  | **EQUITY - 31.2%** |  |
| 404 | iShares Core S&P Total US Stock Market ETF | 34259 |
| 418 | iShares Global Healthcare ETF | 35480 |
| 757 | iShares Global Tech ETF | 33936 |
| 1111 | iShares MSCI Sweden ETF | 35919 |
| 780 | iShares MSCI Taiwan ETF | 31325 |
| 903 | iShares North American Natural Resources ETF | 36716 |
| 163 | iShares Russell 1000 ETF, EQUITY | 34315 |
| 157 | iShares Russell 1000 Growth ETF | 33636 |
| 499 | iShares S&P Mid-Cap 400 Growth ETF | 34082 |
| 97 | iShares Semiconductor ETF | 33754 |
| 272 | iShares U.S. Basic Materials ETF | 33937 |
| 585 | iShares U.S. Home Construction ETF | 35454 |
| 1800 | iShares U.S. Oil Equipment & Services ETF | 38160 |
| 543 | SPDR S&P Retail ETF | 32824 |
| 278 | Technology Select Sector SPDR Fund | 34594 |
|  |  | 518391 |

---

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

---

| |
|:---|
| **DECATHLON MARKET NEUTRAL FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 33.3% (Continued)** |  |
|  | **FIXED INCOME - 2.1%** |  |
| 1148 | iShares Preferred & Income Securities ETF | $35049 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $568,573)** | 553440 |
|  | **PREFERRED STOCK — 0.3%** |  |
|  | **LEISURE FACILITIES & SERVICES — 0.3%** |  |
| 3720 | AMC Entertainment Holdings, Inc.<sup>(a)</sup> | 5245 |
|  | **TOTAL PREFERRED STOCK (Cost $10,401)** | 5245 |
|  | **SHORT-TERM INVESTMENTS — 50.1%** |  |
|  | **MONEY MARKET FUNDS - 50.1%** |  |
| 654537 | Fidelity Government Portfolio, Class I, 4.06%<sup>(b)</sup> | 654537 |
| 176908 | First American Government Obligations Fund, Class X, 4.10%<sup>(b)</sup> | 176908 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $831,445)** | 831445 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $831,445)** | 831445 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(c)</sup>** |  | **Expiration Date** | **Exercise Price** | **Notional Value** | |
|  | **EQUITY OPTIONS PURCHASED**<sup>(a)</sup> **- 0.1%** | **EQUITY OPTIONS PURCHASED**<sup>(a)</sup> **- 0.1%** | **EQUITY OPTIONS PURCHASED**<sup>(a)</sup> **- 0.1%** |  |  |
|  | **CALL OPTIONS PURCHASED - 0.1%** | **CALL OPTIONS PURCHASED - 0.1%** | **CALL OPTIONS PURCHASED - 0.1%** |  |  |
| 4 | Roku, Inc. | 04/21/2023 | $45.00 | $16280 | 2080 |
|  | **TOTAL CALL OPTIONS PURCHASED** (Cost - $2,855) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $2,855) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $2,855) |  |  |
|  | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $2,855) | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $2,855) | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $2,855) |  | 2080 |
|  | **TOTAL INVESTMENTS - 99.7% (Cost $1,697,517)** | **TOTAL INVESTMENTS - 99.7% (Cost $1,697,517)** | **TOTAL INVESTMENTS - 99.7% (Cost $1,697,517)** |  | $1655689 |
|  | **CALL OPTIONS WRITTEN - (1.1)% (Premiums Received - $24,547)** | **CALL OPTIONS WRITTEN - (1.1)% (Premiums Received - $24,547)** | **CALL OPTIONS WRITTEN - (1.1)% (Premiums Received - $24,547)** |  | (18186) |
|  | **PUT OPTIONS WRITTEN - (0.7)% (Premiums Received - $10,339)** | **PUT OPTIONS WRITTEN - (0.7)% (Premiums Received - $10,339)** | **PUT OPTIONS WRITTEN - (0.7)% (Premiums Received - $10,339)** |  | (12192) |
|  | **SECURITIES SOLD SHORT - (45.4)% (Proceeds - $775,852)** | **SECURITIES SOLD SHORT - (45.4)% (Proceeds - $775,852)** | **SECURITIES SOLD SHORT - (45.4)% (Proceeds - $775,852)** |  | (754507) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 47.5%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 47.5%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 47.5%** |  | 789047 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  | $1659851 |

---

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

---

| |
|:---|
| **DECATHLON MARKET NEUTRAL FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(c)</sup>** |  | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **WRITTEN EQUITY OPTIONS**<sup>(a)</sup> **- (1.8)%** | **WRITTEN EQUITY OPTIONS**<sup>(a)</sup> **- (1.8)%** | **WRITTEN EQUITY OPTIONS**<sup>(a)</sup> **- (1.8)%** |  |  |
|  | **CALL OPTIONS WRITTEN- (1.1)%** | **CALL OPTIONS WRITTEN- (1.1)%** | **CALL OPTIONS WRITTEN- (1.1)%** |  |  |
| 1 | DoorDash, Inc. | 03/17/2023 | $50 | $4882 | $635 |
| 1 | Five Below, Inc. | 02/17/2023 | 180 | 17687 | 1088 |
| 3 | Gitlab, Inc. | 04/21/2023 | 50 | 13632 | 1950 |
| 17 | Lucid Group, Inc. | 03/17/2023 | 8 | 11611 | 1224 |
| 1 | Madrigal Pharmaceuticals, Inc. | 03/17/2023 | 300 | 29025 | 3375 |
| 15 | Marathon Digital Holdings, Inc. | 01/19/2024 | 5 | 5130 | 1905 |
| 1 | MongoDB, Inc. | 01/20/2023 | 210 | 19684 | 660 |
| 1 | Prometheus Biosciences, Inc. | 01/20/2023 | 120 | 11000 | 268 |
| 1 | Prometheus Biosciences, Inc. | 02/17/2023 | 120 | 11000 | 690 |
| 4 | Shopify, Inc. | 03/17/2023 | 35 | 13884 | 1816 |
| 1 | Shopify, Inc. | 03/17/2023 | 40 | 3471 | 268 |
| 1 | Snowflake, Inc. | 01/20/2023 | 135 | 14354 | 1220 |
| 7 | Warby Parker, Inc. | 03/17/2023 | 18 | 9443 | 507 |
| 4 | Wayfair, Inc. | 03/17/2023 | 35 | 13156 | 2200 |
| 1 | Wayfair, Inc. | 03/17/2023 | 40 | 3289 | 380 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Premiums Received - $24,547) | **TOTAL CALL OPTIONS WRITTEN** (Premiums Received - $24,547) | **TOTAL CALL OPTIONS WRITTEN** (Premiums Received - $24,547) |  | 18186 |
|  | **PUT OPTIONS WRITTEN - (0.7)%** | **PUT OPTIONS WRITTEN - (0.7)%** | **PUT OPTIONS WRITTEN - (0.7)%** |  |  |
| 1 | BioNTech S.E. | 01/19/2024 | 145 | 15022 | 2871 |
| 3 | DocuSign, Inc. | 03/17/2023 | 60 | 16626 | 3090 |
| 1 | Generac Holdings, Inc. | 01/20/2023 | 110 | 10066 | 1233 |
| 5 | Revolve Group, Inc. | 03/17/2023 | 30 | 11130 | 4225 |
| 1 | Target Corporation | 02/17/2023 | 150 | 14904 | 773 |
|  | **TOTAL PUT OPTIONS WRITTEN** (Premiums Received - $10,339) | **TOTAL PUT OPTIONS WRITTEN** (Premiums Received - $10,339) | **TOTAL PUT OPTIONS WRITTEN** (Premiums Received - $10,339) |  | 12192 |
|  | **TOTAL EQUITY OPTIONS WRITTEN** (Premiums Received - $34,886) | **TOTAL EQUITY OPTIONS WRITTEN** (Premiums Received - $34,886) | **TOTAL EQUITY OPTIONS WRITTEN** (Premiums Received - $34,886) |  | $30378 |

