# EDGAR Filing Document

**Accession Number:** 0001556505
**File Stem:** 0000910472-25-003032
**Filing Date:** 2025-11
**Character Count:** 69781
**Document Hash:** e6c19becd45f5898674e813201512b74
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-003032.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0000910472-25-003032

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22756
- **FILM NUMBER:** 251464792

**BUSINESS ADDRESS:**
- **STREET 1:** 1445 RESEARCH BOULEVARD
- **STREET 2:** SUITE 530
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850
- **BUSINESS PHONE:** 2402231998

**MAIL ADDRESS:**
- **STREET 1:** 1445 RESEARCH BOULEVARD
- **STREET 2:** SUITE 530
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| |
|:---|
| **QUANTIFIED MANAGED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.1%** |  |
|  | **ASSET MANAGEMENT - 0.3%** |  |
| 4554 | Federated Hermes, Inc., B | $236489 |
|  | **BEVERAGES - 0.7%** |  |
| 3578 | Coca-Cola Company | 237293 |
| 1689 | PepsiCo, Inc. | 237203 |
|  |  | 474496 |
|  | **CHEMICALS - 0.4%** |  |
| 1270 | WD-40 Company | 250952 |
|  | **COMMERCIAL SUPPORT SERVICES - 1.0%** |  |
| 1160 | Cintas Corporation | 238102 |
| 4049 | Rollins, Inc. | 237838 |
| 1078 | Waste Management, Inc. | 238055 |
|  |  | 713995 |
|  | **CONSUMER SERVICES - 0.3%** |  |
| 2847 | Service Corp International | 236927 |
|  | **FOOD - 0.3%** |  |
| 2885 | Kellanova | 236628 |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.4%** |  |
| 767 | Cencora, Inc. | 239710 |
|  | **HOUSEHOLD PRODUCTS - 1.4%** |  |
| 1927 | Clorox Company | 237599 |
| 2937 | Colgate-Palmolive Company | 234784 |
| 1933 | Kimberly-Clark Corporation | 240348 |
| 1540 | Procter & Gamble Company | 236621 |
|  |  | 949352 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.3%** |  |
| 249 | WW Grainger, Inc. | 237287 |
|  | **INSURANCE - 1.0%** |  |
| 5457 | AMERISAFE, Inc. | 239235 |

---

---

| |
|:---|
| **QUANTIFIED MANAGED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.1% (Continued)** |  |
|  | **INSURANCE - 1.0% (Continued)** |  |
| 1183 | Marsh & McLennan Companies, Inc. | $238410 |
| 3114 | W R Berkley Corporation | 238595 |
|  |  | 716240 |
|  | **MACHINERY - 0.4%** |  |
| 2249 | Veralto Corporation | 239766 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.3%** |  |
| 3045 | Edwards Lifesciences Corporation<sup>(a)</sup> | 236810 |
|  | **RETAIL - DISCRETIONARY - 0.7%** |  |
| 581 | Home Depot, Inc. | 235415 |
| 1650 | TJX Companies, Inc. | 238492 |
|  |  | 473907 |
|  | **RETAIL REIT - 0.4%** |  |
| 7526 | Saul Centers, Inc. | 239853 |
|  | **SELF-STORAGE REIT - 0.3%** |  |
| 821 | Public Storage | 237146 |
|  | **TECHNOLOGY HARDWARE - 0.3%** |  |
| 520 | Motorola Solutions, Inc. | 237791 |
|  | **TECHNOLOGY SERVICES - 1.0%** |  |
| 808 | Automatic Data Processing, Inc. | 237148 |
| 992 | Broadridge Financial Solutions, Inc. | 236265 |
| 949 | Verisk Analytics, Inc. | 238683 |
|  |  | 712096 |
|  | **TELECOMMUNICATIONS - 0.3%** |  |
| 5465 | Verizon Communications, Inc. | 240187 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.3%** |  |
| 2889 | Sysco Corporation | 237880 |

---

---

| |
|:---|
| **QUANTIFIED MANAGED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.1% (Continued)** |  |
|  | **TOTAL COMMON STOCKS (Cost $7,214,177)** | $7147512 |
|  | **EXCHANGE-TRADED FUNDS — 84.9%** |  |
|  | **ENERGY MLP FUNDS - 3.0%** |  |
| 45330 | Alerian MLP ETF<sup>(c)</sup> | 2127337 |
|  | **FIXED INCOME - 78.9%** |  |
| 197573 | Invesco Emerging Markets Sovereign Debt ETF | 4259674 |
| 114409 | Invesco Fundamental High Yield Corporate Bond ETF | 2125719 |
| 547692 | Invesco Preferred ETF<sup>(c)</sup> | 6353227 |
| 99170 | iShares 7-10 Year Treasury Bond ETF<sup>(c)</sup> | 9565938 |
| 26199 | iShares iBoxx $ High Yield Corporate Bond ETF | 2127097 |
| 80989 | iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(c)</sup> | 9027844 |
| 99980 | SPDR Bloomberg Convertible Securities ETF<sup>(c)</sup> | 9048190 |
| 29009 | SPDR Bloomberg High Yield Bond ETF<sup>(c)</sup> | 2842592 |
| 54458 | Vanguard Intermediate-Term Bond ETF | 4252625 |
| 81971 | Vanguard Long-Term Corporate Bond ETF<sup>(c)</sup> | 6365048 |
|  |  | 55967954 |
|  | **LARGE CAP FUNDS - 3.0%** |  |
| 24580 | WisdomTree US LargeCap Dividend Fund | 2139197 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $59,332,309)** | 60234488 |
|  | **SHORT-TERM INVESTMENTS — 4.0%** |  |
|  | **MONEY MARKET FUNDS - 4.0%** |  |
| 1439022 | Fidelity Government Portfolio, Class I, 4.03%<sup>(b)</sup> | 1439022 |
| 1439022 | First American Government Obligations Fund, Class Z, 4.00%<sup>(b)</sup> | 1439022 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $2,878,044)** | 2878044 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $2,878,044)** | $2878044 |

---

---

| |
|:---|
| **QUANTIFIED MANAGED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Units** |  | **Fair Value** |
|  | **COLLATERAL FOR SECURITIES LOANED- 37.3%** |  |
| 26461846 | Mount Vernon Liquid Assets Portfolio, LLC, 4.27%<sup>(b),(d),(e)</sup> | $26461846 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $26,461,846)** |  |
|  | **TOTAL INVESTMENTS - 136.3% (Cost $95,886,376)** | $96721890 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (36.3)%** | (25764409) |
|  | **NET ASSETS - 100.0%** | $70957481 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional Amount** | **Unrealized<br> Appreciation** |
| 89 | Ultra U.S. Treasury Bond Futures | 12/22/2025 | $10685563 | $2786 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| REIT | - Real Estate Investment Trust |
| 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 September 30, 2025.

 

<sup>(c)</sup> All or portion of the security is on loan. Total loaned securities had a value of $25,799,278 at September 30, 2025.

