# EDGAR Filing Document

**Accession Number:** 0001556505
**File Stem:** 0001580642-26-001729
**Filing Date:** 2026-3
**Character Count:** 414422
**Document Hash:** 93e7e127ca6708eea71b4c3e33198952
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001729.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0001580642-26-001729

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 86

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260310

**DATE AS OF CHANGE**: 20260310

**EFFECTIVENESS DATE**: 20260310

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22756
- **FILM NUMBER:** 26740049

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

<u>Advisors Preferred Trust</u> <br> (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)

<u>The Corporation Trust Company</u> <br> <u>1209 Orange Street, Wilmington, DE 19801</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-470-2734</u>

Date of fiscal year end: <u>6/30</u> <br>Date of reporting period: <u>12/31/25</u>

**Item 1. Reports to Stockholders.** 

(a) Tailored Shareholder Report

# Quantified Alternative Investment Fund - Advisor (QALAX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i231dcd89f22b86593ba1dba4.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about the Quantified Alternative Investment Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor | $116 | 2.19%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## How did the Fund perform during the reporting period?
The Fund returned 9.56% for the six months ending December 31, 2025. The S&P 500 Index, the Fund's benchmark, gained 11.00% for same period.

<u>Strategy</u>

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

<u>Techniques</u>

The Fund gained 7.16% for the third quarter of 2025. The Fund underperformed the S&P 500, which gained 8.12%. The Fund's cash position declined from 12.08% at the beginning of July to 11.93% at the beginning of August and to 10.43% at the beginning of September. Both the Fund's NASDAQ futures hedging exposure and its actively traded long-term government-bond futures contributed positively to performance for the quarter.

The Fund gained 2.24% for the fourth quarter. The Fund underperformed the S&P 500, which gained 2.66%. The Fund's cash position increased over the course of the quarter, moving from approximately 13% of the actively managed rotational portion of the Fund in early October to 22% in early November and 31% in early December. Both the Fund's NASDAQ futures hedging exposure and its actively traded long-term government-bond futures detracted from performance for the quarter.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7cd38b7dbd74d59adb390d27.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Alternative Investment Fund** | **S&P 500<sup>®</sup> Index** |
| **Mar-2016** | $10000 | $10000 |
| **Dec-2016** | $10036 | $11107 |
| **Dec-2017** | $11515 | $13532 |
| **Dec-2018** | $10421 | $12939 |
| **Dec-2019** | $11385 | $17013 |
| **Dec-2020** | $11443 | $20143 |
| **Dec-2021** | $12709 | $25925 |
| **Dec-2022** | $11628 | $21230 |
| **Dec-2023** | $11845 | $26811 |
| **Dec-2024** | $12288 | $33518 |
| **Dec-2025** | $13955 | $39512 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **Since Inception (March 18, 2016)** |
| Quantified Alternative Investment Fund | 9.56% | 13.56% | 4.05% | 3.46% |
| S&P 500<sup>®</sup> Index | 11.00% | 17.88% | 14.42% | 15.07% |

---

***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. For updated performance call (855) 647-8268.***

## **Fund Statistics** 
* Net Assets$4,186,810

* Number of Portfolio Holdings54

* Advisory Fee $23,281

* Portfolio Turnover365%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6ffac7a7c30d9f05164f7b87.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Private Investment Funds | 9.0% |
| Collateral for Securities Loaned | 9.1% |
| Money Market Funds | 17.2% |
| Exchange-Traded Funds | 64.7% |

---

## What did the Fund invest in?

## **Instrument Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](i8261cfcdc0aecfdd94bd06f5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Equities | 37.00% |
| Cash & Equivalent | 22.00% |
| Fixed Income - Other | 21.00% |
| Equity Index | 9.00% |
| Private Investment Funds | 7.00% |
| Alternative | 4.00% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Assets Portfolio, LLC | 9.7% |
| Hyperion Fund LLC | 9.6% |
| First American Government Obligations Fund, Class Z | 9.2% |
| Fidelity Government Portfolio, Class I | 9.1% |
| iShares Convertible Bond ETF | 5.4% |
| Fidelity High Dividend ETF | 4.8% |
| iShares Short Duration Bond Active ETF | 4.8% |
| iMGP DBi Managed Futures Strategy ETF | 4.3% |
| VanEck Natural Resources ETF | 3.9% |
| Franklin International Low Volatility High Dividend Index ETF | 3.5% |

---

The Fund has economic exposure through securities and derivatives to the above security types of 130% of its assets. The Asset Weighting chart and the Top 10 Holdings table do not include derivatives. Please refer to the semi-annual shareholder report (address below) for a complete listing of the Fund's holdings.

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i98b629dbb92dae603c5deb6f.jpg)

# Quantified Alternative Investment Fund - Advisor (QALAX)

#### Semi-Annual Shareholder Report - December 31, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-QALAX

# Quantified Alternative Investment Fund - Investor (QALTX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i231dcd89f22b86593ba1dba4.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about the Quantified Alternative Investment Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

## What were the Fund's costs for the last six months?
(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 | $81 | 1.54%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## How did the Fund perform during the reporting period?
The Fund returned 9.84% for the six months ending December 31, 2025. The S&P 500 Index, the Fund's benchmark, gained 11.00% for the same period.

<u>Strategy</u>

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

<u>Techniques</u>

The Fund gained 7.38% for the third quarter of 2025. The Fund underperformed the S&P 500, which gained 8.12%. The Fund's cash position declined from 12.08% at the beginning of July to 11.93% at the beginning of August and to 10.43% at the beginning of September. Both the Fund's NASDAQ futures hedging exposure and its actively traded long-term government-bond futures contributed positively to performance for the quarter.

The Fund gained 2.29% for the fourth quarter. The Fund underperformed the S&P 500, which gained 2.66%. The Fund's cash position increased over the course of the quarter, moving from approximately 13% of the actively managed rotational portion of the Fund in early October to 22% in early November and 31% in early December. Both the Fund's NASDAQ futures hedging exposure and its actively traded long-term government-bond futures detracted from performance for the quarter.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7261ea1eeb0d736ab30d32b3.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Alternative Investment Fund** | **S&P 500<sup>®</sup> Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $9937 | $11196 |
| **Dec-2017** | $11481 | $13640 |
| **Dec-2018** | $10460 | $13042 |
| **Dec-2019** | $11492 | $17149 |
| **Dec-2020** | $11608 | $20304 |
| **Dec-2021** | $12973 | $26132 |
| **Dec-2022** | $11919 | $21399 |
| **Dec-2023** | $12205 | $27025 |
| **Dec-2024** | $12749 | $33786 |
| **Dec-2025** | $14573 | $39827 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Quantified Alternative Investment Fund | 9.84% | 14.30% | 4.65% | 3.84% |
| S&P 500<sup>®</sup> Index | 11.00% | 17.88% | 14.42% | 14.82% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (855) 647-8268.***

## **Fund Statistics** 
* Net Assets$4,186,810

* Number of Portfolio Holdings54

* Advisory Fee $23,281

* Portfolio Turnover365%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6ffac7a7c30d9f05164f7b87.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Private Investment Funds | 9.0% |
| Collateral for Securities Loaned | 9.1% |
| Money Market Funds | 17.2% |
| Exchange-Traded Funds | 64.7% |

---

## What did the Fund invest in?

## **Instrument Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](i8261cfcdc0aecfdd94bd06f5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Equities | 37.00% |
| Cash & Equivalent | 22.00% |
| Fixed Income - Other | 21.00% |
| Equity Index | 9.00% |
| Private Investment Funds | 7.00% |
| Alternative | 4.00% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Assets Portfolio, LLC | 9.7% |
| Hyperion Fund LLC | 9.6% |
| First American Government Obligations Fund, Class Z | 9.2% |
| Fidelity Government Portfolio, Class I | 9.1% |
| iShares Convertible Bond ETF | 5.4% |
| Fidelity High Dividend ETF | 4.8% |
| iShares Short Duration Bond Active ETF | 4.8% |
| iMGP DBi Managed Futures Strategy ETF | 4.3% |
| VanEck Natural Resources ETF | 3.9% |
| Franklin International Low Volatility High Dividend Index ETF | 3.5% |

---

The Fund has economic exposure through securities and derivatives to the above security types of 130% of its assets. The Asset Weighting chart and the Top 10 Holdings table do not include derivatives. Please refer to the semi-annual shareholder report (address below) for a complete listing of the Fund's holdings.

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i98b629dbb92dae603c5deb6f.jpg)

# Quantified Alternative Investment Fund - Investor (QALTX)

#### Semi-Annual Shareholder Report - December 31, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-QALTX

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

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](ie5bbe3c0c76e2f108cf3b5a6.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about the Quantified Common Ground Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor | $112 | 2.19%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The Fund rose by 3.68% for the six months ending December 31, 2025. The S&P Composite 1500 Total Return Index, the Fund's benchmark, gained 10.80% for same period.

<u>Strategy</u>

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

<u>Techniques</u>

The Fund rose 2.27 % for the third quarter, underperforming the S&P 1500, which gained 8.01%. The Fund remained defensive at the start of the quarter following the volatility seen in April. At the beginning of July, the Fund's combined cash and bond positions totaled 34.19%. Cash exposure was 24.44% in August and rose slightly to 25.42% in September. Utilities remained the most significant sector allocation throughout the quarter.

The Fund rose 1.37% for the fourth quarter, underperforming the S&P 1500 again, which gained 2.58%. The Fund remained defensive in October, maintaining an approximately 18% allocation to cash. The sectors with the largest exposure in October were Real Estate and Utilities. In November, the Fund went fully risk-on, dropping the cash allocation to 2.5%. The largest holdings in November were in Health Care and Information Technology. December saw similarly aggressive positioning, with the largest exposures in Financial and Real Estate.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i751427bd51ffa36d6544b634.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Common Ground Fund** | **S&P Composite 1500<sup>®</sup> Index** |
| **Jan-2025** | $10000 | $10000 |
| **Dec-2025** | $9725 | $11378 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **6 Months** | **Since Inception (January 31, 2025)** |
| Quantified Common Ground Fund | 3.68% | -2.75% |
| S&P Composite 1500<sup>®</sup> Index | 10.80% | 13.78% |

---

***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. For updated performance call (855) 647-8268.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $119339508 |
| Number of Portfolio Holdings | 42 |
| Advisory Fee | $591490 |
| Portfolio Turnover | 390% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ifc3be82edb3b78a8ab7e30ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 7.6% |
| Common Stocks | 87.3% |
| Money Market Funds | 5.1% |

---

# What did the Fund invest in?

# **Sector Weighting (% of total investments)**![Group By Sector Chart](i3095d8d95ace59c5b7c52073.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.8% |
| Consumer Discretionary | 3.5% |
| Health Care | 4.0% |
| Industrials | 5.9% |
| Technology | 7.5% |
| Energy | 7.7% |
| Materials | 11.3% |
| Money Market | 12.7% |
| Real Estate | 22.9% |
| Financials | 23.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Assets Portfolio, LLC | 8.2% |
| Progressive Corporation (The) | 4.8% |
| Cboe Global Markets, Inc. | 4.3% |
| Nasdaq, Inc. | 4.1% |
| Expand Energy Corporation | 4.0% |
| Welltower, Inc. | 4.0% |
| Air Lease Corporation | 3.8% |
| Regency Centers Corporation | 3.7% |
| Ventas, Inc. | 3.7% |
| Amphenol Corporation, Class A | 3.6% |

---

# Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i9829582a7ac6f6fd732dbf69.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-QCGAX

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

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](ie5bbe3c0c76e2f108cf3b5a6.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about the Quantified Common Ground Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last six months?
(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 | $82 | 1.59%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The Fund rose by 4.01% for the six months ending December 31, 2025. The S&P Composite 1500 Total Return Index, the Fund's benchmark, gained 10.80% for same period.

<u>Strategy</u>

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

<u>Techniques</u>

The Fund rose 2.41% for the third quarter, underperforming the S&P 1500, which gained 8.01%. The Fund remained defensive at the start of the quarter following the volatility seen in April. At the beginning of July, the Fund's combined cash and bond positions totaled 34.19%. Cash exposure was 24.44% in August and rose slightly to 25.42% in September. Utilities remained the most significant sector allocation throughout the quarter.

The Fund rose 1.57% for the fourth quarter, underperforming the S&P 1500 again, which gained 2.58%. The Fund remained defensive in October, maintaining an approximately 18% allocation to cash. The sectors with the largest exposure in October were Real Estate and Utilities. In November, the Fund went fully risk-on, dropping the cash allocation to 2.5%. The largest holdings in November were in Health Care and Information Technology. December saw similarly aggressive positioning, with the largest exposures in Financial and Real Estate.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie89f623df20ae725f177d8be.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Common Ground Fund** | **S&P Composite 1500<sup>®</sup> Index** |
| **Dec-2019** | $10000 | $10000 |
| **Dec-2019** | $10010 | $9977 |
| **Dec-2020** | $11478 | $11765 |
| **Dec-2021** | $15169 | $15112 |
| **Dec-2022** | $13315 | $12425 |
| **Dec-2023** | $15277 | $15589 |
| **Dec-2024** | $16784 | $19323 |
| **Dec-2025** | $16956 | $22610 |

---

# **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **Since Inception (December 27, 2019)** |
| Quantified Common Ground Fund | 4.01% | 1.02% | 8.12% | 9.18% |
| S&P Composite 1500<sup>®</sup> Index | 10.80% | 17.02% | 13.96% | 14.54% |

---

***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. For updated performance call (855) 647-8268.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $119339508 |
| Number of Portfolio Holdings | 42 |
| Advisory Fee | $591490 |
| Portfolio Turnover | 390% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ifc3be82edb3b78a8ab7e30ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 7.6% |
| Common Stocks | 87.3% |
| Money Market Funds | 5.1% |

---

# What did the Fund invest in?

# **Sector Weighting (% of total investments)**![Group By Sector Chart](i3095d8d95ace59c5b7c52073.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.8% |
| Consumer Discretionary | 3.5% |
| Health Care | 4.0% |
| Industrials | 5.9% |
| Technology | 7.5% |
| Energy | 7.7% |
| Materials | 11.3% |
| Money Market | 12.7% |
| Real Estate | 22.9% |
| Financials | 23.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Assets Portfolio, LLC | 8.2% |
| Progressive Corporation (The) | 4.8% |
| Cboe Global Markets, Inc. | 4.3% |
| Nasdaq, Inc. | 4.1% |
| Expand Energy Corporation | 4.0% |
| Welltower, Inc. | 4.0% |
| Air Lease Corporation | 3.8% |
| Regency Centers Corporation | 3.7% |
| Ventas, Inc. | 3.7% |
| Amphenol Corporation, Class A | 3.6% |

---

# Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i9829582a7ac6f6fd732dbf69.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-QCGDX

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

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](idc9a2657c330ade9dc62baa5.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about the Quantified Eckhardt Managed Futures Strategy Fund for the period of July 1, 2025 (commencement of operations) to December 31, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor | $109 | 2.22%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The Fund declined by -5.87% for the six months ending December 31, 2025. The S&P 500 Total Return Index, the Fund's benchmark, gained 11.00% for the same period.

<u>Strategy</u>

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

<u>Techniques</u>

The Fund fell -2.92% for the third quarter of 2025, underperforming the S&P 500 Total Return Index which gained 8.12%. Over the quarter, the Fund profited from long positions in equity indexes and metals, as well as from short positions in grains. However, losses from long positions in energy, currencies, and U.S. fixed income, along with short positions in European fixed income, offset those gains.

The Fund declined by -3.04% for the fourth quarter, underperforming the S&P 500 Total Return Index which rose by 2.66%. Over the quarter, the Fund generated profits from long and short positions in metals and currencies, short positions in soft commodities, and long positions in grains. Losses from long and short positions in equity indexes, energies, and fixed-income futures offset these gains.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i07eabd599b9d0952b46d6ad7.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Eckhardt Managed Futures Strategy Fund** | **S&P 500 Index TR** |
| **Jan-2025** | $10000 | $10000 |
| **Mar-2025** | $9382 | $9313 |
| **Jun-2025** | $8724 | $10333 |
| **Sep-2025** | $8469 | $11172 |
| **Dec-2025** | $8212 | $11469 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **6 Months** | **Since Inception (January 31, 2025)** |
| Quantified Eckhardt Managed Futures Strategy Fund | -5.87% | -17.88% |
| S&P 500<sup>®</sup> Index | 11.00% | 14.69% |

---

***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. For updated performance call (855) 647-8268.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $37372890 |
| Number of Portfolio Holdings | 4 |
| Advisory Fee | $180764 |
| Portfolio Turnover | 0% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0cfc0a91e38e962bd74fff00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 60.0% |
| Private Investment Funds | 40.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of total investments)**![Group By Sector Chart](i0ce0b9e5df0e410f6b4cf9af.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Equivalent | 60.00% |
| Private Investment Funds | 40.00% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity Government Portfolio, Class I | 59.3% |
| Galaxy Plus Fund LLC Evolution Strategy Financials Feeder Fund | 28.5% |
| Galaxy Plus Fund Evolution Strategy Commodities Offshore Feeder Fund | 11.4% |
| First American Government Obligations Fund, Class X | 0.7% |

---

# Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i45c12d686e76e16f8591f8e1.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-QETAX

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

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](idc9a2657c330ade9dc62baa5.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about the Quantified Eckhardt Managed Futures Strategy Fund for the period of July 1, 2025 (commencement of operations) to December 31, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last six months?
(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 | $79 | 1.62%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The Fund declined by -5.41% for the six months ending December 31, 2025. The S&P 500 Total Return Index, the Fund's benchmark, gained 11.00% for the same period.

<u>Strategy</u>

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

<u>Techniques</u>

The Fund fell -2.70% for the third quarter of 2025, underperforming the S&P 500 Total Return Index which gained 8.12%. Over the quarter, the Fund profited from long positions in equity indexes and metals, as well as from short positions in grains. However, losses from long positions in energy, currencies, and U.S. fixed income, along with short positions in European fixed income, offset those gains.

The Fund declined by -2.79% for the fourth quarter, underperforming the S&P 500 Total Return Index which rose by 2.66%. Over the quarter, the Fund generated profits from long and short positions in metals and currencies, short positions in soft commodities, and long positions in grains. Losses from long and short positions in equity indexes, energies, and fixed-income futures offset these gains.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i314ca9494a0172b28fa4a69d.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Eckhardt Managed Futures Strategy Fund** | **S&P 500 Index TR** |
| **Oct-2024** | $10000 | $10000 |
| **Dec-2024** | $10110 | $10095 |
| **Mar-2025** | $9579 | $9663 |
| **Jun-2025** | $8918 | $10721 |
| **Sep-2025** | $8677 | $11592 |
| **Dec-2025** | $8435 | $11899 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **Since Inception (October 16, 2024)** |
| Quantified Eckhardt Managed Futures Strategy Fund | -5.41% | -16.57% | -13.14% |
| S&P 500<sup>®</sup> Index | 11.00% | 17.88% | 15.48% |

---

***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. For updated performance call (855) 647-8268.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $37372890 |
| Number of Portfolio Holdings | 4 |
| Advisory Fee | $180764 |
| Portfolio Turnover | 0% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0cfc0a91e38e962bd74fff00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 60.0% |
| Private Investment Funds | 40.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of total investments)**![Group By Sector Chart](i0ce0b9e5df0e410f6b4cf9af.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Equivalent | 60.00% |
| Private Investment Funds | 40.00% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity Government Portfolio, Class I | 59.3% |
| Galaxy Plus Fund LLC Evolution Strategy Financials Feeder Fund | 28.5% |
| Galaxy Plus Fund Evolution Strategy Commodities Offshore Feeder Fund | 11.4% |
| First American Government Obligations Fund, Class X | 0.7% |

---

# Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i45c12d686e76e16f8591f8e1.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-QETCX

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

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](idc9a2657c330ade9dc62baa5.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about the Quantified Evolution Plus Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last six months?
(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 | $93 | 1.73%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The Fund rose by 12.80% for the six months ending December 31, 2025. The S&P 500 Index, the Fund's benchmark, gained 11.00% for same period.

