# EDGAR Filing Document

**Accession Number:** 0001556505
**File Stem:** 0001580642-25-007711
**Filing Date:** 2025-12
**Character Count:** 170873
**Document Hash:** 48c9ae516a8e285a6721b3d742f36818
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-007711.hdr.sgml**: 20251209

**ACCESSION NUMBER**: 0001580642-25-007711

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251209

**DATE AS OF CHANGE**: 20251209

**EFFECTIVENESS DATE**: 20251209

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22756
- **FILM NUMBER:** 251557833

**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

### Spectrum Low Volatility Fund (Series ID: S000043121)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000133465 | Spectrum Low Volatility Fund Investor Class Shares | SVARX           |

### Spectrum Active Advantage Fund (Series ID: S000049076)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000154799 | Investor Class Shares | SAPEX           |

### Spectrum Unconstrained Fund (Series ID: S000071467)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000226669 | Spectrum Unconstrained Fund Investor Class Shares | SUNBX           |

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

united states

securities and exchange commission

washington, d.c. 20549

**form n-csr**

**certified shareholder report of registered management investment companies**

Investment Company Act file number 811-23066

**Advisors Preferred Trust**

(Exact name of registrant as specified in charter)

<u>1445 Research Blvd, Suite 530, Rockville, MD</u> <u>20850</u> <br> (Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant's telephone number, including area code: 631-470-2734

Date of fiscal year end: <u>9/30</u> <br>Date of reporting period: <u>9/30/25</u>

**Item 1. Reports to Stockholders.**

(a) #### Spectrum Active Advantage Fund

#### Investor Class (SAPEX)

#### Annual Shareholder Report - September 30, 2025
![Image](idfc815dc6570d6ced19f962a.jpg)

# Fund Overview
This annual shareholder report contains important information about Spectrum Active Advantage Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund and its performance at**www.thespectrumfunds.com/fund-documents**. You can also request this information by contacting us at (866) 862-9686.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $187 | 1.79% |

---

# How did the Fund perform during the reporting period?
The Spectrum Active Advantage Fund returned 8.74% from October 1, 2024 - September 30, 2025. The Fund's primary Benchmark, the S&P 500 Total Return Index, returned 17.6%. The U.S. equity market had positive returns for the 12 months ending September 30, 2025, primarily driven by strong corporate earnings and continued enthusiasm for Artificial Intelligence. There have been some sharp down-days - particularly in early April – when President Trump announced a series of large tariffs. Since mid-April, the equity market has rallied. Technology and Communication Services have been the dominant performers. Towards the end of the period basic materials, consumer staples, industrials, and financials were weak or sluggish. So, even though the wider indexes look strong, the tech sector and certain stocks have masked poorer performance of some sectors of the U.S. economy and stock market. The sub-advisor has invested in some long-short holdings to capture some of this weak/strong exposure. The sub-advisor is using a combination of core holding such as long/short, market neutral, exposure to S&P sectors and tactical equity holdings such as sector ETFs to achieve the fund's goal of capturing equity exposure and managed return volatility.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie53519572623e1c0b9f09289.jpg)

---

| | | |
|:---|:---|:---|
| | **Spectrum Active Advantage Fund** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $10000 |
| **Sep-2016** | $10531 | $11543 |
| **Sep-2017** | $11941 | $13691 |
| **Sep-2018** | $13501 | $16143 |
| **Sep-2019** | $13892 | $16830 |
| **Sep-2020** | $16178 | $19380 |
| **Sep-2021** | $21664 | $25194 |
| **Sep-2022** | $15409 | $21296 |
| **Sep-2023** | $14842 | $25900 |
| **Sep-2024** | $17811 | $35315 |
| **Sep-2025** | $19368 | $41530 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Spectrum Active Advantage Fund | 8.74% | 3.66% | 6.83% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $10038663 |
| Number of Portfolio Holdings | 23 |
| Advisory Fee | $144923 |
| Portfolio Turnover | 870% |

---

# **Investment Model Exposure 1.54 (1=100%)** 

# **(value greater than 1 indicates use of leverage)** 

# **Pie chart indexed to 100%, net exposure**![Group By Asset Type Chart](i7d669642e70c08e43b225b01.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| S&P 500 Index | 46.6 |
| Long/Short | 31.5 |
| Market Neutral | 31.1 |
| Equity Other | 24.9 |
| Alternatives | 10.0 |
| Cash Management | 9.6 |

---

# What did the Fund invest in?

# **Portfolio Allocation (% of total (including notional) exposure)** 

---

| | |
|:---|:---|
| S&P 500 Index | 46.60% |
| Long/Short | 31.50% |
| Market Neutral | 31.10% |
| Equity Other | 24.90% |
| Alternatives | 10.00% |
| Cash Management | 9.60% |
|  | 153.70% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 16.5% |
| Vanguard Value ETF | 10.0% |
| Berkshire Hathaway, Inc. Class B | 10.0% |
| Invesco S&P 500 High Beta ETF | 10.0% |
| United States Treasury Bill, 3.860%, 10/16/25 | 5.9% |
| Invesco S&P 500 Equal Weight ETF | 5.1% |
| Diamond Hill Long-Short Fund Class I | 5.0% |
| Utilities Select Sector SPDR Fund | 5.0% |
| Ambassador Fund | 5.0% |
| Victory Pioneer CAT Bond Fund Class R6 | 5.0% |

---

The Fund holds the following cash futures position and swaps on mutual funds: $1,010,813 CME E-Mini Standard & Poor's 500 Index, $3.12 million AQR Equity Market Neutral Fund and $2.65 million AQR Long-Short Equity Fund. Please refer to the annual shareholder report (address below) for a complete listing of the Fund's holdings.

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

![Image](ice84211c008b6661852e6b81.jpg)

#### Spectrum Active Advantage Fund - Investor (SAPEX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-SAPEX

#### Spectrum Low Volatility Fund

#### Investor Class (SVARX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4a02f2b8515908f94c6d0af9.jpg)

# Fund Overview
This annual shareholder report contains important information about Spectrum Low Volatility Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund and its performance at**www.thespectrumfunds.com/fund-documents**. You can also request this information by contacting us at (866) 862-9686.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $244 | 2.41% |

---

# How did the Fund perform during the reporting period?
The Spectrum Low Volatility Fund returned 2.56% from October 1, 2024 - September 30, 2025. The Fund's primary Benchmark, the Morningstar LSTA U.S. Leveraged Loan 100 Total Return Index, returned 7.93%. The bond market overall saw solid positive returns for the one-year period ending September 30, 2025, largely driven by declining interest rates and the Federal Reserve's resumption of an easing cycle after a nine-month pause. The Federal Reserve officially cut the Fed Funds Rate by 25 basis points in September 2025. However, the waters were not always easy to navigate as President Trump's tariff declarations starting in early April 2025 brought on volatility in the bond (and stock) market. There was a brief flight to safety into bonds as the stock market dropped precipitously after the initial tariff announcements. Subsequently, there were bond market sell-offs due to heightened inflation fears. Recently, the bond market has shown stronger signs of stabilization. The sub-advisor continues to monitor the different bond classes for momentum while always seeking lower downside volatility. In high yield bonds, credit spreads have tightened due to demand for high yield debt over safer treasuries. This necessitated the sub-advisor to make a small decrease in high yield exposure in SVARX towards the end of the period. After struggling earlier in the year, the municipal market saw a rally, posting market-leading results for the third quarter and contributing positively to the overall one-year return. The sub-advisor increased exposure to municipal bonds in September following that sector's positive momentum. The fund continues to have steady exposure in floating rate, mortgaged-backed, and preferred stocks as well.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia44b6962f9a744580a9e5bcf.jpg)

---

| | | |
|:---|:---|:---|
| | **Spectrum Low Volatility Fund** | **Morningstar LSTA U.S. Leveraged Loan 100 Index** |
| **Sep-2015** | $10000 | $10000 |
| **Sep-2016** | $11304 | $10605 |
| **Sep-2017** | $12583 | $11091 |
| **Sep-2018** | $12716 | $11642 |
| **Sep-2019** | $13367 | $12042 |
| **Sep-2020** | $15875 | $12248 |
| **Sep-2021** | $17593 | $13064 |
| **Sep-2022** | $16647 | $12550 |
| **Sep-2023** | $17028 | $14278 |
| **Sep-2024** | $19226 | $15634 |
| **Sep-2025** | $19719 | $16873 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Spectrum Low Volatility Fund | 2.56% | 4.43% | 7.03% |
| Morningstar LSTA U.S. Leveraged Loan 100 Index | 7.93% | 6.62% | 5.37% |

---

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

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $182590298 |
| Number of Portfolio Holdings | 33 |
| Advisory Fee | $4280273 |
| Portfolio Turnover | 529% |

---

# **Investment Model Exposure 1.88 (1=100%)** 

# **(value greater than 1 indicates use of leverage)** 

# **Pie chart indexed to 100%, net exposure**![Group By Asset Type Chart](ibfb2fcab7f0aa1571ce92dac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Bond/Other | 55.9 |
| Securitized Credit Bond | 52.6 |
| Preferred Securities | 26.2 |
| High Yield Bond | 21.7 |
| Floating Rate Bond | 15.4 |
| Municipal Bond | 10.2 |
| Cash Management | 6.3 |

---

# What did the Fund invest in?

# **Portfolio Allocation (% of total (including notional) exposure)** 

---

| | |
|:---|:---|
| Bond/Other | 55.90% |
| Securitized Credit Bond | 52.60% |
| Preferred Securities | 26.20% |
| High Yield Bond | 21.70% |
| Floating Rate Bond | 15.40% |
| Municipal Bond | 10.20% |
| Cash Management | 6.30% |
|  | 188.30% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Intrepid Income Fund Institutional Class | 11.1% |
| Axonic Strategic Income Fund Class I | 10.7% |
| Nationwide Strategic Income Fund Class R6 | 10.3% |
| Fidelity Government Portfolio Class I, 4.030%, | 8.6% |
| Principal Capital Securities Fund Class S | 5.3% |
| Holbrook Structured Income Fund Class I | 5.2% |
| Nuveen Preferred Securities and Income Fund Class I | 5.2% |
| United States Treasury Bill, 3.960%, 11/20/25 | 5.2% |
| Medalist Partners MBS Total Return Fund Institutional Class | 5.0% |
| American Beacon Developing World Income Fund Class R5 | 4.1% |

---

The Fund generally invests its assets in the above eight categories. A zero "0" indicates no assets for this category as of the end of the reporting period. In addition to the top ten cash holdings, significant exposure in the Fund was attained by the following swaps on mutual funds: $28.1 million Nuveen Floating Rate Income Fund, $19.6 million BlackRock Strategic Income Opportunities Portfolio, $19.3 million Holbrook Income Fund and $19.1 million PIMCO Preferred and Capital Securities Fund. Please refer to the annual shareholder report (address below) for a complete listing of the Fund's holdings.

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

![Image](icbf11b8d38162cc933dd6d78.jpg)

#### Spectrum Low Volatility Fund - Investor (SVARX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-SVARX

#### Spectrum Unconstrained Fund - Investor Class (SUNBX)

#### Annual Shareholder Report - September 30, 2025
![Image](i048362cecb974e943823bcce.jpg)

# Fund Overview
This annual shareholder report contains important information about Spectrum Unconstrained Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund and its performance at**www.thespectrumfunds.com/fund-documents**. You can also request this information by contacting us at (866) 862-9686.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $253 | 2.48% |

---

# How did the Fund perform during the reporting period?
The Spectrum Unconstrained Fund returned 3.98% from October 1, 2024 - September 30, 2025. The Fund's primary Benchmark, the Morningstar LSTA U.S. Leveraged Loan 100 Total Return Index, returned 7.93%.