---

ADR - American Depositary Receipt

EAFE - Europe, Australasia and Far East

ETF - Exchange-Traded Fund

MSCI - Morgan Stanley Capital International

SPDR - Standard & Poor's Depositary Receipt

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

<sup>(b)</sup> Rate disclosed is the seven-day effective yield as of December 31, 2022.

<sup>(c)</sup> Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

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

---

| |
|:---|
| **DECATHLON MARKET NEUTRAL FUND** |
| **SCHEDULE OF SECURITIES SOLD SHORT** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS**<sup>(a)</sup> **— (3.0)%** |  |
|  | **INTERNET MEDIA & SERVICES - (0.9)%** |  |
| (306) | DoorDash, Inc., Class A | $(14939) |
|  | **LEISURE FACILITIES & SERVICES - (0.9)%** |  |
| (3720) | AMC Entertainment Holdings, Inc., Class A | (15140) |
|  | **SOFTWARE - (0.8)%** |  |
| (274) | Twilio, Inc., Class A | (13415) |
|  | **SPECIALTY FINANCE - (0.4)%** |  |
| (2179) | Marathon Digital Holdings, Inc. | (7452) |
|  | **EXCHANGE-TRADED FUNDS**<sup>(a)</sup> **— (42.4)%** |  |
|  | **EQUITY - (42.4)%** |  |
| (330) | Global X Lithium & Battery Tech ETF | (19341) |
| (905) | iShares Global Energy ETF | (35286) |
| (497) | iShares Global Financials ETF | (34929) |
| (595) | iShares Global Utilities ETF | (35801) |
| (775) | iShares MSCI ACWI ex US ETF, EQUITY | (35263) |
| (1056) | iShares MSCI BRIC ETF | (36259) |
| (550) | iShares MSCI EAFE ETF | (36102) |
| (431) | iShares MSCI EAFE Growth ETF | (36101) |
| (629) | iShares MSCI EAFE Small-Cap ETF, EQUITY | (35526) |
| (954) | iShares MSCI Emerging Markets ETF | (36157) |
| (1788) | iShares MSCI Hong Kong ETF | (37565) |
| (424) | iShares MSCI Kokusai ETF | (34240) |
| (1146) | iShares MSCI United Kingdom ETF | (35136) |
| (322) | iShares US Aerospace & Defense ETF | (36019) |
| (406) | iShares US Utilities ETF | (35135) |
| (2169) | Renaissance IPO ETF | (53617) |
| (58) | SPDR S&P 500 ETF Trust | (22181) |
| (372) | SPDR S&P Bank ETF | (16796) |
| (444) | SPDR S&P Biotech ETF | (36852) |

---

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

---

| |
|:---|
| **DECATHLON MARKET NEUTRAL FUND** |
| **SCHEDULE OF SECURITIES SOLD SHORT (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS**<sup>(a)</sup> **— (42.4)% (Continued)** |  |
|  | **EQUITY - (42.4)% (Continued)** |  |
| (45) | SPDR S&P MidCap 400 ETF Trust | $(19926) |
| (260) | SPDR S&P Oil & Gas Exploration & Production ETF | (35329) |
|  |  | (703561) |
|  | **TOTAL SECURITIES SOLD SHORT - (Proceeds - $775,852)** | $(754507) |

---

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

---

| |
|:---|
| **Decathlon Market Neutral Fund** |
| **STATEMENT OF ASSETS AND LIABILITIES** |
| **December 31, 2022** |

---

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments Securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Cost | $1697517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Value | $1655689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits with the Broker | 811437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for Securities Sold | 117055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and Interest Receivable | 2068 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 2586249 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities Sold Short (Proceeds $775,852) | 754507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for Securities Purchased | 120562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options Written, at value (Premiums received $34,886) | 30378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued Advisory Fees | 20871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued Distribution Fees | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued Shareholder Servicing Fees | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 926398 |
| **Net Assets** | $1659851 |
| **Composition of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets consisted of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid in Capital | $2145614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated Deficit | (485763) |
| **Net Assets** | $1659851 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $234964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited shares of no par beneficial interest authorized) | 27036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value (Net Assets ÷ Shares Outstanding) and Redemption Price Per Share | $8.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Maximum sales charge of 4.75%)(a) | $9.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $1424887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited shares of no par beneficial interest authorized) | 163455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value (Net Assets ÷ Shares Outstanding), Offering and Redemption Price Per Share | $8.72 |

---

(a) On
investments of $50,000 or more, the offering price is reduced.

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

---

| |
|:---|
| **Decathlon Market Neutral Fund** |
| **STATEMENT OF OPERATIONS** |
| **For the Year Ended December 31, 2022** |

---

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend Income | $38018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Income | 9085 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 47103 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Fees | 30369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution (12b-1) Fees - Class A | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Services Fees - Class A | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend Expense on Securities Sold Short | 9668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense on Securities Sold Short | 8926 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 49956 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Loss** | (2853) |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments and Options Purchased | (480549) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Gain Distributions from Underlying Investment Companies | 5018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Sold Short | (10813) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Written | 24040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Net Realized Loss | (462304) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments and Options Purchased | (32017) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Sold Short | 21345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Written | 4508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Net Change in Unrealized Depreciation | (6164) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Loss on Investments** | (468468) |
| **Net Decrease in Net Assets Resulting From Operations** | $(471321) |