<u>Strategy</u>

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

<u>Techniques</u>

The Fund returned 3.62% for the third quarter of 2025. It outperformed the Credit Suisse Liquid Alternative Index, which gained 3.50%, but underperformed the S&P 500, which gained 8.12%. The Fund remained defensive for most of the quarter. In July, it was primarily invested in Treasury bonds, which led to underperformance for the month. In mid-August, it shifted into equities, contributing to outperformance for the month. In September, the Fund was broadly diversified across the S&P 500, Real Estate, and European equities, and performance lagged the S&P 500 for the month.

The Fund rose 8.86% for the fourth quarter. It outperformed the Credit Suisse Liquid Alternative Index, which gained 1.67%, and outperformed the S&P 500, which gained 2.65%. The Fund outperformed the S&P 500 in each month of the quarter. In October, the Fund allocated heavily to gold, commodities, emerging market equities, and European equities. In November, the largest allocations were to gold and emerging market equities. December saw similarly heavy allocations to gold and emerging market equities.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3a5fa53b8bd91bbc2363e56a.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Evolution Plus Fund** | **S&P 500<sup>®</sup> Index** |
| **Sep-2019** | $10000 | $10000 |
| **Dec-2019** | $9804 | $10907 |
| **Dec-2020** | $9624 | $12914 |
| **Dec-2021** | $11020 | $16621 |
| **Dec-2022** | $8373 | $13611 |
| **Dec-2023** | $8457 | $17188 |
| **Dec-2024** | $9702 | $21489 |
| **Dec-2025** | $10440 | $25331 |

---

# **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **Since Inception (September 30, 2019)** |
| Quantified Evolution Plus Fund | 12.80% | 7.61% | 1.64% | 0.69% |
| S&P 500<sup>®</sup> Index | 11.00% | 17.88% | 14.42% | 16.03% |

---

***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. For updated performance call (855) 647-8268.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $14466560 |
| Number of Portfolio Holdings | 32 |
| Advisory Fee | $64059 |
| Portfolio Turnover | 1,998% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie27f99636fada2018013c60e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 6.6% |
| Money Market Funds | 93.4% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](i647c1b949e1549b2cb356363.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Futures (Commodities) | 32.00% |
| Cash & Equivalents | 30.00% |
| Swaps (International) | 19.00% |
| Futures (Equity Index) | 16.00% |
| ETFs - Equity Index | 2.00% |
| ETFs - Commodities | 1.00% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity Government Portfolio Class I, 3.640%, | 37.9% |
| First American Government Obligations Fund Class Z, 3.603%, | 37.9% |
| First American Government Obligations Fund Class X, 3.643%, | 9.9% |
| Invesco QQQ Trust Series 1 | 3.0% |
| State Street SPDR S&P 500 ETF | 1.9% |
| SPDR Gold Shares | 1.2% |

---

The Fund has economic exposure through securities and derivatives to the above security types of approximately 286% of its assets. The Asset Weighting chart and the Top 10 Holdings table do not include derivatives. Please refer to the semi-annual shareholder report (address below) for a complete listing of the Fund's holdings.

# Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i45c12d686e76e16f8591f8e1.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-QEVOX

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

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i49c3504c7846c1b19339542c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about the Quantified Global Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last six months?
(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 | $83 | 1.60%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The Fund rose by 6.45% for the six months ending December 31, 2025. The MSCI ACWI, the Fund's benchmark, gained 11.17% for same period.

<u>Strategy</u>

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

<u>Techniques</u>

The Fund gained 6.76% in the third quarter, underperforming the MSCI ACWI Index, which gained 7.62%. In actively seeking the best opportunities in the present market environment, the Fund favored Financials in July, Energy in August, and Financials again in September. Its cash allocation rose from 10.78% in July to 18.10% in August, then declined to 15.66% in September. U.S. equity exposure was 0% in both July and August, rising to 0.44% in September.

The Fund returned -0.29% in the fourth quarter, underperforming the MSCI ACWI Index, which gained 3.29%. The Fund favored Financials and Energy as its two largest sector exposures in each month of the quarter. The Fund held a larger cash position of approximately 20% in October, which declined to below 10% in November and December. U.S. equity exposure was near 0% in October, above 5% in November, and above 10% in December.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i32ff0622553d3a47c46616e5.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Global Fund** | **MSCI ACWI Index** |
| **Nov-2023** | $10000 | $10000 |
| **Dec-2023** | $10240 | $10516 |
| **Dec-2024** | $11084 | $12356 |
| **Dec-2025** | $13153 | $15116 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **Since Inception (November 29, 2023)** |
| Quantified Global Fund | 6.45% | 18.67% | 14.03% |
| MSCI ACWI Index | 11.17% | 22.34% | 21.88% |

---

***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. For updated performance call (855) 647-8268.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $12571513 |
| Number of Portfolio Holdings | 36 |
| Advisory Fee | $101874 |
| Portfolio Turnover | 230% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i24beb63e0fa9eb260e262a8f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 89.9% |
| Exchange-Traded Funds | 5.5% |
| Money Market Funds | 4.6% |

---

# What did the Fund invest in?

# **Country Weighting (% of net assets)**![Group By Sector Chart](ie63453fe445f60add053e6d4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.5% |
| Other Countries | 20.1% |
| Brazil | 3.7% |
| Netherlands | 3.9% |
| Spain | 3.9% |
| Mexico | 5.2% |
| Italy | 6.4% |
| United Kingdom | 6.5% |
| Chile | 8.9% |
| Korea (Republic Of) | 10.0% |
| United States | 10.1% |
| Cayman Islands | 20.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Legend Biotech Corporation | 6.5% |
| Eni SpA | 6.4% |
| Invesco QQQ Trust Series 1 | 5.4% |
| Vista Energy S.A.B. de C.V. | 5.2% |
| Li Auto, Inc. - Class A | 5.2% |
| Banco Santander Chile | 5.0% |
| Argenx S.E. | 3.9% |
| Banco Santander S.A. | 3.9% |
| Shinhan Financial Group Company Ltd. | 3.7% |
| Korea Electric Power Corporation | 3.6% |

---

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

# Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](if881c80637eabad885a6c190.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-QGBLX

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

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i2382afe2873ad08a6e3a341b.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about the Quantified Government Income Tactical Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last six months?
(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 | $82 | 1.60%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The Fund returned 2.35% for the six months ending December 31, 2025. The Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index returned 3.15% for the same period.

<u>Strategy</u>

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

<u>Techniques</u>

The Fund rose 2.87% for the third quarter of 2025, outperforming the Bloomberg U.S. Treasury 20+ Year Index, which gained 2.45%. Of the sub-strategies used in the Fund, 60% beat the benchmark, and 60% delivered positive performance. The Fund shifted exposure between inverse and long positions throughout the quarter.

The Fund returned -0.51% for the fourth quarter, slightly underperforming the Bloomberg U.S. Treasury 20+ Year Index, which lost -0.48%. Of the sub-strategies used in the Fund, 60% beat the benchmark, and 20% delivered positive performance. The Fund shifted exposure between inverse and long positions throughout the quarter.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i0ddab6e4932cf9039c515b96.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Government Income Tactical Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Apr-2021** | $10000 | $10000 |
| **Dec-2021** | $10695 | $10083 |
| **Dec-2022** | $8396 | $8771 |
| **Dec-2023** | $7445 | $9256 |
| **Dec-2024** | $7543 | $9372 |
| **Dec-2025** | $7960 | $10056 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **Since Inception (April 15, 2021)** |
| Quantified Government Income Tactical Fund | 2.35% | 5.52% | -4.73% |
| Bloomberg U.S. Aggregate Bond Index | 3.15% | 7.30% | 0.12% |

---

***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. For updated performance call (855) 647-8268.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $49613825 |
| Number of Portfolio Holdings | 4 |
| Advisory Fee | $269166 |
| Portfolio Turnover | 4,259% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ibd754221400ce7906b85c42f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 0.1% |
| Money Market Funds | 99.9% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](i5b2520298d4553119b56dd6a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Equivalent | 94.00% |
| Bond | 6.00% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Government Obligations Fund Class Z, 3.603%, | 48.7% |
| Fidelity Government Portfolio Class I, 3.640%, | 48.7% |
| iShares 20+ Year Treasury Bond ETF | 0.1% |

---

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

# Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](icd54c4c71cb194b31766b01e.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-QGITX

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

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](ibf02288b835d3a1b49063c18.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about the Quantified Managed Income Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor | $99 | 1.96%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The Fund returned 0.32% for the six-month period. The Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 3.15% for the same period.

<u>Strategy</u>

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

<u>Techniques</u>

The Fund rose 1.46% for the third quarter of 2025, underperforming the Bloomberg U.S. Aggregate Bond Index, which gained 2.03%. The Fund's actively traded long-term government-bond futures overlay was its best-performing component, significantly outperforming the benchmark. The dividend-paying stock sleeve was the worst performing component for the quarter. The Fund built up a sizable cash position in August, which it then reduced in September.

The Fund returned -0.80% for the fourth quarter, underperforming the Bloomberg U.S. Aggregate Bond Index, which gained 1.10%. The Fund's high-yield bond sleeve was its best-performing component. The dividend-paying stock sleeve was again the worst performing component for the quarter. The Fund held a cash position between 20% and 25% for most of the quarter.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](if71bfb51083ff674c50df2a3.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Managed Income Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Mar-2016** | $10000 | $10000 |
| **Dec-2016** | $10361 | $10021 |
| **Dec-2017** | $10813 | $10376 |
| **Dec-2018** | $10407 | $10377 |
| **Dec-2019** | $11415 | $11282 |
| **Dec-2020** | $10292 | $12129 |
| **Dec-2021** | $10165 | $11942 |
| **Dec-2022** | $9690 | $10388 |
| **Dec-2023** | $9846 | $10962 |
| **Dec-2024** | $9873 | $11099 |
| **Dec-2025** | $10323 | $11910 |

---

# **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **Since Inception (March 18, 2016)** |
| Quantified Managed Income Fund | 0.32% | 4.55% | 0.06% | 0.32% |
| Bloomberg U.S. Aggregate Bond Index | 3.15% | 7.30% | -0.36% | 1.80% |

---

***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. For updated performance call (855) 647-8268.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $81467177 |
| Number of Portfolio Holdings | 48 |
| Advisory Fee | $329309 |
| Portfolio Turnover | 449% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i95b11d7090aa18c3977ebd1c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Reit | 0.5% |
| Common Stocks | 7.9% |
| Money Market Funds | 17.4% |
| Collateral for Securities Loaned | 17.7% |
| Exchange-Traded Funds | 56.5% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](i220f0b6503bf30b3abb41c78.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income - Other | 44.00% |
| Cash & Cash Equivalents | 31.00% |
| Equities | 13.00% |
| Futures (Long Bond) | 11.00% |
| Futures (S&P 500) | 1.00% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Assets Portfolio, LLC | 21.3% |
| iShares 7-10 Year Treasury Bond ETF | 13.1% |
| First American Government Obligations Fund - Class Z | 10.5% |
| Fidelity Government Portfolio - Class I | 10.5% |
| State Street SPDR Bloomberg Convertible Securities ETF | 7.9% |
| WisdomTree US LargeCap Dividend Fund | 7.1% |
| iShares 20+ Year Treasury Bond ETF | 5.0% |
| Vanguard Intermediate-Term Bond ETF | 4.9% |
| iShares MBS ETF | 4.9% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.9% |

---

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

# Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i6fb327f25815d8f297145554.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-QBDAX

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

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](ibf02288b835d3a1b49063c18.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about the Quantified Managed Income Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last six months?
(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 | $69 | 1.36%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The Fund returned 0.64% for the six-month period. The Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 3.15% for the same period.

<u>Strategy</u>

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

<u>Techniques</u>

The Fund rose 1.46% for the third quarter of 2025, underperforming the Bloomberg U.S. Aggregate Bond Index, which gained 2.03%. The Fund's actively traded long-term government-bond futures overlay was its best-performing component, significantly outperforming the benchmark. The dividend-paying stock sleeve was the worst performing component for the quarter. The Fund built up a sizable cash position in August, which it then reduced in September.

The Fund returned -0.80% for the fourth quarter, underperforming the Bloomberg U.S. Aggregate Bond Index, which gained 1.10%. The Fund's high-yield bond sleeve was its best-performing component. The dividend-paying stock sleeve was again the worst performing component for the quarter. The Fund held a cash position between 20% and 25% for most of the quarter.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie1f6b17cddcfbdbf96cff0b8.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Managed Income Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $10600 | $10265 |
| **Dec-2017** | $11135 | $10628 |
| **Dec-2018** | $10783 | $10629 |
| **Dec-2019** | $11914 | $11556 |
| **Dec-2020** | $10816 | $12423 |
| **Dec-2021** | $10744 | $12232 |
| **Dec-2022** | $10305 | $10641 |
| **Dec-2023** | $10537 | $11229 |
| **Dec-2024** | $10645 | $11369 |
| **Dec-2025** | $11188 | $12199 |

---

# **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Quantified Managed Income Fund | 0.64% | 5.11% | 0.68% | 1.13% |
| Bloomberg U.S. Aggregate Bond Index | 3.15% | 7.30% | -0.36% | 2.01% |

---

***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. For updated performance call (855) 647-8268.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $81467177 |
| Number of Portfolio Holdings | 48 |
| Advisory Fee | $329309 |
| Portfolio Turnover | 449% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i95b11d7090aa18c3977ebd1c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Reit | 0.5% |
| Common Stocks | 7.9% |
| Money Market Funds | 17.4% |
| Collateral for Securities Loaned | 17.7% |
| Exchange-Traded Funds | 56.5% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](i220f0b6503bf30b3abb41c78.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income - Other | 44.00% |
| Cash & Cash Equivalents | 31.00% |
| Equities | 13.00% |
| Futures (Long Bond) | 11.00% |
| Futures (S&P 500) | 1.00% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Assets Portfolio, LLC | 21.3% |
| iShares 7-10 Year Treasury Bond ETF | 13.1% |
| First American Government Obligations Fund - Class Z | 10.5% |
| Fidelity Government Portfolio - Class I | 10.5% |
| State Street SPDR Bloomberg Convertible Securities ETF | 7.9% |
| WisdomTree US LargeCap Dividend Fund | 7.1% |
| iShares 20+ Year Treasury Bond ETF | 5.0% |
| Vanguard Intermediate-Term Bond ETF | 4.9% |
| iShares MBS ETF | 4.9% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.9% |

---

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

# Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i6fb327f25815d8f297145554.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-QBDSX

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

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i142e848957f56e0d28ed6c5b.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about the Quantified Market Leaders Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor | $103 | 1.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The Fund returned 8.81% for the six months ending December 31, 2025. The MSCI ACSW (All Country World Index), the Fund's benchmark, rose 11.17%, while the Morningstar Aggressive Target Risk Index, the Fund's secondary benchmark was up 8.61% for the same period.

<u>Strategy</u>

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

<u>Techniques</u>

The Fund rose 10.86% in the third quarter of 2025, outperforming the MSCI ACSW (All Country World Index) which gained 7.62%. The Fund traded infrequently throughout the quarter, identifying the market's strong upward trend and maintaining leveraged exposure throughout the period.

The Fund fell -1.85 % in the fourth quarter, underperforming the MSCI ACSW (All Country World Index) which gained 3.29%. The Fund traded infrequently throughout the quarter, maintaining leveraged exposure. The sideways movement in equity markets over the quarter led to underperformance.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib1c1cf48b10f75e7325faa91.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Quantified Market Leaders Fund** | **MSCI ACWI Index** | **Morningstar Aggressive Target Risk Index** |
| **Mar-2016** | $10000 | $10000 | $10000 |
| **Dec-2016** | $11717 | $10802 | $11043 |
| **Dec-2017** | $13607 | $13391 | $13467 |
| **Dec-2018** | $11694 | $12130 | $12367 |
| **Dec-2019** | $14678 | $15356 | $15571 |
| **Dec-2020** | $20153 | $17852 | $17635 |
| **Dec-2021** | $22683 | $21162 | $20686 |
| **Dec-2022** | $17225 | $17276 | $17391 |
| **Dec-2023** | $19715 | $21111 | $20574 |
| **Dec-2024** | $21757 | $24804 | $23146 |
| **Dec-2025** | $21836 | $30344 | $27875 |

---

# **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **Since Inception (March 18, 2016)** |
| Quantified Market Leaders Fund | 8.81% | 0.36% | 1.62% | 8.31% |
| MSCI ACWI Index | 11.17% | 22.34% | 11.19% | 12.01% |
| Morningstar Aggressive Target Risk Index | 8.61% | 20.43% | 9.59% | 11.04% |

---

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. For updated performance call (855) 647-8268.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $105307059 |
| Number of Portfolio Holdings | 15 |
| Advisory Fee | $486552 |
| Portfolio Turnover | 358% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2e96fcc24640907b84272afd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 14.9% |
| Collateral for Securities Loaned | 15.2% |
| Exchange-Traded Funds | 69.9% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](ia6f7d65472f75c5c3a6f8d3f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Equivalent | 17.00% |
| ETFs - Equities (Technology) | 15.00% |
| ETFs - Equities (Small Cap Value) | 15.00% |
| ETFs - Equities (Small Cap Growth) | 11.00% |
| ETFs - Equities (Large Cap) | 10.00% |
| ETFs - Equities (Financial) | 10.00% |
| ETFs - Equities (Consumer Discretionary) | 10.00% |
| ETFs - Equities (Large Cap Value) | 8.00% |
| ETFs - Equities (International) | 4.00% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares Russell 2000 Value ETF | 31.5% |
| State Street Financial Select Sector SPDR ETF | 19.8% |
| Mount Vernon Liquid Assets Portfolio, LLC | 18.0% |
| iShares Russell 1000 Value ETF | 16.0% |
| Fidelity Government Portfolio, Class I | 8.9% |
| First American Government Obligations Fund, Class Z | 8.8% |
| iShares MSCI EAFE ETF | 8.0% |
| State Street SPDR S&P 500 ETF | 7.4% |

---

The Fund has economic exposure through securities and derivatives to the above security types of approximately 172% of its assets. The Asset Weighting chart and the Top 10 Holdings table do not include derivatives. Please refer to the semi-annual shareholder report (address below) for a complete listing of the Fund's holdings.

# Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i7ba93e33583aa978803bcb06.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-QMLAX

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

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i142e848957f56e0d28ed6c5b.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about the Quantified Market Leaders Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last six months?
(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 | $71 | 1.35%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The Fund returned 9.14% for the six months ending December 31, 2025. The MSCI ACSW (All Country World Index), the Fund's benchmark, rose 11.17%, while the Morningstar Aggressive Target Risk Index, the Fund's secondary benchmark was up 8.61% for the same period.

<u>Strategy</u>

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

<u>Techniques</u>

The Fund rose 11.13% in the third quarter of 2025, outperforming the MSCI ACSW (All Country World Index) which gained 7.62%. The Fund traded infrequently throughout the quarter, identifying the market's strong upward trend and maintaining leveraged exposure throughout the period.