October 2024 through March 2025, the fund was down -.91%. The fund had large exposure to longer-term bonds, and unexpectedly 10-year rates rose in that time frame causing those bond prices to fall. Since April 1st SUNBX has rallied and is up 4.93% in the last six months. This is ahead of its benchmark and 1.5 times the performance of aggregate bonds during that time frame. Recently, the bond market has shown signs of stabilization after a period of volatility across all markets – especially in April when tariffs were first announced. The fund currently has strong exposure in many bond sectors including emerging market income which has gained momentum in Q3 and especially September. The fund continues to have modest leverage as the sub-advisor looks for strong, sustained trends in specific sectors of debt markets to invest in before increasing exposure intensely.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie53fcf87c026ef8ab630a13c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Spectrum Unconstrained Fund** | **Morningstar LSTA U.S. Leveraged Loan 100 Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **04/16/21** | $10000 | $10000 | $10000 |
| **09/30/21** | $10470 | $10178 | $10103 |
| **09/30/22** | $9820 | $9778 | $8628 |
| **09/30/23** | $9801 | $11124 | $8684 |
| **09/30/24** | $11039 | $12180 | $9688 |
| **09/30/25** | $11478 | $13145 | $9968 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (April 16, 2021)** |
| Spectrum Unconstrained Fund | 3.98% | 3.14% |
| Morningstar LSTA U.S. Leveraged Loan 100 Index | 7.93% | 6.33% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.07% |

---

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

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $5978503 |
| Number of Portfolio Holdings | 20 |
| Advisory Fee | $141108 |
| Portfolio Turnover | 449% |

---

# **Investment Model Exposure 1.11 (1=100%)** 

# **(value greater than 1 indicates use of leverage)** 

# **Pie chart indexed to 100%, net exposure**![Group By Asset Type Chart](i69ca37c3b1d91aa935fa2a5a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Emerging Market Bond | 30.7 |
| Bond/Other | 24.5 |
| Preferred Securities | 24.4 |
| Alternatives | 20.3 |
| Floating Rate Bond | 9.6 |
| Cash Management | 1.3 |
| High Yield Bond | 0.0 |

---

# What did the Fund invest in?

# **Portfolio Allocation (% of total (including notional) exposure)** 

---

| | |
|:---|:---|
| Emerging Market Bond | 30.70% |
| Bond/Other | 24.50% |
| Preferred Securities | 24.40% |
| Alternatives | 20.30% |
| Floating Rate Bond | 9.60% |
| Cash Management | 1.30% |
| High Yield Bond | 0.00% |
|  | 110.80% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| American Beacon Developing World Income Fund Class R5 | 20.7% |
| North Square Preferred and Income Securities Fund Class I | 14.6% |
| AQR Long-Short Equity Fund Class R6 | 10.2% |
| Ambassador Fund | 10.1% |
| OnTrack Core Fund Investor Class | 9.8% |
| Fidelity Government Portfolio Class I, 4.030%, | 6.1% |
| First American Government Obligations Fund Class Z, 4.002%, | 6.1% |
| United States Treasury Bill, 3.860%, 10/16/25 | 1.2% |
| T Rowe Price Dynamic Credit Fund Class I | 0.1% |

---

The Fund generally invests its assets in the above nine categories. A zero "0" indicates no assets for this category as of the end of the reporting period. In addition to the top ten cash holdings, significant exposure in the Fund was attained by the following swaps on mutual funds: $875,884 Thompson Bond Fund, $599,203 Eaton Vance Global Macro Absolute Return Advantage Fund and $570,631 Nuveen Floating Rate Income Fund. Please refer to the semi-annual shareholder report (address below) for a complete listing of the Fund's holdings.. Please refer to the annual shareholder report (address below) for a complete listing of the Fund's holdings.

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

![Image](ia88d2ead54c7b589f5f03237.jpg)

#### Spectrum Unconstrained Fund - Investor Class (SUNBX)

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-SUNBX

(b) Not applicable

**Item 2. Code of Ethics.** 

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

(b) N/A

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

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

(e) N/A

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

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

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

(a)(2) Not applicable.

(a)(3) Not applicable.

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

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

2025 – $45,000

2024 – $46,800

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

2025 – None

2024 – None

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

2025 – $9,750

2024 – $9,750

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

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

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

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

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

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

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

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

Not applicable.

**Item 6. Investments.** 

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

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

(a) ---

| |
|:---|
| ![](img_001.jpg) |
| Spectrum Low Volatility Fund |
| Spectrum Active Advantage Fund |
| Spectrum Unconstrained Fund |
| Annual Financial Statements |
| and Additional Information |
| September 30, 2025 |
| Investor Information: 1-866-862-9686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This report and the financial statements contained herein are submitted for the general information of shareholders and are not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or solicitation of an offer to buy shares of the Spectrum Funds. Such offering is made only by prospectus, which includes details as to offering price and other material information. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributed by Ceros Financial Services, Inc.<br> Member FINRA |

---

**SPECTRUM LOW VOLATILITY FUND**

**PORTFOLIO OF INVESTMENTS**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **OPEN-END FUNDS — 56.9%** |  |  |  |
|  | **FIXED INCOME — 56.9%** |  |  |  |
| 1017838 | American Beacon Developing World Income Fund, Class R5 |  |  | $7521820 |
| 2169211 | Axonic Strategic Income Fund, Class I |  |  | 19501211 |
| 977974 | Holbrook Structured Income Fund Class I, Class I |  |  | 9574370 |
| 2226634 | Intrepid Income Fund, Institutional Class |  |  | 20240105 |
| 1061391 | Medalist Partners MBS Total Return Fund Institutional Class, Institutional Class |  |  | 9212870 |
| 1838053 | Nationwide Strategic Income Fund, Class R6 |  |  | 18766525 |
| 588465 | Nuveen Preferred Securities and Income Fund, Class I |  |  | 9486058 |
| 994400 | Principal Capital Securities Fund, Class S |  |  | 9635683 |
|  |  |  |  | 103938642 |
|  | **TOTAL OPEN-END FUNDS (Cost $102,770,841)** |  |  | 103938642 |
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** |  |
|  | **U.S. GOVERNMENT & AGENCIES — 6.3%** |  |  |  |
|  | **U.S. TREASURY BILLS — 6.3%** |  |  |  |
| 2000000 | United States Treasury Bill<sup>(a)</sup> | 3.8600 | 10/16/25 | 1996626 |
| 9497000 | United States Treasury Bill<sup>(a)</sup> | 3.9600 | 11/20/25 | 9444684 |
|  |  |  |  | 11441310 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $11,439,094)** |  |  | 11441310 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 8.6%** |  |  |  |
|  | **MONEY MARKET FUNDS — 8.6%** |  |  |  |
| 15735937 | Fidelity Government Portfolio, Class I, 4.03% (Cost $15,735,937)<sup>(b)</sup> |  |  | 15735937 |
|  | **TOTAL INVESTMENTS - 71.8% (Cost $129,945,872)** |  |  | $131115889 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 28.2%** |  |  | 51474409 |
|  | **NET ASSETS - 100.0%** |  |  | $182590298 |

---

<sup>(a)</sup> Zero coupon bond; rate disclosed is the effective yield as of September 30, 2025. <br> <sup>(b)</sup> Rate disclosed is the seven-day effective yield as of September 30, 2025.

See accompanying notes to financial statements.

**SPECTRUM LOW VOLATILITY FUND**

**PORTFOLIO OF INVESTMENTS (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**<br> **Shares** | **Reference Entity** | **Notional Amount at<br> September 30,<br> 2025** | **Interest<br> Rate Payable<sup>(1)</sup>** | **Termination**<br> **Date** | **Counterparty** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| Long Position: |  |  |  |  |  |  |
| 1523224 | American Beacon Developing World Income Fund, Class R5\* | $11256626 | USD SOFR plus 165 bp | 8/14/2028 | BRC | $- |
| 984456 | American Funds American High-Income Trust<sup>®</sup> Class F-3\* | 9795336 | USD SOFR plus 165 bp | 4/25/2028 | BRC |  |
| 1320224 | BlackRock High Yield Portfolio Fund, Class K\* | 9571627 | USD FED plus 165 bp | 6/30/2026 | CIBC |  |
| 2000000 | BlackRock Strategic Income Opportunities Portfolio, Class K\* | 19580000 | USD FED plus 165 bp | 6/30/2026 | CIBC |  |
| 1881899 | Diamond Hill Short Duration Securitized Bond Fund, Class Y\* | 18931901 | USD SOFR plus 165 bp | 6/26/2028 | BRC |  |
| 1587164 | Eaton Vance Global Macro Absolute Return Advantage Fund, Class R6 | 18633304 | USD SOFR plus 165 bp | 9/23/2026 | NGFP | 220267 |
| 1969072 | Holbrook Income Fund, Class I\* | 19336289 | USD FED plus 165 bp | 6/30/2026 | CIBC |  |
| 889541 | Nationwide Strategic Income Fund, Class R6 | 9082209 | USD SOFR plus 165 bp | 9/23/2026 | NGFP | (74001) |
| 1555064 | Nuveen Floating Rate Income Fund, Class R6\* | 28131101 | USD SOFR plus 165 bp | 5/12/2028 | BRC |  |
| 595313 | Nuveen Preferred Securities & Income Fund, Class R6\* | 9620266 | USD SOFR plus 165 bp | 7/28/2026 | NGFP |  |
| 2215496 | PIMCO High Yield Municipal Bond Fund, Institutional Class\* | 18565860 | USD FED plus 165 bp | 9/30/2026 | CIBC |  |
| 1705069 | PIMCO Income Fund, Institutional Class\* | 18551152 | USD FED plus 165 bp | 8/31/2026 | CIBC |  |
| 1993569 | PIMCO Preferred and Capital Securities Fund, Institutional Class | 19138264 | USD SOFR plus 165 bp | 7/21/2026 | NGFP | (25016) |
| 1711880 | Thompson Bond Fund\* | 18214406 | USD SOFR plus 165 bp | 8/22/2028 | BRC | - |
|  |  |  |  |  | Total: | $121250 |

---

BRC - Barclays Capital

CIBC - Canadian Imperial Bank of Commerce

FED - Federal Funds Effective Rate

NGFP - Nomura Global Financial Products, Inc.

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.

\* Swap contract reset at September 30, 2025.

See accompanying notes to financial statements.