---

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

---

| |
|:---|
| **Decathlon Market Neutral Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Year**<br>**Ended**<br>**December 31, 2022** | **For the Period\***<br>**Ended**<br>**December 31, 2021** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $(2853) | $35021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) from Investments, Options and Securities Sold Short | (467322) | 47912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Gain Distributions from other Investment Companies | 5018 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Depreciation on Investments, Options and Securities Sold Short | (6164) | (9811) |
| Net Increase (Decrease) in Net Assets Resulting From Operations | (471321) | 73122 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From Distributable Earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (3091) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | (85927) |
| &nbsp;&nbsp;&nbsp;&nbsp;From Return of Capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (697) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (4878) |  |
| Total Distributions to Shareholders | (5575) | (89018) |
| **Shares of Beneficial Interest Transactions:** |  |  |
| **Class A Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 116294 | 183089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions Reinvested | 697 | 3091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (38546) |  |
|  | 78445 | 186180 |
| **Institutional Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 1677068 | 4653473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions Reinvested | 3759 | 85073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (4519619) | (11736) |
|  | (2838792) | 4726810 |
| Net Increase (Decrease) from Beneficial Interest Transactions | (2760347) | 4912990 |
| **Net Increase (Decrease) in Net Assets** | (3237243) | 4897094 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year/Period | 4897094 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year/Period | $1659851 | $4897094 |
| **Share Activity:** |  |  |
| **Class A Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 12657 | 18143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 81 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (4154) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 8584 | 18452 |
| **Institutional Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 179674 | 463059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 438 | 8491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (487056) | (1151) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (306944) | 470399 |

---

\* For the period April 19, 2021 (commencement of operations) through December 31, 2021.

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

---

| |
|:---|
| **Decathlon Market Neutral Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Decathlon Market Neutral Fund** | **Decathlon Market Neutral Fund** |
|  | **Class A** | **Class A** |
|  | **For the**<br>**Year Ended**<br>**December 31, 2022** | **For the Period \***<br>**Ended**<br>**December 31, 2021** |
| **Net Asset Value, Beginning of Year/Period** | $10.02 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | (0.05) | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from investments (realized and unrealized) | (1.25) | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from operations | (1.30) | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | (0.03) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.03) | (0.18) |
| **Net Asset Value, End of Year/Period** | $8.69 | $10.02 |
| **Total Return (b)** | (13.00)% | 1.96 % (e)(g) |
| **Ratios/Supplemental Data** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000's) | $235 | $185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets (c,f) | 2.68% | 1.49 % (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets (c,d) | (0.57)% | 1.10 % (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 354% | 293 % (g) |

---

\* For the period April 19, 2021 (commencement of operations) through December 31, 2021.

(a) Per
share amounts are calculated using the average shares method, which more appropriately presents the per share data for the year/period.

(b) Total
returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

(c) 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.

(d) 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.

(e) 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.

(f) Ratio of expenses to average net assets excluding interest expense and dividend expense(c): 1.47 % 1.49 %

(g) Not
annualized.

(h) Annualized.

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

---

| |
|:---|
| **Decathlon Market Neutral Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Decathlon Market Neutral Fund** | **Decathlon Market Neutral Fund** |
|  | **Institutional Class** | **Institutional Class** |
|  | **For the**<br>**Year Ended**<br>**December 31, 2022** | **For the Period \***<br>**Ended**<br>**December 31, 2021** |
| **Net Asset Value, Beginning of Year/Period** | $10.02 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | (0.01) | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from investments (realized and unrealized) | (1.25) | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from operations | (1.26) | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | (0.04) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.04) | (0.19) |
| **Net Asset Value, End of Year/Period** | $8.72 | $10.02 |
| **Total Return (b)** | (12.60)% | 2.11 % (f) |
| **Ratios/Supplemental Data** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000's) | $1425 | $4712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets (c,e) | 1.83% | 1.24 % (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets (c,d) | (0.07)% | 1.13 % (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 354% | 293 % (f) |

---

\* For the period April 19, 2021 (commencement of operations) through December 31, 2021

(a) Per
share amounts are calculated using the average shares method, which more appropriately presents the per share data for the year/period

(b) Total
returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any,
and excludes sales charges.

(c) 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.

(d) 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.

(e) Ratio of expenses to average net assets excluding interest expense and dividend expense(c) 1.17 % 1.24 %

(f) Not
annualized.

(g) Annualized.

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

---

| |
|:---|
| **Decathlon Market Neutral Fund** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **December 31, 2022** |

---

**1.** **ORGANIZATION** 

Decathlon Market Neutral Fund, formerly BCM Market Neutral Fund and BCM Decathlon Moderate Fund ("Fund") is a diversified series of shares 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. The Fund seeks capital gains. The Fund commenced operations on April 19, 2021.

The Fund currently offers two classes of shares: Class A and Institutional Class. Class A shares of the Fund are offered at net asset value ("NAV") plus a maximum sales charge of 4.75%. Institutional Class shares of the Fund are offered at net asset value. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Fund's income, expenses (other than class specific shareholder servicing and distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the Investment Company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 *Financial Services – Investment Companies*.

**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 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 ("NOCP"). 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. Short-term debt obligations, excluding U.S. Treasury Bills, having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

The 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 using the "fair value" procedures approved by the Trust's Board of Trustees (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), (ii) securities for which, in the judgment of the advisor or sub-advisor, the prices or values available do not represent the fair value of the instrument. Factors which may cause the advisor or sub-advisor to make such a judgment include, but are not limited to, the following: only a bid price or an asked

---

| |
|:---|
| **Decathlon Market Neutral Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

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 a 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 or sub-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 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 a Fund's 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** – The Fund may invest in portfolios of open-end 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 by the methods established by the board of directors/trustees of the Underlying Funds.

The shares of many closed-end investment companies and exchange traded funds ("ETFs"), after their initial public offering, 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.

The Fund utilizes various methods to measure the fair value of all of its 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 Fund has 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 Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

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

---

| |
|:---|
| **Decathlon Market Neutral Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

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 table summarizes the inputs used as of December 31, 2022 for the Fund's assets measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $263479 | $— | $— | $263479 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 553440 |  |  | 553440 |
| &nbsp;&nbsp;&nbsp;Preferred Stock | 5245 |  |  | 5245 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 831445 |  |  | 831445 |
| &nbsp;&nbsp;&nbsp;Call Options Purchased | 2080 |  |  | 2080 |
| Total Assets | $1655689 | $— | $— | $1655689 |
| **Liabilities \*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Call Options Written | (18186) |  |  | (18186) |
| &nbsp;&nbsp;&nbsp;Put Options Written | (12192) |  |  | (12192) |
| &nbsp;&nbsp;&nbsp;Securities Sold Short | (754507) |  |  | (754507) |
| Total Liabilities | $(784885) | $— | $— | $(784885) |

---

\* Refer to the Schedule of Investments for industry classifications/asset classes.

The Fund did not hold any Level 3 securities during the year.

**Security Transactions and Investment Income –** Security transactions are accounted for on the 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 yield 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. The accounting records are maintained in U.S. Dollars.