The Fund fell -1.79% in the fourth quarter, underperforming the MSCI ACSW (All Country World Index) which gained 3.29%. The Fund traded infrequently throughout the quarter, maintaining leveraged exposure. The sideways movement in equity markets over the quarter led to underperformance.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](iddfa5b73fc7b8c1672765d85.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Quantified Market Leaders Fund** | **MSCI ACWI Index** | **Morningstar Aggressive Target Risk Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $11800 | $10787 | $11134 |
| **Dec-2017** | $13785 | $13372 | $13577 |
| **Dec-2018** | $11929 | $12113 | $12468 |
| **Dec-2019** | $15040 | $15335 | $15699 |
| **Dec-2020** | $20746 | $17827 | $17780 |
| **Dec-2021** | $23503 | $21133 | $20856 |
| **Dec-2022** | $17959 | $17251 | $17534 |
| **Dec-2023** | $20657 | $21081 | $20743 |
| **Dec-2024** | $22938 | $24769 | $23337 |
| **Dec-2025** | $23162 | $30301 | $28104 |

---

# **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Quantified Market Leaders Fund | 9.14% | 0.98% | 2.23% | 8.76% |
| MSCI ACWI Index | 11.17% | 22.34% | 11.19% | 11.72% |
| Morningstar Aggressive Target Risk Index | 8.61% | 20.43% | 9.59% | 10.89% |

---

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. For updated performance call (855) 647-8268.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $105307059 |
| Number of Portfolio Holdings | 15 |
| Advisory Fee | $486552 |
| Portfolio Turnover | 358% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2e96fcc24640907b84272afd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 14.9% |
| Collateral for Securities Loaned | 15.2% |
| Exchange-Traded Funds | 69.9% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](ia6f7d65472f75c5c3a6f8d3f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Equivalent | 17.00% |
| ETFs - Equities (Technology) | 15.00% |
| ETFs - Equities (Small Cap Value) | 15.00% |
| ETFs - Equities (Small Cap Growth) | 11.00% |
| ETFs - Equities (Large Cap) | 10.00% |
| ETFs - Equities (Financial) | 10.00% |
| ETFs - Equities (Consumer Discretionary) | 10.00% |
| ETFs - Equities (Large Cap Value) | 8.00% |
| ETFs - Equities (International) | 4.00% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares Russell 2000 Value ETF | 31.5% |
| State Street Financial Select Sector SPDR ETF | 19.8% |
| Mount Vernon Liquid Assets Portfolio, LLC | 18.0% |
| iShares Russell 1000 Value ETF | 16.0% |
| Fidelity Government Portfolio, Class I | 8.9% |
| First American Government Obligations Fund, Class Z | 8.8% |
| iShares MSCI EAFE ETF | 8.0% |
| State Street SPDR S&P 500 ETF | 7.4% |

---

The Fund has economic exposure through securities and derivatives to the above security types of approximately 172% of its assets. The Asset Weighting chart and the Top 10 Holdings table do not include derivatives. Please refer to the semi-annual shareholder report (address below) for a complete listing of the Fund's holdings.

# Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i7ba93e33583aa978803bcb06.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-QMLFX

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

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i25577dd1e22dbaa815601cd0.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about the Quantified Pattern Recognition Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last six months?
(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 | $91 | 1.63%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The Fund returned 20.80% for the six months ending December 31, 2025. The S&P 500 Total Return Index, the Fund's primary benchmark, returned 11.00% for the same period. The Fund's secondary benchmark, a blended index of 50% of the S&P 500 Total Return Index and the Bloomberg U.S. Aggregate Bond Index, was up 7.02% for the six months.

<u>Strategy</u>

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

<u>Techniques</u>

The Fund rose 9.85% for the third quarter of 2025, outperforming the S&P 500, which gained 8.12%. In July, the Fund was primarily inverse, resulting in underperformance. In August, it turned to long leverage positions, contributing to outperformance for the month. In September, the Fund shifted between neutral and long exposures, leading to slight underperformance that month.

The Fund rose 9.97% for the fourth quarter, outperforming the S&P 500, which gained 2.65%. The Fund was long for most of October, though it underperformed for the month. The Fund was defensive in the first half of November and aggressive in the second half, outperforming significantly for the month. The Fund followed a similar pattern in December, being much more aggressive in the back half of the month, outperforming again.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i6c58df39a19b393f74bce74a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Quantified Pattern Recognition Fund** | **S&P 500<sup>®</sup> Index** | **50/50 S&P 500/Bloomberg Aggregate Bond** |
| **Aug-2019** | $10000 | $10000 | $10000 |
| **Dec-2019** | $11150 | $11111 | $10526 |
| **Dec-2020** | $11111 | $13155 | $11964 |
| **Dec-2021** | $14875 | $16932 | $13496 |
| **Dec-2022** | $12124 | $13865 | $11436 |
| **Dec-2023** | $13803 | $17510 | $13218 |
| **Dec-2024** | $16393 | $21891 | $14890 |
| **Dec-2025** | $20856 | $25805 | $16773 |

---

# **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **Since Inception (August 30, 2019)** |
| Quantified Pattern Recognition Fund | 20.80% | 27.23% | 13.42% | 12.30% |
| S&P 500<sup>®</sup> Index | 11.00% | 17.88% | 14.42% | 16.14% |
| 50/50 S&P 500/Bloomberg Aggregate Bond | 7.02% | 12.64% | 6.99% | 8.52% |

---

***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. For updated performance call (855) 647-8268.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $56773988 |
| Number of Portfolio Holdings | 5 |
| Advisory Fee | $218707 |
| Portfolio Turnover | 226% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic8a5a1671268d1e304151efe.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 0.3% |
| Private Investment Funds | 5.9% |
| Money Market Funds | 93.8% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](ib9bc6382570ef56ce90c305f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Equities (S&P 500) | 64.00% |
| Cash & Equivalents | 34.00% |
| Private Investment Funds | 2.00% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity Government Portfolio Class I, 3.640%, | 44.2% |
| First American Government Obligations Fund Class Z, 3.603%, | 44.2% |
| Hyperion Fund LLC | 5.6% |
| State Street SPDR S&P 500 ETF | 0.2% |

---

The Fund has economic exposure through securities and derivatives to the above security types of 264% of its assets. The Asset Weighting chart and the Top 10 Holdings table do not include derivatives. Please refer to the semi-annual shareholder report (address below) for a complete listing of the Fund's holdings.

# Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](id55dcb8f7c6fa8f2f759e3fa.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-QSPMX

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

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](ia22f5999f9fdcfb3717d1ba4.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about the Quantified Rising Dividend Tactical Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last six months?
(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 | $85 | 1.63%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The Fund returned 6.28% for the six months ending December 2025. The S&P 500 Total Return Index, the Fund's benchmark, returned 11.00% for the same period.

<u>Strategy</u>

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

<u>Techniques</u>

The Fund rose 5.16% in the third quarter of 2025, underperforming the S&P 500, which gained 8.12%. The Fund held leveraged equity exposure throughout the quarter. However, its specific mix of equity holdings did not keep pace with the mega-cap-heavy S&P 500.

The Fund rose 1.07% in the fourth quarter, underperforming the S&P 500, which gained 2.66%. The Fund held leveraged equity exposure throughout the quarter; however, sideways market movements limited opportunities to capture gains through leverage, resulting in slight underperformance.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i9473ea12748dbe6e8f454f02.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Rising Dividend Tactical Fund** | **S&P 500<sup>®</sup> Index** |
| **Apr-2021** | $10000 | $10000 |
| **Dec-2021** | $11114 | $11669 |
| **Dec-2022** | $7571 | $9556 |
| **Dec-2023** | $8565 | $12068 |
| **Dec-2024** | $9883 | $15087 |
| **Dec-2025** | $10272 | $17785 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **Since Inception (April 14, 2021)** |
| Quantified Rising Dividend Tactical Fund | 6.28% | 3.93% | 0.57% |
| S&P 500<sup>®</sup> Index | 11.00% | 17.88% | 12.99% |

---

***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. For updated performance call (855) 647-8268.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $17633158 |
| Number of Portfolio Holdings | 36 |
| Advisory Fee | $100324 |
| Portfolio Turnover | 8% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie2a628a6c57df1a94efddd5b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 10.5% |
| Exchange-Traded Funds | 89.5% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](i9a40fb14dc51a5828079593c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| ETFs - Equities (S&P 500) | 53.00% |
| ETFs - Equities (Large Cap Income) | 17.00% |
| ETFs - Equities (International) | 13.00% |
| ETFs - Equities (Technology) | 10.00% |
| Cash & Cash Equivalents | 7.00% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard Dividend Appreciation ETF | 21.7% |
| Vanguard International Dividend Appreciation ETF | 17.3% |
| Invesco S&P 500 Low Volatility ETF | 17.3% |
| Invesco S&P 500 Equal Weight ETF | 17.3% |
| Invesco QQQ Trust Series 1 | 13.1% |
| Fidelity Government Portfolio, Class I | 5.1% |
| First American Government Obligations Fund, Class Z | 5.1% |

---

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

# Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](id59f21000f1fa64cee65e844.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-QRDTX

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

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](iea40008e9ccfe46ab245918c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about the Quantified STF Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor | $118 | 2.19%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The Fund returned 13.13% for the six months ending December 31, 2025. The NASDAQ 500 Total Return Index, the Fund's benchmark, gained 11.70% for same period.

<u>Strategy</u>

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

<u>Techniques</u>

The Fund gained 15.91% for the third quarter of 2025, outperforming the NASDAQ 100 Index, which gained 9.01%. The Fund held a 2X position against the NASDAQ 100 for most of the quarter, leading to its outperformance.

The Fund fell -2.39% for the fourth quarter, underperforming the NASDAQ 100 Index, which gained 2.47%. The Fund actively reduced market exposure throughout October and November as the market rally faltered and volatility returned following the quieter third quarter.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](idc75b1685d5d1b5ed782057e.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified STF Fund** | **Nasdaq-100<sup>®</sup> Index** |
| **Nov-2015** | $10000 | $10000 |
| **Dec-2015** | $9810 | $10216 |
| **Dec-2016** | $8358 | $10960 |
| **Dec-2017** | $14027 | $14575 |
| **Dec-2018** | $12977 | $14581 |
| **Dec-2019** | $15011 | $20334 |
| **Dec-2020** | $26475 | $30272 |
| **Dec-2021** | $33938 | $38599 |
| **Dec-2022** | $18167 | $26099 |
| **Dec-2023** | $29213 | $40488 |
| **Dec-2024** | $37746 | $50968 |
| **Dec-2025** | $36603 | $61683 |

---

# **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Quantified STF Fund | 13.13% | -3.03% | 6.69% | 14.07% |
| Nasdaq-100<sup>®</sup> Index | 11.70% | 21.02% | 15.30% | 19.70% |

---

***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. For updated performance call (855) 647-8268.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $284160740 |
| Number of Portfolio Holdings | 9 |
| Advisory Fee | $1324920 |
| Portfolio Turnover | 28% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4e45a60f04f2d2d8c0c32e1f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 0.1% |
| Certificate Of Deposit | 1.6% |
| Private Investment Funds | 14.7% |
| Money Market Funds | 83.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of total investments)**![Group By Sector Chart](id606cef3bd76af10f462d33f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Equity Index | 68.00% |
| Cash & Equivalent | 27.00% |
| Private Investment Funds | 5.00% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity Government Portfolio Class I, 3.640%, | 36.4% |
| First American Government Obligations Fund Class Z, 3.603%, | 36.4% |
| Galaxy Plus Fund LLC - Profit Score Regime - Adaptive Equity Feeder Fund | 12.8% |
| Axos Bank, 3.800%, 04/02/27 | 0.4% |
| Ally Bank, 3.750%, 09/27/27 | 0.4% |
| ESSA Bank & Trust, 3.700%, 09/25/26 | 0.4% |
| Texas Exchange Bank SSB, 3.650%, 03/26/27 | 0.4% |
| Invesco QQQ Trust Series 1 | 0.1% |

---

The Fund has economic exposure through securities and derivatives to the above security types of approximately 277% of its assets. The Asset Weighting chart and the Top 10 Holdings table do not include derivatives. Please refer to the semi-annual shareholder report (address below) for a complete listing of the Fund's holdings.

# Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i1f4c74b081af7f4255bb950e.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-QSTAX

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

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](iea40008e9ccfe46ab245918c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about the Quantified STF Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last six months?
(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 | $86 | 1.59%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The Fund returned 13.45% for the six months ending December 31, 2025. The NASDAQ 500 Total Return Index, the Fund's benchmark, gained 11.70% for same period.

<u>Strategy</u>

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

<u>Techniques</u>

The Fund gained 16.06% for the third quarter of 2025, outperforming the NASDAQ 100 Index, which gained 9.01%. The Fund held a 2X position against the NASDAQ 100 for most of the quarter, leading to its outperformance.

The Fund fell -2.25% for the fourth quarter, underperforming the NASDAQ 100 Index, which gained 2.47%. The Fund actively reduced market exposure throughout October and November as the market rally faltered and volatility returned following the quieter third quarter.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i75b7cc0a56606cc44ca15a42.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified STF Fund** | **Nasdaq-100<sup>®</sup> Index** |
| **Nov-2015** | $10000 | $10000 |
| **Dec-2015** | $9811 | $10216 |
| **Dec-2016** | $8381 | $10960 |
| **Dec-2017** | $14157 | $14575 |
| **Dec-2018** | $13176 | $14581 |
| **Dec-2019** | $15339 | $20334 |
| **Dec-2020** | $27218 | $30272 |
| **Dec-2021** | $35107 | $38599 |
| **Dec-2022** | $18905 | $26099 |
| **Dec-2023** | $30598 | $40488 |
| **Dec-2024** | $39759 | $50968 |
| **Dec-2025** | $38777 | $61683 |

---

# **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Quantified STF Fund | 13.45% | -2.47% | 7.34% | 14.73% |
| Nasdaq-100<sup>®</sup> Index | 11.70% | 21.02% | 15.30% | 19.70% |

---

***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. For updated performance call (855) 647-8268.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $284160740 |
| Number of Portfolio Holdings | 9 |
| Advisory Fee | $1324920 |
| Portfolio Turnover | 28% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4e45a60f04f2d2d8c0c32e1f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 0.1% |
| Certificate Of Deposit | 1.6% |
| Private Investment Funds | 14.7% |
| Money Market Funds | 83.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of total investments)**![Group By Sector Chart](id606cef3bd76af10f462d33f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Equity Index | 68.00% |
| Cash & Equivalent | 27.00% |
| Private Investment Funds | 5.00% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity Government Portfolio Class I, 3.640%, | 36.4% |
| First American Government Obligations Fund Class Z, 3.603%, | 36.4% |
| Galaxy Plus Fund LLC - Profit Score Regime - Adaptive Equity Feeder Fund | 12.8% |
| Axos Bank, 3.800%, 04/02/27 | 0.4% |
| Ally Bank, 3.750%, 09/27/27 | 0.4% |
| ESSA Bank & Trust, 3.700%, 09/25/26 | 0.4% |
| Texas Exchange Bank SSB, 3.650%, 03/26/27 | 0.4% |
| Invesco QQQ Trust Series 1 | 0.1% |

---

The Fund has economic exposure through securities and derivatives to the above security types of approximately 277% of its assets. The Asset Weighting chart and the Top 10 Holdings table do not include derivatives. Please refer to the semi-annual shareholder report (address below) for a complete listing of the Fund's holdings.

# Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i1f4c74b081af7f4255bb950e.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-QSTFX

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

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](iadd99ef1220802393d469f3a.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about the Quantified Tactical Fixed Income Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last six months?
(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 | $89 | 1.80%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The Fund returned -3.88% for the six months ending December 31, 2025. The Bloomberg U.S. Aggregate Bond Index, the Fund's benchmark, returned 3.15% for the same period.

<u>Strategy</u>

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

<u>Techniques</u>

The Fund fell -1.17% for the third quarter of 2025, underperforming the Bloomberg U.S. Aggregate Bond Index which gained 2.27%. The Fund held long positions throughout the quarter, alternating between leveraged and unleveraged exposure.

The Fund fell -2.75 % for the fourth quarter, underperforming the Bloomberg U.S. Aggregate Bond Index which gained 1.10 %. The Fund held long positions in October and most of November. The Fund alternated between inverse and long positions throughout December.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](if0b85d98fa2c5a7b1726d8fc.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Tactical Fixed Income Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Sep-2019** | $10000 | $10000 |
| **Dec-2019** | $10132 | $10148 |
| **Dec-2020** | $11182 | $10910 |
| **Dec-2021** | $10848 | $10742 |
| **Dec-2022** | $8355 | $9344 |
| **Dec-2023** | $7808 | $9861 |
| **Dec-2024** | $7727 | $9984 |
| **Dec-2025** | $7125 | $10713 |

---

# **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **Since Inception (September 13, 2019)** |
| Quantified Tactical Fixed Income Fund | -3.88% | -7.79% | -8.62% | -5.24% |
| Bloomberg U.S. Aggregate Bond Index | 3.15% | 7.30% | -0.36% | 1.10% |

---

***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. For updated performance call (855) 647-8268.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $8492728 |
| Number of Portfolio Holdings | 8 |
| Advisory Fee | $45966 |
| Portfolio Turnover | 0% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3de44b9034c294c93e272f59.jpg)

---

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

---

# What did the Fund invest in?

# **Security Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](i120ea923d086f37bd66f9f75.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| High Yield Bond | 69.00% |
| Cash & Equivalent | 31.00% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity Government Portfolio Class I, 3.640%, | 43.6% |
| First American Government Obligations Fund Class Z, 3.603%, | 43.5% |

---

The Fund has economic exposure through securities and derivatives to the above security types of approximately 285% of its assets. The Asset Weighting chart and the Top 10 Holdings table do not include derivatives. Please refer to the semi-annual shareholder report (address below) for a complete listing of the Fund's holdings.

# Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i68ab7f7930f3162003cf5bf1.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-QFITX

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

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i5f51cfc6df3f58a8713e4767.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about the Quantified Tactical Sectors Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.quantifiedfunds.com/fund-documents**. You can also request this information by contacting us at (855) 647-8268.

# What were the Fund's costs for the last six months?
(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 | $85 | 1.60%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The Fund returned 10.62% for the six months ending December 31, 2025. The S&P 500 Total Return Index, the Fund's benchmark, returned 11.00% for the period.

<u>Strategy</u>

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

<u>Techniques</u>

The Fund rose 13.11% in the third quarter of 2025, outperforming the S&P 500, which gained 8.12%. The Fund also traded infrequently, maintaining leveraged equity exposure throughout the quarter to capitalize on substantial market gains.

The Fund fell 2.07% in the fourth quarter, underperforming the S&P 500, which gained 2.66%. The Fund again traded infrequently throughout the quarter, maintaining leveraged exposure. The sideways movement in equity markets over the quarter led to underperformance.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i09d612ec1780fafe0d18c068.jpg)

---

| | | |
|:---|:---|:---|
| | **Quantified Tactical Sectors Fund** | **S&P 500<sup>®</sup> Index** |
| **Mar-2021** | $10000 | $10000 |
| **Dec-2021** | $8341 | $12793 |
| **Dec-2022** | $6043 | $10476 |
| **Dec-2023** | $6874 | $13230 |
| **Dec-2024** | $7840 | $16540 |
| **Dec-2025** | $8150 | $19497 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **Since Inception (March 4, 2021)** |
| Quantified Tactical Sectors Fund | 10.62% | 3.96% | -4.15% |
| S&P 500<sup>®</sup> Index | 11.00% | 17.88% | 14.83% |

---

***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. For updated performance call (855) 647-8268.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $47080889 |
| Number of Portfolio Holdings | 16 |
| Advisory Fee | $411066 |
| Portfolio Turnover | 308% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ied367e66dc0855ca65fba302.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 8.0% |
| Money Market Funds | 16.1% |
| Exchange-Traded Funds | 75.9% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](i5789c32c7c0c447895797835.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| ETFs - Equities (Financial) | 22.00% |
| ETFs - Equties (S&P 500) | 22.00% |
| ETFs - Equities (Technology) | 21.00% |
| ETFs - Equities (Consumer Discretionary) | 21.00% |
| Cash & Equivalent | 14.00% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| State Street SPDR S&P 500 ETF | 20.9% |
| State Street Financial Select Sector SPDR ETF | 20.8% |
| State Street Technology Select Sector SPDR ETF | 20.6% |
| State Street Consumer Discretionary Select Sector | 20.5% |
| First American Government Obligations Fund, Class Z | 8.8% |
| Fidelity Government Portfolio, Class I | 8.8% |
| Mount Vernon Liquid Assets Portfolio, LLC | 8.8% |

---

The Fund has economic exposure through securities and derivatives to the above security types of approximately 184% of its assets. The Asset Weighting chart and the Top 10 Holdings table do not include derivatives. Please refer to the semi-annual shareholder report (address below) for a complete listing of the Fund's holdings.

# Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](ifcc6d0d1f6524f671369160e.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 2025
Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-QTSSX

(b) Not applicable

**Item 2. Code of Ethics.** Not applicable.

**Item 3. Audit Committee Financial Expert.** Not applicable.

**Item 4. Principal Accountant Fees and Services.** Not applicable.

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

**Item 6. Schedule of Investments.** Schedule of investments in securities of unaffiliated issuers is included under Item 7.