**SPECTRUM ACTIVE ADVANTAGE FUND**

**PORTFOLIO OF INVESTMENTS**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 10.0%** |  |  |  |
|  | **INSURANCE — 10.0%** |  |  |  |
| 2000 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> |  |  | $1005480 |
|  | **TOTAL COMMON STOCKS (Cost $989,417)** |  |  | 1005480 |
|  | **EXCHANGE-TRADED FUNDS — 51.5%** |  |  |  |
|  | **EQUITY — 51.5%** |  |  |  |
| 2700 | Invesco S&P 500 Equal Weight ETF |  |  | 512190 |
| 9100 | Invesco S&P 500 High Beta ETF |  |  | 999180 |
| 3700 | SPDR S&P Oil & Gas Exploration & Production ETF |  |  | 489140 |
| 5800 | Utilities Select Sector SPDR Fund |  |  | 505818 |
| 2700 | Vanguard S&P 500 ETF |  |  | 1653426 |
| 5400 | Vanguard Value ETF |  |  | 1007046 |
|  |  |  |  | 5166800 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $4,831,420)** |  |  | 5166800 |
|  | **OPEN-END FUNDS — 15.0%** |  |  |  |
|  | **ALTERNATIVE — 15.0%** |  |  |  |
| 48828 | Ambassador Fund |  |  | 502441 |
| 16464 | Diamond Hill Long-Short Fund, Class I |  |  | 505927 |
| 42481 | Victory Pioneer CAT Bond Fund |  |  | 500000 |
|  |  |  |  | 1508368 |
|  | **TOTAL OPEN-END FUNDS (Cost $1,500,010)** |  |  | 1508368 |
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** |  |
|  | **U.S. GOVERNMENT & AGENCIES — 9.6%** |  |  |  |
|  | **U.S. TREASURY BILLS — 9.6%** |  |  |  |
| 597000 | United States Treasury Bill<sup>(b)</sup> | 3.8600 | 10/16/25 | 595993 |
| 370000 | United States Treasury Bill<sup>(b)</sup> | 3.9100 | 10/23/25 | 369090 |
|  |  |  |  | 965083 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $964,999)** |  |  | 965083 |

---

See accompanying notes to financial statements.

**SPECTRUM ACTIVE ADVANTAGE FUND**

**PORTFOLIO OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 3.7%** |  |
|  | **MONEY MARKET FUNDS — 3.7%** |  |
| 185138 | Fidelity Government Portfolio, Class I, 4.03%<sup>(c)</sup> | $185138 |
| 185137 | First American Government Obligations Fund Class Z, 4.00%<sup>(c)</sup> | 185137 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $370,275)** | 370275 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $370,275)** | 370275 |
|  | **TOTAL INVESTMENTS - 89.8% (Cost $8,656,121)** | $9016006 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 10.2%** | 1022657 |
|  | **NET ASSETS - 100.0%** | $10038663 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| 3 | CME E-Mini Standard & Poor's 500 Index Futures | 12/22/2025 | $1010813 | $13950 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

ETF - Exchange-Traded Fund

SPDR - Standard & Poor's Depositary Receipt

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Zero coupon bond; rate disclosed is the effective yield as of September 30, 2025. <br> <sup>(c)</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** |
| **Number of**<br> **Shares** | **Reference Entity** | **Notional Amount at<br> September 30,**<br> **2025** | **Interest Rate<br> Payable <sup>(1)</sup>** | **Termination**<br> **Date** | **Counterparty** | **Unrealized**<br> **Appreciation** |
| Long Position: |  |  |  |  |  |  |
| 259422 | AQR Equity Market Neutral Fund, Class R6 | $3120841 | USD-SOFR plus 165 bp | 8/4/2026 | NGFP | $163870 |
| 131762 | AQR Long-Short Equity Fund, Class R6 | 2653690 | USD-SOFR plus 165 bp | 8/24/2026 | NGFP | 115852 |
|  |  |  |  |  | Total: | $279722 |

---

NGFP - Nomura Global Financial Products, Inc.

SOFR - Secured Overnight Financing Rate

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

See accompanying notes to financial statements.

**SPECTRUM UNCONSTRAINED FUND**

**PORTFOLIO OF INVESTMENTS**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Fair Value** |
|  | **OPEN-END FUNDS — 65.5%** |  |
|  | **ALTERNATIVE — 30.2%** |  |
| 58866 | Ambassador Fund | $605730 |
| 30256 | AQR Long-Short Equity Fund, Class R6 | 609365 |
| 11138 | OnTrack Core Fund, Investor Class<sup>(a)(b)</sup> | 588106 |
| 355 | T Rowe Price Dynamic Credit Fund, Class I | 3169 |
|  |  | 1806370 |
|  | **FIXED INCOME — 35.3%** |  |
| 167389 | American Beacon Developing World Income Fund, Class R5 | 1237008 |
| 39974 | North Square Preferred and Income Securities Fund, Class I | 873443 |
|  |  | 2110451 |
|  | **TOTAL OPEN-END FUNDS (Cost $3,831,529)** | 3916821 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | |
|  | **U.S. GOVERNMENT & AGENCIES — 1.2%** |  |  |  |
|  | **U.S. TREASURY BILL — 1.2%** |  |  |  |
| 72000 | United States Treasury Bill<sup>(c)</sup> | 3.8600 | 10/16/25 | 71879 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $71,874)** |  |  | 71879 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 12.2%** |  |  |  |
|  | **MONEY MARKET FUNDS — 12.2%** |  |  |  |
| 363012 | Fidelity Government Portfolio, Class I, 4.03%<sup>(d)</sup> |  |  | 363012 |
| 363011 | First American Government Obligations Fund Class Z, 4.00%<sup>(d)</sup> |  |  | 363011 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $726,023)** |  |  | 726023 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $726,023)** |  |  | 726023 |
|  | **TOTAL INVESTMENTS - 78.9% (Cost $4,629,426)** |  |  | $4714723 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 21.1%** |  |  | 1263780 |
|  | **NET ASSETS - 100.0%** |  |  | $5978503 |

---

See accompanying notes to financial statements.

**SPECTRUM UNCONSTRAINED FUND**

**PORTFOLIO OF INVESTMENTS (Continued)**

**September 30, 2025**

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

<sup>(b)</sup> Affiliated security.

<sup>(c)</sup> Zero coupon bond; rate disclosed is the effective yield as of September 30, 2025.

<sup>(d)</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** |
| **Number of<br> Shares** | **Reference Entity** | **Notional Amount at<br> September 30,<br> 2025** | **Interest<br> Rate Payable<sup>(1)</sup>** | **Termination<br> Date** | **Counterparty** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Long Position: |  |  |  |  |  |  |
| 51126 | Eaton Vance Global Macro Absolute Return Advantage Fund Class R6\* | $599203 | USD SOFR plus 165 bp | 8/28/2028 | BRC | $- |
| 32200 | First Trust Preferred Securities and Income ETF | 587328 | USD FROB plus 55 bp | 4/27/2026 | NGFP | (1555) |
| 31544 | Nuveen Floating Rate Income Fund, Class R6\* | 570631 | USD SOFR plus 165 bp | 5/12/2028 | BRC |  |
| 82320 | Thompson Bond Fund\* | 875884 | USD SOFR plus 165 bp | 8/22/2028 | BRC | - |
|  |  |  |  |  |  | $(1555) |

---

BRC - Barclays Capital

FROB - Federal Reserve Overnight Bank Funding Rate

NGFP - Nomura Global Financial Products, Inc.

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.

\* Swap contract reset at September 30, 2025.

See accompanying notes to financial statements.

**Spectrum Funds**

**Statements of Assets and Liabilities**

**September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Spectrum Low<br> Volatility Fund** | **Spectrum Active<br> Advantage Fund** | **Spectrum<br> Unconstrained Fund** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost (including affiliated security of $0, $0, and $590,000, respectively) | $129945872 | $8656121 | $4629426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (including affiliated security of $0, $0, and $588,106, respectively) | $131115889 | $9016006 | $4714723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Segregated cash - collateral for swaps | 51840005 | 1170000 | 620022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for swaps | 345350 |  | 7552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on swaps | 220267 | 279722 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend and interest receivable | 147203 | 16653 | 2745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 110378 | 988 | 44990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit with broker for futures |  | 64691 | 20388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for securities sold |  |  | 594471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on futures |  | 13950 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 15192 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 183794284 | 10562010 | 6004891 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased |  | 500010 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees payable | 315082 | 12146 | 10438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for swaps | 640694 |  | 7460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 140462 | 2564 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on swaps | 99017 |  | 1555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees payable | 8731 | 1119 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to related party | - | 7508 | 6935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 1203986 | 523347 | 26388 |
| **NET ASSETS** | $**182590298** | $**10038663** | $**5978503** |
| **NET ASSET VALUE** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $182590298 | $10038663 | $5978503 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 7441111 | 504159 | 302248 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share (Net Assets ÷ Shares Outstanding) | $24.54 | $19.91 | $19.78 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital ($0 par value, unlimited shares authorized) | $179233612 | $13986741 | $6345564 |
| &nbsp;&nbsp;&nbsp;Accumulated earning (deficits) | 3356686 | (3948078) | (367061) |
| **NET ASSETS** | $**182590298** | $**10038663** | $**5978503** |

---

See accompanying notes to financial statements.

**Spectrum Funds**

**Statements of Operations**

**For the Year Ended September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Spectrum Low<br> Volatility Fund** | **Spectrum Active<br> Advantage Fund** | **Spectrum<br> Unconstrained Fund** |
| **INVESTMENT INCOME** |  |  |  |
| Dividends (including income on affiliated security of $0, $0, and $0, respectively) | $6939901 | $62517 | $172106 |
| Interest | 2536761 | 141472 | 99645 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 9476662 | 203989 | 271751 |
| **EXPENSES** |  |  |  |
| Investment advisory fees | 4280273 | 144923 | 141108 |
| Administration expenses (Note 6) | 417582 | 24701 | 20051 |
| Shareholder servicing fees | 87411 | 2898 | 1478 |
| Miscellaneous expenses | 9000 | 9000 | 9000 |
| &nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 4794266 | 181522 | 171637 |
| &nbsp;&nbsp;&nbsp;Less: Expenses waived by the Advisor | - | (9000) | (9000) |
| &nbsp;&nbsp;&nbsp;**NET EXPENSES** | 4794266 | 172522 | 162637 |
| **NET INVESTMENT INCOME** | 4682396 | 31467 | 109114 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (including gain on affiliated security of $0, $0 and $0, respectively) | 2615924 | (44625) | 93229 |
| &nbsp;&nbsp;&nbsp;Swaps | (670672) | 184782 | 136545 |
| &nbsp;&nbsp;&nbsp;Futures | (49380) | 260855 | (1147) |
| &nbsp;&nbsp;&nbsp;**TOTAL NET REALIZED GAIN** | 1895872 | 401012 | 228627 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (including depreciation on affiliated security of $0, $0 and $1,894, respectively) | (2294685) | 215921 | (35480) |
| &nbsp;&nbsp;&nbsp;Swaps | (168084) | 279722 | (100038) |
| &nbsp;&nbsp;&nbsp;Futures | 54193 | (116350) | 1860 |
| **TOTAL NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)** | (2408576) | 379293 | (133658) |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | (512704) | 780305 | 94969 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $**4169692** | $**811772** | $**204083** |

---

See accompanying notes to financial statements.

**Spectrum Low Volatility Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $4682396 | $6407683 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments, swaps, and futures contracts | 1895872 | 18351145 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments, swaps and futures contracts | (2408576) | 2155933 |
| Net increase in net assets resulting from operations | 4169692 | 26914761 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (15416603) | (9751779) |
| Net decrease in net assets from distributions to shareholders | (15416603) | (9751779) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 29117259 | 62662559 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions | 14324543 | 8677253 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (84591899) | (89669262) |
| Net decrease in net assets from shares of beneficial interest | (41150097) | (18329450) |
| **TOTAL DECREASE IN NET ASSETS** | (52397008) | (1166468) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 234987306 | 236153774 |
| &nbsp;&nbsp;&nbsp;End of Year | $**182590298** | $**234987306** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1213545 | 2527215 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 595770 | 360504 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (3525075) | (3664104) |
| Net decrease in shares of beneficial interest outstanding | (1715760) | (776385) |

---

See accompanying notes to financial statements.