**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. Dividends and distributions to shareholders are recorded on the ex- dividend date. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses, capital loss carryforwards) 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 values per share of the Fund.

**Federal Income Tax –** It is the Fund's policy to qualify as a regulated investment company by complying with the provisions of Subchapter M 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 Fund recognizes 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 the 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 open tax years ended December 31, 2021 or expected to be taken in the Fund's December 31, 2022 year-end tax returns. The Fund has identified its major tax jurisdictions as U.S. Federal and

---

| |
|:---|
| **Decathlon Market Neutral Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

foreign jurisdictions where the Fund makes significant investments; however, the Fund is 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.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Fund did not incur any interest or penalties.

**Expenses –** Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which 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, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

**Short Sales –** A "short sale" is a transaction in which the Fund sells a security it does not own but has borrowed in anticipation that the market price of that security will decline. The Fund is obligated to replace the security borrowed by purchasing it on the open market at a later date. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss, potentially unlimited in size. Conversely, if the price declines, the Fund will realize a gain, limited to the price at which the Fund sold the security short. The Company is also subject to the risk that it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price. The Company's borrowing agreements with broker-dealers are not subject to master netting or similar agreements or collateral agreements.

**Option Transactions –** The Fund is subject to equity price risk in the normal course of pursuing its investment objective and may purchase or sell options to help hedge against risk. When the Fund writes a call option, an amount equal to the premium received is included in the statement of assets and liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, the Fund has no control over whether the option will be exercised and, as a result, retains the market risk of an unfavorable change in the price of the security underlying the written option.

The Fund may purchase put and call options. Put options are purchased to hedge against a decline in the value of securities held in the Fund's portfolio. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Fund since these options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.

---

| |
|:---|
| **Decathlon Market Neutral Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

Impact of Derivatives on the Statement of Assets and Liabilities and Statement of Operations – The following is a summary of the location of derivative investments on the Fund's Statement of Assets and Liabilities as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| Derivative Investments |  | Location on the Statement of Assets and |  |
| Type | Risk | Liabilities | Amount |
| Options Purchased | Equity | Investments in Securities at Value | $2080 |
| Options Written | Equity | Options Written, at value | (30378) |

---

The following is a summary of the location of derivative investments in the Fund's Statement of Operations for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| Derivative |  |  |  |
| Investments Type | Risk | Location of Gain/Loss on Derivative | Amount |
| Options Purchased | Equity | Net Realized Gain on Investments and Options Purchased | $— |
| Options Written | Equity | Net Realized Gain on Options Written | 24040 |
| Options Purchased | Equity | Net Change in Unrealized Depreciation on Investments and Options Purchased | (775) |
| Options Written | Equity | Net Change in Unrealized Appreciation on Options Written | 4508 |

---

The notional value of the derivative instruments outstanding as of December 31, 2022 as disclosed in the Schedule of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed within the Statement of Operations serve as indicators of the volume of derivative activity for the Fund.

**Exchange-Traded Funds ("ETFs") –** The Fund invests in ETFs. ETFs are typically a type of index bought and sold on a securities exchange. An ETF trades like common stock and typically represents a fixed portfolio of securities. The 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.

**Mutual Fund and Exchange Traded Notes ("ETNs") Risk:** Mutual funds and ETNs are subject to investment advisory or management and other expenses, which will be indirectly paid by the Fund. 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.

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

---

| |
|:---|
| **Decathlon Market Neutral Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

**3.** **INVESTMENT TRANSACTIONS** 

For the year ended December 31, 2022, the cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, amounted to $8,055,258 and $11,427,768, respectively.

**4.** **INVESTMENT ADVISORY AGREEMENTS AND TRANSACTIONS WITH RELATED PARTIES** 

Advisors Preferred LLC ("Advisor"), serves as investment advisor to the Fund. The Advisor has engaged Beaumont Capital Management, LLC (the "Sub-Advisor") to serve as the sub- advisor to the Fund whereby the Sub-Advisor will direct investment activities of the Fund. The Sub-Advisor is paid by the Advisor and not the Fund.

Pursuant to an Investment Advisory Agreement with the Fund, the Advisor, under the oversight of the Board, directs the daily operations of the 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, the Fund pays the Advisor an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 0.90% (previously 1.24% through July 15, 2022) of the Fund's average daily net assets. For the year ended December 31, 2022, the Fund paid $30,369 in advisory fees from which the Advisor pays all operating expenses of the Fund, with the exception of Rule 12b-1 distribution fees, Class A shareholder servicing fees, brokerage fees and commissions, non-recurring and extraordinary expenses, borrowing costs and short selling costs.

*<u>Ultimus Fund Solutions, LLC ("UFS"),</u>* provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, UFS provides administration, fund accounting and transfer agent services to the Fund. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Fund for serving in such capacities.

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

*<u>BluGiant, LLC</u>* <u>(*"Blu Giant"),*</u> an affiliate of UFS, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis.

The Trust has adopted a Distribution Plan and Agreement (the "Rule 12b-1 Plan") pursuant to Rule 12b-1 under the 1940 Act for the Fund's Class A shares pursuant to which the Fund pays fees to Ceros Financial Services, Inc. ("Ceros" or "Distributor"), an affiliate of the Advisor, to provide distribution and/or shareholder services to the Fund. Under the Rule 12b-1 Plan, Class A shares of the Fund may pay an account maintenance fee for account maintenance services and/or distribution fee at an annual rate of up to 0.25% of the Fund's average net assets attributable to Class A shares as compensation to the Distributor for providing account maintenance and distribution services to shareholders. The Rule 12b-1 Plan is a compensation plan, which means that compensation is provided regardless of 12b-1 expenses incurred. During the year ended December 31, 2022 pursuant to the Rule 12b-1 Plan, the Class A shares of the Fund paid $549, which was paid out to brokers and dealers.

The Distributor acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares. For the year ended December 31, 2022, the Distributor received $3,555 in underwriting commissions for sales of Class A shares of the Fund, of which $561 was retained by the principal underwriter.

The Board has approved shareholder servicing fees with respect to Class A shares of the Fund. A monthly service fee is calculated by the Fund at an annual rate of 0.15% of the average daily net assets of Class A and is paid to service providers to provide compensation for ongoing shareholder servicing activities or service and/or account maintenance services not otherwise required to be provided by the Advisor. During the year ended December 31, 2022, the Class A shares of the Fund paid $444, which was paid out to brokers and dealers.

---

| |
|:---|
| **Decathlon Market Neutral Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

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.

During the year ended December 31, 2022, Ceros, a registered broker/dealer and an affiliate of the Advisor, executed trades on behalf of the Fund and received $3,513 in trade commissions.