 

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

 

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

---

| |
|:---|
| **QUANTIFIED MARKET LEADERS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 81.5%** |  |
|  | **CONSUMER CYCLICAL - 19.6%** |  |
| 118142 | Consumer Discretionary Select Sector SPDR Fund | $28311549 |
|  | **INTERNATIONAL EQUITIES - 23.4%** |  |
| 632797 | iShares MSCI Emerging Markets ETF<sup>(b)</sup> | 33791360 |
|  | **SMALL CAP VALUE - 7.8%** |  |
| 63296 | iShares Russell 2000 Value ETF<sup>(b)</sup> | 11191366 |
|  | **TECHNOLOGY - 30.7%** |  |
| 237221 | Communication Services Select Sector SPDR Fund | 28079850 |
| 57382 | Technology Select Sector SPDR Fund | 16173690 |
|  |  | 44253540 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $113,498,034)** | 117547815 |
|  | **SHORT-TERM INVESTMENTS — 17.5%** |  |
|  | **MONEY MARKET FUNDS – 17.5%** |  |
| 12599255 | Fidelity Government Portfolio, Class I, 4.03%<sup>(a)</sup> | 12599255 |
| 12599255 | First American Government Obligations Fund, Class Z, 4.00%<sup>(a)</sup> | 12599255 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $25,198,510)** | 25198510 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $25,198,510)** | 25198510 |
| **Units** |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 25.2%** |  |
| 36289900 | Mount Vernon Liquid Assets Portfolio, LLC, 4.27%<sup>(a),(c),(d),</sup> | 36289900 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $36,289,900)** |  |
|  | **TOTAL INVESTMENTS – 124.2% (Cost $174,986,444)** | $179036225 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (24.2)%** | (34914361) |
|  | **NET ASSETS - 100.0%** | $144121864 |

---

---

| |
|:---|
| **QUANTIFIED MARKET LEADERS FUND** |
| **SCHEDULE OF FUTURES CONTRACTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

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

---

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

 

<sup>(b)</sup> All or portion of the security is on loan. Total loaned securities had a value of $35,561,484 at September 30, 2025.

 

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

 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| Number of<br> Shares | Reference Entity | Notional Amount at <br> September 30, 2025 | Interest Rate Payable <sup>(1)</sup> | Termination <br> Date | Counterparty | Unrealized <br> Apepreciation/ <br> (Depreciation) |
| Long Position: | Long Position: | Long Position: |  |  |  |  |
| 45860 | iShares Russell 1000 Growth ETF | $21481283 | USD SOFR plus 60 bp | 6/24/2026 | BRC | $1209683 |
| 2280 | iShares Russell 1000 Growth ETF | 1067975 | USD SOFR plus 60 bp | 10/23/2026 | BRC | 571 |
| 138950 | iShares Russell 2000 Growth ETF | 44469558 | USD SOFR plus 60 bp | 10/23/2026 | BRC | (632733) |
| 43140 | Technology Select Sector SPDR Fund | 12159440 | USD SOFR plus 60 bp | 9/24/2026 | BRC | 813859 |
| 37760 | Vanguard Information Technology ETF | 28192749 | USD SOFR plus 60 bp | 10/23/2026 | BRC | 45611 |
|  |  |  |  |  | Total: | $1436991 |

---

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

 

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

---

| |
|:---|
| **QUANTIFIED ALTERNATIVE INVESTMENT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 83.5%** |  |
|  | **ALTERNATIVE - 3.8%** |  |
| 8913 | AltShares Merger Arbitrage ETF | $258388 |
| 1488 | Convergence Long/short Equity ETF | 38747 |
| 1263 | IndexIQ ETF Trust - IQ Hedge Multi-Strategy | 42475 |
|  |  | 339610 |
|  | **COMMODITY - 0.1%** |  |
| 457 | Amplify Junior Silver Miners ETF | 10552 |
|  | **EQUITY – 57.0%** |  |
| 3514 | ALPS Clean Energy ETF | 112237 |
| 3019 | Amplify Transformational Data Sharing ETF | 202394 |
| 1089 | Aptus Collared Investment Opportunity ETF | 47295 |
| 2778 | ARK Autonomous Technology & Robotics ETF<sup>(a)</sup> | 309914 |
| 1118 | Bitwise Crypto Industry Innovators ETF | 28028 |
| 7112 | Fidelity High Dividend ETF | 396210 |
| 816 | Fidelity MSCI Consumer Discretionary Index ETF | 83942 |
| 22721 | First Trust Global Wind Energy ETF | 436477 |
| 143 | First Trust Small Cap Growth AlphaDEX Fund | 12972 |
| 5567 | Franklin International Low Volatility High Dividend Index ETF | 193453 |
| 2595 | Global X Adaptive US Factor ETF | 120694 |
| 976 | Global X Silver Miners ETF | 69911 |
| 500 | Invesco Global Listed Private Equity ETF | 34510 |
| 497 | Invesco Leisure & Entertainment ETF<sup>(b)</sup> | 30108 |
| 2101 | Invesco S&P 500 Equal Weight Technology ETF | 93663 |
| 140 | Invesco S&P 500 Momentum ETF | 16948 |
| 127 | Invesco S&P MidCap Momentum ET | 17174 |
| 1385 | Invesco WilderHill Clean Energy ETF | 39999 |
| 2166 | iShares Global Tech ETF | 223553 |
| 3390 | iShares MSCI Global Gold Miners ETF<sup>(c)</sup> | 219367 |
| 3450 | iShares MSCI Global Metals & Mining Producers ETF<sup>(c)</sup> | 153525 |
| 704 | iShares North American Natural Resources ETF | 34531 |
| 254 | iShares Residential and Multisector Real Estate ETF | 21582 |
| 1069 | iShares U.S. Technology ETF | 209374 |
| 1170 | Proshares Online Retail ETF | 71090 |
| 10920 | Roundhill Sports Betting & iGaming ETF | 260675 |

---

---

| |
|:---|
| **QUANTIFIED ALTERNATIVE INVESTMENT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 83.5% (Continued)** |  |
|  | **EQUITY – 57.0% (Continued)** |  |
| 399 | SPDR Global Dow ETF | $64540 |
| 2531 | SPDR S&P Kensho Clean Power ETF | 213034 |
| 3930 | SPDR S&P Retail ETF<sup>(c)</sup> | 338687 |
| 663 | Technology Select Sector SPDR Fund<sup>(c)</sup> | 186873 |
| 591 | VanEck Digital Transformation ETF<sup>(a)</sup> | 12854 |
| 2096 | VanEck Gold Miners ETF<sup>(c)</sup> | 160134 |
| 1526 | VanEck Junior Gold Miners ETF | 151120 |
| 125 | Vanguard Consumer Discretionary ETF | 49519 |
| 208 | Vanguard Information Technology ETF | 155299 |
| 2916 | WisdomTree US LargeCap Dividend Fund | 253780 |
| 1188 | WisdomTree US LargeCap Fund | 81901 |
|  |  | 5107367 |
|  | **FIXED INCOME - 22.6%** |  |
| 6612 | Invesco Variable Rate Preferred ETF | 163316 |
| 4154 | iShares 0-5 Year TIPS Bond ETF | 429357 |
| 5411 | iShares Convertible Bond ETF<sup>(c)</sup> | 541371 |
| 2847 | iShares Interest Rate Hedged High Yield Bond ETF | 247234 |
| 4736 | SPDR Bloomberg Convertible Securities ETF<sup>(c)</sup> | 428608 |
| 10703 | VanEck Emerging Markets High Yield Bond ETF | 214595 |
|  |  | 2024481 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $7,176,144)** | 7482010 |
|  | **PRIVATE INVESTMENT FUND — 3.8%** |  |
|  | **PRIVATE INVESTMENT - 3.8%** |  |
| N/A | Hyperion Fund LLC<sup>(e)(f)</sup> | 342709 |
|  | **TOTAL PRIVATE INVESTMENT FUND (Cost $336,000)** | 342709 |