**Spectrum Active Advantage Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income income | $31467 | $168327 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments and futures contracts | 401012 | 817382 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investments, swaps and futures contracts | 379293 | 376888 |
| Net increase in net assets resulting from operations | 811772 | 1362597 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (64151) | (148598) |
| Net decrease in net assets from distributions to shareholders | (64151) | (148598) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 3129467 | 2029664 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions | 64086 | 148508 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (2724360) | (1591766) |
| Net increase in net assets from shares of beneficial interest | 469193 | 586406 |
| **TOTAL INCREASE IN NET ASSETS** | 1216814 | 1800405 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 8821849 | 7021444 |
| &nbsp;&nbsp;&nbsp;End of Year | $**10038663** | $**8821849** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 171433 | 114837 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 3654 | 8669 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (149296) | (92681) |
| Net increase in shares of beneficial interest outstanding | 25791 | 30825 |

---

See accompanying notes to financial statements.

**Spectrum Unconstrained Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $109114 | $254020 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments, futures and swaps contracts | 228627 | 459911 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments, swaps and futures contracts | (133658) | 207696 |
| Net increase in net assets resulting from operations | 204083 | 921627 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (167787) | (265613) |
| Net decrease in net assets from distributions to shareholders | (167787) | (265613) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 75589 | 158496 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions | 167700 | 265260 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (2233523) | (645135) |
| Net decrease in net assets from shares of beneficial interest | (1990234) | (221379) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (1953938) | 434635 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 7932441 | 7497806 |
| &nbsp;&nbsp;&nbsp;End of Year | $**5978503** | $**7932441** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 3874 | 8348 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 8843 | 14149 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (118252) | (34631) |
| Net decrease in shares of beneficial interest outstanding | (105535) | (12134) |

---

See accompanying notes to financial statements.

**Spectrum Low Volatility Fund**

**Financial Highlights**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,**<br> **2024** | **For the<br> Year Ended<br> September 30,<br> 2023** | **For the<br> Year Ended<br> September 30,<br> 2022** | **For the<br> Year Ended<br> September 30,<br> 2021** |
| Net asset value, beginning of year | $25.66 | $23.77 | $23.48 | $26.00 | $24.79 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 0.57 | 0.72 | 0.65 | (0.27) | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments, swaps and futures contracts | 0.02<sup>(5)</sup> | 2.26 | (0.11) | (1.06) | 2.53 |
| Total from investment operations | 0.59 | 2.98 | 0.54 | (1.33) | 2.61 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.51) | (1.09) | (0.25) | (1.15) | (0.45) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.20) | - | - | (0.04) | (0.95) |
| Total distributions | (1.71) | (1.09) | (0.25) | (1.19) | (1.40) |
| Net asset value, end of year | $24.54 | $25.66 | $23.77 | $23.48 | $26.00 |
| Total return <sup>(2)</sup> | 2.56% | 12.91% | 2.29% | (5.38)% | 10.82% |
| Net assets, end of year (000s) | $182590 | $234987 | $236154 | $303631 | $444160 |
| Ratio of expenses to average net assets <sup>(3)</sup> | 2.41% | 2.39% | 2.34% | 2.34% | 2.37% |
| Ratio of net investment income (loss) to average net assets <sup>(34)</sup> | 2.35% | 2.89% | 2.75% | (1.09)% | 0.30% |
| Portfolio Turnover Rate | 529% | 372% | 711% | 321% | 131% |

---

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

<sup>(2)</sup> Assumes reinvestment of all dividends and distributions if any.

<sup>(3)</sup> The ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

<sup>(4)</sup> Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

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

See accompanying notes to financial statements.

**Spectrum Active Advantage Fund**

**Financial Highlights**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** | **For the<br> Year Ended<br> September 30,<br> 2023** | **For the<br> Year Ended<br> September 30,<br> 2022** | **For the<br> Year Ended<br> September 30,<br> 2021** |
| Net asset value, beginning of year | $18.44 | $15.69 | $16.45 | $30.81 | $27.33 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 0.06 | 0.39 | 0.38 | (0.27) | (0.12) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments, swaps and futures contracts | 1.54 | 2.72 | (0.99) | (5.63) | 8.46 |
| Total from investment operations | 1.60 | 3.11 | (0.61) | (5.90) | 8.34 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.13) | (0.36) |  | (0.14) | (0.25) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (8.32) | (4.61) |
| &nbsp;&nbsp;&nbsp;Return of capital | - | - | (0.15) | - | - |
| Total distributions | (0.13) | (0.36) | (0.15) | (8.46) | (4.86) |
| Net asset value, end of year | $19.91 | $18.44 | $15.69 | $16.45 | $30.81 |
| Total return <sup>(2)</sup> | 8.74% | 20.00% | (3.68)% | (28.87)% | 33.91% |
| Net assets, end of year (000s) | $10039 | $8822 | $7021 | $8576 | $18301 |
| Ratio of gross expenses to average net assets <sup>(3)</sup> | 1.88% | 1.87% | 1.81% | 1.69% | 1.77% |
| Ratio of net expenses to average net assets <sup>(3)</sup> | 1.79% | 1.75% | 1.69% | 1.69% | 1.77% |
| Ratio of net investment income (loss) to average net assets <sup>(34)</sup> | 0.33% | 2.25% | 2.35% | (1.23)% | (0.40)% |
| Portfolio Turnover Rate | 870% | 1756% | 1614% | 2258% | 1294% |

---

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

<sup>(2)</sup> Assumes reinvestment of all dividends and distributions if any.

<sup>(3)</sup> The ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

<sup>(4)</sup> Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

See accompanying notes to financial statements.

**Spectrum Unconstrained Fund**

**Financial Highlights**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** | **For the<br> Year Ended<br> September 30,<br> 2023** | **For the<br> Year Ended<br> September 30,<br> 2022** | **For the<br> Period Ended<br> September 30,<br> 2021 <sup>(a)</sup>** |
| Net asset value, beginning of year/period | $19.45 | $17.86 | $18.08 | $20.69 | $20.00 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 0.32 | 0.60 | 0.43 | (0.22) | (0.11) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments, swaps and futures contacts | 0.43 | 1.62 | (0.46) | (0.93) | 1.01 |
| Total from investment operations | 0.75 | 2.22 | (0.03) | (1.15) | 0.90 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.42) | (0.63) | (0.19) | (1.20) | (0.21) |
| &nbsp;&nbsp;&nbsp;Return of capital | - | - | - | (0.26) | - |
| Total distributions | (0.42) | (0.63) | (0.19) | (1.46) | (0.21) |
| Net asset value, end of year/period | $19.78 | $19.45 | $17.86 | $18.08 | $20.69 |
| Total return <sup>(2)</sup> | 3.98% | 12.63% | (0.19)% | (6.03)% | 4.50%<sup>(5)</sup> |
| Net assets, end of year/period (000s) | $5979 | $7932 | $7498 | $7216 | $10743 |
| Ratio of gross expenses to average net assets <sup>(3)</sup> | 2.62% | 2.52% | 2.49% | 2.43% | 2.33%<sup>(6)</sup> |
| Ratio of net expenses to average net assets <sup>(3)</sup> | 2.48% | 2.41% | 2.37% | 2.43% | 2.33%<sup>(6)</sup> |
| Ratio of net investment (loss) to average net assets <sup>(34)</sup> | 1.66% | 3.21% | 2.36% | (1.17)% | (1.21)%<sup>(6)</sup> |
| Portfolio Turnover Rate | 449% | 137% | 1418% | 395% | 75%<sup>(5)</sup> |

---

<sup>(a)</sup> The Fund commenced operations on April 16, 2021.

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

<sup>(2)</sup> Assumes reinvestment of all dividends and distributions if any.

<sup>(3)</sup> The ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

<sup>(4)</sup> Recognition of net investment (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

<sup>(5)</sup> Not annualized.

<sup>(6)</sup> Annualized.

See accompanying notes to financial statements.

**Spectrum Funds**

**Notes to Financial Statements**

**September 30, 2025**

**1.** **ORGANIZATION** 

The Spectrum Low Volatility Fund (the "Low Volatility Fund"), Spectrum Active Advantage Fund (the "Active Advantage Fund")) and Spectrum Unconstrained Fund (the "Unconstrained Fund") (collectively, the "Funds") are each a diversified series of Advisors Preferred Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware on August 15, 2012 and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Low Volatility Fund's investment objective is total return with lower downside volatility and risk compared to major stock market indices while the Active Advantage Fund seeks long term capital appreciation. The Unconstrained Fund's investment objective is total return. Each Fund currently offers one class of shares, Investor Class shares, which is offered at net asset value. The Low Volatility Fund also offers Advisor Class shares, but as of the date of this report none have been issued. The Low Volatility Fund commenced operations on December 16, 2013, the Active Advantage Fund commenced operations on June 1, 2015 and the Unconstrained Fund commenced operations on April 16, 2021. The Trust's Agreement and Declaration of Trust permits the Trust's Board of Trustees ("Board") to authorize and issue an unlimited number of shares of beneficial interest of separate series without par value. The investment adviser to each Fund is Advisors Preferred LLC (the "Adviser"). The investment sub-adviser to each Fund is Spectrum Financial, Inc. (the "Sub-Adviser"). The Funds are "fund of funds", in that these Funds will generally invest in other investment companies.

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

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

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

**Securities Valuation –** Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the 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"). If the NOCP is not available, such securities shall be valued at the last bid on the day of valuation. Financial futures, which are traded on an exchange, are valued at the last quoted sales price determined by the exchange. Investments in open-end investment companies are valued at net asset value. Total return swaps on exchange-listed securities shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices. Exchange listed swaps shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices. Credit default swaps are valued by a pricing agent covering the specific type of swap. Certain credit default swaps ("CDS") and credit indices are valued independently by Markit; or if no valuation is available from a pricing agent, at the price received from the broker-dealer/counterparty that

**Spectrum Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

issued the swap. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Short-term debt obligations, excluding U.S. Treasury Bills, having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

The Funds may hold securities, such as private placements, 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 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) Adviser and/or Sub-Adviser. 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 Adviser or Sub-Adviser, the prices or values available do not represent the fair value of the instrument. Factors which may cause the Adviser or Sub-Adviser to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to 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 Adviser or Sub-Adviser 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 Adviser or Sub-Adviser 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 Investment in Funds –** The Funds may invest in open-end or closed-end investment companies (the "Underlying Funds"). The Underlying Funds value securities in their funds 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 to the methods established by the board of directors of the Underlying Funds.

Open-end investment companies are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, 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 purchased by the Funds will not change.

The Funds utilize various methods to measure the fair value of all of their investments on a recurring basis.