**5.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

The identified cost of investments in securities owned by the Fund for federal income tax purposes and its respective gross unrealized appreciation and depreciation at December 31, 2022, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|<br>**Tax Cost** | **Gross Unrealized**<br>**Appreciation** | **Gross Unrealized**<br>**(Depreciation)** | **Net Unrealized**<br>**Depreciation** |
| $910289 | $54667 | $(94152) | $(39485) |

---

**6.** **DISTRIBUTION TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of fund distributions paid for the period ended December 31, 2021 and December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br>December 31, 2022 | Fiscal Year Ended<br>December 31, 2021 \* |
| Ordinary Income | $— | $91634 |
| Return of Capital | 5575 |  |
|  | $5575 | $91634 |

---

\* The difference between ordinary distributions paid from book and ordinary distributions paid from tax relates to allowable foreign tax credits of $2,616 for the period ended December 31, 2021, which have been passed through to the Fund's underlying shareholders and are deemed dividends for tax purposes.

As of December 31, 2022, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Distributable Earnings/ |
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | (Accumulated Deficit) |
| $— | $— | $— | $(446278) | $— | $(39485) | $(485763) |

---

The difference between book basis and tax basis undistributed net investment income/(loss), accumulated net realized gain/(loss), and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales.

At December 31, 2022, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains, as follows:

---

| | | | |
|:---|:---|:---|:---|
| Short-Term | Long-Term | Total | CLCF Utilized |
| $413645 | $32633 | $446278 | $— |

---

---

| |
|:---|
| **Decathlon Market Neutral Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

Permanent book and tax differences, primarily attributable to net operating losses and distributions in excess, resulted in reclassifications for the Fund for the fiscal year ended December 31, 2022, as follows:

---

| | |
|:---|:---|
| Paid In | Accumulated |
| Capital | Deficit |
| $226 | $(226) |

---

**7.** **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 December 31, 2022, National Financial Services LLC held approximately 45%, of the Fund for the benefit of its customers.

**8.** **UNDERLYING INVESTMENT IN OTHER INVESTMENT COMPANIES** 

The Fund currently invests greater than 25% of their assets in the corresponding investment. The Fund may redeem its investment from the investment at any time if the Advisor or Sub-Advisor determines that it is in the best interest of the Fund and its shareholders to do so. The performance of the Fund will be directly affected by the performance of the investments. The financial statements of the investments, including their schedule of investments, can be found at the Securities and Exchange Commission's website www.sec.gov and should be read in conjunction with the Fund's financial statements. At December 31, 2022, the Fund was invested in the following:

---

| | |
|:---|:---|
| Investment | Percentage of Net Assets |
| Fidelity Government Portfolio, Class I | 39.4% |

---

**9.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statement 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.

![(BBD LOGO)](df003_v1.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of** **Trustees of Advisors Preferred Trust** 

**and the Shareholders of Decathlon Market Neutral Fund**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Decathlon Market Neutral Fund (formerly, BCM Decathlon Moderate Fund), a series of shares of beneficial interest in Advisors Preferred Trust (the ***"Fund"***), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, and the statements of changes in net assets and the financial highlights for the year then ended and for the period from April 19, 2021 (commencement of operations) through December 31, 2021, 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 the Fund as of December 31, 2022, and the results of its operations for the year then ended, and the changes in its net assets and its financial highlights for the year then ended and for the period from April 19, 2021 through December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund in accordance with the U.S. federal securities law 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk 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 December 31, 2022 by correspondence with the custodian, brokers, or by other appropriate auditing procedures where replies from brokers were not received. 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.

![(-s- BBD, LLP)](df004_v1.jpg)

**BBD, LLP**

*We have served as the auditor of one or more of the Funds in the Advisors Preferred Trust since 2021.*

**Philadelphia, Pennsylvania**

**February 28, 2023**

---

| |
|:---|
| **Decathlon Market Neutral Fund** |
| **EXPENSE EXAMPLE (Unaudited)** |
| **December 31, 2022** |

---

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs including sales charges (loads) on purchase payments; (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 through December 31, 2022.

**Table 1. Actual Expenses**

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

**Table 2. Hypothetical Example for Comparison Purposes**

The "Hypothetical" table below provides information about hypothetical account values and hypothetical expenses based on the Decathlon Market Neutral Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or redemption fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Table 1 |  |  |  |  |
|  | &nbsp;&nbsp;Annualized | &nbsp;&nbsp;Beginning | &nbsp;&nbsp;Ending Account |  |
| &nbsp;&nbsp;Actual | &nbsp;&nbsp;Expense | &nbsp;&nbsp;Account Value | &nbsp;&nbsp;Value | &nbsp;&nbsp;Expenses Paid During Period \* |
| &nbsp;&nbsp;Expenses | &nbsp;&nbsp;Ratio | &nbsp;&nbsp;7/1/2022 | &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;7/1/2022-12/31/2022 |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;3.61% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1017.60 | &nbsp;&nbsp;$18.36 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;3.54% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1019.90 | &nbsp;&nbsp;$18.02 |
| &nbsp;&nbsp;Table 2 |  |  |  |  |
| &nbsp;&nbsp;Hypothetical | &nbsp;&nbsp;Annualized | &nbsp;&nbsp;Beginning | &nbsp;&nbsp;Ending Account |  |
| &nbsp;&nbsp;(5% return before | &nbsp;&nbsp;Expense | &nbsp;&nbsp;Account Value | &nbsp;&nbsp;Value | &nbsp;&nbsp;Expenses Paid During Period \* |
| &nbsp;&nbsp;expenses) | &nbsp;&nbsp;Ratio | &nbsp;&nbsp;7/1/2022 | &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;7/1/2022-12/31/2022 |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;3.61% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1007.01 | &nbsp;&nbsp;$18.26 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;3.54% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1007.36 | &nbsp;&nbsp;$17.91 |

---

\* Expenses are equal to the average account value over the period, multiplied by the Fund's annualized expense ratio, multiplied by the number of days in the period (184) divided by the numbers of days in the fiscal year (365).

---

| |
|:---|
| **Decathlon Market Neutral Fund** |
| **SUPPLEMENTAL INFORMATION (Unaudited)** |
| **December 31, 2022** |

---

**Approval of the Amended Investment Advisory and Amended Sub-Advisory Agreement for BCM Decathlon Moderate Fund**

At a video conference meeting held on February 28, 2022 (the "Meeting"), held in accordance with relief granted by the U.S. Securities and Exchange Commission (the "SEC") to ease certain governance obligations required under the Investment Company Act of 1940, as amended (the "1940 Act") in light of travel concerns related to the COVID-19 pandemic (the "SEC Relief Order") the Board of Trustees (the "Board") of Advisors Preferred Trust (the "Trust"), including a majority of Trustees who are not "interested persons" (the "Independent Trustees"), as such term is defined under Section 2(a)(19) of the 1940 Act, considered the amended investment advisory agreement (the "Advisory Agreement") between Advisors Preferred, LLC (the "Adviser") and the Trust, on behalf of BCM Decathlon Moderate Fund ("BCM Moderate"); and considered an amended sub-advisory agreement (the "Sub-Advisory Agreement") between the Adviser and Beaumont Capital Management, LLC (the "Sub-Adviser" or "Beaumont").