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

![(QUANTIFIED FUNDS LOGO)](ad001_v1.jpg)

---

| | |
|:---|:---|
| Semi-Annual Financial Statements and | Semi-Annual Financial Statements and |
| Additional Information | Additional Information |
| December 31, 2025 | December 31, 2025 |
| Quantified Managed Income Fund | Quantified Market Leaders Fund |
| Investor Class Shares QBDSX | Investor Class Shares QMLFX |
| Advisor Class Shares QBDAX | Advisor Class Shares QMLAX |
| Quantified Alternative Investment Fund | Quantified STF Fund |
| Investor Class Shares QALTX | Investor Class Shares QSTFX |
| Advisor Class Shares QALAX | Advisor Class Shares QSTAX |
| Quantified Pattern Recognition Fund | Quantified Tactical Fixed Income Fund |
| Investor Class Share QSPMX | Investor Class Shares QFITX |
| Quantified Evolution Plus Fund | Quantified Common Ground Fund |
| Investor Class Shares QEVOX | Investor Class Shares QCGDX |
|  | Advisor Class Shares QCGAX |
| Quantified Tactical Sectors Fund | Quantified Rising Dividend Tactical Fund |
| Investor Class Shares QTSSX | Investor Class Shares QRDTX |
| Quantified Government Income Tactical Fund | Quantified Global Fund |
| Investor Class Shares QGITX | Investor Class Shares QGBLX |
| Quantified Eckhardt Managed Futures Strategy Fund | Quantified Eckhardt Managed Futures Strategy Fund |
| Investor Class Shares QETCX | Investor Class Shares QETCX |
| Advisor Class Shares QETAX | Advisor Class Shares QETAX |
| 1-855-64-QUANT (1-855-647-8268) | 1-855-64-QUANT (1-855-647-8268) |
| **www.advisorspreferred.com** | **www.advisorspreferred.com** |
| **Distributed by Ceros Financial Services, Inc.** | **Distributed by Ceros Financial Services, Inc.** |

---

---

| |
|:---|
| **QUANTIFIED MANAGED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.2%** |  |
|  | **ASSET MANAGEMENT - 0.3%** |  |
| 5042 | Federated Hermes, Inc., Class B | $262537 |
|  | **BEVERAGES - 0.3%** |  |
| 3965 | Coca-Cola Company | 277193 |
|  | **CHEMICALS - 0.3%** |  |
| 371 | NewMarket Corporation | 254973 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.7%** |  |
| 1524 | Cintas Corporation | 286619 |
| 1283 | Waste Management, Inc. | 281888 |
|  |  | 568507 |
|  | **CONSUMER SERVICES - 0.4%** |  |
| 3634 | Service Corp International | 283343 |
|  | **DIVERSIFIED INDUSTRIALS - 0.7%** |  |
| 1482 | Honeywell International, Inc. | 289124 |
| 1114 | Illinois Tool Works, Inc. | 274378 |
|  |  | 563502 |
|  | **HOUSEHOLD PRODUCTS - 0.7%** |  |
| 3419 | Colgate-Palmolive Company | 270169 |
| 2746 | Kimberly-Clark Corporation | 277044 |
|  |  | 547213 |
|  | **INSURANCE - 1.7%** |  |
| 2600 | Aflac, Inc. | 286702 |
| 1974 | American Financial Group, Inc. | 269806 |
| 1557 | Marsh & McLennan Companies, Inc. | 288855 |
| 1246 | Progressive Corporation | 283739 |
| 4229 | RLI Corporation | 270571 |
|  |  | 1399673 |
|  | **MACHINERY - 0.3%** |  |
| 2791 | Veralto Corporation | 278486 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **QUANTIFIED MANAGED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.2% (Continued)** |  |
|  | **MORTGAGE FINANCE - 0.3%** |  |
| 12378 | Annaly Capital Management, Inc. | $276772 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 0.3%** |  |
| 20265 | Ellington Financial, Inc. | 275199 |
|  | **RETAIL - CONSUMER STAPLES - 0.4%** |  |
| 327 | Costco Wholesale Corporation | 281985 |
|  | **RETAIL - DISCRETIONARY - 0.7%** |  |
| 802 | Home Depot, Inc. | 275968 |
| 1805 | TJX Companies, Inc. | 277266 |
|  |  | 553234 |
|  | **RETAIL REIT - 0.3%** |  |
| 1505 | Simon Property Group, Inc. | 278591 |
|  | **SOFTWARE - 0.4%** |  |
| 591 | Microsoft Corporation | 285819 |
|  | **TECHNOLOGY HARDWARE - 0.4%** |  |
| 749 | Motorola Solutions, Inc. | 287107 |
|  | **TECHNOLOGY SERVICES - 1.3%** |  |
| 1070 | Automatic Data Processing, Inc. | 275236 |
| 1204 | Broadridge Financial Solutions, Inc. | 268697 |
| 473 | Mastercard, Inc., Class A | 270026 |
| 773 | Visa, Inc., Class A | 271099 |
|  |  | 1085058 |
|  | **TRANSPORTATION & LOGISTICS - 0.3%** |  |
| 1197 | Union Pacific Corporation | 276890 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.4%** |  |
| 3872 | Sysco Corporation | 285328 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **QUANTIFIED MANAGED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.2% (Continued)** |  |
|  | **TOTAL COMMON STOCKS (Cost $8,551,265)** | $8321410 |
|  | **EXCHANGE-TRADED FUNDS — 68.2%** |  |
|  | **FIXED INCOME - 61.1%** |  |
| 123309 | Invesco Emerging Markets Sovereign Debt ETF | 2670873 |
| 135190 | Invesco Fundamental High Yield Corporate Bond ETF | 2514534 |
| 46932 | iShares 20+ Year Treasury Bond ETF | 4090593 |
| 111154 | iShares 7-10 Year Treasury Bond ETF<sup>(b)</sup> | 10688569 |
| 31216 | iShares iBoxx $ High Yield Corporate Bond ETF<sup>(b)</sup> | 2516946 |
| 36415 | iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(b)</sup> | 4012569 |
| 42224 | iShares MBS ETF | 4020569 |
| 114588 | Schwab U.S. Aggregate Bond ETF | 2677922 |
| 71904 | State Street SPDR Bloomberg Convertible Securities ETF<sup>(b)</sup> | 6413837 |
| 34707 | State Street SPDR Bloomberg High Yield Bond ETF<sup>(b)</sup> | 3373867 |
| 51732 | Vanguard Intermediate-Term Bond ETF | 4028888 |
| 36002 | Vanguard Long-Term Corporate Bond ETF<sup>(b)</sup> | 2730752 |
|  |  | 49739919 |
|  | **LARGE CAP FUNDS - 7.1%** |  |
| 65231 | WisdomTree US LargeCap Dividend Fund | 5745546 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $55,670,575)** | 55485465 |
|  | **SHORT-TERM INVESTMENTS — 20.9%** |  |
|  | **MONEY MARKET FUNDS - 20.9%** |  |
| 8525186 | Fidelity Government Portfolio, Class I, 3.64%<sup>(a)</sup> | 8525186 |
| 8525186 | First American Government Obligations Fund, Class Z, 3.60%<sup>(a)</sup> | 8525186 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $17,050,372)** | 17050372 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $17,050,372)** | 17050372 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **QUANTIFIED MANAGED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Units** |  | **Fair Value** |
|  | **COLLATERAL FOR SECURITIES LOANED — 21.3%** |  |
| 17352064 | Mount Vernon Liquid Assets Portfolio, LLC, 3.86%<sup>(a),(c),(d)</sup> | $17352064 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $17,352,064)** |  |
|  | **TOTAL INVESTMENTS – 120.6% (Cost $98,624,276)** | $98209311 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (20.6)%** | (16742134) |
|  | **NET ASSETS - 100.0%** | $81467177 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional <br> Amount** | **Unrealized <br> Depreciation** |
| 4 | CME E-Mini Standard & Poor's 500 Index Futures | 03/23/2026 | $1378500 | $(2770) |
| 104 | Ultra U.S. Treasury Bond Futures | 03/23/2026 | 12272000 | (55245) |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $(58015) |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> Rate disclosed is the seven-day effective yield as of December 31, 2025.

<sup>(b)</sup> All or portion of the security is on loan. Total loaned securities had a value of $16,936,996 at December 31, 2025.

<sup>(c)</sup> Security purchased with cash proceeds of securities lending collateral; daily liquidity, money market type fund that seeks current income and stable net asset value.

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

See accompanying notes to financial statements.

---

| |
|:---|
| **QUANTIFIED MARKET LEADERS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 82.8%** |  |
|  | **EQUITY - 35.9%** |  |
| 80083 | iShares Russell 1000 Value ETF<sup>(b)</sup> | $16844658 |
| 382006 | State Street Financial Select Sector SPDR ETF | 20922469 |
|  |  | 37767127 |
|  | **INTERNATIONAL EQUITIES - 8.0%** |  |
| 87970 | iShares MSCI EAFE ETF | 8447759 |
|  | **SMALL CAP VALUE - 31.5%** |  |
| 183323 | iShares Russell 2000 Value ETF<sup>(b),(e)</sup> | 33219961 |
|  | **U.S. LARGE CAP EQUITIES - 7.4%** |  |
| 11421 | State Street SPDR S&P 500 ETF | 7788208 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $87,377,028)** | 87223055 |
|  | **SHORT-TERM INVESTMENTS — 17.6%** |  |
|  | **MONEY MARKET FUNDS - 17.6%** |  |
| 9294893 | Fidelity Government Portfolio, Class I, 3.64%<sup>(a)1</sup> | 9294893 |
| 9294893 | First American Government Obligations Fund, Class Z, 3.60%<sup>(a)</sup> | 9294893 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $18,589,786)** | 18589786 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $18,589,786)** | 18589786 |
| **Units** |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED— 18.0%** |  |
| 18917171 | Mount Vernon Liquid Assets Portfolio, LLC, 3.86%<sup>(a),(c),(d)</sup> | 18917171 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $18,917,171)** |  |
|  | **TOTAL INVESTMENTS - 118.4% (Cost $124,883,985)** | $124730012 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (18.4)%** | (19422953) |
|  | **NET ASSETS - 100.0%** | $105307059 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **QUANTIFIED MARKET LEADERS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

---

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

---

<sup>(a)</sup> Rate disclosed is the seven-day effective yield as of December 31, 2025.

<sup>(b)</sup> All or portion of the security is on loan. Total loaned securities had a value of $18,394,717 at December 31, 2025.

<sup>(c)</sup> Security purchased with cash proceeds of securities lending collateral; daily liquidity, money market type fund that seeks current income and stable net asset value.

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
|  |  | Notional |  |  |  | Unrealized |
| Number of |  | Amount at | Interest Rate | Termination |  | Appreciation/ |
| Shares | Reference Entity | December 31, 2025 | Payable <sup>(1),(2)</sup> | Date | Counterparty | (Depreciation) |
| Long Position: | Long Position: | Long Position: |  |  |  |  |
| 76390 | iShares Russell 2000 Growth ETF | $24674734 | USD SOFR plus 60 bp | 1/22/2027 | BRC | $(758215) |
| 173470 | State Street Consumer Discretionary Select Sector SPDR ETF | 20714053 | USD SOFR plus 60 bp | 1/22/2027 | BRC | (498944) |
| 130 | State Street SPDR S&P 500 ETF Trust | 88650 | USD SOFR plus 60 bp | 12/18/2026 | BRC | 56095 |
| 19250 | State Street SPDR S&P 500 ETF Trust | 13126960 | USD SOFR plus 60 bp | 1/8/2027 | BRC | (98569) |
| 75420 | State Street Technology Select Sector SPDR ETF | 10858217 | USD SOFR plus 60 bp | 9/24/2026 | BRC | 981268 |
| 64860 | State Street Technology Select Sector SPDR ETF | 9337894 | USD SOFR plus 60 bp | 11/25/2026 | BRC | (229626) |
| 6400 | State Street Technology Select Sector SPDR ETF | 921408 | USD SOFR plus 60 bp | 12/18/2026 | BRC | 40759 |
|  |  |  |  |  | Total: | $(507232) |

---

---

| | |
|:---|:---|
| BRC | - Barclays Capital |
| SOFR | - Secured Overnight Financing Rate |

---

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

<sup>(2)</sup> Payment frequency quarterly.

See accompanying notes to financial statements.

---

| |
|:---|
| **QUANTIFIED ALTERNATIVE INVESTMENT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 68.9%** |  |
|  | **ALTERNATIVE - 4.6%** |  |
| 207 | Convergence Long/short Equity ETF | $5657 |
| 6449 | iMGP DBi Managed Futures Strategy ETF<sup>(c)</sup> | 180960 |
| 226 | IndexIQ ETF Trust - IQ Hedge Multi-Strategy | 7573 |
|  |  | 194190 |
|  | **COMMODITY - 0.5%** |  |
| 477 | Amplify Junior Silver Miners ETF<sup>(c),(f)</sup> | 13198 |
| 131 | iShares Gold Trust Micro<sup>(a)</sup> | 5632 |
|  |  | 18830 |
|  | **EQUITY - 47.6%** |  |
| 130 | Aptus Collared Investment Opportunity ETF | 5681 |
| 1144 | ALPS Clean Energy ETF | 37088 |
| 3568 | Fidelity High Dividend ETF<sup>(c)</sup> | 202269 |
| 6687 | First Trust Global Wind Energy ETF | 136883 |
| 272 | First Trust NASDAQ Clean Edge Green Energy Index | 12129 |
| 4022 | Franklin International Low Volatility High Dividend Index ETF | 148090 |
| 955 | Global X Adaptive US Factor ETF | 44283 |
| 273 | Global X Copper Miners ETF | 19599 |
| 256 | Global X Lithium & Battery Tech ETF | 16604 |
| 474 | Global X Silver Miners ETF | 39588 |
| 51 | Global X Uranium ETF | 2179 |
| 895 | Health Care Select Sector SPDR Fund | 138546 |
| 468 | Invesco DWA Healthcare Momentum ETF | 23260 |
| 1365 | Invesco S&P 500 Equal Weight Health Care ETF | 43475 |
| 63 | Invesco S&P 500 Momentum ETF | 7517 |
| 54 | Invesco S&P MidCap Momentum ET | 7477 |
| 311 | Invesco WilderHill Clean Energy ETF | 9498 |
| 650 | iShares MSCI Brazil ETF | 20651 |
| 1680 | iShares MSCI Chile ETF | 67872 |
| 169 | iShares MSCI China ETF | 10152 |
| 3663 | iShares MSCI Hong Kong ETF | 77839 |
| 88 | iShares MSCI Peru and Global Exposure ETF<sup>(c)</sup> | 6367 |
| 765 | iShares MSCI Poland ETF<sup>(c)</sup> | 26920 |
| 225 | iShares MSCI South Africa ETF<sup>(c)</sup> | 15480 |
| 121 | iShares MSCI South Korea ETF | 11764 |
| 76 | iShares North American Natural Resources ETF | 3815 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **QUANTIFIED ALTERNATIVE INVESTMENT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 68.9% (Continued)** |  |
|  | **EQUITY - 47.6% (Continued)** |  |
| 1655 | iShares US Pharmaceuticals ETF | $140394 |
| 3486 | Simplify Hedged Equity ETF | 111726 |
| 215 | SPDR Global Dow ETF | 35841 |
| 161 | SPDR S&P Biotech ETF<sup>(c)</sup> | 19631 |
| 148 | SPDR S&P Metals & Mining ETF | 15334 |
| 396 | State Street SPDR S&P Kensho Clean Power ETF | 35433 |
| 801 | VanEck Junior Gold Miners ETF | 91138 |
| 2716 | VanEck Natural Resources ETF | 163340 |
| 926 | VanEck Steel ETF | 78580 |
| 1271 | WisdomTree US LargeCap Dividend Fund | 111950 |
| 758 | WisdomTree US LargeCap Fund | 53712 |
|  |  | 1992105 |
|  | **FIXED INCOME - 16.2%** |  |
| 3919 | BlackRock Short Duration Bond ETF | 200261 |
| 484 | Clearshares Ultra-Short Maturity ETF | 48415 |
| 1130 | Invesco Variable Rate Preferred ETF | 27493 |
| 667 | iShares 0-5 Year TIPS Bond ETF | 68294 |
| 2294 | iShares Convertible Bond ETF | 225959 |
| 1227 | SPDR Bloomberg Convertible Securities ETF<sup>(c)</sup> | 109448 |
|  |  | 679870 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $2,867,139)** | 2884995 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **QUANTIFIED ALTERNATIVE INVESTMENT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **PRIVATE INVESTMENT FUND — 9.6%** |  |
|  | **PRIVATE INVESTMENT - 9.6%** |  |
| N/A | Hyperion Fund LLC<sup>(a),(e)</sup> | $402800 |
|  | **TOTAL PRIVATE INVESTMENT FUND (Cost $376,000)** | 402800 |
|  | **SHORT-TERM INVESTMENTS — 18.3%** |  |
|  | **MONEY MARKET FUNDS - 18.3%** |  |
| 383434 | Fidelity Government Portfolio, Class I, 3.64%<sup>(b)1</sup> | 383434 |
| 383434 | First American Government Obligations Fund, Class Z, 3.60%<sup>(b)</sup> | 383434 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $766,868)** | 766868 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $766,868)** | 766868 |
| **Units** |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED— 9.7%** |  |
| 404506 | Mount Vernon Liquid Assets Portfolio, LLC, 3.86%<sup>(b),(d),(e)</sup> | 404506 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $404,506)** |  |
|  | **TOTAL INVESTMENTS – 106.5% (Cost $4,414,513)** | $4459169 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (6.5)%** | (272359) |
|  | **NET ASSETS - 100.0%** | $4186810 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| 1 | CME E-Mini NASDAQ 100 Index Futures | 03/23/2026 | $509135 | $2444 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional<br> Amount** | **Unrealized <br> (Depreciation)** |
| 4 | Ultra U.S. Treasury Bond Futures | 03/23/2026 | $472000 | $(2125) |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **QUANTIFIED ALTERNATIVE INVESTMENT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

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

---

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

<sup>(b)</sup> Rate disclosed is the seven-day effective yield as of December 31, 2025.

<sup>(c)</sup> All or portion of the security is on loan. Total loaned securities had a value of $394,350 at December 31, 2025.

<sup>(d)</sup> Security purchased with cash proceeds of securities lending collateral; daily liquidity, money market type fund that seeks current income and stable net asset value.

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **QUANTIFIED STF FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUND — 0.1%** |  |
|  | **EQUITY - 0.1%** |  |
| 300 | Invesco QQQ Trust Series 1 | $184293 |
|  | **TOTAL EXCHANGE-TRADED FUND (Cost $187,018)** | 184293 |
|  | **PRIVATE INVESTMENT FUND — 12.8%** |  |
|  | **PRIVATE INVESTMENT - 12.8%** |  |
| N/A | Galaxy Plus Fund LLC - Profit Score Regime - Adaptive Equity Feeder Fund<sup>(a),(c)</sup> | 36483970 |
|  | **TOTAL PRIVATE INVESTMENT FUNDS (Cost $36,256,848)** | 36483970 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** | |
|  | **CERTIFICATE OF DEPOSIT — 1.4%** |  |  |  |
|  | **BANKING - 1.4%** |  |  |  |
| 1000000 | Ally Bank | 3.7500 | 09/27/27 | 1001852 |
| 1000000 | Axos Bank | 3.8000 | 04/02/27 | 1002403 |
| 1000000 | ESSA Bank & Trust | 3.7000 | 09/25/26 | 1000888 |
| 1000000 | Texas Exchange Bank SSB | 3.6500 | 03/26/27 | 1000402 |
|  |  |  |  | 4005545 |
|  | **TOTAL CERTIFICATE OF DEPOSIT (Cost $4,000,000)** |  |  | 4005545 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 72.9%** |  |  |  |
|  | **MONEY MARKET FUNDS - 72.9%** |  |  |  |
| 103519009 | Fidelity Government Portfolio, Class I, 3.64%<sup>(b),(d)</sup> |  |  | 103519009 |
| 103519009 | First American Government Obligations Fund, Class Z, 3.60%<sup>(b),(d)</sup> |  |  | 103519009 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $207,038,018)** | **TOTAL MONEY MARKET FUNDS (Cost $207,038,018)** | **TOTAL MONEY MARKET FUNDS (Cost $207,038,018)** | 207038018 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $207,038,018)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $207,038,018)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $207,038,018)** | 207038018 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **QUANTIFIED STF FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | |
|:---|:---|
|  | **Fair Value** |
| **TOTAL INVESTMENTS - 87.2% (Cost $247,481,884)** | $247711826 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES - 12.8%** | 36448914 |
| **NET ASSETS - 100.0%** | $284160740 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| 1061 | CME E-Mini NASDAQ 100 Index Futures | 03/23/2026 | $540192235 | $1457483 |
|  | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  |  |

---

LLC - Limited Liability Company <br>

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

<sup>(b)</sup> Rate disclosed is the seven-day effective yield as of December 31, 2025.