**Spectrum Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1 –** Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

**Level 2 –** Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

**Level 3 –** Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

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

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes the inputs used as of September 30, 2025 for each Fund's investments measured at fair value:

**Spectrum Low Volatility Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Open-End Funds | $103938642 | $- | $- | $103938642 |
| U.S. Government & Agencies | - | 11441310 | - | 11441310 |
| Short-Term Investments | 15735937 | - | - | 15735937 |
| Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swaps | - | 220267 | - | 220267 |
| Total Assets | $119674579 | $11661577 | $- | $131336156 |
| **Liabilities\*** |  |  |  |  |
| Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swaps\*\* | $- | $(99017) | $- | $(99017) |
| Total Liabilities | $- | $(99017) | $- | $(99017) |

---

**Spectrum Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

**Spectrum Active Advantage Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $1005480 | $- | $- | $1005480 |
| Exchage-Traded Funds | 5166800 | - | - | 5166800 |
| Open-End Funds | 1508368 | - | - | 1508368 |
| U.S. Government & Agencies | - | 965083 | - | 965083 |
| Short-Term Investments | 370275 | - | - | 370275 |
| Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts\*\* | 13950 | - | - | 13950 |
| &nbsp;&nbsp;&nbsp;Swaps\*\* | - | 279722 | - | 279722 |
| Total Assets | $8064873 | $1244805 | $- | $9309678 |

---

**Spectrum Unconstrained Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Open-End Funds | $3916821 | $- | $- | $3916821 |
| U.S. Government & Agencies | - | 71879 | - | 71879 |
| Short-term Investments | 726023 | - | - | 726023 |
| Derivatives |  |  |  |  |
| Total Assets | $4642844 | $71879 | $- | $4714723 |
| **Liabilities\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swaps\*\* | $- | $(1555) | $- | $(1555) |
| Total Liabilities | $- | $(1555) | $- | $(1555) |

---

\* Refer to the Portfolios of Investments for sector classifications.

\*\* Futures contracts and swaps are measured at the unrealized appreciation/(depreciation) of the instruments. The Funds did not hold any Level 3 securities during the current year.

**Exchange Traded Funds –** The Funds may invest in exchange traded funds ("ETFs"). ETFs are typically a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a portfolio of securities that may be designed to track the performance and dividend yield of a particular domestic or foreign market index. 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 which reduce their value.

**Futures Contracts** – The Funds are subject to interest rate risk, equity risk and forward currency exchange rate risk in the normal course of pursuing their respective investment objectives. The Funds have purchased or sold futures contracts to gain exposure to, or hedge against, changes in the value of equities and interest rates. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (the Funds' agent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, the Funds recognize a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Funds' basis in the contract. If the Funds were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Funds would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. The Funds segregate cash having a value at least equal to the amount of the current obligation under any open futures contract. Risks may exceed amounts recognized in the Statements of Assets and Liabilities. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

**Spectrum Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

**Swap Contracts –** Each Fund is subject to equity price, credit risk, and interest rate risk in the normal course of pursuing its investment objective. The Funds have entered into various swap transactions for investment purposes or to manage interest rate, equity, or credit risk. These would typically be two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) typically earned or realized on particular pre-determined investments or instruments.

Standard equity swap contracts are between two parties that agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross amount to be exchanged is calculated with respect to a "notional amount" (i.e. the return on or increase in value of a particular dollar amount invested in a "basket" of securities representing a particular index or industry sector). Most equity swap agreements entered into by a Fund calculate the obligations of the parties on a "net basis". Consequently, a Fund's current obligations under a swap agreement generally will be equal to the net amount to be paid or received under the agreement based on the relative value of the positions held by each party. A Fund's obligations are accrued daily (offset by any amounts owed to a Fund).

The Funds may enter into swap contracts that provide the opposite return of the particular benchmark or security ("short" the index or security). The operations are similar to that of the swaps disclosed above except that the counterparty pays interest to the Fund on the notional amount outstanding and the dividends on the underlying securities reduce the return of the swap. However, in certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which a Fund pays the counterparty interest. These amounts are netted with any unrealized appreciation or depreciation to determine the value of the swap. The Funds will typically enter into equity swap agreements in instances where the Adviser or Sub-Adviser believes that it may be more cost effective or practical than buying a security or the securities represented by a particular index.

The Funds may enter into credit default swaps ("CDS"). CDS are typically two-party (bilateral) financial contracts that transfer credit exposure between the two parties. One party to a CDS (referred to as the credit protection "buyer") receives credit protection or sheds credit risk, whereas the other party to a CDS (referred to as the credit protection "seller") is selling credit protection or taking on credit risk. The seller typically receives pre-determined periodic payments from the other party. These payments are in consideration for agreeing to make compensating specific payments to the buyer should a negative credit event occur, such as (1) bankruptcy or (2) failure to pay interest or principal on a reference debt instrument, with respect to a specified issuer or one of the reference issuers in a CDS portfolio. In general, CDS may be used by the Funds to obtain credit risk exposure similar to that of a direct investment in high yield bonds. Higher swap spreads generally imply a higher risk of default.

The amounts to be exchanged or "swapped" between parties are calculated with respect to the notional amount. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statements of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss on the Statements of Operations. The maximum pay-outs for these contracts are limited to the notional amount of each swap. CDS may involve greater risks than if the Funds had invested in the referenced obligation directly and are subject to general market risk, liquidity risk, counterparty risk and credit risk.

By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member ("DCM"), acting in an agency capacity, and submitted to a central counterparty ("CCP") ("centrally cleared swaps"), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

The Funds collateralize swap agreements with cash and certain securities as indicated on the Portfolios of

**Spectrum Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

Investments and Statements of Assets and Liabilities of the Funds, respectively. Such collateral is held for the benefit of the counterparty in a segregated account at the Custodian to protect the counterparty against non-payment by the Funds. The Funds do not net collateral. In the event of a default by the counterparty, the Funds will seek release of this collateral and may incur certain costs exercising their rights with respect to the collateral. Amounts expected to be owed by the Funds are regularly collateralized either directly with the Funds or in a segregated account at the Custodian.

A Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty to the extent that posted collateral, if any, is insufficient. The Funds will enter into swap agreements only with large, well-capitalized and established financial institutions. The creditworthiness of each of the firms that is counterparty to a swap agreement is monitored by the Adviser. The financial statements of these counterparties may be available by accessing the SEC's website, at <u>www.sec.gov</u>.

International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") govern OTC financial derivative transactions entered into by the Funds and those counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreements. Any election to early terminate could be material to the financial statements.

During the normal course of business, the Funds purchase and sell various financial instruments, which may result in market, credit and liquidity risks, the amount of which is not apparent from the financial statements.

**Security Transactions and Related Income –** Security transactions are accounted for on trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities using the effective 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. Foreign withholding tax is recorded as incurred or known, in accordance with the Funds' understanding of the applicable country's tax rules and rates.

**Dividends and Distributions to Shareholders –** Dividends from net investment income, if any, are declared and paid quarterly for the Low Volatility Fund and the Unconstrained Fund; and annually for the Active Advantage Fund. Distributable net realized capital gains, if any, are declared and distributed annually in December. Dividends from net investment income and distributions from net realized gains are recorded on ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (i.e., deferred losses, capital loss 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 value per share of the Funds.

**Federal Income Tax** – It is each Fund's policy to continue to qualify as a regulated investment company by complying with the provisions of 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 Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed each Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for the open tax years 2022 – 2024 or expected to be taken in all the Funds' 2025 tax returns. The Funds identify their major tax jurisdictions as U.S. Federal and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in

**Spectrum Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

the Statements of Operations. During the period, the Funds 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 Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. Each Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

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

For the year ended September 30, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments and derivatives amounted to $585,711,648 and $643,782,416 for the Low Volatility Fund, $56,037,039 and $54,656,276 for the Active Advantage Fund and $14,971,599 and $16,937,922 for the Unconstrained Fund.

**4.** **OFFSETTING OF FINANCIAL AND DERIVATIVE ASSETS AND LIABILITIES** 

The Funds' policy is to recognize a gross asset or liability equal to the unrealized gain/(loss) for futures and swap contracts. During the year ended September 30, 2025 the Funds were subject to a master netting arrangement for the swap and futures contracts. The following table shows additional information regarding the offsetting of assets and liabilities at September 30, 2025.

**Spectrum Low Volatility Fund**

Assets:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Gross Amounts Not Offset in<br> the Statements of Assets &<br> Liabilities** | **Gross Amounts Not Offset in<br> the Statements of Assets &<br> Liabilities** | |
| <br>**Description** |<br>**Gross Amount of<br> Recognized Assets** |<br>**Gross Amounts<br> Offset in the<br> Statements of<br> Assets & Liabilities** |<br>**Net Amounts of<br> Assets Presented in<br> the Statements of<br> Assets & Liabilities** | **Financial<br> Instruments** | **Cash<br> Collateral<br> Received** |<br>**Net Amount** |
| Swaps Contracts - OTC | $220267 | $- | $220267 | $(99017) | $- | $121250 |
| Total | $220267 | $- | $220267 | $(99017) | $- | $121250 |

---

Liabilities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Gross Amounts Not Offset in<br> the Statements of Assets &<br> Liabilities** | **Gross Amounts Not Offset in<br> the Statements of Assets &<br> Liabilities** | |
| <br>**Description** |<br>**Gross Amount of<br> Recognized Liabilities** |<br>**Gross Amounts<br> Offset in the<br> Statements of<br> Assets & Liabilities** |<br>**Net Amounts of<br> Liabilities Presented in<br> the Statements of<br> Assets & Liabilities** | **Financial<br> Instruments** | **Cash <br> Collateral <br> Pledged\*** |<br>**Net Amount** |
| Swaps Contracts - OTC | $(99017) | $- | $(99017) | $99017 | $- | $- |
| Total | $(99017) | $- | $(99017) | $99017 | $- | $- |

---

**Spectrum Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

**Spectrum Active Advantage Fund**

Assets:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Gross Amounts Not Offset in<br> the Statements of Assets &<br> Liabilities** | **Gross Amounts Not Offset in<br> the Statements of Assets &<br> Liabilities** | |
| <br>**Description** |<br>**Gross Amounts of<br> Recognized Assets** |<br>**Gross Amounts<br> Offset in the<br> Statements of<br> Assets & Liabilities** |<br>**Net Amounts of<br> Assets Presented in<br> the Statements of<br> Assets & Liabilities** | **Financial<br> Instruments** | **Cash<br> Collateral<br> Received** |<br>**Net Amount** |
| Futures Contracts | $13950 | $- | $13950 | $- | $- | $13950 |
| Swaps Contracts - OTC | 279722 | - | 279722 | - | - | 279722 |
| Total | $293672 | $- | $293672 | $- | $- | $293672 |

---

**Spectrum Unconstrained Fund**

Liabilities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Gross Amounts Not Offset in<br> the Statements of Assets &<br> Liabilities** | **Gross Amounts Not Offset in<br> the Statements of Assets &<br> Liabilities** | |
| <br>**Description** |<br>**Gross Amount of<br> Recognized Liabilities** |<br>**Gross Amounts<br> Offset in the<br> Statements of<br> Assets & Liabilities** |<br>**Net Amounts of<br> Liabilities Presented in<br> the Statements of<br> Assets & Liabilities** | **Financial<br> Instruments** | **Cash <br> Collateral <br> Pledged\*** |<br>**Net Amount** |
| Swaps Contracts - OTC | $(1555) | $- | $(1555) | $- | $1555 | $- |
| Total | $(1555) | $- | $(1555) | $- | $1555 | $- |

---

\* The amount is limited to the derivative liability balance and accordingly does not include excess collateral pledged.