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

The Trustees also re-considered their prior deliberations made on February 23, 2021, when they approved the original sub-advisory agreement and the current advisory agreement. The Trustees also re- considered their prior deliberations made on August 24, 2021, when they approved the Current Sub- Advisory Agreement as well as deliberating upon updated and supplemental information.

Moreover, each Trustee may have afforded different weight to the various factors in reaching conclusions with respect to the Agreements. The Board reviewed the quality of work and abilities of the Adviser and its relationship with Beaumont and the performance of BCM Moderate. In light of Fund's performance and the compliance/review relationship with the Beaumont, the Board concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties to BCM Moderate. The Board conducted some of their deliberations on a joint basis for the Adviser and Beaumont given the close working relationship of the Adviser and Sub-Adviser.

*Nature, Extent and Quality of Services*. With respect to the nature, extent and quality of services to be provided or historically provided, the Trustees reviewed the Adviser's and the Sub-Adviser's Form ADV, a description of the manner in which investment decisions have been made or will be made for the Fund by the Sub-Adviser, a description of the services provided by the Adviser and those services provided by the Sub-

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| |
|:---|
| **Decathlon Market Neutral Fund** |
| **SUPPLEMENTAL INFORMATION (Unaudited)(Continued)** |
| **December 31, 2022** |

---

Adviser and those executed by the Adviser, a review of the experience of professional personnel performing services for the Fund, including the team of individuals that primarily monitor and execute the investment and administration process. The Trustees noted they had previously been supplied with a certification from each of the Adviser and Sub-Adviser certifying that each has adopted a Code of Ethics containing provisions reasonably necessary to prevent Access Persons, as that term is defined in Rule 17j-1 under the 1940 Act, from engaging in conduct prohibited by Rule 17j-1(b) and that each the of the Adviser and Sub- Adviser has adopted procedures reasonably necessary to prevent Access Persons from violating such Code of Ethics. The Trustees also noted the financial resources of the Adviser and Sub-Adviser continue to appear adequate.

The Trustees considered that the Sub-Adviser is primarily responsible for portfolio investment management, rather than the Adviser. The Board considered the Sub-Adviser's skills and experience relating to the similar strategies it manages, and its portfolio management and research techniques. The Board also noted that the CCO of the Trust had previously reviewed the compliance manual and procedures of the Sub-Adviser and found them to be appropriate. The Board concluded that the Sub- Adviser has sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Sub-Advisory Agreement and that the nature, overall quality, and extent of the management services to be provided and already provided by the Sub-Adviser is expected to remain satisfactory and reliable.

*Performance.* The Trustees reviewed performance information from the commencement of operations on April 19, 2021 through December 31, 2021 for the Fund. They noted that the Fund had outperformed its index, the Dow Jones Moderately Conservative Portfolio Index, while slightly underperforming an estimate of the Sub-Adviser's separate account composite for clients with a strategy similar to that of the Fund. The Trustees noted that the long-term performance record suggests that the Sub-Adviser will be able to continue to produce satisfactory performance.

*Fees and Expenses*. As to the costs of the services provided to the Fund by the Adviser and Sub-Adviser, the Board reviewed and discussed the near unitary-style advisory fee and total operating expenses of the Fund compared to Morningstar respective category respective peer groups. The Trustees noted that the unitary-style advisory fee of 1.24% for the Fund was within the range of the reasonable management fees of the Morningstar Tactical Asset Allocation, Morningstar World Allocation, and Morningstar Equity Long/Short categories. The Trustees acknowledge that after payment of certain Fund expenses, the advisory fee retained by the Adviser will be 0.25% of a Fund's daily net assets with breakpoints if assets of the Fund grow such that the Adviser would retain less. The Board reviewed the projected expense ratio of 1.84% for Class A Shares and 1.44% for Institutional Class Shares. In both classes, the ratios were above the peer group average, and well below the maximum peer group expense ratios when compared to Morningstar Tactical Asset Allocation and Morningstar World Allocation categories; and below average when compared to the Morningstar Equity Long/Short category.

The Board acknowledged the projected net sub-advisory fee of approximately 0.49% paid by the Adviser to the Sub-Adviser remained unchanged from their prior review. The Board noted that the Sub-Adviser charges between 0.30% and 0.50% for separately managed accounts with similar strategies, but with far lower regulatory burdens making a pure comparison difficult. The Trustees reviewed and considered the split of the advisory fee between the Adviser and Sub-Adviser (the Sub-Adviser being paid by the Adviser, not the Fund), and determined it was acceptable and reasonable for the services provided to the Fund by the Sub-Adviser.

---

| |
|:---|
| **Decathlon Market Neutral Fund** |
| **SUPPLEMENTAL INFORMATION (Unaudited)(Continued)** |
| **December 31, 2022** |

---

*Profitability.* The Board refreshed their review of the levels of profits anticipated by the Adviser and Sub- Advisor forthe Fund, noting that prior projections were likely too optimistic.

*Adviser Profitability.* The Board noted that with expected assets of $80 million for the first year, the Adviser expects to realize a 13% profit for the advisory services; and for year two, with projected assets of $104 million, the Adviser expects profits for advisory services to be 14%; and 11% and 12%, respectively for year one and two when considering the totality of the relationship with the Fund. After further discussion, the Board determined the projected profitability of the Adviser from its relationship with the Fund was not excessive.

*Sub-Adviser Profitability*. With respect to the Sub-Adviser's profitability, the Trustees reviewed the projected profitability of Beaumont, with respect to the Fund. The Board noted that the Sub-Adviser had more-optimistic overall projections than the Adviser, with expected assets of $75 million for the Fund for the first year, the Sub-Adviser would achieve approximately 39% profit margin. For year two, with projected assets of $150 million for the Fund, the Board noted the Sub-Adviser projected profit margins of approximately 45% from sub-advising; and 5% and 11%, respectively for year one and two when considering the totality of the relationship with the Fund.

After further discussion, the Board concluded that, based on the services provided or to be provided by the Sub-Adviser, the anticipated level of profit from the Sub-Adviser's relationship with the Fund was not excessive.

*Economies of Scale*. As to the extent to which the Fund will realize economies of scale, the Adviser reported $500 million to be the minimum asset level to reach such economies of scale. The Board discussed the Adviser's expectations for growth and concluded that any material economies of scale would not be achieved in the near term. The Trustees agreed to revisit economies of scale as assets of the Fund grow.