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **QUANTIFIED PATTERN RECOGNITION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUND — 0.2%** |  |
|  | **EQUITY - 0.2%** |  |
| 200 | State Street SPDR S&P 500 ETF | $136384 |
|  | **TOTAL EXCHANGE-TRADED FUND (Cost $137,686)** | 136384 |
|  | **PRIVATE INVESTMENT FUND — 5.6%** |  |
|  | **PRIVATE INVESTMENT - 5.6%** |  |
| N/A | Hyperion Fund LLC<sup>(a)</sup> | 3171467 |
|  | **TOTAL PRIVATE INVESTMENT FUNDS (Cost $3,000,000)** | 3171467 |
|  | **SHORT-TERM INVESTMENTS — 88.4%** |  |
|  | **MONEY MARKET FUNDS – 88.4%** |  |
| 25092035 | Fidelity Government Portfolio, Class I, 3.64%<sup>(b),(c)</sup> | 25092035 |
| 25092034 | First American Government Obligations Fund, Class Z, 3.60%<sup>(b),(c)</sup> | 25092034 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $50,184,069)** | 50184069 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $50,184,069)** | 50184069 |
|  | **TOTAL INVESTMENTS – 94.2% (Cost $53,321,755)** | $53491920 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 5.8%** | 3282068 |
|  | **NET ASSETS - 100.0%** | $56773988 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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> (Depreciation)** |
| 280 | CME E-Mini Standard & Poor's 500 Index Futures | 03/23/2026 | $96495000 | $(229016) |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

---

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

---

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

<sup>(b)</sup> Rate disclosed is the seven-day effective yield as of December 31, 2025.

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

See accompanying notes to financial statements.

---

| |
|:---|
| **QUANTIFIED TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 87.1%** |  |
|  | **MONEY MARKET FUNDS - 87.1%** |  |
| 3698117 | Fidelity Government Portfolio, Class I, 3.64%<sup>(a),(b)</sup> | $3698117 |
| 3698117 | First American Government Obligations Fund, Class Z, 3.60%<sup>(a),(b)</sup> | 3698117 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $7,396,234)** | 7396234 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $7,396,234)** | 7396234 |
|  | **TOTAL INVESTMENTS - 87.1% (Cost $7,396,234)** | $7396234 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 12.9%** | 1096494 |
|  | **NET ASSETS - 100.0%** | $8492728 |

---

<sup>(a)</sup> Rate disclosed is the seven-day effective yield as of December 31, 2025.

 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 <br> Amount at<br> December 31, 2025 | Interest Rate<br> Payable(1),(2) | Termination<br> Date | Counterparty | Unrealized<br> Apepreciation/<br> (Depreciation) |
| Long Position: | Long Position: | Long Position: | Long Position: | Long Position: | Long Position: | Long Position: |
| 10100 | iShares iBoxx $High Yield Corporate Bond ETF | $814363 | USD SOFR plus 60 bp | 1/25/2027 | BRC | $90 |
| 400 | iShares iBoxx $High Yield Corporate Bond ETF | 32252 | USD SOFR plus 60 bp | 1/29/2027 | BRC | (27) |
| 93900 | iShares iBoxx $High Yield Corporate Bond ETF | 7571157 | USD SOFR plus 60 bp | 2/1/2027 | BRC | (5166) |
| 8400 | State Street SPDR Bloomberg High Yield Bond ETF | 816564 | USD SOFR plus 60 bp | 1/25/2027 | BRC | (1575) |
| 300 | State Street SPDR Bloomberg High Yield Bond ETF | 29163 | USD SOFR plus 60 bp | 1/29/2027 | BRC | (16) |
| 77900 | State Street SPDR Bloomberg High Yield Bond ETF | 7572659 | USD SOFR plus 60 bp | 2/1/2027 | BRC | (2958) |
|  |  |  |  |  | Total: | $(9652) |

---

---

| | |
|:---|:---|
| BRC | - Barclays Capital |
| SOFR | - Secured Overnight Financing Rate |

---

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

<sup>(2)</sup> Payment frequency quarterly.

See accompanying notes to financial statements.

---

| |
|:---|
| **QUANTIFIED EVOLUTION PLUS FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 6.1%** |  |
|  | **COMMODITY - 1.2%** |  |
| 450 | SPDR Gold Shares<sup>(b)</sup> | $178340 |
|  | **INDEX - 3.0%** |  |
| 700 | Invesco QQQ Trust Series 1 | 430017 |
|  | **U.S. LARGE CAP EQUITIES - 1.9%** |  |
| 400 | State Street SPDR S&P 500 ETF | 272768 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $883,281)** | 881125 |
|  | **SHORT-TERM INVESTMENTS — 85.7%** |  |
|  | **CERTIFICATE PARTICIPATION - 85.7%** |  |
| 5483680 | Fidelity Government Portfolio, Class I, 3.64%<sup>(a),(c)</sup> | 5483680 |
| 1434692 | First American Government Obligations Fund, Class X, 3.64%<sup>(a),(b)</sup> | 1434692 |
| 5483680 | First American Government Obligations Fund, Class Z, 3.60%<sup>(a),(c)</sup> | 5483680 |
|  | **TOTAL CERTIFICATE PARTICIPATION (Cost $12,402,052)** | 12402052 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $12,402,052)** | 12402052 |
|  | **TOTAL INVESTMENTS - 91.8% (Cost $13,285,333)** | $13283177 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 8.2%** | 1183383 |
|  | **NET ASSETS - 100.0%** | $14466560 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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<br> (Depreciation)** |
| 2 | CME E-Mini NASDAQ 100 Index Futures | 03/23/2026 | $1018270 | $4870 |
| 16 | CME E-Mini Standard & Poor's 500 Index Futures | 03/23/2026 | 5514000 | (51400) |
| 31 | COMEX Gold 100 Troy Ounces Futures<sup>(b)</sup> | 02/26/2026 | 13413390 | 420500 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $373970 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **QUANTIFIED EVOLUTION PLUS FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

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

---

<sup>(a)</sup> Rate disclosed is the seven-day effective yield as of December 31, 2025.

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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<br> Amount at<br> December 31, 2025 | Interest Rate <br> Payable <sup>(1),(2)</sup> | Termination<br> Date | Counterparty | Unrealized<br> Appreciation/<br> (Depreciation) |
| Long Position: | Long Position: |  |  |  |  |  |
| 800 | iShares MSCI Emerging Market ETF | $43768 | USD SOFR plus 60 bp | 1/11/2027 | BRC | $343 |
| 1500 | iShares MSCI Emerging Market ETF | 82065 | USD SOFR plus 60 bp | 1/14/2027 | BRC | 1543 |
| 3200 | iShares MSCI Emerging Market ETF | 175072 | USD SOFR plus 60 bp | 1/15/2027 | BRC | 5669 |
| 300 | iShares MSCI Emerging Market ETF | 16413 | USD SOFR plus 60 bp | 1/21/2027 | BRC | 242 |
| 7000 | iShares MSCI Emerging Market ETF | 382970 | USD SOFR plus 60 bp | 1/22/2027 | BRC | 2405 |
| 1300 | iShares MSCI Emerging Market ETF | 71123 | USD SOFR plus 60 bp | 1/18/2027 | BRC | (136) |
| 48300 | iShares MSCI Emerging Market ETF | 2642493 | USD SOFR plus 60 bp | 1/29/2027 | BRC | 1291 |
| 900 | iShares MSCI Emerging Market ETF | 49239 | USD SOFR plus 60 bp | 1/8/2027 | BRC | 681 |
| 32700 | iShares MSCI Emerging Market ETF | 1789017 | USD SOFR plus 60 bp | 11/13/2026 | BRC | 84910 |
| 1800 | iShares MSCI Emerging Market ETF | 98478 | USD SOFR plus 60 bp | 11/16/2026 | BRC | 1394 |
| 400 | iShares MSCI Emerging Market ETF | 21884 | USD SOFR plus 60 bp | 11/19/2026 | BRC | 273 |
| 1700 | iShares MSCI Emerging Market ETF | 93007 | USD SOFR plus 60 bp | 11/23/2026 | BRC | 229 |
| 900 | iShares MSCI Emerging Market ETF | 49239 | USD SOFR plus 60 bp | 11/27/2026 | BRC | (410) |
| 700 | iShares MSCI Emerging Market ETF | 38297 | USD SOFR plus 60 bp | 12/11/2026 | BRC | (938) |
| 1600 | iShares MSCI Emerging Market ETF | 87536 | USD SOFR plus 60 bp | 12/17/2026 | BRC | 1501 |
| 3800 | iShares MSCI Emerging Market ETF | 207898 | USD SOFR plus 60 bp | 12/18/2026 | BRC | 3989 |
| 1900 | iShares MSCI Emerging Market ETF | 103949 | USD SOFR plus 60 bp | 12/2/2026 | BRC | (539) |
| 200 | iShares MSCI Emerging Market ETF | 10942 | USD SOFR plus 60 bp | 12/23/2026 | BRC | 425 |
| 4500 | iShares MSCI Emerging Market ETF | 246195 | USD SOFR plus 60 bp | 12/24/2026 | BRC | 6741 |
| 2600 | iShares MSCI Emerging Market ETF | 142246 | USD SOFR plus 60 bp | 12/31/2026 | BRC | 2967 |
| 15000 | iShares MSCI Emerging Market ETF | 820650 | USD SOFR plus 60 bp | 12/3/2026 | BRC | (9730) |
| 5000 | iShares MSCI Emerging Market ETF | 273550 | USD SOFR plus 60 bp | 12/4/2026 | BRC | 956 |
| 11800 | iShares MSCI Emerging Market ETF | 645578 | USD SOFR plus 60 bp | 12/9/2026 | BRC | 8489 |
|  |  |  |  |  | Total: | $112295 |

---

---

| | |
|:---|:---|
| BRC | - Barclays Capital |
| SOFR | - Secured Overnight Financing Rate |

---

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

 

<sup>(2)</sup> Payment frequency quarterly.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **QUANTIFIED COMMON GROUND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.4%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 1.3%** |  |
| 15280 | Deckers Outdoor Corporation<sup>(a)</sup> | $1584078 |
|  | **ASSET MANAGEMENT - 2.0%** |  |
| 50975 | Janus Henderson Group plc | 2424881 |
|  | **AUTOMOTIVE - 1.7%** |  |
| 32100 | Fox Factory Holding Corporation<sup>(a)</sup> | 549231 |
| 22645 | Phinia, Inc. | 1419615 |
|  |  | 1968846 |
|  | **BANKING - 3.0%** |  |
| 19824 | Bank of Hawaii Corporation | 1355367 |
| 52436 | Cadence Bank | 2246358 |
|  |  | 3601725 |
|  | **BIOTECH & PHARMA - 3.5%** |  |
| 29867 | Neurocrine Biosciences, Inc.<sup>(a)</sup> | 4236037 |
|  | **CHEMICALS - 4.6%** |  |
| 83527 | Axalta Coating Systems Ltd.<sup>(a)</sup> | 2698757 |
| 41647 | International Flavors & Fragrances, Inc. | 2806591 |
|  |  | 5505348 |
|  | **CONTAINERS & PACKAGING - 5.0%** |  |
| 32416 | Ball Corporation | 1717075 |
| 50977 | O-I Glass, Inc.<sup>(a),(c)</sup> | 752421 |
| 91522 | Smurfit WestRock plc | 3539156 |
|  |  | 6008652 |
|  | **DATA CENTER REIT - 2.6%** |  |
| 19721 | Digital Realty Trust, Inc. | 3051036 |
|  | **ELECTRIC UTILITIES - 0.9%** |  |
| 73646 | AES Corporation | 1056084 |
|  | **ELECTRICAL EQUIPMENT - 5.8%** |  |
| 32048 | Amphenol Corporation, Class A | 4330967 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **QUANTIFIED COMMON GROUND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.4% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 5.8% (Continued)** |  |
| 4079 | GE Vernova, Inc. | $2665912 |
|  |  | 6996878 |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.8%** |  |
| 4920 | Tenet Healthcare Corporation<sup>(a)</sup> | 977702 |
|  | **HEALTH CARE REIT - 11.1%** |  |
| 116358 | CareTrust REIT, Inc.<sup>(c)</sup> | 4207505 |
| 56455 | Ventas, Inc. <sup>(c)</sup> | 4368488 |
| 25486 | Welltower, Inc. | 4730456 |
|  |  | 13306449 |
|  | **INDUSTRIAL REIT - 2.3%** |  |
| 21344 | Prologis, Inc. | 2724775 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 12.0%** |  |
| 20634 | Cboe Global Markets, Inc. | 5179134 |
| 15497 | CME Group, Inc. | 4231921 |
| 50407 | Nasdaq, Inc. | 4896032 |
|  |  | 14307087 |
|  | **INSURANCE - 4.8%** |  |
| 25166 | Progressive Corporation | 5730801 |
|  | **LEISURE FACILITIES & SERVICES - 0.8%** |  |
| 6430 | Brinker International, Inc.<sup>(a)</sup> | 922834 |
|  | **METALS & MINING - 2.6%** |  |
| 31063 | Newmont Corporation | 3101641 |
|  | **OIL & GAS PRODUCERS - 5.1%** |  |
| 43241 | Expand Energy Corporation | 4772077 |
| 7271 | Targa Resources Corporation | 1341499 |
|  |  | 6113576 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 3.2%** |  |
| 101006 | Kodiak Gas Services, Inc. | 3777624 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **QUANTIFIED COMMON GROUND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.4% (Continued)** |  |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 1.0%** |  |
| 122955 | Kennedy-Wilson Holdings, Inc. | $1188975 |
|  | **RETAIL REIT - 3.7%** |  |
| 64120 | Regency Centers Corporation | 4426204 |
|  | **SEMICONDUCTORS - 3.6%** |  |
| 12285 | Broadcom, Inc. | 4251838 |
|  | **SOFTWARE - 3.5%** |  |
| 126718 | Waystar Holding Corporation<sup>(a)</sup> | 4150014 |
|  | **SPECIALTY FINANCE - 3.8%** |  |
| 69782 | Air Lease Corporation | 4482098 |
|  | **SPECIALTY REIT - 4.1%** |  |
| 84196 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. <sup>(c)</sup> | 2646280 |
| 92039 | OUTFRONT Media Inc. | 2218140 |
|  |  | 4864420 |
|  | **TECHNOLOGY HARDWARE - 1.1%** |  |
| 3638 | Lumentum Holdings, Inc.<sup>(a),(c)</sup> | 1340930 |
|  | **TRANSPORTATION & LOGISTICS - 0.5%** |  |
| 6699 | Allegiant Travel Company<sup>(a)</sup> | 571224 |
|  | **TOTAL COMMON STOCKS (Cost $111,082,749)** | 112671758 |
|  | **SHORT-TERM INVESTMENTS — 5.5%** |  |
|  | **MONEY MARKET FUNDS - 5.5%** |  |
| 3264736 | Fidelity Government Portfolio, Class I, 3.64%<sup>(b)</sup> | 3264736 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **QUANTIFIED COMMON GROUND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 5.5% (Continued)** |  |
|  | **MONEY MARKET FUNDS - 5.5% (Continued)** |  |
| 3264735 | First American Government Obligations Fund, Class Z, 3.60%<sup>(b)</sup> | $3264735 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $6,529,471)** | 6529471 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $6,529,471)** | 6529471 |
| **Units** |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED — 8.2%** |  |
| 9831155 | Mount Vernon Liquid Assets Portfolio, LLC, 3.86%<sup>(b),(d),(e)</sup> | 9831155 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $9,831,155)** |  |
|  | **TOTAL INVESTMENTS – 108.1% (Cost $127,443,375)** | $129032384 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (8.1)%** | (9692876) |
|  | **NET ASSETS - 100.0%** | $119339508 |

---

---

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

---

(a) Non-income producing security.

(b) Rate disclosed is the seven-day effective
 yield as of December 31, 2025.

(c) All or portion of the security is
 on loan. Total loaned securities had a value of $9,465,696 at December 31, 2025.

(d) Security purchased with cash proceeds
 of securities lending collateral; daily liquidity, money market type fund that seeks current income and stable net asset value.

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

See accompanying notes to financial statements.

---

| |
|:---|
| **QUANTIFIED TACTICAL SECTORS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 82.8%** |  |
|  | **EQUITY - 82.8%** |  |
| 80831 | State Street Consumer Discretionary Select Sector SPDR ETF | $9652030 |
| 178712 | State Street Financial Select Sector SPDR ETF | 9788056 |
| 14408 | State Street SPDR S&P 500 ETF | 9825103 |
| 67450 | State Street Technology Select Sector SPDR ETF<sup>(a)</sup> | 9710776 |
|  |  | 38975965 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $39,185,446)** | 38975965 |
|  | **SHORT-TERM INVESTMENTS — 17.6%** |  |
|  | **MONEY MARKET FUNDS - 17.6%** |  |
| 4147619 | Fidelity Government Portfolio, Class I, 3.64%<sup>(b)</sup> | 4147619 |
| 4147620 | First American Government Obligations Fund, Class Z, 3.60%<sup>(b)</sup> | 4147620 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $8,295,239)** | 8295239 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $8,295,239)** | 8295239 |
| **Units** |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED— 8.8%** |  |
| 4128300 | Mount Vernon Liquid Assets Portfolio, LLC, 3.86%<sup>(b),(c),(d)</sup> | 4128300 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $4,128,300)** |  |
|  | **TOTAL INVESTMENTS - 109.2% (Cost $51,608,985)** | $51399504 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (9.2)%** | (4318615) |
|  | **NET ASSETS - 100.0%** | $47080889 |

---

---

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

---

See accompanying notes to financial statements.

---

| |
|:---|
| **QUANTIFIED TACTICAL SECTORS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

<sup>(a)</sup> All or portion of the security is on loan. Total loaned securities had a value of $4,002,366 at December 31, 2025.

<sup>(b)</sup> Rate disclosed is the seven-day effective yield as of December 31, 2025.

<sup>(c)</sup> Security purchased with cash proceeds of securities lending collateral; daily liquidity, money market type fund that seeks current income and stable net asset value.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| Number of<br> Shares | Reference Entity | Notional<br>Amount at<br> December 31, 2025 | Interest Rate <br> Payable <sup>(1),(2)</sup> | Termination<br> Date | Counterparty | Unrealized<br> Appreciation/<br> (Depreciation) |
| Long Position: | Long Position: | Long Position: |  |  |  |  |
| 48220 | State Street Consumer Discretionary Select Sector SPDR ETF | $5757950 | USD SOFR plus 60 bp | 1/22/2027 | BRC | $(187216) |
| 25640 | State Street Consumer Discretionary Select Sector SPDR ETF | 3061672 | USD SOFR plus 60 bp | 2/1/2027 | BRC | (13709) |
| 105180 | State Street Financial Select Sector SPDR ETF | 5760709 | USD SOFR plus 60 bp | 1/22/2027 | BRC | (96294) |
| 55800 | State Street Financial Select Sector SPDR ETF | 3056166 | USD SOFR plus 60 bp | 2/1/2027 | BRC | (16469) |
| 8440 | State Street SPDR S&P 500 ETF Trust | 5755405 | USD SOFR plus 60 bp | 1/8/2027 | BRC | (20898) |
| 4500 | State Street SPDR S&P 500 ETF Trust | 3068640 | USD SOFR plus 60 bp | 2/1/2027 | BRC | (11902) |
| 21360 | State Street Technology Select Sector SPDR ETF | 3075199 | USD SOFR plus 60 bp | 2/1/2027 | BRC | (12772) |
| 9640 | State Street Technology Select Sector SPDR ETF | 1387871 | USD SOFR plus 60 bp | 12/18/2026 | BRC | 64781 |
| 30250 | State Street Technology Select Sector SPDR ETF | 4355093 | USD SOFR plus 60 bp | 12/4/2026 | BRC | (20729) |
|  |  |  |  |  | Total: | $(315208) |

---

---

| | |
|:---|:---|
| BRC | - Barclays Capital |
| SOFR | - Secured Overnight Financing Rate |

---

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

<sup>(2)</sup> Payment frequency quarterly.