**Impact of Derivatives on the Statements of Assets and Liabilities and Statements of Operations**

The following is a summary of the location of derivative investments on the Funds' Statements of Assets and Liabilities as of September 30, 2025:

---

| | |
|:---|:---|
| **Derivative Investment Type** | **Location on the Statement of Assets and Liabilities** |
| Swap Contracts | Unrealized appreciation/depreciation on swaps |
| Futures Contracts | Unrealized appreciation on futures |

---

The following table sets forth the fair value of the Funds' derivative contracts as of September 30, 2025:

---

| | | |
|:---|:---|:---|
| **Spectrum Low Volatility Fund** | **Spectrum Low Volatility Fund** | **Spectrum Low Volatility Fund** |
| **Asset (Liability) Derivatives Investment Value** | **Asset (Liability) Derivatives Investment Value** | **Asset (Liability) Derivatives Investment Value** |
| **Derivative Investment Type** | **Equity Risk** | **Total as of<br> September 30,<br> 2025** |
| Total Return Swaps | $121250 | $121250 |
| Total | $121250 | $121250 |

---

---

| | | |
|:---|:---|:---|
| **Spectrum Active Advantage Fund** | **Spectrum Active Advantage Fund** | **Spectrum Active Advantage Fund** |
| **Asset (Liability) Derivatives Investment Value** | **Asset (Liability) Derivatives Investment Value** | **Asset (Liability) Derivatives Investment Value** |
| **Derivative Investment Type** | **<br> Equity Risk** | **Total as of<br> September 30,<br> 2025** |
| Futures Contracts \* | $13950 | $13950 |
| Total Return Swaps | 279722 | 279722 |
| Total | $293672 | $293672 |

---

---

| | | |
|:---|:---|:---|
| **Spectrum Unconstrained Fund** | **Spectrum Unconstrained Fund** | **Spectrum Unconstrained Fund** |
| **Asset (Liability) Derivatives Investment Value** | **Asset (Liability) Derivatives Investment Value** | **Asset (Liability) Derivatives Investment Value** |
| **Derivative Investment Type** | **Equity Risk** | **Total as of<br> September 30,<br> 2025** |
| Swaps | $(1555) | $(1555) |
| Total | $(1555) | $(1555) |

---

**Spectrum Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

\* Represents cumulative appreciation/depreciation on futures contracts as reported in the Portfolio of Investments.

The following is a summary of the location of derivative investments on the Funds' Statements of Operations for the year ended September 30, 2025:

---

| | |
|:---|:---|
| **Derivative Investment Type** | **Location of Gain/Loss on Derivative** |
| Swaps/Futures | Net realized gain (loss) from Swaps |
|  | Net realized gain (loss) from Futures |
|  | Net change in unrealized appreciation (depreciation) on Swaps |
|  | Net change in unrealized appreciation (depreciation) on Futures |

---

The following is a summary of the Funds' realized gain/(loss) on derivative investments recognized in the Statements of Operations categorized by primary risk exposure for the year ended September 30, 2025:

**Spectrum Low Volatility Fund**

---

| | | | |
|:---|:---|:---|:---|
| **Realized loss on derivatives recognized in the Statements of Operations** | **Realized loss on derivatives recognized in the Statements of Operations** | **Realized loss on derivatives recognized in the Statements of Operations** | **Realized loss on derivatives recognized in the Statements of Operations** |
| **Derivative Investment Type** | **Interest Rate<br> Risk** | **Credit Risk** | **Total for the<br> Year Ended<br> September 30,<br> 2025** |
| Swaps | $(32672) | $(638000) | $(670672) |
| Futures | (49380) | - | (49380) |
| Total | $(82052) | $(638000) | $(720052) |

---

---

| | | |
|:---|:---|:---|
| **Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations** | **Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations** | **Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations** |
| **Derivative Investment Type** | **Interest Rate** **<br> Risk** | **Total for the<br> Year Ended** **<br> September 30,<br> 2025** |
| Swaps | $(168084) | $(168084) |
| Futures | 54193 | 54193 |
| Total | $(113891) | $(113891) |

---

**Spectrum Active Advantage Fund**

---

| | | |
|:---|:---|:---|
| **Realized gain (loss) on derivatives recognized in the Statements of Operations** | **Realized gain (loss) on derivatives recognized in the Statements of Operations** | **Realized gain (loss) on derivatives recognized in the Statements of Operations** |
| **Derivative Investment Type** | **Equity Risk** | **Total<br> for the<br> Year Ended<br> September 30,<br> 2025** |
| Swaps | $184782 | $184782 |
| Futures | 260855 | 260855 |
| Total | $445637 | $445637 |

---

---

| | | |
|:---|:---|:---|
| **Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations** | **Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations** | **Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations** |
| **Derivative Investment Type** | **Equity Risk** | **Total<br> for the<br> Year Ended** **<br> September 30,<br> 2025** |
| Swaps | $279722 | $279722 |
| Futures | (116350) | (116350) |
| Total | $163372 | $163372 |

---

**Spectrum Unconstrained Fund**

---

| | | | |
|:---|:---|:---|:---|
| **Realized gain (loss) on derivatives recognized in the Statements of Operations** | **Realized gain (loss) on derivatives recognized in the Statements of Operations** | **Realized gain (loss) on derivatives recognized in the Statements of Operations** | **Realized gain (loss) on derivatives recognized in the Statements of Operations** |
| **Derivative Investment Type** | **Interest Rate<br> Risk** | **Credit Risk** | **Total<br> for the<br> Year Ended<br> September 30,<br> 2025** |
| Swaps | $140349 | $(3804) | $136545 |
| Futures | (1147) | - | (1147) |
| Total | $139202 | $(3804) | $135398 |

---

---

| | | |
|:---|:---|:---|
| **Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations** | **Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations** | **Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations** |
| **Derivative Investment Type** | **Interest Rate<br> Risk** | **Total<br> for the**<br> **Year Ended<br> September 30,<br> 2025** |
| Swaps | $(100038) | $(100038) |
| Futures | 1860 | 1860 |
| Total | $(98178) | $(98178) |

---

**Spectrum Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

The notional value of the derivative instruments outstanding as of September 30, 2025 as disclosed in the Portfolios of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within the Statements of Operations serve as indicators of the volume of derivative activity for the Funds.

**5.** **RISKS** 

*Market Risk:* Market risk is the risk that changes in interest rates, foreign exchange rates or equity prices will affect the positions held by the Funds. The Funds are exposed to market risk on financial instruments that are valued at market prices as disclosed in the Portfolios of Investments. The prices of derivative instruments, including swaps and futures prices, can be highly volatile. Price movements of derivative contracts in which the Funds' assets may be invested are influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary and exchange control programs and policies of governments, and national and international political and economic events and policies. The Funds are exposed to market risk on derivative contracts in that the Funds may not be able to readily dispose of its holdings when they choose and also that the price obtained on disposal is below that at which the investment is included in Funds' financial statements. All financial instruments are recognized at fair value, and all changes in market conditions directly affect net income. A Fund's investments in derivative instruments are exposed to market risk and are disclosed in the portfolio of investments.

*Counterparty Risk:* The Funds may invest in derivative instruments (the "Product") issued for the Funds including by Barclays Capital, Inc., Canadian Imperial Bank of Commerce and Nomura Global Financial Products, Inc. (collectively, "Counterparties"). If Counterparties become insolvent, each may not be able to make any payments under the Product and a Fund may lose their capital invested in the Product. A decline in Counterparties' financial standing is likely to reduce the market value of the Product and therefore the price a Fund may receive for the Product if sold it in the market.

*Liquidity Risk:* Liquidity risk is the risk that a Fund will encounter difficulty in raising funds to meet commitments. Liquidity risk may result in an inability to sell investments quickly at close to fair value. As a result, the Funds may not be able to quickly liquidate their investments in these instruments at an amount close to their fair value in order to meet its liquidity requirements. The Funds do not anticipate any material losses as a result of liquidity risk.

**6.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

The business activities of the Funds are overseen by the Board, which is responsible for the overall management of the Funds. Advisors Preferred, LLC, serves as investment adviser to the Funds. The Adviser has engaged Spectrum Financial, Inc. to serve as the sub-adviser to the Funds. The sub-adviser fees are the responsibility of the Adviser.

Pursuant to an advisory agreement with the Funds, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Funds pay the Adviser an advisory fee computed and accrued daily and paid monthly at an annual rate of 2.15% of the average daily net assets for both Spectrum Low Volatility Fund and Spectrum Unconstrained Fund and 1.50% of the average daily net assets for the Spectrum Active Advantage Fund. The Adviser, not the Fund, pays the Sub-Adviser. Pursuant to the advisory agreement, the Advisor earned $4,280,273, $144,923, and $141,108 for Spectrum Low Volatility Fund, Spectrum Active Advantage Fund and Spectrum Unconstrained Fund, respectively, in advisory fees for the year ended September 30, 2025.

Pursuant to a liquidity program administrator agreement with the Funds, the Adviser, provides a liquidity program administrator who, directs the operations of the Funds' liquidity risk management program. As compensation for its services and the related expenses borne by the Adviser, the Funds pay the Adviser out of pocket expenses

**Spectrum Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

and an annual fee of $9,000 per Fund. The Adviser has voluntarily agreed to waive the liquidity program administration fee for the Active Advantage Fund and the Unconstrained Fund. Pursuant to the liquidity program administrator agreement, the Adviser earned (net of voluntary waivers) $9,000, $0 and $0 for Spectrum Low Volatility Fund, Spectrum Active Advantage Fund and Spectrum Unconstrained Fund, respectively, in fees for the year ended September 30, 2025.

*<u>Ultimus Fund Solutions, LLC ("UFS")</u>,* provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to a separate servicing agreement with UFS, the Funds pay UFS customary fees for providing administration, fund accounting and transfer agency services to the Funds. Under the terms of the Funds' agreement with UFS, UFS pays for certain operating expenses of the Funds. Certain officers of the Trust are also officers of UFS and are not paid any fees directly by the Funds for serving in such capacities.

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

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

The Funds pay Ceros Financial Services Inc. (the "Distributor") to provide compensation for ongoing servicing related activities or services and/or maintenance of the Investor Class accounts, not otherwise required to be provided by the Adviser. For the year ended September 30, 2025, the Funds paid $87,411, $2,898 and $1,478 for Spectrum Low Volatility Fund, Spectrum Active Advantage Fund and Spectrum Unconstrained Fund, respectively, which was paid out to brokers and dealers.

During the year ended September 30, 2025, Ceros Financial Services, Inc. ("Ceros"), a registered broker/dealer and an affiliate of the Adviser, executed trades on behalf of the Funds. Spectrum Low Volatility Fund, Spectrum Active Advantage Fund and Spectrum Unconstrained Fund paid trade commissions of $350, $8,001, and $130 to Ceros, respectively. Any 12b-1 fees received by Ceros related to a Fund's investment in another Fund are returned to the respective Fund.

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. These fees are borne by the Adviser with respect to the Funds. The "interested persons" who serve as Trustees of the Trust receive no compensation for their services as Trustees. None of the executive officers receive compensation from the Trust. Interested trustees of the Trust are also officers or employees of the Advisor and its affiliates.