---

---

| |
|:---|
| **QUANTIFIED ALTERNATIVE INVESTMENT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 10.8%** |  |
|  | **MONEY MARKET FUNDS - 10.8%** |  |
| 484127 | Fidelity Government Portfolio, Class I, 4.03%<sup>(b)</sup> | 484127 |
| 484127 | First American Government Obligations Fund, Class Z, 4.00%<sup>(b)</sup> | 484127 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $968,254)** | 968254 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $968,254)** | 968254 |
| **Units** |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED- 21.5%** |  |
| 1926918 | Mount Vernon Liquid Assets Portfolio, LLC, 4.27%<sup>(b),(d),(e)</sup> | 1926918 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $1,926,918)** |  |
|  | **TOTAL INVESTMENTS - 119.6% (Cost $10,407,316)** | $10719891 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (19.6)%** | (1755498) |
|  | **NET ASSETS - 100.0%** | $8964393 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount** | **Unrealized<br> Appreciation** |
| 2 | CME E-Mini NASDAQ 100 Index Futures | 12/22/2025 | $996071 | $14072 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional<br> Amount** | **Unrealized<br> Appreciation** |
| 7 | Ultra U.S. Treasury Bond Futures | 12/22/2025 | $840438 | $219 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

---

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

---

---

| |
|:---|
| **QUANTIFIED ALTERNATIVE INVESTMENT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

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

 

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

 

<sup>(c)</sup> All or portion of the security is on loan. Total loaned securities had a value of $1,889,344 at September 30, 2025.

 

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

 

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

 

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

---

| |
|:---|
| **QUANTIFIED STF FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **PRIVATE INVESTMENT FUND — 14.1%** | **PRIVATE INVESTMENT FUND — 14.1%** | **PRIVATE INVESTMENT FUND — 14.1%** |  |
|  | **PRIVATE INVESTMENT - 14.1%** | **PRIVATE INVESTMENT - 14.1%** | **PRIVATE INVESTMENT - 14.1%** |  |
| N/A | Galaxy Plus Fund LLC - Profit Score Regime - Adaptive Equity Feeder Fund<sup>(a)(c)</sup> | Galaxy Plus Fund LLC - Profit Score Regime - Adaptive Equity Feeder Fund<sup>(a)(c)</sup> | Galaxy Plus Fund LLC - Profit Score Regime - Adaptive Equity Feeder Fund<sup>(a)(c)</sup> | $37392188 |
|  | **TOTAL PRIVATE INVESTMENT FUND (Cost $36,256,848)** | **TOTAL PRIVATE INVESTMENT FUND (Cost $36,256,848)** | **TOTAL PRIVATE INVESTMENT FUND (Cost $36,256,848)** | 37392188 |
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** |  |
|  | **CERTIFICATE OF DEPOSIT — 1.5%** |  |  |  |
|  | **BANKING - 1.5%** |  |  |  |
| 1000000 | Ally Bank | 3.7500 | &nbsp;&nbsp;09/27/27 | 1002454 |
| 1000000 | Axos Bank | 3.8000 | &nbsp;&nbsp;04/02/27 | 1001470 |
| 1000000 | ESSA Bank & Trust | 3.7000 | &nbsp;&nbsp;09/25/26 | 999243 |
| 1000000 | Texas Exchange Bank SSB | 3.6500 | &nbsp;&nbsp;03/26/27 | 999063 |
|  |  |  |  | 4002230 |
|  | **TOTAL CERTIFICATE OF DEPOSIT (Cost $4,000,000)** |  |  | 4002230 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 69.1%** |  |  |  |
|  | **MONEY MARKET FUNDS - 69.1%** |  |  |  |
| 91786081 | Fidelity Government Portfolio, Class I, 4.03%<sup>(b)</sup> |  |  | 91786081 |
| 91786082 | First American Government Obligations Fund, Class Z, 4.00%<sup>(b)</sup> |  |  | 91786082 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $183,572,163)** |  |  | 183572163 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $183,572,163)** |  |  | 183572163 |
|  | **TOTAL INVESTMENTS - 84.7% (Cost $223,829,011)** |  |  | $224966581 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 15.3%** |  |  | 40715696 |
|  | **NET ASSETS - 100.0%** |  |  | $265682277 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount** | **Unrealized<br> Appreciation** |
| 1066 | CME E-Mini NASDAQ 100 Index Futures | 12/22/2025 | $530905310 | $3518205 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

---

| |
|:---|
| **QUANTIFIED STF FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

LLC - Limited Liability Company <br>

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

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

 

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

---

| |
|:---|
| **QUANTIFIED PATTERN RECOGNITION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 0.6%** |  |
|  | **EQUITY - 0.6%** |  |
| 400 | SPDR S&P 500 ETF Trust | $266472 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $263,861)** | 266472 |
|  | **PRIVATE INVESTMENT FUND — 7.2%** |  |
|  | **PRIVATE INVESTMENT - 7.2%** |  |
| N/A | Hyperion Fund LLC<sup>(a)(c)</sup> | 3032828 |
|  | **TOTAL PRIVATE INVESTMENT FUND (Cost $3,000,000)** | 3032828 |
|  | **SHORT-TERM INVESTMENTS — 80.0%** |  |
|  | **MONEY MARKET FUNDS - 80.0%** |  |
| 16876083 | Fidelity Government Portfolio, Class I, 4.03%<sup>(b)</sup> | 16876083 |
| 16876084 | First American Government Obligations Fund, Class Z, 4.00%<sup>(b)</sup> | 16876084 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $33,752,167)** | 33752167 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $33,752,167)** | 33752167 |
|  | **TOTAL INVESTMENTS - 87.8% (Cost $37,016,028)** | $37051467 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 12.2%** | 5124748 |
|  | **NET ASSETS - 100.0%** | $42176215 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of <br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount** | **Unrealized<br> Appreciation** |
| 62 | CME E-Mini Standard & Poor's 500 Index Futures | 12/22/2025 | $20890125 | $156838 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| SPDR | - Standard & Poor's Depositary Receipt |

---

---

| |
|:---|
| **QUANTIFIED PATTERN RECOGNITION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **September 30, 2025** |

---

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

 

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

 

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

---

| |
|:---|
| **QUANTIFIED TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 88.1%** |  |
|  | **MONEY MARKET FUNDS - 88.1%** |  |
| 4025189 | Fidelity Government Portfolio, Class I, 4.03%<sup>(a)</sup> | $4025189 |
| 4025189 | First American Government Obligations Fund, Class Z, 4.00%<sup>(a)</sup> | 4025189 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $8,050,378)** | 8050378 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $8,050,378)** | 8050378 |
|  | **TOTAL INVESTMENTS - 88.1% (Cost $8,050,378)** | $8050378 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 11.9%** | 1090740 |
|  | **NET ASSETS - 100.0%** | $9141118 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
|  |  |  |  |  |  | Unrealized |
| Number of |  | Notional Amount at |  | Termination |  | Apepreciation/ |
| Shares | Reference Entity | September 30, 2025 | Interest Rate Payable <sup>(1)</sup> | Date | Counterparty | (Depreciation) |
| Long Position: |  |  |  |  |  |  |
| 16700 | iShares iBoxx $ High Yield Corporate Bond ETF | $1355873 | USD SOFR plus 60 bp | 10/21/2026 | BRC | $(2077) |
| 47400 | iShares iBoxx $ High Yield Corporate Bond ETF | 3848406 | USD SOFR plus 60 bp | 1023/2026 | BRC | (5372) |
| 48500 | iShares iBoxx $ High Yield Corporate Bond ETF | 3937715 | USD SOFR plus 60 bp | 10/28/2026 | BRC | 4416 |
| 100 | iShares iBoxx $ High Yield Corporate Bond ETF | 8119 | USD SOFR plus 60 bp | 10/30/2026 | BRC | (2) |
| 13900 | SPDR Bloomberg High Yield Bond ETF | 1362061 | USD SOFR plus 60 bp | 1021/2026 | BRC | (2728) |
| 39300 | SPDR Bloomberg High Yield Bond ETF | 3851007 | USD SOFR plus 60 bp | 1023/2026 | BRC | (7413) |
| 40100 | SPDR Bloomberg High Yield Bond ETF | 3929399 | USD SOFR plus 60 bp | 10/28/2026 | BRC | 3850 |
|  |  |  |  |  | Total: | $(9326) |