*Conclusion*. Counsel assisted the Board throughout the Advisory Agreement and Sub-Advisory Agreement review process. The Board members relied upon the advice of independent counsel, and their own business judgment in determining the material factors to be considered in evaluating each of the Advisory Agreements and the weight to be given to each such factor. Accordingly, having requested and received such information from the Adviser and Sub-Adviser as the Board believed to be reasonably necessary to evaluate the terms of each of the Advisory Agreements as appropriate; the Board, including a majority of the Independent Trustees, determined that, with respect to each of the Advisory Agreements, separately: (a) the terms of the Advisory Agreement and Sub-Advisory Agreement are reasonable; (b) the advisory fee was not unreasonable; and (c) each Advisory Agreement is in the best interests of the Fund and its shareholders or prospective shareholders. In considering the approval of each of the Advisory Agreements, the Board did not identify any one factor as all important, but rather considered these factors collectively and determined that approval of each of the Advisory Agreements was in the best interests of the Fund and its shareholders or prospective shareholders. Moreover, the Board noted that each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to each Advisory Agreement.

---

| |
|:---|
| **Decathlon Market Neutral Fund** |
| **SUPPLEMENTAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2022** |

---

**SHAREHOLDER ACTION BY WRITTEN CONSENT IN LIEU OF MEETING**

As of the record day of February 28, 2022, a shareholder representing ownership of 289,062.45 shares (which is 62.5% of the Fund shares) voted by written consent to approve an amended subadvisory agreement between Advisors Preferred, LLC and Beaumont Capital Management, LLC; and an amended investment advisory agreement between Advisors Preferred, LLC and the Trust, on behalf of the Fund. Because the affirmative vote of 62.5% of the Fund's shares constituted a majority of the outstanding voting securities of the Fund, no other shareholders were asked to vote, nor required to vote.

**LIQUIDITY RISK MANAGEMENT PROGRAM**

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

During the year ended December 31, 2022, the Trust's Liquidity Program Administrator ("LPA") and the Board reviewed the Fund's investments and they determined that, generally, the Fund held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Board and the LPA concluded that (i) the Fund's liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Fund's liquidity risk management program has been effectively implemented.

---

| |
|:---|
| **Decathlon Market Neutral Fund** |
| **SUPPLEMENTAL INFORMATION (Unaudited)** |
| **December 31, 2022** |

---

**Independent Trustees**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address <sup>1</sup> and Year of Birth** | &nbsp;&nbsp;**Position(s)<br> Held with<br> the Trust** | &nbsp;&nbsp;**Term of<br> Office/Length of<br> Time Served** | &nbsp;&nbsp;**Principal Occupation(s) During<br> Past 5 Years** | &nbsp;&nbsp;**Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> Trustee <sup>2</sup>** | &nbsp;&nbsp;**Other<br> Directorships<br> Held by Trustee** |
| &nbsp;&nbsp;Charles R. Ranson <br> Born: 1947 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite, since November 2012 | &nbsp;&nbsp;Principal, Ranson & Associates (business consultancy) (since 2003) | &nbsp;&nbsp;21 | &nbsp;&nbsp;Northern Lights Fund Trust IV (27 series) (since July 2015) |
| &nbsp;&nbsp;Felix Rivera <br> Born: 1963 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite, since November 2012 | &nbsp;&nbsp;Managing Partner, Independent Channel Advisors, LLC (Consultancy Practice), (since January 2011) | &nbsp;&nbsp;21 | &nbsp;&nbsp;Centerstone Investors Trust (2 series) (2016-Mar. 2021) BlueArc Multi- Strategy Fund (2014-2017) |
| &nbsp;&nbsp;David Feldman <br> Born: 1963 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite, Since September 2017 | &nbsp;&nbsp;Independent Consultant (since January 2015); Head of Intermediary Sales, Baron Capital Inc., (February 2010 to December 2014) | &nbsp;&nbsp;21 |  |

---

<sup>1</sup> Unless otherwise specified, the mailing address of each Trustee is c/o Advisors Preferred Trust,1445 Research Blvd., Suite 530, Rockville, MD 20850.

 

<sup>2</sup> The "Fund Complex" consists of the series of the Trust.

---

| |
|:---|
| **Decathlon Market Neutral Fund** |
| **SUPPLEMENTAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2022** |

---

**Interested Trustees and Officers**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address <sup>(1)</sup><br> and Year of Birth** | &nbsp;&nbsp;**Position(s)<br> Held with<br> the Fund** | &nbsp;&nbsp;**Term of<br> Office/<br> Length<br> of Time<br> Served** | &nbsp;&nbsp;**Principal Occupation(s) During Past<br> Five Years** | &nbsp;&nbsp;**Number<br> of<br> Portfolios<br> in Fund<br> Complex<br> Overseen<br> by<br> Trustee<sup>(2)</sup>** | &nbsp;&nbsp;**Other<br> Directorships<br> Held by<br> Trustee<br> During Past<br> Five Years** |
| &nbsp;&nbsp;Catherine Ayers-Rigsby<sup>(3)</sup> <br> Born: 1948 | &nbsp;&nbsp;Trustee, Chairperson, President | &nbsp;&nbsp;Indefinite; since November 2012 | &nbsp;&nbsp;CEO, Advisors Preferred, LLC (since April 2011); President, Ceros Financial Services, Inc. (broker/dealer) (since August 2009) ; President, Atcap Partners, LLC (investment adviser) (since July 2011) | &nbsp;&nbsp;21 |  |
| &nbsp;&nbsp;Brian S. Humphrey<sup>(4)</sup> <br> Born: 1972 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; since November 2012 | &nbsp;&nbsp;Managing Director, Ceros Financial Services, Inc (since January 2011) | &nbsp;&nbsp;21 |  |
| &nbsp;&nbsp;Christine Casares <br> Born: 1975 | &nbsp;&nbsp;Treasurer | &nbsp;&nbsp;Indefinite; since May 2019 | &nbsp;&nbsp;Vice President, Tax Administration, Ultimus Fund Solutions, LLC (since January 2016); Assistant Vice President, Tax Administration (February 2012 – January 2016) | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Angela Holland<br> Born: 1970 | &nbsp;&nbsp;Chief Compliance Officer | &nbsp;&nbsp;Indefinite; since July 2020 | &nbsp;&nbsp;Chief Compliance Officer, Advisors Preferred, LLC (since March 2022); Chief Compliance Officer, Ceros Financial Services, Inc. (since January 2016), Chief Compliance Office, AtCap Partners, LLC (investment adviser) (since March 2022) Sales Supervisor/AML Compliance Officer, Ceros Financial Services, Inc. (April 2012 – January 2016); Compliance Manager, Advisors Preferred, LLC (Since April 2012); Compliance Manager, AtCap Partners, LLC (investment adviser) (since April 2012) | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Jimmy Chao <br> Born: 1971 | &nbsp;&nbsp;Assistant Treasurer | &nbsp;&nbsp;Indefinite Since November 2017 | &nbsp;&nbsp;Assistant Vice President, Fund Administration Ultimus (since April 2012) | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Jeff Meacham <br> Born: 1976 | &nbsp;&nbsp;Assistant Treasurer | &nbsp;&nbsp;Indefinite: since November 2021 | &nbsp;&nbsp;Trader, Ceros Financial Services, Inc. | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Daniel Gibson <br> Born: 1984 | &nbsp;&nbsp;Assistant Treasurer & Secretary | &nbsp;&nbsp;Indefinite: since November 2021; Since October 2022 | &nbsp;&nbsp;Trader/Dealers & Commissions Specialist, Ceros Financial Services, Inc. | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Teresa M. Ritchie <br> Born: 1959 | &nbsp;&nbsp;Assistant Secretary | &nbsp;&nbsp;Indefinite, since August 2022 | &nbsp;&nbsp;Legal Administration, Ultimus since May 2012) | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

<sup>1.</sup> Unless otherwise specified, the address of each Trustee and Officer is c/o Advisors Preferred Trust, 1145 Research Blvd., Suite 530, Rockville, MD 20850

<sup>2.</sup> The "Fund Complex" consists of the series of the Trust.