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

The identified cost of investments in securities owned by each Fund for federal income tax purposes including futures and swaps, and its respective gross unrealized appreciation and depreciation at September 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross Unrealized**<br> **(Depreciation)** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Spectrum Low Volatility Fund | $130067122 | $1170017 | $- | $1170017 |
| Spectrum Active Advantage Fund | 8969661 | 359895 | (33828) | 326067 |
| Spectrum Unconstrained Fund | 4629426 | 675701 | (591959) | 83742 |

---

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

The tax character of fund distributions paid for the years ended September 30, 2025, and September 30, 2024 were as follows:

**Spectrum Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the year ended September 30, 2025:** | **For the year ended September 30, 2025:** | **For the year ended September 30, 2025:** | **For the year ended September 30, 2025:** | **For the year ended September 30, 2025:** |
| <br>**Portfolio** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Return<br> of Capital** | **Tax-exempt<br> Income** | **Total** |
| Spectrum Low Volatility Fund | $15416603 | $- | $- | $- | $15416603 |
| Spectrum Active Advantage Fund | 64151 |  |  |  | 64151 |
| Spectrum Unconstrained Fund | 167787 |  |  |  | 167787 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the period ended September 30, 2024:** | **For the period ended September 30, 2024:** | **For the period ended September 30, 2024:** | **For the period ended September 30, 2024:** | **For the period ended September 30, 2024:** |
| <br>**Portfolio** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Return<br> of Capital** | **Tax-exempt<br> Income** | **Total** |
| Spectrum Low Volatility Fund | $9751779 | $- | $- | $- | $9751779 |
| Spectrum Active Advantage Fund | 148598 |  |  |  | 148598 |
| Spectrum Unconstrained Fund | 265613 |  |  |  | 265613 |

---

As of September 30, 2025, the components of distributable earnings/ (accumulated deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Undistributed<br> Ordinary<br> Income** | **Undistributed** **<br> Long-Term<br> Capital Gains** | **Post October<br> Loss and<br> Late Year Loss** | **Capital Loss<br> Carry<br> Forwards** | **Other<br> Book/Tax<br> Differences** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Total<br> Distributable Earning/<br> (Accumulated Deficit)** |
| Spectrum Low Volatility Fund | $3777870 | $– $| (1591201) | $- | $– | 1170017 | $3356686 |
| Spectrum Active Advantage Fund | 266767 | – |  | (4540912) | – | 326067 | (3948078) |
| Spectrum Unconstrained Fund |  | – |  | (450803) | – | 83742 | (367061) |

---

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, and mark-to-market on open futures and mark-to-market on swap contracts.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Spectrum Low Volatility Fund incurred and elected to defer $1,591,201 capital losses as follows:

---

| | |
|:---|:---|
| **Portfolio** | **Post October<br> Losses** |
| Spectrum Low Volatility Fund | $1591201 |

---

On September 30, 2025, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carryforwards utilized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Short-Term** | **Long-Term** | **Total** | **CLCF Utilized** |
| Spectrum Active Advantage Fund | $3181668 | $1359244 | $4540912 | $305234 |
| Spectrum Unconstrained Fund | 450803 |  | 450803 | 249574 |

---

During the fiscal period ended September 30, 2025, certain of the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to use of tax equalization credits and distributions in excess resulted in reclassifications for the year ended September 30, 2025, as follows:

---

| | | |
|:---|:---|:---|
| **<br>Portfolio** | **Paid In<br> Capital** | **Accumulated<br> Earnings<br> (Losses)** |
| Spectrum Low Volatility Fund | $384491 | $(384491) |
| Spectrum Unconstrained Fund | (7403) | 7403 |

---

**Spectrum Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

**9.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund pursuant to Section 2(a)(9) of the 1940 Act. As of September 30, 2025, National Financial Services LLC held approximately 59%, 93% and 99% of the Spectrum Low Volatility Fund, Spectrum Active Advantage Fund and Spectrum Unconstrained Fund, respectively, and Charles Schwab & Co., Inc. held approximately 36% of the Spectrum Low Volatility Fund. The Funds have no knowledge as to whether any beneficial owner included in these nominee accounts holds more than 25% of the voting shares of the Funds.

**10.** **INVESTMENT IN AFFILIATED COMPANY** 

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities or are affiliated through common management. The company which is an affiliate of the Unconstrained Fund as of September 30, 2025 is noted in the Unconstrained Fund's Portfolio of Investments. Transactions with the affiliated company during the year ended September 30, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Holding** | **Value -<br> Beginning of<br> Year** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized Gain/(Loss)** | **Dividend<br> Income** | **Value -<br> End of<br> Year** | **Ending<br> Shares** |
| Ontrack Core |  |  |  |  |  |  |  |  |
| Fund | $- | $590000 | $- | $- | $(1894) | $- | $588106 | 11138 |

---

**11.** **NEW ACCOUNTING PRONOUNCEMENT** 

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

**12.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

![](img_002.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of Spectrum Low Volatility Fund, Spectrum Active Advantage Fund, and Spectrum Unconstrained Fund and Board of Trustees of Advisors Preferred Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Spectrum Low Volatility Fund, Spectrum Active Advantage Fund, and Spectrum Unconstrained Fund (the "Funds"), each a series of Advisors Preferred Trust, as of September 30, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of** **<br> Operations** | **Statements of Changes** **<br> in Net Assets** | **Financial Highlights** |
| Spectrum Low Volatility Fund and Spectrum Active Advantage Fund | For the year ended September 30, 2025 | For the years ended September 30, 2025 and 2024 | For the years ended September 30, 2025, 2024, 2023, 2022, and 2021 |
| Spectrum Unconstrained Fund | For the year ended September 30, 2025 | For the years ended September 30, 2025 and 2024 | For the years ended September 30, 2025, 2024, 2023, and 2022, and for the period from April 16, 2021 (commencement of operations) through September 30, 2021 |

---

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img_003.jpg)

We have served as the auditor of one or more investment companies advised by Advisors Preferred, LLC since 2012.

![](img_004.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

November 25, 2025

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

Information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Funds use to determine how to vote proxies will be available without charge, upon request, by calling 1-866-862-9686 or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**INVESTMENT ADVISOR**

Advisors Preferred LLC

1445 Research Blvd., Suite 530

Rockville, Maryland 20850

**INVESTMENT SUB-ADVISOR**

Spectrum Financial, Inc.

272 Bendix Road Suite 600

Virginia Beach, VA 23452

**ADMINISTRATOR**

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, Ohio 45246

**Spectrum Funds**

**ADDITIONAL INFORMATION (Unaudited)**

**September 30, 2025**

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

**Approval of Renewal of the Investment Advisory and Sub-Advisory Agreements for the Spectrum Low Volatility Fund, Spectrum Active Advantage Fund, and Spectrum Unconstrained Fund**

At an in-person meeting held on May 21, 2025 (the "Meeting") the Board of Trustees (the "Board"), of Advisors Preferred Trust (the "Trust"), including a majority of Trustees who are not "interested persons" (the "Independent Trustees"), as such term is defined under Section 2(a)(19) of the 1940 Act, considered the renewal of the investment advisory agreement (the "Advisory Agreement") between Advisors Preferred, LLC (the "Adviser") and the Trust, on behalf of Spectrum Low Volatility Fund, Spectrum Active Advantage Fund, and Spectrum Unconstrained Fund (together the "Spectrum Funds"); and the renewal of the sub-advisory agreement (the "Sub-Advisory Agreement") between the Adviser and Spectrum Financial, Inc. ("Spectrum Financial") (the "Sub-Adviser").

The Board then reviewed and discussed the written materials that were provided by Advisors Preferred, LLC and Spectrum Financial in advance of the Meeting and deliberated on the renewal of the Advisory Agreements with respect to Spectrum Funds. 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 and Subadvisory Agreement with respect to Spectrum Funds. The Board conducted some of their deliberations on a joint basis for the Adviser and the Sub-Adviser 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 provided, the Board reviewed the Adviser's Form ADV, and the Sub-Adviser's Form ADV, a description of the manner in which investment decisions, including asset allocation, sector selection and trade execution, are made for the Funds by the Sub-Adviser, a description of the services provided by the Adviser and those services provided by the Sub-Adviser and those executed by the Adviser. The Board reviewed the experience of professional personnel from both the Adviser and the Sub-Adviser performing services for the Funds, including the team of individuals that primarily monitor and execute the investment and administration process, and the portfolio managers. The Board considered the depth of resources of the Adviser and the Sub-Adviser. Further the Board reviewed a certification from each of the Adviser and the Sub-Adviser, certifying that each has adopted a Code of Ethics containing provisions reasonably necessary to prevent Access Persons, as that term is defined in Rule 17j-1 under the 1940 Act, from engaging in conduct prohibited by Rule 17j-1(b)

**Spectrum Funds**

**ADDITIONAL INFORMATION (Unaudited)(Continued)**

**September 30, 2025**

and noted that each of the Adviser and the Sub-Adviser have adopted procedures reasonably necessary to prevent Access Persons from violating such Code of Ethics.

*<u>Advisors Preferred</u>:* The Board reviewed the balance sheet of the Adviser as of March 31, 2025, and the income statement as of March 31, 2025 and the profit and loss statement for January through March 31, 2025. The Board also reviewed the audited financials of the Adviser as of December 31, 2024. The Adviser reported $1.5 billion in total assets under management in active mutual funds and Ms. Ayers-Rigsby, Chief Executive Officer of the Adviser, noted the commitment from Adviser to raise assets and fee revenue as discussed earlier. The Board confirmed with Ms. Ayers-Rigsby that the Adviser has access to additional capital if so required.

The Board discussed the Adviser's compliance program with the CCO of the Trust. The Board considered that the CCO of the Trust also serves as CCO of the Adviser and was recently appointed to serve as the CCO for The North Country Funds. The Trustees acknowledged they are confident in her abilities with respect to all positions, and Trustees were comfortable that if a conflict of interest were to arise, counsel would be called upon for a solution. The Board noted that the Adviser continues to have in place procedures which are currently working to prevent violations of applicable securities laws. The CCO confirmed that she has the support and resources to ensure the compliance procedures of the Trust are updated in accordance with current SEC rules. The Board considered that the cybersecurity risk of the Adviser is managed by Sikich LLP (a cybersecurity consultancy) with no data breaches reported. The Board discussed the overall technology of the Adviser with the CCO. The Adviser confirmed adequate Directors & Officers Error & Omissions Professional Liability Insurance ("D&O/E&O") is in place. Counsel noted the Board had previously reviewed the business continuity plan for the Adviser. The Board concluded that the Adviser has qualified professionals, resources, and compliance policies essential to performing its duties under the Advisory Agreements. The Board reviewed financial statements of the Adviser and concluded it has sufficient financial resources to fulfill Trust-related obligations, based in part on a representation that the Adviser has access to additional capital, as needed.

*<u>Spectrum Financial</u>:* The Board reviewed the income statement of Spectrum Financial for the three months ended March 31, 2025 and the balance sheet at March 31, 2025. The Sub-Adviser was determined by the Board to be financially sound. The Board concluded that Spectrum Financial is sufficiently financially sound to continue to serve as sub-adviser to each Spectrum Fund.

The Board confirmed with the Adviser's CCO that she works with the CCO of Spectrum Financial. The CCO reported she had reviewed the policies and procedures manual of Spectrum Financial, including their latest revisions and business continuity plans. The Board confirmed the cybersecurity risk management is the responsibility of the compliance and IT teams of Spectrum Financial. The CCO reported that a cyber breach at Spectrum Financial was immediately reported and handled in a timely matter, resulting in no loss of confidential data. The Board noted that Spectrum Financial has D&O/E&O insurance coverage.