---

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

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

---

| |
|:---|
| **QUANTIFIED EVOLUTION PLUS FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 4.3%** |  |
|  | **INDEX - 2.8%** |  |
| 500 | Invesco QQQ Trust Series 1 | $300185 |
|  | **U.S. LARGE CAP EQUITIES - 1.5%** |  |
| 250 | SPDR S&P 500 ETF Trust | 166545 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $465,041)** | 466730 |
|  | **SHORT-TERM INVESTMENTS — 87.0%** |  |
|  | **CERTIFICATE PARTICIPATION – 87.0%** |  |
| 4069305 | Fidelity Government Portfolio Class I, Class I, 4.03%<sup>(a)</sup> | 4069305 |
| 1254809 | First American Government Obligations Fund, Class X, 4.04%<sup>(a),(b)</sup> | 1254809 |
| 4069305 | First American Government Obligations Fund Class Z, Class Z, 4.00%<sup>(a)</sup> | 4069305 |
|  | **TOTAL CERTIFICATE PARTICIPATION (Cost $9,393,419)** | 9393419 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $9,393,419)** | 9393419 |
|  | **TOTAL INVESTMENTS - 91.3% (Cost $9,858,460)** | $9860149 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 8.7%** | 944605 |
|  | **NET ASSETS - 100.0%** | $10804754 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount** | **Unrealized<br> Appreciation** |
| 2 | CME E-Mini NASDAQ 100 Index Futures | 12/22/2025 | $996070 | $2520 |
| 6 | CME E-Mini Standard & Poor's 500 Index Futures | 12/22/2025 | 2021625 | 14400 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $16920 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> Rate disclosed is the seven-day effective yield as of September 30, 2025. <br><sup>(b)</sup> All or a portion of this investment is a holding of the QEPF Fund Limited.

---

| |
|:---|
| **QUANTIFIED EVOLUTION PLUS FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | |
|  |  |  |  |  |  | Unrealized |
|  |  | Notional Amount at |  | Termination |  | Appreciation/ |
| Number of Shares | Reference Entity | September 30, 2025 | Interest Rate Payable <sup>(1)</sup> | Date | Counterparty | (Depreciation) |
| Long Position: |  |  |  |  |  |  |
| 1049300 | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | $14092099 | USD SOFR plus 60 bp | 10/30/2026 | BRC | $(80990) |
| 28400 | Vanguard FTSE Europe ETF | 2266320 | USD SOFR plus 60 bp | 9/11/2026 | BRC | 188094 |
| 7700 | Vanguard FTSE Europe ETF | 614460 | USD SOFR plus 60 bp | 9/18/2026 | BRC | 5991 |
| 500 | Vanguard FTSE Europe ETF | 39900 | USD SOFR plus 60 bp | 9/24/2026 | BRC | (278) |
| 1800 | Vanguard FTSE Europe ETF | 143640 | USD SOFR plus 60 bp | 9/25/2026 | BRC | 1776 |
| 4100 | Vanguard FTSE Europe ETF | 327180 | USD SOFR plus 60 bp | 10/2/2026 | BRC | 9739 |
| 200 | Vanguard FTSE Europe ETF | 15960 | USD SOFR plus 60 bp | 10/7/2026 | BRC | 232 |
| 2300 | Vanguard FTSE Europe ETF | 183540 | USD SOFR plus 60 bp | 10/12/2026 | BRC | 929 |
| 100 | Vanguard FTSE Europe ETF | 7980 | USD SOFR plus 60 bp | 10/14/2026 | BRC | 44 |
| 6000 | Vanguard FTSE Europe ETF | 478800 | USD SOFR plus 60 bp | 10/22/2026 | BRC | 1118 |
| 500 | Vanguard FTSE Europe ETF | 39900 | USD SOFR plus 60 bp | 10/28/2026 | BRC | 437 |
|  |  |  |  |  | Total: | $127092 |

---

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

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

---

| |
|:---|
| **QUANTIFIED COMMON GROUND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 74.4%** |  |
|  | **ASSET MANAGEMENT - 0.8%** |  |
| 40306 | Invesco Ltd. | $924620 |
|  | **AUTOMOTIVE - 5.1%** |  |
| 44760 | Adient plc<sup>(a)</sup> | 1077821 |
| 299194 | American Axle & Manufacturing Holdings, Inc.<sup>(a),(c)</sup> | 1798156 |
| 38740 | Aptiv Holdings Ltd.<sup>(a)</sup> | 3340163 |
|  |  | 6216140 |
|  | **BANKING - 0.8%** |  |
| 18602 | Synovus Financial Corporation | 912986 |
|  | **BIOTECH & PHARMA - 3.1%** |  |
| 53538 | Exelixis, Inc.<sup>(a)</sup> | 2211119 |
| 20358 | Halozyme Therapeutics, Inc.<sup>(a)</sup> | 1493056 |
|  |  | 3704175 |
|  | **CHEMICALS – 5.9%** |  |
| 15068 | Linde PLC | 7157300 |
|  | **CONTAINERS & PACKAGING – 2.0%** |  |
| 25542 | International Paper Company | 1185149 |
| 90708 | O-I Glass, Inc.<sup>(a)</sup> | 1176483 |
|  |  | 2361632 |
|  | **ELECTRIC UTILITIES - 11.2%** |  |
| 65901 | AES Corporation | 867257 |
| 61119 | Ameren Corporation | 6379602 |
| 66764 | Southern Company | 6327224 |
|  |  | 13574083 |
|  | **FOOD - 4.8%** |  |
| 96886 | Phibro Animal Health Corporation, Class A | 3920007 |
| 45054 | Pilgrim's Pride Corporation | 1834599 |
|  |  | 5754606 |
|  | **GAS & WATER UTILITIES - 5.3%** |  |
| 133438 | New Jersey Resources Corporation | 6425040 |