See accompanying notes to financial statements.

---

| |
|:---|
| **QUANTIFIED RISING DIVIDEND TACTICAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 86.7%** |  |
|  | **EQUITY - 86.7%** |  |
| 3763 | Invesco QQQ Trust Series 1 | $2311649 |
| 15899 | Invesco S&P 500 Equal Weight ETF | 3045612 |
| 42648 | Invesco S&P 500 Low Volatility ETF | 3045920 |
| 17419 | Vanguard Dividend Appreciation ETF | 3828348 |
| 33420 | Vanguard International Dividend Appreciation ETF | 3056259 |
|  |  | 15287788 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $14,373,080)** | 15287788 |
|  | **SHORT-TERM INVESTMENTS — 10.2%** |  |
|  | **MONEY MARKET FUNDS - 10.2%** |  |
| 896205 | Fidelity Government Portfolio, Class I, 3.64%<sup>(a)</sup> | 896205 |
| 896206 | First American Government Obligations Fund, Class Z, 3.60%<sup>(a)</sup> | 896206 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $1,792,411)** | 1792411 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $1,792,411)** | 1792411 |
|  | **TOTAL INVESTMENTS - 96.9% (Cost $16,165,491)** | $17080199 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 3.1%** | 552959 |
|  | **NET ASSETS - 100.0%** | $17633158 |

---

ETF - Exchange-Traded Fund <br>

<sup>(a)</sup> Rate disclosed is the seven-day effective yield as of December 31, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **QUANTIFIED RISING DIVIDEND TACTICAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 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 <br> Amount at<br> December 31, 2025 | Interest Rate<br> Payable <sup>(1),(2)</sup> | Termination<br> Date | Counterparty | Unrealized<br> Appreciation/<br> (Depreciation) |
| Long Position: | Long Position: | Long Position: |  |  |  |  |
| 60 | Invesco QQQ Trust Series 1 | $36859 | USD SOFR plus 60 bp | 1/15/2027 | BRC | $226 |
| 70 | Invesco QQQ Trust Series 1 | 43002 | USD SOFR plus 60 bp | 6/11/2026 | BRC | 7958 |
| 70 | Invesco QQQ Trust Series 1 | 43002 | USD SOFR plus 60 bp | 6/22/2026 | BRC | 6083 |
| 80 | Invesco QQQ Trust Series 1 | 49145 | USD SOFR plus 60 bp | 7/10/2026 | BRC | 5472 |
| 290 | Invesco QQQ Trust Series 1 | 178150 | USD SOFR plus 60 bp | 7/2/2026 | BRC | 22089 |
| 3300 | Invesco S&P 500 Equal Weight ETF | 632148 | USD SOFR plus 60 bp | 1/15/2027 | BRC | (1536) |
| 770 | Invesco S&P 500 Equal Weight ETF | 147501 | USD SOFR plus 60 bp | 5/28/2026 | BRC | 41939 |
| 6450 | Invesco S&P 500 Equal Weight ETF | 1235562 | USD SOFR plus 60 bp | 6/11/2026 | BRC | 101252 |
| 4440 | Invesco S&P 500 Equal Weight ETF | 850526 | USD SOFR plus 60 bp | 6/22/2026 | BRC | 60136 |
| 5150 | Invesco S&P 500 Equal Weight ETF | 986534 | USD SOFR plus 60 bp | 7/10/2026 | BRC | 50768 |
| 19020 | Invesco S&P 500 Equal Weight ETF | 3643471 | USD SOFR plus 60 bp | 7/2/2026 | BRC | 220349 |
| 570 | Invesco S&P 500 Low Volatility ETF | 40709 | USD SOFR plus 60 bp | 1/15/2027 | BRC | (179) |
| 790 | Invesco S&P 500 Low Volatility ETF | 56422 | USD SOFR plus 60 bp | 5/28/2026 | BRC | (385) |
| 1030 | Invesco S&P 500 Low Volatility ETF | 73563 | USD SOFR plus 60 bp | 6/11/2026 | BRC | (1599) |
| 360 | Invesco S&P 500 Low Volatility ETF | 25711 | USD SOFR plus 60 bp | 6/22/2026 | BRC | (816) |
| 850 | Invesco S&P 500 Low Volatility ETF | 60707 | USD SOFR plus 60 bp | 7/10/2026 | BRC | (2298) |
| 2960 | Invesco S&P 500 Low Volatility ETF | 211403 | USD SOFR plus 60 bp | 7/2/2026 | BRC | (7188) |
| 250 | Vanguard Dividend Appreciation ETF | 54945 | USD SOFR plus 60 bp | 1/15/2027 | BRC | 149 |
| 20 | Vanguard Dividend Appreciation ETF | 4396 | USD SOFR plus 60 bp | 5/28/2026 | BRC | 2794 |
| 470 | Vanguard Dividend Appreciation ETF | 103297 | USD SOFR plus 60 bp | 6/11/2026 | BRC | 11161 |
| 300 | Vanguard Dividend Appreciation ETF | 65934 | USD SOFR plus 60 bp | 6/22/2026 | BRC | 6468 |
| 340 | Vanguard Dividend Appreciation ETF | 74725 | USD SOFR plus 60 bp | 7/10/2026 | BRC | 4881 |
| 1290 | Vanguard Dividend Appreciation ETF | 283516 | USD SOFR plus 60 bp | 7/2/2026 | BRC | 22280 |
| 430 | Vanguard International Dividend Appreciation ETF | 39324 | USD SOFR plus 60 bp | 1/15/2027 | BRC | 105 |
| 500 | Vanguard International Dividend Appreciation ETF | 45725 | USD SOFR plus 60 bp | 5/28/2026 | BRC | 4580 |
| 840 | Vanguard International Dividend Appreciation ETF | 76818 | USD SOFR plus 60 bp | 6/11/2026 | BRC | 3039 |
| 440 | Vanguard International Dividend Appreciation ETF | 40238 | USD SOFR plus 60 bp | 6/22/2026 | BRC | 814 |
| 630 | Vanguard International Dividend Appreciation ETF | 57614 | USD SOFR plus 60 bp | 7/10/2026 | BRC | (498) |
| 2300 | Vanguard International Dividend Appreciation ETF | 210335 | USD SOFR plus 60 bp | 7/2/2026 | BRC | 516 |
|  |  |  |  |  | Total: | $558560 |

---

---

| | |
|:---|:---|
| BRC | - Barclays Capital |
| SOFR | - Secured Overnight Financing Rate |

---

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

<sup>(2)</sup> Payment frequency quarterly.

See accompanying notes to financial statements.

---

| |
|:---|
| **QUANTIFIED GOVERNMENT INCOME TACTICAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUND — 0.1%** |  |
|  | **FIXED INCOME - 0.1%** |  |
| 600 | iShares 20+ Year Treasury Bond ETF | $52296 |
|  | **TOTAL EXCHANGE-TRADED FUND (Cost $52,847)** | 52296 |
|  | **SHORT-TERM INVESTMENTS — 97.4%** |  |
|  | **MONEY MARKET FUNDS - 97.4%** |  |
| 24172176 | Fidelity Government Portfolio, Class I, 3.64%<sup>(a),(b)</sup> | 24172176 |
| 24172177 | First American Government Obligations Fund, Class Z, 3.60%<sup>(a),(b)</sup> | 24172177 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $48,344,353)** | 48344353 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $48,344,353)** | 48344353 |
|  | **TOTAL INVESTMENTS - 97.5% (Cost $48,397,200)** | $48396649 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 2.5%** | 1217176 |
|  | **NET ASSETS - 100.0%** | $49613825 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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> (Depreciation)** |
| 27 | Ultra U.S. Treasury Bond Futures | 03/23/2026 | $3186000 | $(14594) |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

ETF - Exchange-Traded Fund <br>

<sup>(a)</sup> Rate disclosed is the seven-day effective yield as of December 31, 2025.

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

See accompanying notes to financial statements.

---

| |
|:---|
| **QUANTIFIED GLOBAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 89.5%** |  |
|  | **ASSET MANAGEMENT - 2.9%** |  |
| 2244 | Futu Holdings Ltd. - ADR<sup>(a)</sup> | $368487 |
|  | **AUTOMOTIVE - 6.9%** |  |
| 38847 | Li Auto, Inc., Class A - ADR<sup>(a)</sup> | 657680 |
| 977 | Toyota Motor Corporation - ADR | 209137 |
|  |  | 866817 |
|  | **BANKING - 24.8%** |  |
| 67867 | Banco Bradesco S.A. - ADR | 225997 |
| 7313 | Banco de Chile - ADR | 277894 |
| 2770 | Banco Macro S.A. - ADR | 249743 |
| 20272 | Banco Santander Chile - ADR | 630662 |
| 41936 | Banco Santander S.A. - ADR | 491909 |
| 4686 | HSBC Holdings plc - ADR | 368648 |
| 3965 | KB Financial Group, Inc. - ADR | 341149 |
| 3899 | Mitsubishi UFJ Financial Group, Inc. - ADR | 61838 |
| 8743 | Shinhan Financial Group Company Ltd. - ADR | 468887 |
|  |  | 3116727 |
|  | **BIOTECH & PHARMA - 11.0%** |  |
| 585 | Argenx S.E. - ADR<sup>(a)</sup> | 491956 |
| 37584 | Legend Biotech Corporation - ADR<sup>(a)</sup> | 817076 |
| 570 | Novartis A.G. - ADR | 78586 |
|  |  | 1387618 |
|  | **CHEMICALS - 0.9%** |  |
| 17524 | Sasol Ltd. - ADR<sup>(a)</sup> | 114081 |
|  | **E-COMMERCE DISCRETIONARY - 3.1%** |  |
| 3436 | PDD Holdings, Inc. - ADR<sup>(a)</sup> | 389608 |
|  | **ELECTRIC UTILITIES - 3.6%** |  |
| 27362 | Korea Electric Power Corporation - ADR | 451473 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.8%** |  |
| 9637 | Fresenius Medical Care A.G. & Company KGaA - ADR | 229553 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **QUANTIFIED GLOBAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 89.5% (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES - 1.0%** |  |
| 2979 | Kanzhun Ltd. - ADR | $60712 |
| 866 | Trip.com Group Ltd. - ADR | 62274 |
|  |  | 122986 |
|  | **LEISURE FACILITIES & SERVICES - 2.1%** |  |
| 6543 | Atour Lifestyle Holdings Ltd. - ADR | 257794 |
|  | **METALS & MINING - 0.9%** |  |
| 2502 | Gold Fields Ltd. - ADR | 109237 |
|  | **OIL & GAS PRODUCERS - 15.5%** |  |
| 21112 | Eni SpA - ADR | 800989 |
| 10490 | Equinor ASA - ADR | 247879 |
| 20609 | Petroleo Brasileiro S.A. - ADR | 244217 |
| 13552 | Vista Energy S.A.B. de C.V. - ADR<sup>(a)</sup> | 659440 |
|  |  | 1952525 |
|  | **SEMICONDUCTORS - 6.9%** |  |
| 4101 | ARM Holdings PLC - ADR<sup>(a)</sup> | 448280 |
| 1377 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 418456 |
|  |  | 866736 |
|  | **STEEL - 2.0%** |  |
| 6430 | Ternium S.A. - ADR | 245562 |
|  | **TELECOMMUNICATIONS - 4.4%** |  |
| 15366 | PLDT, Inc. - ADR | 334057 |
| 10182 | Telkom Indonesia Persero Tbk P.T. - ADR | 214331 |
|  |  | 548388 |
|  | **TRANSPORTATION & LOGISTICS - 1.7%** |  |
| 3989 | Latam Airlines Group S.A. - ADR | 215446 |
|  | **TOTAL COMMON STOCKS (Cost $11,460,026)** | 11243038 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **QUANTIFIED GLOBAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 5.4%** |  |
|  | **EQUITY - 5.4%** |  |
| 1113 | Invesco QQQ Trust Series 1 | $683727 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $693,105)** | 683727 |
|  | **SHORT-TERM INVESTMENTS — 4.6%** |  |
|  | **MONEY MARKET FUNDS – 4.6%** |  |
| 290189 | Fidelity Government Portfolio, Class I, 3.64%<sup>(b)</sup> | 290189 |
| 290189 | First American Government Obligations Fund, Class Z, 3.60%<sup>(b)</sup> | 290189 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $580,378)** | 580378 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $580,378)** | 580378 |
|  | **TOTAL INVESTMENTS - 99.5% (Cost $12,733,509)** | $12507143 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%** | 64370 |
|  | **NET ASSETS - 100.0%** | $12571513 |

---

---

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

---

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

<sup>(b)</sup> Rate disclosed is the seven-day effective yield as of December 31, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **QUANTIFIED ECKHARDT MANAGED FUTURES STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **PRIVATE INVESTMENT FUNDS — 39.9%** |  |
|  | **PRIVATE INVESTMENT - 39.9%** |  |
| 7713 | Galaxy Plus Fund Evolution Strategy Commodities Offshore Feeder Fund<sup>(a),(c)</sup> | $4256209 |
| N/A | Galaxy Plus Fund LLC Evolution Strategy Financials Feeder Fund<sup>(a),(d)</sup> | 10669909 |
|  |  | 14926118 |
|  | **TOTAL PRIVATE INVESTMENT FUNDS (Cost $19,331,786)** | 14926118 |
|  | **SHORT-TERM INVESTMENTS — 60.0%** |  |
|  | **MONEY MARKET FUNDS - 60.0%** |  |
| 22153025 | Fidelity Government Portfolio, Class I, 3.64%<sup>(b),(d)</sup> | 22153025 |
| 262127 | First American Government Obligations Fund, Class X, 3.64%<sup>(b),(c)</sup> | 262127 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $22,415,152)** | 22415152 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $22,415,152)** | 22415152 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $41,746,938)** | $37341270 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | 31620 |
|  | **NET ASSETS - 100.0%** | $37372890 |

---

LLC - Limited Liability Company <br>

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

<sup>(b)</sup> Rate disclosed is the seven-day effective yield as of December 31, 2025.

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

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

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)** |
| December 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quantified**<br>**Managed**<br>**Income Fund** | **Quantified**<br>**Market Leaders**<br>**Fund** | **Quantified**<br>**Alternative**<br>**Investment Fund** | **Quantified**<br>**STF**<br>**Fund** |
| **Assets:** |  |  |  |  |
| Investment securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At cost | $98624276 | $124883985 | $4414513 | $247481884 |
| &nbsp;&nbsp;&nbsp;At value <sup>(a)</sup> | $98209311 | $124730012 | $4459169 | $247711826 |
| Cash |  |  |  | 1128132 |
| Deposits with brokers for futures | 672765 |  | 122856 | 33821600 |
| Receivable: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and Interest | 77592 | 137217 | 4162 | 653469 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 10519 | 30990 | 280 | 58528 |
| Unrealized appreciation on futures |  |  | 2444 | 1457483 |
| Unrealized appreciation on swaps |  | 1078122 |  |  |
| Prepaid expenses and other assets | 17205 | 14151 | 11546 | 24287 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | **98987392** | **125990492** | **4600457** | **284855325** |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateral on securities loaned | 17352064 | 18917171 | 404506 |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 14182 | 54312 | 199 | 259355 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 54935 | 67957 | 2623 | 238047 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees | 22636 | 22731 | 907 | 77160 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees - Investor Class | 10122 | 13576 | 518 | 32277 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 8261 | 22332 | 2769 | 87746 |
| Unrealized depreciation on swaps |  | 1585354 |  |  |
| Unrealized depreciation on futures | 58015 |  | 2125 |  |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | **17520215** | **20683433** | **413647** | **694585** |
| **Net Assets** | $**81467177** | $**105307059** | $**4186810** | $**284160740** |
| **Net Assets Consist of:** |  |  |  |  |
| Capital Stock | $104831439 | $153640270 | $8043849 | $300624850 |
| Accumulated losses | (23364262) | (48333211) | (3857039) | (16464110) |
| **Net Assets** | $**81467177** | $**105307059** | $**4186810** | $**284160740** |
| **Net Asset Value Per Share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Investor Class Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $74658026 | $105185200 | $4133170 | $256511050 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 9401670 | 9290075 | 406385 | 16212617 |
| &nbsp;&nbsp;&nbsp;Net asset value, (Net Assets ÷ Shares Outstanding), offering and redemption price per share | $7.94 | $11.32 | $10.17 | $15.82 |
| &nbsp;&nbsp;&nbsp;**Advisor Class Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $6809151 | $121859 | $53640 | $27649690 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 842333 | 11018 | 5343 | 1860937 |
| &nbsp;&nbsp;&nbsp;Net asset value, (Net Assets ÷ Shares Outstanding), offering and redemption price per share | $8.08 | $11.06 | $10.04 | $14.86 |

---

<sup>(a)</sup> Includes loaned securities with a value of $16,936,996, $18,394,717, $394,350 and $0, respectively.

See accompanying notes to financial statements.