***Performance.*** The Board considered that the Adviser delegates day-to-day investment decisions to the Sub-Adviser and, therefore, does not directly control the performance of the Spectrum Funds. The Board considered the Adviser's other responsibilities under the Advisory Agreement, including with respect to trade oversight, reviewing daily positions and balance reports for the Spectrum Funds, obtaining derivative agreements for the Spectrum Funds and reporting to the Board. The Trustees concluded that

**Spectrum Funds**

**ADDITIONAL INFORMATION (Unaudited)(Continued)**

**September 30, 2025**

the Adviser appears to be properly and reasonably monitoring the Sub-Adviser's adherence to each Spectrum Fund's investment objectives and appears to be carrying out its functions appropriately.

*<u>Spectrum Low Volatility Fund</u>:* The Board considered the Fund's performance as compared to its benchmark index. the Fund's Morningstar Nontraditional Bond category, and the LSTA U.S. Leveraged Loan 100 Index. The Board reviewed one-, three-, five- and ten-year periods ended March 31, 2025. They noted the Fund underperformed the Morningstar Nontraditional Bond category for the one-year period but outperformed for the three-, five and ten-year periods. With respect to the Morningstar LSTA U.S. Leveraged Loan 100 Index, the Fund underperformed for all but the ten year period. The Board recognized the Fund seeks risk adjusted returns and therefore lagged the S&P 500 Index for all periods. The Board concluded that performance was satisfactory, and that with Adviser oversight and strategy refinements, Spectrum Financial was expected to obtain an acceptable level of investment returns for shareholders over the long term.

*<u>Spectrum Active Advantage Fund</u>:* The Board recognized the Fund's performance has improved but remains below expectations and trailed the Morningstar Tactical Allocation category for the three- and five-year periods, while outperforming for the one-year period. With respect to the S&P 500 Index, the Fund underperformed for all periods. The Board discussed the strategy adjustments made in February 2025 and found it was improving performance. The Trustees concluded that the Fund's performance should continue to improve and therefore found it acceptable.

*<u>Spectrum Unconstrained Fund</u>:* The Board considered the Fund's performance as compared to Bloomberg Aggregate Bond Index and the Fund's Morningstar Nontraditional Bond category for the one-, three-year, and since inception periods ended March 31, 2025. Discussion followed with respect to the Fund lagging both its Index and Morningstar category for the one-year period, while outperforming both for the three-year period. The Fund also outperformed the Bloomberg Aggregate Bond Index for the since inception period. The Sub-Adviser believes in its proven techniques for the concept of highly leveraged positions, and that in the right economic environment, the Fund will quicky move to positive returns above peer groups. The Board determined to continue to monitor the Fund's performance in the long term but concluded it was acceptable.

***Fees and Expenses:*** As to the costs of the services provided to each Spectrum Fund by the Adviser and Sub-Adviser, respectively, the Board reviewed and discussed the advisory fee and total operating expenses of each Spectrum Fund compared to its peer group and Morningstar category as presented in the Meeting Materials. The Board acknowledged that the Adviser pays the Sub-Adviser directly consistent with agreements in effect.

*<u>Spectrum Low Volatility Fund</u>:* The Board noted that the Fund's investment strategy did not lend itself to a single Morningstar category and the advisory fee of 2.15% for Low Volatility was above the above range for the Morningstar Nontraditional Bond, Tactical Allocation, Macro Trading, and Systematic Trend Categories. The Board also compared the advisory fee to Morningstar Equity Long/Short Institutional category and found it within range and well below the maximum advisory fees in the category. The Board noted that the Fund does not easily fit within a single category because of its wide-ranging strategy. The Trustees considered that of the 2.15% advisory fee, the Sub-Adviser receives 1.80%, lower than the fees it charges separately managed accounts. The Trustees discussed net expenses of 2.81% for Investor Class

**Spectrum Funds**

**ADDITIONAL INFORMATION (Unaudited)(Continued)**

**September 30, 2025**

shares and found it was within range of the maximum net expense for the Morningstar Nontraditional Bond and Tactical Allocation Institutional, Systematic Trend Inst, and Equity Long/Short Institutional Class categories. With respect to the Morningstar Macro Trading, the Fund's net expenses were found by the Board to be above the range for net expenses. With regards to Advisor Class shares, the Board noted the net expense ratio of 3.06% was above range for all Morningstar categories mentioned except Tactical Allocation Class A where it was within range.

*<u>Spectrum Active Advantage Fund</u>:* The Board noted that the Fund's investment strategy did not lend itself to a single Morningstar category and the advisory fee of 1.50% for Active Advantage was within the reasonable range of fees for the Nontraditional Bond, Tactical Allocation, Macro Trading, Systematic Trend and Equity Long/Short Morningstar categories. The Trustees noted that the Fund does not easily fit within a single category because of its strategy. The Board acknowledged that of the 1.50% advisory fee, the Sub-Adviser is paid 1.15% directly from the Adviser. The Board discussed net expenses of 1.99% for Investor Class shares and found them within the reasonable range for all Morningstar categories mentioned above.

*<u>Spectrum Unconstrained Fund</u>:* The Board noted that the Fund's investment strategy did not lend itself to a single Morningstar category and the advisory fee of 2.15% for Unconstrained Fund was above range for the Morningstar Nontraditional Bond, Tactical Allocation, Macro Trading, and Systematic Trend categories. The Board found the advisory fee within range and below the reasonable maximum advisory fee for the Morningstar Equity Long/Short category. The Trustees noted that the Fund does not easily fit within a single category because of its wide-ranging strategy. The Board acknowledge the Adviser pays the Sub-Adviser directly 1.80% from the advisory fee it receives. The Trustees discussed net expenses of 3.14% for Investor Class shares and found they were above range for the Morningstar Nontraditional Bond and Macro Trading Institutional class category. However, the Board discussed that the net expenses were within the reasonable range, and below the maximum in the Tactical Allocation and Systematic Trend and Equity Long/Short Institutional Morningstar categories.

***Profitability of Adviser.*** The Board considered the level of profitability for the Adviser, and if the fees were the result of arms-length negotiations with respect to the Advisory Agreements. The Trustees reviewed the levels of profits to the Adviser for the fiscal year ended December 31, 2024 from each Fund with respect to advisory fees and from the total relationship with each Fund. They considered whether profits from each Fund were reasonable in light of services provided, including the assets levels and payments to the Sub-Adviser for each Fund. The Board considered the split with the Sub-Adviser to be reasonable for the services provided. The Board concluded the Adviser having excess profits from advising the Funds is not a concern.

*Spectrum Low Volatility, Active Advantage and Unconstrained Funds:* In discussion and review of the profitability statement from the Adviser with respect to the Spectrum Funds, the Board considered the split between the Adviser and Sub-Adviser. The Board noted that the Adviser saw a small profit from Low Volatility and Active Advantage (4% and 6% respectively) and operated at a loss with respect to Unconstrained. The Board acknowledged that when taking into consideration the Adviser's total relationship with the Funds, the profitability was 4% respectively from Low Volatility and Active Advantage. The Adviser operated Unconstrained at a loss in the totality of the relationship. The Board

**Spectrum Funds**

**ADDITIONAL INFORMATION (Unaudited)(Continued)**

**September 30, 2025**

concluded that the Adviser operates the Spectrum Funds at a loss or has relatively low profits from its services and therefore, excessive profits are not of concern at this time.

***Profitability of Sub-Adviser:*** The Board reviewed the profitability reports submitted by Spectrum Financial and found that Spectrum Financial made a 42% profit from Low Volatility, a 44% profit from Active Advantage, and a 43% profit from Unconstrained for the fiscal year ended September 30, 2024. The Board concluded that Spectrum Financial's profits were reasonable for services provided to the Funds. The Board discussed a joint revenue sharing agreement in place between the Adviser and Spectrum Financial allowing for payments to individuals for raising assets for the Funds. The Board concluded that excess profits for the Sub-Adviser with respect to each of Low Volatility, Active Advantage and Unconstrained is currently not a concern, and they will monitor profits from each Fund as assets continue to grow.

The Board, in consultation with counsel noted that current court rulings with respect to profitability suggest up to or even over a 70% profit margin for any adviser or sub-adviser could be acceptable and not considered excessive.

***Economies of Scale.*** As to the extent to which the Spectrum Funds will realize economies of scale, the Adviser reported an estimate of $500 million per Fund to be the minimum asset level required to reach such economies of scale and that some Funds may not achieve economies of scale as they may face capacity issues under certain investment strategies. The Board discussed the Adviser's expectations for the growth in net assets of each Spectrum Fund and concluded that any material economies of scale were not a concern at present assets levels. The Trustees noted economies of scale is an advisory agreement concern and is not a consideration for approval of any sub-advisory agreements. The Board agreed to revisit economies of scale as assets of the Funds continue to grow.

***Conclusion.*** Counsel assisted the Board throughout the Advisory Agreement and Sub-Advisory Agreement review process. The Board members relied upon the advice of counsel, and their own business judgment, in determining the material factors to be considered in evaluating the Advisory Agreement and Sub-Advisory Agreement. In considering the approval, the Board noted that each Trustee may have afforded different weight to the various factors in reaching his approval conclusions with respect to the Advisory Agreement and Sub-Advisory Agreement.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to open-end investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.**

None

**Item 16. Controls and Procedures**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the
 registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation
 and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these
 disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect,
 the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers is [attached hereto.](coe.htm)

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto.](spectrum_ex99cert.htm)

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](spectrum_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Advisors Preferred Trust |
| By (Signature and Title) | /s/ Catherine Ayers-Rigsby |
|  | Catherine Ayers-Rigsby, Principal Executive Officer/President |
| Date | 11/28/25 |
| 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. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| By (Signature and Title) | /s/ Catherine Ayers-Rigsby |
|  | Catherine Ayers-Rigsby, Principal Executive Officer/President |
| Date | 11/28/25 |
| By (Signature and Title) | /s/ Christine Casares |
|  | Christine Casares, Principal Financial Officer/Treasurer |
| Date | 11/28/25 |

---

## Ex-99.Cert

**EX-99.CERT**

**CERTIFICATIONS**

I, Catherine Ayers-Rigsby, certify that:

1. I have reviewed this report on Form N-CSR of the Spectrum Funds (series of Advisors Preferred Trust);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&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: | 11/28/25 | /s/ Catherine Ayers-Rigsby |
|  | | Catherine Ayers-Rigsby, |
|  | | Principal Executive Officer/President |

---

I, Christine Casares, certify that:

1. I have reviewed this report on Form N-CSR of the Spectrum Funds (series of Advisors Preferred Trust);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&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: | 11/28/25 | /s/ Christine Casares |
|  | | Christine Casares |
|  | | Principal Financial Officer/ Treasurer |

---

## Exhibit 99.906

**EX-99.906CERT**

**certification**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended September 30, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

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

---

| | |
|:---|:---|
| Principal Executive Officer/President<br> Advisors Preferred Trust | Principal Financial Officer/Treasurer<br> Advisors Preferred Trust |
| /s/ Catherine Ayers-Rigsby | /s/ Christine Casares |
| Catherine Ayers-Rigsby | Christine Casares |

---

Date: <u>11/28/25</u> Date: <u>11/28/25</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.