---

---

| |
|:---|
| **QUANTIFIED COMMON GROUND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 74.4% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 3.7%** |  |
| 15764 | Centene Corporation<sup>(a)</sup> | $562460 |
| 4724 | Humana, Inc. | 1229043 |
| 114898 | Owens & Minor, Inc.<sup>(a)</sup> | 551510 |
| 50350 | Progyny, Inc.<sup>(a)</sup> | 1083532 |
| 5304 | Tenet Healthcare Corporation<sup>(a)</sup> | 1076924 |
|  |  | 4503469 |
|  | **HEALTH CARE REIT - 1.5%** |  |
| 27431 | CareTrust REIT, Inc. | 951307 |
| 5135 | Welltower, Inc. | 914749 |
|  |  | 1866056 |
|  | **HOME CONSTRUCTION - 0.9%** |  |
| 14968 | Griffon Corporation | 1139813 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 4.5%** |  |
| 32295 | Intercontinental Exchange, Inc. | 5441062 |
|  | **INSURANCE - 2.3%** |  |
| 78324 | Radian Group, Inc. | 2836895 |
|  | **MACHINERY - 0.8%** |  |
| 19300 | Flowserve Corporation | 1025602 |
|  | **METALS & MINING - 3.5%** |  |
| 50916 | Newmont Corporation | 4292728 |
|  | **OFFICE REIT - 1.0%** |  |
| 25544 | JBG SMITH Properties | 568354 |
| 14715 | Kilroy Realty Corporation<sup>(c)</sup> | 621709 |
|  |  | 1190063 |
|  | **OIL & GAS PRODUCERS - 6.1%** |  |
| 28295 | California Resources Corporation | 1504728 |
| 45378 | CNX Resources Corporation<sup>(a),(c)</sup> | 1457541 |
| 17769 | EQT Corporation | 967167 |
| 51183 | Range Resources Corporation | 1926528 |

---

---

| |
|:---|
| **QUANTIFIED COMMON GROUND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 74.4% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 6.1% (Continued)** |  |
| 9376 | Targa Resources Corporation | $1570855 |
|  |  | 7426819 |
|  | **SPECIALTY FINANCE - 4.8%** |  |
| 46054 | Essent Group Ltd. | 2927192 |
| 100425 | MGIC Investment Corporation | 2849057 |
|  |  | 5776249 |
|  | **TECHNOLOGY HARDWARE - 2.3%** |  |
| 30637 | Benchmark Electronics, Inc. | 1181056 |
| 13792 | Western Digital Corporation | 1655868 |
|  |  | 2836924 |
|  | **TECHNOLOGY SERVICES - 0.5%** |  |
| 7377 | CoStar Group, Inc.<sup>(a)</sup> | 622397 |
|  | **TIMBER REIT - 3.5%** |  |
| 103860 | PotlatchDeltic Corporation | 4232295 |
|  | **TOTAL COMMON STOCKS (Cost $87,403,507)** | 90220954 |
|  | **SHORT-TERM INVESTMENTS — 25.6%** |  |
|  | **MONEY MARKET FUNDS - 25.6%** |  |
| 15530961 | Fidelity Government Portfolio, Class I, 4.03%<sup>(b)</sup> | 15530961 |
| 15530960 | First American Government Obligations Fund, Class Z, 4.00%<sup>(b)</sup> | 15530960 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $31,061,921)** | 31061921 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $31,061,921)** | 31061921 |
| **Units** |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED- 1.7%** |  |
| 2068717 | Mount Vernon Liquid Assets Portfolio, LLC, , 4.27%<sup>(b),(d),(e)</sup> | 2068717 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $2,068,717)** |  |

---

---

| |
|:---|
| **QUANTIFIED COMMON GROUND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | |
|:---|:---|
|  | **Fair Value** |
| **TOTAL INVESTMENTS - 101.7% (Cost $120,534,145)** | $123351592 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.7)%** | (2024804) |
| **NET ASSETS - 100.0%** | $121326788 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |

---

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

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

<sup>(c)</sup> All or portion of the security is on loan. Total loaned securities had a value of $2,001,422 at September 30, 2025.

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

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

---

| |
|:---|
| **QUANTIFIED TACTICAL SECTORS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 81.9%** |  |
|  | **CONSUMER CYCLICAL - 20.0%** |  |
| 86105 | Consumer Discretionary Select Sector SPDR Fund<sup>(b)</sup> | $20634202 |
|  | **TECHNOLOGY - 61.9%** |  |
| 177608 | Communication Services Select Sector SPDR Fund<sup>(b)</sup> | 21023459 |
| 77134 | Technology Select Sector SPDR Fund | 21740989 |
| 28486 | Vanguard Information Technology ETF | 21268502 |
|  |  | 64032950 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $76,540,290)** | 84667152 |
|  | **SHORT-TERM INVESTMENTS — 11.6%** |  |
|  | **MONEY MARKET FUNDS – 11.6%** |  |
| 5997600 | Fidelity Government Portfolio, Class I, 4.03%<sup>(a)</sup> | 5997600 |
| 5997600 | First American Government Obligations Fund, Class Z, 4.00%<sup>(a)</sup> | 5997600 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $11,995,200)** | 11995200 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $11,995,200)** | 11995200 |
| **Units** |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED- 22.8%** |  |
| 23516942 | Mount Vernon Liquid Assets Portfolio, LLC, 4.27%<sup>(a).(c),(d)</sup> | 23516942 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $23,516,942)** |  |
|  | **TOTAL INVESTMENTS – 116.3% (Cost $112,052,432)** | $120179294 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (16.3)%** | (16829673) |
|  | **NET ASSETS - 100.0%** | $103349621 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| SPDR | - Standard & Poor's Depositary Receipt |

---

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

<sup>(b)</sup> All or portion of the security is on loan. Total loaned securities had a value of $22,984,640 at September 30, 2025.

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

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

---

| |
|:---|
| **QUANTIFIED TACTICAL SECTORS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **September 30, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| Number of |  | Notional Amount at |  | Termination |  | Unrealized |
| Shares | Reference Entity | September 30, 2025 | Interest Rate Payable <sup>(1)</sup> | Date | Counterparty | Appreciation |
| Long Position: | Long Position: |  |  |  |  |  |
| 3060 | Communication Services Select Sector SPDR Fund | $362212 | USD SOFR plus 60 bp | 5/29/2026 | BRC | $68383 |
| 72980 | Communication Services Select Sector SPDR Fund | 8638643 | USD SOFR plus 60 bp | 6/5/2026 | BRC | 1413799 |
| 8080 | Communication Services Select Sector SPDR Fund | 956430 | USD SOFR plus 60 bp | 7/2/2026 | BRC | 119849 |
| 4240 | Communication Services Select Sector SPDR Fund | 501889 | USD SOFR plus 60 bp | 7/23/2026 | BRC | 57898 |
| 32840 | Communication Services Select Sector SPDR Fund | 3887271 | USD SOFR plus 60 bp | 8/6/2026 | BRC | 307723 |
| 11520 | Communication Services Select Sector SPDR Fund | 1363622 | USD SOFR plus 60 bp | 9/4/2026 | BRC | 124648 |
| 30390 | Communication Services Select Sector SPDR Fund | 3597264 | USD SOFR plus 60 bp | 10/2/2026 | BRC | 187114 |
| 1470 | Consumer Discretionary Select Sector SPDR Fund | 352271 | USD SOFR plus 60 bp | 5/29/2026 | BRC | 55871 |
| 35760 | Consumer Discretionary Select Sector SPDR Fund | 8569526 | USD SOFR plus 60 bp | 6/5/2026 | BRC | 1327401 |
| 3910 | Consumer Discretionary Select Sector SPDR Fund | 936992 | USD SOFR plus 60 bp | 7/2/2026 | BRC | 107575 |
| 17950 | Consumer Discretionary Select Sector SPDR Fund | 4301538 | USD SOFR plus 60 bp | 8/6/2026 | BRC | 283714 |
| 4800 | Consumer Discretionary Select Sector SPDR Fund | 1150272 | USD SOFR plus 60 bp | 9/4/2026 | BRC | 76805 |
| 15230 | Consumer Discretionary Select Sector SPDR Fund | 3649717 | USD SOFR plus 60 bp | 10/2/2026 | BRC | 108113 |
| 33770 | Technology Select Sector SPDR Fund | 9518412 | USD SOFR plus 60 bp | 6/22/2026 | BRC | 1661876 |
| 2710 | Technology Select Sector SPDR Fund | 763841 | USD SOFR plus 60 bp | 7/2/2026 | BRC | 115164 |
| 14460 | Technology Select Sector SPDR Fund | 4075696 | USD SOFR plus 60 bp | 8/6/2026 | BRC | 320304 |
| 3220 | Technology Select Sector SPDR Fund | 907589 | USD SOFR plus 60 bp | 9/4/2026 | BRC | 57530 |
| 16710 | Technology Select Sector SPDR Fund | 4709881 | USD SOFR plus 60 bp | 10/2/2026 | BRC | 344926 |
| 26160 | Vanguard Information Technology ETF | 19531841 | USD SOFR plus 60 bp | 10/23/2026 | BRC | 31772 |
|  |  |  |  |  | Total: | $6770465 |