---

| |
|:---|
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)** |
| December 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quantified**<br>**Pattern**<br>**Recognition Fund** | **Quantified**<br>**Tactical Fixed**<br>**Income Fund** | **Quantified Evolution**<br>**Plus Fund**<br>**(Consolidated)** | **Quantified**<br>**Common**<br>**Ground Fund** |
| **Assets:** |  |  |  |  |
| Investment securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At cost | $53321755 | $7396234 | $13285333 | $127443375 |
| &nbsp;&nbsp;&nbsp;At value <sup>(a)</sup> | $53491920 | $7396234 | $13283177 | $129032384 |
| Cash | 1070569 | 1094108 |  |  |
| Cash collateral for swaps |  |  | 5 |  |
| Deposits with brokers for futures | 2280904 | 57 | 594068 |  |
| Receivable: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and Interest | 146673 | 26366 | 38090 | 264611 |
| &nbsp;&nbsp;&nbsp;Securities sold | 136640 |  | 93540 |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 13763 | 293 | 225 | 24685 |
| &nbsp;&nbsp;&nbsp;Receivable for swaps |  | 6103 |  |  |
| Unrealized appreciation on futures |  |  | 425370 |  |
| Unrealized appreciation on swaps |  | 90 | 123110 |  |
| Prepaid expenses and other assets | 10360 | 10094 | 11399 | 25209 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | **57150829** | **8533345** | **14568984** | **129346889** |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateral on securities loaned |  |  |  | 9831155 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 52644 | 8 | 5441 | 9959 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 46398 | 7227 | 11550 | 100918 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 30223 | 20750 | 18597 | 24436 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees - Investor Class | 6960 | 1084 | 1733 | 15001 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees | 11600 | 1806 | 2888 | 25912 |
| Unrealized depreciation on swaps |  | 9742 | 10815 |  |
| Unrealized depreciation on futures | 229016 |  | 51400 |  |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | **376841** | **40617** | **102424** | **10007381** |
| **Net Assets** | $**56773988** | $**8492728** | $**14466560** | $**119339508** |
| **Net Assets Consist of:** |  |  |  |  |
| Capital Stock | $58352477 | $60700651 | $31901302 | $125025622 |
| Accumulated losses | (1578489) | (52207923) | (17434742) | (5686114) |
| **Net Assets** | $**56773988** | $**8492728** | $**14466560** | $**119339508** |
| **Net Asset Value Per Share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Investor Class Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $56773988 | $8492728 | $14466560 | $118267949 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 3882863 | 1454266 | 3595566 | 7875861 |
| &nbsp;&nbsp;&nbsp;Net asset value, (Net Assets ÷ Shares Outstanding), offering and redemption price per share | $14.62 | $5.84 | $4.02 | $15.02 |
| &nbsp;&nbsp;&nbsp;**Advisor Class Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $— | $— | $— | $1071559 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) |  |  |  | 71464 |
| &nbsp;&nbsp;&nbsp;Net asset value, (Net Assets ÷ Shares Outstanding), offering and redemption price per share | $— | $— | $— | $14.99 |

---

<sup>(a)</sup> Includes loaned securities with a value of $0, $0, $0 and $9,465,696, respectively.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)** |
| December 31, 2025 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quantified**<br>**Tactical**<br>**Sectors Fund** | **Quantified**<br>**Rising Dividend**<br>**Tactical Fund** | **Quantified**<br>**Government Income**<br>**Tactical Fund** | **Quantified**<br>**Global**<br>**Fund** | **Quantified Eckhardt<br> Managed Futures**<br>**Strategy Fund**<br>**(Consolidated)** |
| **Assets:** |  |  |  |  |  |
| Investment securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At cost | $51608985 | $16165491 | $48397200 | $12733509 | $41746938 |
| &nbsp;&nbsp;&nbsp;At value <sup>(a)</sup> | $51399504 | $17080199 | $48396649 | $12507143 | $37341270 |
| Deposits with brokers for futures |  |  | 1109156 |  |  |
| Unrealized appreciation on swaps | 64781 | 573059 |  |  |  |
| Receivable: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 202483 | 5381 | 150209 | 74696 | 72681 |
| &nbsp;&nbsp;&nbsp;Receivable for swaps closed | 28365 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 14537 |  | 6196 |  | 4549 |
| &nbsp;&nbsp;&nbsp;Securities sold |  |  | 26146 |  |  |
| Prepaid expenses and other assets | 16181 | 9621 | 5763 | 13811 | 21490 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | **51725851** | **17668260** | **49694119** | **12595650** | **37439990** |
| **Liabilities:** |  |  |  |  |  |
| Payables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateral on securities loaned | 4128300 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 49808 | 14715 | 41994 | 10881 | 32851 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 34224 | 2 | 2593 | 2773 | 9158 |
| &nbsp;&nbsp;&nbsp;Payable for swaps closed | 16451 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees | 12452 | 3679 | 10499 | 2720 | 18385 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees - Investor Class | 7471 | 2207 | 6299 | 1632 | 2893 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 16267 |  | 4315 | 6131 | 3813 |
| Unrealized depreciation on swaps | 379989 | 14499 |  |  |  |
| Unrealized depreciation on futures |  |  | 14594 |  |  |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | **4644962** | **35102** | **80294** | **24137** | **67100** |
| **Net Assets** | $**47080889** | $**17633158** | $**49613825** | $**12571513** | $**37372890** |
| **Net Assets Consist of:** |  |  |  |  |  |
| Capital Stock | $76485258 | $18539387 | $64076504 | $12368852 | $44140505 |
| Accumulated earnings (losses) | (29404369) | (906229) | (14462679) | 202661 | (6767615) |
| **Net Assets** | $**47080889** | $**17633158** | $**49613825** | $**12571513** | $**37372890** |
| **Net Asset Value Per Share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Investor Class Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $47080889 | $17633158 | $49613825 | $12571513 | $21176394 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) | 6373878 | 1787899 | 7112329 | 1653589 | 2605969 |
| &nbsp;&nbsp;&nbsp;Net asset value, (Net Assets ÷ Shares Outstanding), offering and redemption price per share | $7.39 | $9.86 | $6.98 | $7.60 | $8.13 |
| &nbsp;&nbsp;&nbsp;**Advisor Class Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $— | $— | $— | $— | $16196496 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (no par value; unlimited shares authorized) |  |  |  |  | 2004017 |
| &nbsp;&nbsp;&nbsp;Net asset value, (Net Assets ÷ Shares Outstanding), offering and redemption price per share | $— | $— | $— | $— | $8.08 |

---

<sup>(a)</sup> Includes loaned securities with a value of $4,002,366, $0, $0, $0 and $0 , respectively.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **STATEMENTS OF OPERATIONS (Unaudited)** |
| For the Six Months Ended December 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quantified**<br>**Managed**<br>**Income Fund** | **Quantified**<br>**Market Leaders**<br>**Fund** | **Quantified**<br>**Alternative**<br>**Investment Fund** | **Quantified**<br>**STF**<br>**Fund** |
| **Investment Income** |  |  |  |  |
| Dividends | $1628852 | $812523 | $70404 | $630 |
| Interest | 252460 | 422863 | 16654 | 3960090 |
| Securities lending, net | 77011 | 38964 | 4328 | 57 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | **1958323** | **1274350** | **91386** | **3960777** |
| **Expenses** |  |  |  |  |
| Investment advisory fees | 329309 | 486552 | 23281 | 1324920 |
| Operating services fees | 84811 | 122637 | 10518 | 245225 |
| Distribution (12b-1) fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 101648 | 162033 | 7704 | 299714 |
| &nbsp;&nbsp;&nbsp;Advisor Class | 32485 | 606 | 224 | 126066 |
| Shareholder services fees - Investor Class | 60989 | 97220 | 4623 | 179828 |
| Interest expense on line of credit | 1173 |  | 1173 |  |
| Custody overdraft fees |  |  | 427 |  |
| Miscellaneous expenses | 4500 | 4500 | 4500 | 4500 |
| &nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **614915** | **873548** | **52450** | **2180253** |
| &nbsp;&nbsp;&nbsp;Less: Expenses waived by the Advisor |  |  | (4500) |  |
| &nbsp;&nbsp;&nbsp;Net Expenses | 614915 | 873548 | 47950 | 2180253 |
| &nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **614915** | **873548** | **47950** | **2180253** |
| **Net Investment Income** | **1343408** | **400802** | **43436** | **1780524** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures and Swaps** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 1482704 | 10333235 | 556685 | 2672 |
| &nbsp;&nbsp;&nbsp;Futures | (864617) |  | 24116 | 38675504 |
| &nbsp;&nbsp;&nbsp;Swaps |  | 9590596 |  |  |
| &nbsp;&nbsp;&nbsp;Capital gain distributions from underlying investment companies |  |  | 517 |  |
|  | 618087 | 19923831 | 581318 | 38678176 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (1479942) | (3343145) | (13048) | 629211 |
| &nbsp;&nbsp;&nbsp;Futures | 205728 |  | (18511) | (10373810) |
| &nbsp;&nbsp;&nbsp;Swaps |  | (5458425) |  |  |
|  | (1274214) | (8801570) | (31559) | (9744599) |
| **Net Realized and Unrealized Gain (Loss) on Investments, Futures and Swaps** | **(656127)** | **11122261** | **549759** | **28933577** |
| **Net Increase in Net Assets Resulting From Operations** | $**687281** | $**11523063** | $**593195** | $**30714101** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **STATEMENTS OF OPERATIONS (Unaudited) (Continued)** |
| For the Six Months Ended December 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quantified**<br>**Pattern**<br>**Recognition Fund** | **Quantified**<br>**Tactical Fixed**<br>**Income Fund** | **Quantified Evolution**<br>**Plus Fund**<br>**(Consolidated)** | **Quantified**<br>**Common**<br>**Ground Fund** |
| **Investment Income** |  |  |  |  |
| Dividends | $1314 | $— | $6886 | $1324005 |
| Interest | 759751 | 183141 | 228275 | 335766 |
| Securities lending, net | 16 |  | 63 | 7860 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | **761081** | **183141** | **235224** | **1667631** |
| **Expenses** |  |  |  |  |
| Investment advisory fees | 218707 | 45966 | 64059 | 591490 |
| Distribution (12b-1) fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 54677 | 11491 | 16015 | 146609 |
| &nbsp;&nbsp;&nbsp;Advisor Class |  |  |  | 5053 |
| Operating services fees | 44774 | 13965 | 16534 | 107885 |
| Shareholder services fees - Investor Class | 37871 | 6895 | 9609 | 87966 |
| Interest expense on line of credit |  |  |  | 1173 |
| Miscellaneous expenses | 4500 | 4500 | 4500 | 4500 |
| &nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **360529** | **82817** | **110717** | **944676** |
| &nbsp;&nbsp;&nbsp;Less: Expenses waived by the Advisor | (4500) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Expenses | 356029 | 82817 | 110717 | 944676 |
| &nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **356029** | **82817** | **110717** | **944676** |
| **Net Investment Income** | **405052** | **100324** | **124507** | **722955** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures and Swaps** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 20296 |  | 52982 | 3020687 |
| &nbsp;&nbsp;&nbsp;Futures | 8128981 |  | 649651 |  |
| &nbsp;&nbsp;&nbsp;Swaps |  | (221308) | 390510 |  |
|  | 8149277 | (221308) | 1093143 | 3020687 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 163567 |  | (2527) | 630361 |
| &nbsp;&nbsp;&nbsp;Futures | (229016) |  | 149174 |  |
| &nbsp;&nbsp;&nbsp;Swaps |  | (241140) | 204120 |  |
|  | (65449) | (241140) | 350767 | 630361 |
| **Net Realized and Unrealized Gain (Loss) on Investments, Futures and Swaps** | **8083828** | **(462448)** | **1443910** | **3651048** |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**8488880** | $**(362124)** | $**1568417** | $**4374003** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **STATEMENTS OF OPERATIONS (Unaudited) (Continued)** |
| For the Six Months Ended December 31, 2025 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br>**Quantified**<br>**Tactical**<br>**Sectors Fund** |<br>**Quantified**<br>**Rising Dividend**<br>**Tactical Fund** |<br>**Quantified**<br>**Government Income**<br>**Tactical Fund** |<br>**Quantified**<br>**Global**<br>**Fund** | **Quantified Eckhardt**<br>**Managed Futures**<br>**Strategy Fund**<br>**(Consolidated)** |
| **Investment Income** |  |  |  |  |  |
| Dividends (net of foreign withholding tax of $0, $0, $0, $5,896 and $0) | $331003 | $139620 | $1017 | $196566 | 1243 |
| Interest | 263243 | 28372 | 1069634 | 53910 | 396319 |
| Securities lending, net | 19329 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | **613575** | **167992** | **1070651** | **250476** | **397562** |
| **Expenses** |  |  |  |  |  |
| Investment advisory fees | 411066 | 100324 | 269166 | 101874 | 180764 |
| Distribution (12b-1) fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 102767 | 25081 | 67292 | 25469 | 27284 |
| &nbsp;&nbsp;&nbsp;Advisor Class |  |  |  |  | 71628 |
| Operating services fees | 78715 | 22631 | 53756 | 20558 | 39486 |
| Shareholder services fees - Investor Class | 61660 | 15049 | 40375 | 15281 | 16370 |
| Custody overdraft fees |  |  |  | 139 |  |
| Miscellaneous expenses | 4500 | 4500 | 4500 | 4500 | 4500 |
| &nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **658708** | **167585** | **435089** | **167821** | **340032** |
| &nbsp;&nbsp;&nbsp;Less: Expenses waived by the Advisor |  | (4500) | (4500) | (4500) | (4500) |
| &nbsp;&nbsp;&nbsp;Net Expenses | 658708 | 163085 | 430589 | 163321 | 335532 |
| &nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **658708** | **163085** | **430589** | **163321** | **335532** |
| **Net Investment Income** | **(45133)** | **4907** | **640062** | **87155** | **62030** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures and Swaps** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 9834217 | 865801 | 741 | 4238855 | (801548) |
| &nbsp;&nbsp;&nbsp;Futures |  |  | 559332 |  |  |
| &nbsp;&nbsp;&nbsp;Swaps | 7505559 | 447436 |  |  |  |
|  | 17339776 | 1313237 | 560073 | 4238855 | (801548) |
| Net change in unrealized depreciation on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (3536870) | (52760) | (722) | (2734700) | (1078659) |
| &nbsp;&nbsp;&nbsp;Futures |  |  | (2410) |  |  |
| &nbsp;&nbsp;&nbsp;Swaps | (3069909) | (38104) |  |  |  |
|  | (6606779) | (90864) | (3132) | (2734700) | (1078659) |
| **Net Realized and Unrealized Gain (Loss) on Investments, Futures and Swaps** | **10732997** | **1222373** | **556941** | **1504155** | **(1880207)** |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**10687864** | $**1227280** | $**1197003** | $**1591310** | $**(1818177)** |

---

See accompanying notes to consolidated financial statements.

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Quantified Managed Income Fund** | **Quantified Managed Income Fund** |
| | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** |
| **INCREASE (DECREASE) IN NET ASSETS FROM:** | **(Unaudited)** | |
| **Operations** |  |  |
| Net investment income | $1343408 | $4546458 |
| Net realized gain from investments and futures | 618087 | 2591839 |
| Net change in unrealized appreciation (depreciation) on investments and futures | (1274214) | 16569 |
| Net Increase in Net Assets Resulting From Operations | 687281 | 7154866 |
| **Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (3202517) | (4949271) |
| &nbsp;&nbsp;&nbsp;Advisor Class | (273463) | (320) |
| Total Distributions to Shareholders | (3475980) | (4949591) |
| **Shares of Beneficial Interest:** |  |  |
| Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 111670618 | 570573190 |
| &nbsp;&nbsp;&nbsp;Advisor Class | 1715181 | 5434465 |
| Net asset value of shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 3191112 | 4940355 |
| &nbsp;&nbsp;&nbsp;Advisor Class | 273463 | 320 |
| Payments for shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (141368991) | (576885826) |
| &nbsp;&nbsp;&nbsp;Advisor Class | (362504) | (107826) |
| Total Increase (Decrease) in Net Assets From Shares of Beneficial Interest | (24881121) | 3954678 |
| **Total Increase (Decrease) in Net Assets** | (27669820) | 6159953 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 109136997 | 102977044 |
| &nbsp;&nbsp;&nbsp;End of Period | $**81467177** | $**109136997** |
| **Share Activity** |  |  |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 13441980 | 69961491 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestments of Distributions | 399388 | 624571 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (17027277) | (70757723) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Shares of Beneficial Interest Outstanding | (3185909) | (171661) |
| Advisor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 203115 | 660571 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestments of Distributions | 33636 | 40 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (43037) | (13093) |
| &nbsp;&nbsp;&nbsp;Net Increase in Shares of Beneficial Interest Outstanding | 193714 | 647518 |

---

See accompanying notes to financial statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quantified Market Leaders Fund** | **Quantified Market Leaders Fund** | **Quantified Alternative Investment Fund** | **Quantified Alternative Investment Fund** |
| | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** |
| **INCREASE (DECREASE) IN NET ASSETS FROM:** | **(Unaudited)** | | **(Unaudited)** | |
| **Operations** |  |  |  |  |
| Net investment income | $400802 | $1391604 | $43436 | $483908 |
| Net realized gain (loss) from investments, futures and Swaps | 19923831 | (11561837) | 581318 | (1612535) |
| Net change in unrealized depreciation on investments, futures & swaps | (8801570) | (1195283) | (31559) | (218369) |
| Net Increase (Decrease) in Net Assets Resulting From Operations | 11523063 | (11365516) | 593195 | (1346996) |
| **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (1426356) |  | (97769) | (463325) |
| &nbsp;&nbsp;&nbsp;Advisor Class | (680) |  | (1137) | (592) |
| Total Distributions to Shareholders | (1427036) |  | (98906) | (463917) |
| **Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 53257848 | 246005861 | 8577331 | 19953434 |
| &nbsp;&nbsp;&nbsp;Advisor Class | 1333 | 12244 | 15003 | 3338 |
| Net asset value of shares issued in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 1417064 |  | 97769 | 462294 |
| &nbsp;&nbsp;&nbsp;Advisor Class | 679 |  | 1137 | 592 |
| Payments for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (84029862) | (294499471) | (10109371) | (40301816) |
| &nbsp;&nbsp;&nbsp;Advisor Class | (1363) | (59351) |  | (34673) |
| Total Increase (Decrease) in Net Assets From Shares of Beneficial Interest | (29354301) | (48540717) | (1418131) | (19916831) |
| **Total Decrease in Net Assets** | (19258274) | (59906233) | (923842) | (21727744) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 124565333 | 184471566 | 5110652 | 26838396 |
| &nbsp;&nbsp;&nbsp;End of Period | $**105307059** | $**124565333** | $**4186810** | $**5110652** |
| **Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 4710431 | 22373457 | 863999 | 2114899 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestments of Distributions | 121741 |  | 9492 | 49978 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (7380764) | (26858645) | (1002539) | (4450893) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Shares of Beneficial Interest Outstanding | (2548592) | (4485188) | (129048) | (2286016) |
| Advisor Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 117 | 1228 | 1533 | 360 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestments of Distributions | 60 |  | 112 | 65 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (126) | (5257) |  | (3753) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | 51 | (4029) | 1645 | (3328) |

---

See accompanying notes to financial statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quantified STF Fund** | **Quantified STF Fund** | **Quantified Pattern Recognition Fund** | **Quantified Pattern Recognition Fund** |
| | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** |
| **INCREASE (DECREASE) IN NET ASSETS FROM:** | **(Unaudited)** | | **(Unaudited)** | |
| **Operations:** | | | | |
| Net investment income | $1780524 | $4019915 | $405052 | $994007 |
| Net realized gain (loss) from investments and futures | 38678176 | (33657353) | 8149277 | 3018991 |
| Net change in unrealized appreciation (depreciation) on investments and futures | (9744599) | 10048064 | (65449) | 106580 |
| Net Increase (Decrease) in Net Assets Resulting From Operations | 30714101 | (19589374) | 8488880 | 4119578 |
| **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (24797747) | (10073765) | (828102) | (1136484) |
| &nbsp;&nbsp;&nbsp;Advisor Class | (2723115) | (15006) |  |  |
| Total Distributions to Shareholders | (27520862) | (10088771) | (828102) | (1136484) |
| **Shares of Beneficial Interest:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 186902554 | 282802875 | 28766626 | 53136506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 9691203 | 18318897 |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 24581101 | 9887682 | 827578 | 1135487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 2723115 | 12229 |  |  |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (129485002) | (338970982) | (27720433) | (41072596) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (4583676) | (1187523) |  |  |
| Total Increase (Decrease) in Net Assets From Shares of Beneficial Interest | 89829295 | (29136822) | 1873771 | 13199397 |
| **Total Increase (Decrease) in Net Assets** | 93022534 | (58814967) | 9534549 | 16182491 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 191138206 | 249953173 | 47239439 | 31056948 |
| &nbsp;&nbsp;&nbsp;End of Period | $**284160740** | $**191138206** | $**56773988** | $**47239439** |
| **Share Activity** |  |  |  |  |
| Investor Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 11070387 | 17184633 | 2140281 | 4444024 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestments of Distributions | 1501594 | 535048 | 56107 | 92316 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (7509589) | (20209206) | (2159274) | (3469011) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | 5062392 | (2489525) | 37114 | 1067329 |
| **Share Activity** |  |  |  |  |
| Advisor Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 614781 | 1417889 |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestments of Distributions | 177171 | 699 |  |  |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (286688) | (88481) |  |  |
| &nbsp;&nbsp;&nbsp;Net Increase in Shares of Beneficial Interest Outstanding | 505264 | 1330107 |  |  |

---

See accompanying notes to financial statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quantified Tactical Fixed Income Fund** | **Quantified Tactical Fixed Income Fund** | **Quantified Evolution Plus Fund (Consolidated)** | **Quantified Evolution Plus Fund (Consolidated)** |
| | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** |
| **INCREASE (DECREASE) IN NET ASSETS FROM:** | **(Unaudited)** | | **(Unaudited)** | |
| **Operations:** |  |  |  |  |
| Net investment income | $100324 | $948741 | $124507 | $703254 |
| Net realized gain (loss) from investments, futures and swaps | (221308) | (1564514) | 1093143 | (2084246) |
| Net change in unrealized appreciation (depreciation) on investments, futures and swaps | (241140) | 424938 | 350767 | 439006 |
| Net Increase (Decrease) in Net Assets Resulting From Operations | (362124) | (190835) | 1568417 | (941986) |
| **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (957681) | (1178463) | (5974039) | (1074046) |
| Total Distributions to Shareholders | (957681) | (1178463) | (5974039) | (1074046) |
| **Shares of Beneficial Interest:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 2994537 | 42573931 | 8862978 | 135102440 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 952753 | 1175106 | 5969903 | 1070893 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (4005065) | (84853805) | (8509034) | (144571731) |
| Total Increase (Decrease) in Net Assets From Shares of Beneficial Interest | (57775) | (41104768) | 6323847 | (8398398) |
| **Total Increase (Decrease) in Net Assets** | (1377580) | (42474066) | 1918225 | (10414430) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 9870308 | 52344374 | 12548335 | 22962765 |
| &nbsp;&nbsp;&nbsp;End of Period | $**8492728** | $**9870308** | $**14466560** | $**12548335** |
| **Share Activity** |  |  |  |  |
| Investor Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 447156 | 5705383 | 1443735 | 20312188 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestments of Distributions | 163143 | 163664 | 1404683 | 170524 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (596455) | (11430738) | (1415735) | (21938333) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | 13844 | (5561691) | 1432683 | (1455621) |