 

<sup>3.</sup> Ms. Ayers-Rigsby is an interested Trustees because she is an officer of the Trust, an officer of the Trust's investment adviser and an officer of the Trust's principal underwriter

<sup>4.</sup> Mr. Humphrey is an interested Trustee because he is an officer of the Trust's principal underwriter

The Funds' Statement of Additional Information includes additional information about the Trustees and is available free of charge by calling toll- free 1-833-786-1121.

***PRIVACY NOTICE***

**Rev. May 2014**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;**WHAT DOES ADVISORS PREFERRED TRUST DO WITH YOUR PERSONAL INFORMATION?** | &nbsp;&nbsp;**WHAT DOES ADVISORS PREFERRED TRUST DO WITH YOUR PERSONAL INFORMATION?** |
| &nbsp;&nbsp;**Why?** | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| &nbsp;&nbsp;**What?** | &nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: | &nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
|  | &nbsp;&nbsp;&nbsp;**■** Social Security number | &nbsp;&nbsp;&nbsp;**■** Purchase History |
|  | &nbsp;&nbsp;&nbsp;■ Assets | &nbsp;&nbsp;&nbsp;■ Account Balances |
|  | &nbsp;&nbsp;&nbsp;■ Retirement Assets | &nbsp;&nbsp;&nbsp;**■** Account Transactions |
|  | &nbsp;&nbsp;&nbsp;■ Transaction History | &nbsp;&nbsp;&nbsp;**■** Wire Transfer Instructions |
|  | &nbsp;&nbsp;&nbsp;■ Checking Account Information |  |
|  | &nbsp;&nbsp;When you are *no longer* our customer, we continue to share your information as described in this notice. | &nbsp;&nbsp;When you are *no longer* our customer, we continue to share your information as described in this notice. |
| &nbsp;&nbsp;**How?** | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Advisors Preferred Trust chooses to share; and whether you can limit this sharing. | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Advisors Preferred Trust chooses to share; and whether you can limit this sharing. |

---

---

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

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Questions?** | &nbsp;&nbsp;Call 1-866-862-9686 |

---

---

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

---

**<u>PROXY VOTING POLICY</u>**

Information regarding how the Fund 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 Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-833-786-1121 or by referring to the Security and Exchange Commission's ("SEC") website at http://www.sec.gov.

**<u>PORTFOLIO HOLDINGS</u>**

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available on the SEC's website at http://www.sec.gov. The information on Form N-PORT is available without charge, upon request, by calling 1-833-786-1121.

---

| |
|:---|
| **INVESTMENT ADVISOR** |
| Advisors Preferred LLC |
| 1445 Research Blvd., Suite 530 |
| Rockville, MD 20850 |
| **SUB-ADVISOR** |
| Beaumont Capital Management, LLC |
| 125 Newbury Street, 4th Floor |
| Boston, MA 02116 |
| **ADMINISTRATOR** |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |
| BCM-AR22 |

---

(b) Not applicable.

**Item 2. Code of Ethics.**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant
files with, or submits to, the Commission and in other public communications made by the registrant;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified
in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

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

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

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

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

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

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

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

(a)  **<u>Audit Fees</u>** 

2022 - $11,000

2021 –$11,000

(b)  **<u>Audit-Related Fees</u>** 

2022 – None

2021 - None

(c)  **<u>Tax Fees</u>** 

2022 - $3,000

2021 –$3,000

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)  **<u>All Other Fees</u>** 

2022 – None

2021 - None

(e) (1)  **<u>Audit Committee's Pre-Approval Policies</u>** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)  **<u>Percentages of Services Approved by the Audit Committee</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2022</u> <u>2021</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit-Related Fees: 100% 100%

Tax Fees: 100% 100%

All Other Fees: 100% 100%

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

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

2022 - $3,000

2021 –$3,000

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

(i) Not applicable.

(j) Not applicable.

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

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

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

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

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

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

**Item 11. Controls and Procedures.** 

(a) Based on an evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are

reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant's management, including the Registrant's principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no significant changes in the Registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** Not applicable.

**Item 13. Exhibits.** 

(a)(1) [Code of Ethics filed herewith.](coe.htm)

(a)(2) [Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.](cert1.htm)

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

(b) [Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.](cert2.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) <u>Advisors Preferred Trust</u>

By (Signature and Title)

<u>/s/ Catherine Ayers-Rigsby</u> 

Catherine Ayer-Rigsby, President/Principal Executive Officer

Date <u>3/3/23</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)

<u>/s/Catherine Ayers-Rigsby</u> 

Catherine Ayers-Rigsby, President/Principal Executive Officer

Date <u>3/3/23</u> 

By (Signature and Title)

 <u>/s/ Christine Casares</u> 

Christine Casares, Treasurer/Principal Financial Officer

Date <u>3/3/23</u>

## Ex-99.Cert

CERTIFICATIONS

I, Catherine Ayers-Rigsby, certify that:

1. I have reviewed this report on Form N-CSR of Decathlon Market Neutral Fund (a 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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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: <u>3/3/23</u> <u>/s/ Catherine Ayers-Rigsby</u> 

Catherine Ayers-Rigsby, President/Principal Executive Officer

I, Christine Casares, certify that:

I have reviewed this report on Form N-CSR of Decathlon Market Neutral Fund (a 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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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: <u>3/3/23</u> <u>/s/ Christine Casares</u> 

Christine Casares

Treasurer/Principal Financial Officer

## Exhibit 99.906

**certification**

Catherine Ayers-Rigsby, President, and Christine Casares, Treasurer of Advisors Preferred Trust (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2022 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

President/Principal Executive Officer Treasurer/Principal Financial Officer

Advisors Preferred Trust Advisors Preferred Trust

<u>/s/ Catherine Ayers-Rigsby</u> <u>/s/ Christine Casares</u> 

Catherine Ayers Rigsby Christine Casares

Date: <u>3/3/23</u> Date: <u>3/3/23</u> 

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.