---

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

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

---

| |
|:---|
| **QUANTIFIED RISING DIVIDEND TACTICAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 93.1%** |  |
|  | **INTERNATIONAL EQUITIES - 18.6%** |  |
| 41664 | Vanguard International Dividend Appreciation ETF | $3731844 |
|  | **LARGE CAP FUNDS - 23.5%** |  |
| 21773 | Vanguard Dividend Appreciation ETF | 4698396 |
|  | **TECHNOLOGY - 14.3%** |  |
| 4765 | Invesco QQQ Trust Series 1 | 2860763 |
|  | **U.S. LARGE CAP EQUITIES - 36.7%** |  |
| 19551 | Invesco S&P 500 Equal Weight ETF | 3708825 |
| 49529 | Invesco S&P 500 Low Volatility ETF | 3639391 |
|  |  | 7348216 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $17,314,922)** | 18639219 |
|  | **SHORT-TERM INVESTMENTS — 2.8%** |  |
|  | **MONEY MARKET FUNDS - 2.8%** |  |
| 282828 | Fidelity Government Portfolio, Class I, 4.03%<sup>(a)</sup> | 282828 |
| 282828 | First American Government Obligations Fund, Class Z, 4.00%<sup>(a)</sup> | 282828 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $565,656)** | 565656 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $565,656)** | 565656 |
|  | **TOTAL INVESTMENTS - 95.9% (Cost $17,880,578)** | $19204875 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 4.1%** | 829377 |
|  | **NET ASSETS - 100.0%** | $20034252 |

---

ETF - Exchange-Traded Fund <br>

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

---

| |
|:---|
| **QUANTIFIED RISING DIVIDEND TACTICAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **September 30, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
|  |  | Notional Amount at |  |  |  | Unrealized |
| Number of |  | September 30, |  | Termination |  | Appreciation/ |
| Shares | Reference Entity | 2025 | Interest Rate Payable <sup>(1)</sup> | Date | Counterparty | (Depreciation) |
| Long Position: | Long Position: |  |  |  |  |  |
| 180 | Invesco QQQ Trust Series 1 | $108067 | USD SOFR plus 60 bp | 5/28/2026 | BRC | $21541 |
| 110 | Invesco QQQ Trust Series 1 | 66041 | USD SOFR plus 60 bp | 6/11/2026 | BRC | 11479 |
| 70 | Invesco QQQ Trust Series 1 | 42026 | USD SOFR plus 60 bp | 6/22/2026 | BRC | 5501 |
| 290 | Invesco QQQ Trust Series 1 | 174107 | USD SOFR plus 60 bp | 7/2/2026 | BRC | 19715 |
| 80 | Invesco QQQ Trust Series 1 | 48030 | USD SOFR plus 60 bp | 7/10/2026 | BRC | 4825 |
| 13080 | Invesco S&P 500 Equal Weight ETF | 2481276 | USD SOFR plus 60 bp | 5/28/2026 | BRC | 264778 |
| 6450 | Invesco S&P 500 Equal Weight ETF | 1223565 | USD SOFR plus 60 bp | 6/11/2026 | BRC | 98049 |
| 4440 | Invesco S&P 500 Equal Weight ETF | 842268 | USD SOFR plus 60 bp | 6/22/2026 | BRC | 58059 |
| 19020 | Invesco S&P 500 Equal Weight ETF | 3608094 | USD SOFR plus 60 bp | 7/2/2026 | BRC | 210766 |
| 5150 | Invesco S&P 500 Equal Weight ETF | 976955 | USD SOFR plus 60 bp | 7/10/2026 | BRC | 47344 |
| 2430 | Invesco S&P 500 Low Volatility ETF | 178556 | USD SOFR plus 60 bp | 5/28/2026 | BRC | 2352 |
| 1030 | Invesco S&P 500 Low Volatility ETF | 75684 | USD SOFR plus 60 bp | 6/11/2026 | BRC | 39 |
| 360 | Invesco S&P 500 Low Volatility ETF | 26453 | USD SOFR plus 60 bp | 6/22/2026 | BRC | 107 |
| 2960 | Invesco S&P 500 Low Volatility ETF | 217501 | USD SOFR plus 60 bp | 7/2/2026 | BRC | 405 |
| 850 | Invesco S&P 500 Low Volatility ETF | 62458 | USD SOFR plus 60 bp | 7/10/2026 | BRC | (113) |
| 940 | Vanguard Dividend Appreciation Index Fund ETF | 202843 | USD SOFR plus 60 bp | 5/28/2026 | BRC | 25673 |
| 470 | Vanguard Dividend Appreciation Index Fund ETF | 101421 | USD SOFR plus 60 bp | 6/11/2026 | BRC | 9589 |
| 300 | Vanguard Dividend Appreciation Index Fund ETF | 64737 | USD SOFR plus 60 bp | 6/22/2026 | BRC | 5473 |
| 1290 | Vanguard Dividend Appreciation Index Fund ETF | 278369 | USD SOFR plus 60 bp | 7/2/2026 | BRC | 18078 |
| 340 | Vanguard Dividend Appreciation Index Fund ETF | 73368 | USD SOFR plus 60 bp | 7/10/2026 | BRC | 3786 |
| 2200 | Vanguard International Dividend Appreciation Index Fund ETF | 197054 | USD SOFR plus 60 bp | 5/28/2026 | BRC | 7489 |
| 840 | Vanguard International Dividend Appreciation Index Fund ETF | 75239 | USD SOFR plus 60 bp | 6/11/2026 | BRC | 1919 |
| 440 | Vanguard International Dividend Appreciation Index Fund ETF | 39411 | USD SOFR plus 60 bp | 6/22/2026 | BRC | 238 |
| 2300 | Vanguard International Dividend Appreciation Index Fund ETF | 206011 | USD SOFR plus 60 bp | 7/2/2026 | BRC | (2448) |
| 630 | Vanguard International Dividend Appreciation Index Fund ETF | 56429 | USD SOFR plus 60 bp | 7/10/2026 | BRC | (1301) |
|  |  |  |  |  | Total: | $813343 |

---

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

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

---

| |
|:---|
| **QUANTIFIED GOVERNMENT INCOME TACTICAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 0.1%** |  |
|  | **FIXED INCOME - 0.1%** |  |
| 800 | iShares 20+ Year Treasury Bond ETF | $71496 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $71,285)** | 71496 |
|  | **SHORT-TERM INVESTMENTS — 97.5%** |  |
|  | **MONEY MARKET FUNDS - 97.5%** |  |
| 29080774 | Fidelity Government Portfolio, Class I, 4.03%<sup>(a)</sup> | 29080774 |
| 29080774 | First American Government Obligations Fund, Class Z, 4.00%<sup>(a)</sup> | 29080774 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $58,161,548)** | 58161548 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $58,161,548)** | 58161548 |
|  | **TOTAL INVESTMENTS - 97.6% (Cost $58,232,833)** | $58233044 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 2.4%** | 1418258 |
|  | **NET ASSETS - 100.0%** | $59651302 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional<br> Amount** | **Unrealized<br> Appreciation** |
| 159 | Ultra U.S. Treasury Bond Futures | 12/22/2025 | $19089938 | $9938 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

ETF - Exchange-Traded Fund

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

---

| |
|:---|
| **QUANTIFIED GLOBAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 80.5%** |  |
|  | **ASSET MANAGEMENT - 0.8%** |  |
| 1397 | Futu Holdings Ltd. - ADR | $242952 |
|  | **BANKING - 17.8%** |  |
| 25407 | Banco Bilbao Vizcaya Argentaria S.A. - ADR | 489085 |
| 75745 | Banco Bradesco S.A. - ADR | 256018 |
| 2904 | Banco Macro S.A. - ADR | 122810 |
| 19231 | HSBC Holdings plc - ADR | 1365016 |
| 4677 | KB Financial Group, Inc. - ADR | 387770 |
| 306562 | Lloyds Banking Group plc - ADR | 1391792 |
| 21524 | Mitsubishi UFJ Financial Group, Inc. - ADR | 343093 |
| 35575 | NatWest Group plc - ADR | 503386 |
| 10441 | Shinhan Financial Group Company Ltd. - ADR | 525913 |
|  |  | 5384883 |
|  | **BEVERAGES - 5.6%** |  |
| 764599 | Ambev S.A. - ADR | 1705056 |
|  | **BIOTECH & PHARMA - 2.6%** |  |
| 521 | Argenx S.E. - ADR<sup>(a)</sup> | 384268 |
| 4223 | AstraZeneca plc - ADR | 323989 |
| 1440 | Novo Nordisk A/S - ADR | 79906 |
|  |  | 788163 |
|  | **CONSTRUCTION MATERIALS - 0.5%** |  |
| 18606 | Loma Negra Cia Industrial Argentina S.A. - ADR<sup>(a)</sup> | 137126 |
|  | **E-COMMERCE DISCRETIONARY - 0.4%** |  |
| 940 | PDD Holdings, Inc. - ADR<sup>(a)</sup> | 124240 |
|  | **ELECTRIC UTILITIES - 0.3%** |  |
| 6322 | Korea Electric Power Corporation - ADR | 82502 |
|  | **ENTERTAINMENT CONTENT - 1.9%** |  |
| 7486 | Bilibili, Inc. - ADR<sup>(a)</sup> | 210281 |
| 1993 | Sea Ltd. - ADR<sup>(a)</sup> | 356209 |
|  |  | 566490 |

---

---

| |
|:---|
| **QUANTIFIED GLOBAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 80.5% (Continued)** |  |
|  | **INSURANCE - 3.1%** |  |
| 33025 | Prudential plc - ADR | $924371 |
|  | **LEISURE FACILITIES & SERVICES - 0.8%** |  |
| 3260 | Atour Lifestyle Holdings Ltd. - ADR | 122543 |
| 4169 | Carnival plc - ADR<sup>(a)</sup> | 110228 |
|  |  | 232771 |
|  | **METALS & MINING - 3.0%** |  |
| 10753 | Gold Fields Ltd. - ADR | 451196 |
| 24491 | Harmony Gold Mining Company Ltd. - ADR | 444511 |
|  |  | 895707 |
|  | **OIL & GAS PRODUCERS - 19.5%** |  |
| 52188 | Eni SpA - ADR | 1823971 |
| 45515 | Equinor ASA - ADR | 1109656 |
| 196191 | Petroleo Brasileiro S.A. - ADR | 2483778 |
| 6708 | Shell PLC - ADR | 479823 |
|  |  | 5897228 |
|  | **SEMICONDUCTORS - 6.4%** |  |
| 6872 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 1919281 |
|  | **SOFTWARE - 6.6%** |  |
| 2523 | Nice Ltd. - ADR<sup>(a)</sup> | 365280 |
| 5197 | SAP S.E. - ADR | 1388690 |
| 33074 | Yalla Group Ltd. - ADR<sup>(a)</sup> | 248386 |
|  |  | 2002356 |
|  | **STEEL - 3.8%** |  |
| 32789 | Ternium S.A. - ADR | 1138762 |
|  | **TELECOMMUNICATIONS - 6.9%** |  |
| 18638 | America Movil S.A.B. de C.V. - ADR | 391398 |
| 333675 | Telefonica S.A. - ADR | 1695069 |
|  |  | 2086467 |
|  | **TRANSPORTATION & LOGISTICS - 0.5%** |  |
| 1561 | Grupo Aeroportuario del Centro Norte S.A.B. del centro norte - ADR | 162141 |

---

---

| |
|:---|
| **QUANTIFIED GLOBAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 80.5% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 0.5% (Continued)** |  |
|  | **TOTAL COMMON STOCKS (Cost $23,271,088)** | $24290496 |
|  | **SHORT-TERM INVESTMENTS — 19.2%** |  |
|  | **MONEY MARKET FUNDS - 19.2%** |  |
| 2897240 | Fidelity Government Portfolio, Class I, 4.03%<sup>(b)</sup> | 2897240 |
| 2897239 | First American Government Obligations Fund, Class Z, 4.00%<sup>(b)</sup> | 2897239 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $5,794,479)** | 5794479 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $5,794,479)** | 5794479 |
|  | **TOTAL INVESTMENTS - 99.7% (Cost $29,065,567)** | $30084975 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.3%** | 91799 |
|  | **NET ASSETS - 100.0%** | $30176774 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| A/S | - Anonim Sirketi |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| S/A | - Société Anonyme |

---

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

---

| |
|:---|
| **QUANTIFIED ECKHARDT MANAGED FUTURES STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **PRIVATE INVESTMENT FUNDS — 50.9%** |  |
|  | **PRIVATE INVESTMENTS - 50.9%** |  |
| 7713 | Galaxy Plus Fund Evolution Strategy Commodities Offshore Feeder Fund<sup>(a),(c)(d)</sup> | $4379851 |
| N/A | Galaxy Plus Fund LLC Evolution Strategy Financials Feeder Fund<sup>(a)(d)</sup> | 11683314 |
|  |  | 16063165 |
|  | **TOTAL PRIVATE INVESTMENT FUNDS (Cost $19,331,786)** | 16063165 |
|  | **SHORT-TERM INVESTMENTS — 49.0%** |  |
|  | **MONEY MARKET FUNDS - 49.0%** |  |
| 15184737 | Fidelity Government Portfolio, Class I, 4.03%<sup>(b)</sup> | 15184737 |
| 259511 | First American Government Obligations Fund, Class X, 4.04%<sup>(b),(c)</sup> | 259511 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $15,444,248)** | 15444248 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $15,444,248)** | 15444248 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $34,776,034)** | $31507413 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%** | 42842 |
|  | **NET ASSETS - 100.0%** | $31550255 |

---

LLC - Limited Liability Company

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

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Advisors Preferred Trust

- **b. Investment Company Act file number:** 811-22756

- **c. CIK number of Registrant:** 0001556505

- **d. LEI of Registrant:** 549300VBL7C31PY2VZ37

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1445 RESEARCH BOULEVARD

  - **City:** ROCKVILLE

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20850

  - **Telephone number:** 240-223-1998

**Item A.2. Information about the Series.**

- **a. Name of Series:** Quantified Global Fund

- **b. EDGAR series identifier (if any):** S000082430

- **c. LEI of Series:** 529900CWQZZ4X6V6DI05

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $30217137.79

**Total Liabilities:** $40363.39

**Net Assets:** $30176774.40

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000245743 | -0.10%               | 4.02%                | 2.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2251885.13              | $-2021935.48                               |
| Month 2  | $498570.88               | $-8649.39                                  |
| Month 3  | $270517.07               | $541659.43                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                | Title                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Petroleo Brasileiro SA                              | PETROBRAS SA-ADR          | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |    196191 | NS      | $2483778.06   | 8.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambev S.A.                                          | AMBEV SA-ADR              | CUSIP: 02319V103<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |    764599 | NS      | $1705055.77   | 5.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Yalla Group Limited                                 | YALLA GROUP LTD           | CUSIP: 98459U103<br>LEI: 254900JO9GJYWVJTAX89 | Long             | EC               | CORP              | KY        |     33074 | NS      | $248385.74    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.                           | FRST AM-GV OB-Z           | CUSIP: 31846V567<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   2897239 | PA      | $2897239.40   | 9.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Bilibili Inc.                                       | BILIBILI INC-ADR          | CUSIP: 090040106<br>LEI: 5493008V60M52L3PIS45 | Long             | EC               | CORP              | KY        |      7486 | NS      | $210281.74    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Macro S.A.                                    | BANCO MACRO -ADR          | CUSIP: 05961W105<br>LEI: 579100KKDKKIFEBKK040 | Long             | EC               | CORP              | AR        |      2904 | NS      | $122810.16    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                                         | EQUINOR ASA-ADR           | CUSIP: 29446M102<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |     45515 | NS      | $1109655.70   | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.        | TAIWAN SEMIC-ADR          | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      6872 | NS      | $1919280.88   | 6.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd                                     | GOLD FIELDS-ADR           | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |     10753 | NS      | $451195.88    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Gold Mining Co Ltd                          | HARMONY GOLD-ADR          | CUSIP: 413216300<br>LEI: 378900986D05F0C29811 | Long             | EC               | CORP              | ZA        |     24491 | NS      | $444511.65    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd.                                            | SEA LTD-ADR               | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |      1993 | NS      | $356208.89    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Futu Holdings Ltd.                                  | FUTU HOLDING-ADR          | CUSIP: 36118L106<br>LEI: 213800X4W4ZRESFPTQ37 | Long             | EC               | CORP              | KY        |      1397 | NS      | $242952.27    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                     | ASTRAZENECA-ADR           | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      4223 | NS      | $323988.56    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                                    | NOVO-NORDISK-ADR          | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |      1440 | NS      | $79905.60     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                              | SAP SE-SPONS ADR          | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      5197 | NS      | $1388690.37   | 4.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Eni SpA                                             | ENI SPA-ADR               | CUSIP: 26874R108<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |     52188 | NS      | $1823970.60   | 6.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD Holdings Inc.                                   | PDD HOLDINGS INC          | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |       940 | NS      | $124239.80    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Shinhan Financial Group Co Ltd.                     | SHINHAN FINA-ADR          | CUSIP: 824596100<br>LEI: 988400EB8A6G49E5KO54 | Long             | EC               | CORP              | KR        |     10441 | NS      | $525913.17    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                                           | ARGENX SE - ADR           | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |       521 | NS      | $384268.76    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Colchester Street Trust                    | FID-MM GOVT-I             | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |   2897239 | PA      | $2897239.41   | 9.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Lloyds Banking Group PLC                            | LLOYDS BANKING GROUP PLC- | CUSIP: 539439109<br>LEI: 549300PPXHEU2JF0AM85 | Long             | EC               | CORP              | GB        |    306562 | NS      | $1391791.48   | 4.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential PLC                                      | PRUDENTIAL PLC-ADR        | CUSIP: 74435K204<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |     33025 | NS      | $924369.75    | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Nice Limited                                        | NICE LTD -SP ADR          | CUSIP: 653656108<br>LEI: 254900YTY4EF5Z4W0A51 | Long             | EC               | CORP              | IL        |      2523 | NS      | $365279.94    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.                 | MITSUBISHI U-ADR          | CUSIP: 606822104<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |     21524 | NS      | $343092.56    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc.                             | KB FINANCIAL-ADR          | CUSIP: 48241A105<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |      4677 | NS      | $387770.07    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NatWest Group PLC                                   | NATWEST GR-S ADR          | CUSIP: 639057207<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |     35575 | NS      | $503386.25    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bradesco SA                                   | BRADESCO-ADR              | CUSIP: 059460303<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EC               | CORP              | BR        |     75745 | NS      | $256018.10    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                  | BANCO BILBAO VIZCAYA-SP A | CUSIP: 05946K101<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |     25407 | NS      | $489084.75    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| America Movil S.A.B. de C.V.                        | AMERICA MOVIL SA          | CUSIP: 02390A101<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |     18638 | NS      | $391398.00    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. | GRUPO AEROPO-ADR          | CUSIP: 400501102<br>LEI: 529900HUSBARAFSXJ605 | Long             | EC               | CORP              | MX        |      1561 | NS      | $162141.07    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonica, S.A.                                    | TELEFONICA SA-SPON ADR    | CUSIP: 879382208<br>LEI: 549300EEJH4FEPDBBR25 | Long             | EC               | CORP              | ES        |    333675 | NS      | $1695069.00   | 5.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Korea Electric Power Corp.                          | KOREA ELEC P-ADR          | CUSIP: 500631106<br>LEI: 988400QG33WS7JEIV602 | Long             | EC               | CORP              | KR        |      6322 | NS      | $82502.10     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC                                   | HSBC HOLDING-ADR          | CUSIP: 404280406<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |     19231 | NS      | $1365016.38   | 4.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Ternium SA                                          | TERNIUM SA-ADR            | CUSIP: 880890108<br>LEI: 529900QG4KU23TEI2E46 | Long             | EC               | CORP              | LU        |     32789 | NS      | $1138761.97   | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                           | SHELL PLC-ADR             | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |      6708 | NS      | $479823.24    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival PLC                                        | CARNIVAL PLC-ADR          | CUSIP: 14365C103<br>LEI: 4DR1VPDQMHD3N3QW8W95 | Long             | EC               | CORP              | GB        |      4169 | NS      | $110228.36    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Atour Lifestyle Holdings Ltd.                       | ATOUR LIFEST-ADR          | CUSIP: 04965M106<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      3260 | NS      | $122543.40    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Loma Negra Compania Industrial Argentina S.A.       | LOMA NEGRA C-ADR          | CUSIP: 54150E104<br>LEI: 529900VKOQQJ8U9DDK92 | Long             | EC               | CORP              | AR        |     18606 | NS      | $137126.22    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-28

**Name of Applicant:** Advisors Preferred Trust

**Signature:** Christine Casares

**Name of Signer:** Christine Casares

**Title:** Treasurer