---

See accompanying notes to consolidated financial statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quantified Common Ground Fund** | **Quantified Common Ground Fund** | **Quantified Tactical Sectors Fund** | **Quantified Tactical Sectors Fund** |
| | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** |
| **INCREASE (DECREASE) IN NET ASSETS FROM:** | **(Unaudited)** | | **(Unaudited)** | |
| **Operations:** |  |  |  |  |
| Net investment income (loss) | $722955 | $1186790 | $(45133) | $213923 |
| Net realized gain (loss) from investments and swaps | 3020687 | (2715427) | 17339776 | (5481027) |
| Net change in unrealized appreciation (Depreciation) on investments, and swaps | 630361 | (238768) | (6606779) | 1218329 |
| Net Increase (Decrease) in Net Assets Resulting From Operations | 4374003 | (1767405) | 10687864 | (4048775) |
| **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (816157) | (6349357) | (213953) |  |
| &nbsp;&nbsp;&nbsp;Advisor Class<sup>\*</sup> | (3888) |  |  |  |
| Total Distributions to Shareholders | (820045) | (6349357) | (213953) |  |
| **Shares of Beneficial Interest:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 118906285 | 457579954 | 101939946 | 97726189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class<sup>\*</sup> | 188041 | 867564 |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 812356 | 6307455 | 213188 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class<sup>\*</sup> | 3888 |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (122221931) | (518227219) | (117133955) | (106964252) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class<sup>\*</sup> | (32746) | (1703) |  |  |
| Total Decrease in Net Assets From Shares of Beneficial Interest | (2344107) | (53473949) | (14980821) | (9238063) |
| **Total Increase (Decrease) in Net Assets** | 1209851 | (61590711) | (4506910) | (13286838) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 118129657 | 179720368 | 51587799 | 64874637 |
| &nbsp;&nbsp;&nbsp;End of Period | $**119339508** | $**118129657** | $**47080889** | $**51587799** |
| **Share Activity** |  |  |  |  |
| Investor Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 8063815 | 49974310 | 14102510 | 16276365 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestments of Distributions | 53585 | 21342 | 28125 | 677941 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (8307927) | (46068427) | (15449761) | (18100277) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | (190527) | 3927225 | (1319126) | (1145971) |
| **Share Activity** |  |  |  |  |
| Advisor Class<sup>\*</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 12857 |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestments of Distributions | 257 |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2252) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Increase in Shares of Beneficial Interest Outstanding | 10862 |  |  |  |

---

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

See accompanying notes to financial statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quantified Rising Dividend Tactical Fund** | **Quantified Rising Dividend Tactical Fund** | **Quantified Government Income Tactical Fund** | **Quantified Government Income Tactical Fund** |
| | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** |
| **INCREASE (DECREASE) IN NET ASSETS FROM:** | **(Unaudited)** | | **(Unaudited)** | |
| **Operations:** |  |  |  |  |
| Net investment income | $4907 | $61288 | $640062 | $966608 |
| Net realized gain from investments, futures and swaps | 1313237 | 4416127 | 560073 | 349133 |
| Net change in unrealized appreciation (depreciation) on investments, futures and swaps | (90864) | (2887896) | (3132) | 51384 |
| Net Increase in Net Assets Resulting From Operations | 1227280 | 1589519 | 1197003 | 1367125 |
| **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (62339) |  | (1142152) | (924528) |
| Total Distributions to Shareholders | (62339) |  | (1142152) | (924528) |
| **Shares of Beneficial Interest:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 7655066 | 86392944 | 58608613 | 89811733 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 60762 |  | 1140940 | 921919 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (17259959) | (99587333) | (52309594) | (76738422) |
| Total Increase (Decrease) in Net Assets From Shares of Beneficial Interest | (9544131) | (13194389) | 7439959 | 13995230 |
| **Total Increase (Decrease) in Net Assets** | (8379190) | (11604870) | 7494810 | 14437827 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 26012348 | 37617218 | 42119015 | 27681188 |
| &nbsp;&nbsp;&nbsp;End of Period | $**17633158** | $**26012348** | $**49613825** | $**42119015** |
| **Share Activity** |  |  |  |  |
| Investor Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 796984 | 6619084 | 8229909 | 13138962 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestments of Distributions | 6064 | 34469 | 162991 | 116853 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1808356) | (6342428) | (7314023) | (14616830) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | (1005308) | 311125 | 1078877 | (1361015) |

---

See accompanying notes to financial statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Quantified Eckhardt Managed Futures** | **Quantified Eckhardt Managed Futures** |
|  | **Quantified Global Fund** | **Quantified Global Fund** | **Strategy Fund (Consolidated)** | **Strategy Fund (Consolidated)** |
| | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** | **Six Months Ended**<br>**December 31, 2025** | **Period Ended**<br>**June 30, 2025\*** |
| **INCREASE (DECREASE) IN NET ASSETS FROM:** | **(Unaudited)** | | **(Unaudited)** | |
| **Operations** |  |  |  |  |
| Net investment income | $87155 | $547431 | $62030 | $232845 |
| Net realized gain (loss) from investments | 4238855 | (205385) | (801548) | (2156930) |
| Net change in unrealized appreciation (depreciation) on investments | (2734700) | 2408665 | (1078659) | (3327009) |
| Net Increase (decrease) in Net Assets Resulting From Operations | 1591310 | 2750711 | (1818177) | (5251094) |
| **Distributions to Shareholders from:** |  |  |  |  |
| Total Distributions Paid |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (3810535) | (549614) | (731950) | (92869) |
| &nbsp;&nbsp;&nbsp;Advisor Class |  |  | (561962) |  |
| Total Distributions to Shareholders | (3810535) | (549614) | (1293912) | (92869) |
| **Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 39862804 | 224679134 | 44316101 | 188589073 |
| &nbsp;&nbsp;&nbsp;Advisor Class\*\* |  |  | 7736961 | 11275558 |
| Net asset value of shares issued in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 3806848 | 545545 | 730557 | 92857 |
| &nbsp;&nbsp;&nbsp;Advisor Class\*\* |  |  | 561962 |  |
| Payments for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (108152405) | (155445704) | (50805762) | (155133995) |
| &nbsp;&nbsp;&nbsp;Advisor Class\*\* |  |  | (1080298) | (454072) |
| Total Increase (decrease) in Net Assets From Shares of Beneficial Interest | (64482753) | 69778975 | 1459521 | 44369421 |
| **Total Increase (decrease) in Net Assets** | (66701978) | 71980072 | (1652568) | 39025458 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year or Period | 79273491 | 7293419 | 39025458 |  |
| &nbsp;&nbsp;&nbsp;End of Year or Period | $**12571513** | $**79273491** | $**37372890** | $**39025458** |
| **Share Activity** |  |  |  |  |
| Investor Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 3724681 | 21989752 | 5133362 | 19376055 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestments of Distributions | 496330 | 58535 | 88984 | 9212 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (10337086) | (14955079) | (5834256) | (16167388) |
| &nbsp;&nbsp;&nbsp;Net Increase (decrease) in Shares of Beneficial Interest Outstanding | (6116075) | 7093208 | (611910) | 3217879 |
| Advisor Class\*\*: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold |  |  | 890973 | 1218965 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestments of Distributions |  |  | 68783 |  |
| &nbsp;&nbsp;&nbsp;Shares Redeemed |  |  | (123856) | (50848) |
| &nbsp;&nbsp;&nbsp;Net Increase in Shares of Beneficial Interest Outstanding |  |  | 835900 | 1168117 |

---

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

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

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Quantified Managed Income Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **Six Months Ended**<br>**December 31, 2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year or period | $8.24 | $8.07 | $8.30 | $8.65 | $8.79 | $9.04 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(1)</sup> | 0.13 | 0.24 | 0.29 | 0.23 | 0.08 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and futures | (0.07) | 0.24 | (0.15) | (0.54) | (0.16) | (0.23) |
| Total from investment operations | 0.06 | 0.48 | 0.14 | (0.31) | (0.08) | (0.17) |
| Distributions to Shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.36) | (0.31) | (0.37) | (0.04) | (0.06) | (0.08) |
| Total distributions | (0.36) | (0.31) | (0.37) | (0.04) | (0.06) | (0.08) |
| Net asset value, end of year or period | $7.94 | $8.24 | $8.07 | $8.30 | $8.65 | $8.79 |
| Total return <sup>(2)</sup> | 0.64% <sup>(5)</sup> | 6.16% | 1.62% | (3.53)% | (0.90)% | (1.92)% |
| Net assets, end of year or period (in 000s) | $74658 | $103696 | $102968 | $133422 | $208199 | $124443 |
| Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets <sup>(3)</sup> | 1.36% <sup>(6)</sup> | 1.34% | 1.35% | 1.33% | 1.31% | 1.41% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(34)</sup> | 3.10% <sup>(6)</sup> | 2.98% | 3.55% | 2.68% | 0.88% | 0.70% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 449% <sup>(5)</sup> | 826% | 718% | 802% | 820% | 619% |

---

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

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

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

<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> Not Annualized.

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

See accompanying notes to financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Quantified Managed Income Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **Six Months Ended**<br>**December 31, 2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year or period | $8.39 | $8.22 | $8.35 | $8.70 | $8.83 | $9.07 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 0.11 | 0.14 | 0.24 | 0.19 | 0.04 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and futures | (0.08) | 0.29 | (0.16) | (0.54) | (0.17) | (0.22) |
| Total from investment operations | 0.03 | 0.43 | 0.08 | (0.35) | (0.13) | (0.24) |
| Distributions to Shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.34) | (0.26) | (0.21) |  |  |  |
| Total distributions | (0.34) | (0.26) | (0.21) |  |  |  |
| Net asset value, end of year or period | $8.08 | $8.39 | $8.22 | $8.35 | $8.70 | $8.83 |
| Total return <sup>(2)</sup> | 0.32% <sup>(5)</sup> | 5.40% | 0.99% | (4.02)% | (1.47)% | (2.65)% |
| Net assets, end of year or period(in 000s) | $6809 | $5441 | $9 | $23 | $17 | $27 |
| Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets <sup>(3)</sup> | 1.96% <sup>(6)</sup> | 1.98% | 1.94% | 1.93% | 1.91% | 2.02% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(34)</sup> | 2.49% <sup>(6)</sup> | 1.74% | 2.92% | 2.21% | 0.44% | (0.25)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 449% <sup>(5)</sup> | 826% | 718% | 802% | 820% | 619% |

---

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

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

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

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

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Quantified Market Leaders Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Six Months Ended**<br>**December 31, 2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year or period | $10.51 | $11.29 | $10.11 | $9.12 | $16.20 | $11.02 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.04 | 0.11 | 0.13 | 0.08 | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and swaps | 0.93 | (0.89) | 1.25 | 0.91 | (3.88) | 6.46 |
| Total from investment operations | 0.97 | (0.78) | 1.38 | 0.99 | (3.89) | 6.45 |
| Distributions to Shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.16) |  | (0.20) |  | (0.19) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (3.00) | (1.24) |
| Total distributions | (0.16) |  | (0.20) |  | (3.19) | (1.27) |
| Net asset value, end of year or period | $11.32 | $10.51 | $11.29 | $10.11 | $9.12 | $16.20 |
| Total return <sup>(2)</sup> | 9.14% <sup>(5)</sup> | (6.91)% | 13.88% | 10.86% | (28.64)% | 60.94% |
| Net assets, end of year or period (in 000s) | $105185 | $124453 | $184306 | $179967 | $234197 | $360780 |
| Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets <sup>(3)</sup> | 1.35% <sup>(6)</sup> | 1.34% | 1.34% | 1.32% | 1.30% | 1.40% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(34)</sup> | 0.62% <sup>(6)</sup> | 1.01% | 1.25% | 0.83% | (0.08)% | (0.07)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 358% <sup>(5)</sup> | 1119% | 1289% | 1592% | 1058% | 568% |

---

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

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

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

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

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Quantified Market Leaders Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **Six Months Ended**<br>**December 31, 2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year or period | $10.22 | $11.04 | $9.90 | $8.98 | $15.92 | $10.87 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 0.02 | 0.03 | 0.05 | 0.02 | (0.08) | (0.19) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and swaps | 0.88 | (0.85) | 1.24 | 0.90 | (3.83) | 6.48 |
| Total from investment operations | 0.90 | (0.82) | 1.29 | 0.92 | (3.91) | 6.29 |
| Distributions to Shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.06) |  | (0.15) |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (3.00) | (1.24) |
| Total distributions | (0.06) |  | (0.15) |  | (3.03) | (1.24) |
| Net asset value, end of year or period | $11.06 | $10.22 | $11.04 | $9.90 | $8.98 | $15.92 |
| Total return <sup>(2)</sup> | 8.81% <sup>(5)</sup> | (7.43)% | 13.14% | 10.25% | (29.09)% | 60.23% |
| Net assets, end of year or period (in 000s) | $122 | $112 | $166 | $165 | $151 | $189 |
| Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets <sup>(3)</sup> | 1.95% <sup>(6)</sup> | 1.94% | 1.94% | 1.93% | 1.90% | 2.00% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(34)</sup> | 0.27% <sup>(6)</sup> | 0.31% | 0.53% | 0.23% | (0.67)% | (1.48)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 358% <sup>(5)</sup> | 1119% | 1289% | 1592% | 1058% | 568% |

---

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

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

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

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

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Quantified Alternative Investment Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **Six Months Ended**<br>**December 31, 2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year or period | $9.48 | $9.49 | $9.17 | $9.49 | $10.92 | $8.62 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 0.07 | 0.23 | 0.11 | 0.22 | 0.18 | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments, futures and distributions from underlying investment companies | 0.87 | (0.09) | 0.53 | (0.39) | (0.34) | 2.34 |
| Total from investment operations | 0.94 | 0.14 | 0.64 | (0.17) | (0.16) | 2.30 |
| Distributions to Shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.25) | (0.15) | (0.32) | (0.15) | (0.16) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (1.11) |  |
| Total distributions | (0.25) | (0.15) | (0.32 | (0.15) | (1.27) |  |
| Net asset value, end of year or period | $10.17 | $9.48 | $9.49 | $9.17 | $9.49 | $10.92 |
| Total return <sup>(2)</sup> | 9.84% <sup>(6)</sup> | 1.48% | 7.17 | (1.71)% | (1.99)% | 26.68% |
| Net assets, end of year or period (in 000s) | $4133 | $5076 | $26773 | $6546 | $10458 | $8627 |
| Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets <sup>(3)</sup> | 1.69% <sup>(7)</sup> | 1.42% | 1.50 | 1.57% | 1.33% | 1.56% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(3)</sup> | 1.54% <sup>(7)</sup> | 1.38% | 1.43 | 1.49% | 1.33% | 1.56% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(34)</sup> | 1.40% <sup>(7)</sup> | 2.43% | 1.13 | 2.39% | 1.77% | (0.43)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 365% <sup>(6)</sup> | 659% | 571 | 971% | 1321% | 1031% |

---

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

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

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

(4) 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.

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Quantified Alternative Investment Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **Six Months Ended**<br>**December 31, 2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year or period | $9.36 | $9.37 | $9.03 | $9.32 | $10.72 | $8.51 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 0.04 | 0.16 | 0.15 | 0.15 | 0.16 | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments, futures and distributions from underlying investment companies | 0.86 | (0.09) | 0.42<sup>(5)</sup> | (0.36) | (0.37) | 2.26 |
| Total from investment operations | 0.90 | 0.07 | 0.57 | (0.21) | (0.21) | 2.21 |
| Distributions to Shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.08) | (0.23) | (0.08) | (0.08) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (1.11) |  |
| Total distributions | (0.22) | (0.08) | (0.23) | (0.08) | (1.19) |  |
| Net asset value, end of year or period | $10.04 | $9.36 | $9.37 | $9.03 | $9.32 | $10.72 |
| Total return <sup>(2)</sup> | 9.56% <sup>(6)</sup> | 0.77% | 6.54% | (2.24)% | (2.45)% | 25.97% |
| Net assets, end of year or period (in 000s) | $54 | $35 | $66 | $71 | $70 | $82 |
| Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets <sup>(3)</sup> | 2.34% <sup>(7)</sup> | 2.07% | 2.16% | 2.19% | 1.94% | 2.24% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(3)</sup> | 2.19% <sup>(7)</sup> | 2.02% | 2.10% | 2.11% | 1.94% | 2.24% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(34)</sup> | 0.80% <sup>(7)</sup> | 1.78% | 1.66% | 1.68% | 1.58% | (0.49)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 365% <sup>(6)</sup> | 659% | 571% | 971% | 1321% | 1031% |

---

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

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

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

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

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

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Quantified STF Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **Six Months Ended**<br>**December 31, 2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year or period | $15.38 | $18.29 | $13.23 | $11.52 | $17.12 | $13.64 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 0.12 | 0.37 | 0.33 | 0.08 | (0.19) | (0.19) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and futures | 2.01 | (2.36) | 4.88 | 1.63 | (1.74) | 6.95 |
| Total from investment operations | 2.13 | (1.99) | 5.21 | 1.71 | (1.93) | 6.76 |
| Distributions to Shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.34) | (0.23) | (0.15) |  |  | 0.00<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.35) | (0.69) |  |  | (3.67) | (3.28) |
| Total distributions | (1.69) | (0.92) | (0.15) |  | (3.67) | (3.28) |
| Net asset value, end of year or period | $15.82 | $15.38 | $18.29 | $13.23 | $11.52 | $17.12 |
| Total return <sup>(3)</sup> | 13.45% <sup>(7)</sup> | (11.74)% | 39.67% | 14.84% | (18.23)% <sup>(6)</sup> | 51.86% |
| Net assets, end of year or period (in 000s) | $256511 | $171457 | $249510 | $210778 | $140559 | $177970 |
| Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets <sup>(4)</sup> | 1.59% <sup>(8)</sup> | 1.59% | 1.60% | 1.58% | 1.55% | 1.66% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(45)</sup> | 1.40% <sup>(8)</sup> | 2.19% | 2.30% | 0.74% | (1.18)% | (1.16)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 28% <sup>(7)</sup> | 153% | 38% | 102% | 168% | 238% |

---

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

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

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

<sup>(4)</sup> The ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

<sup>(5)</sup> Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

<sup>(6)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States and consequently the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Quantified STF Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **Six Months Ended**<br>**December 31, 2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year or period | $14.52 | $17.32 | $12.53 | $10.98 | $16.55 | $13.34 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 0.06 | 0.15 | 0.24 | 0.01 | (0.28) | (0.28) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and futures | 1.90 | (2.14) | 4.61 | 1.54 | (1.62) | 6.77 |
| Total from investment operations | 1.96 | (1.99) | 4.85 | 1.55 | (1.90) | 6.49 |
| Distributions to Shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.27) | (0.12) | (0.06) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.35) | (0.69) |  |  | (3.67) | (3.28) |
| Total distributions | (1.62) | (0.81) | (0.06) |  | (3.67) | (3.28) |
| Net asset value, end of year or period | $14.86 | $14.52 | $17.32 | $12.53 | $10.98 | $16.55 |
| Total return <sup>(2)</sup> | 13.13% <sup>(6)</sup> | (12.27)% | 38.84% | 14.12% <sup>(5)</sup> | (18.72)% | 50.87% |
| Net assets, end of year or period (in 000s) | $27650 | $19681 | $443 | $229 | $302 | $566 |
| Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets <sup>(3)</sup> | 2.19% <sup>(7)</sup> | 2.21% | 2.20% | 2.18% | 2.15% | 2.27% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(34)</sup> | 0.80% <sup>(7)</sup> | 1.11% | 1.73% | 0.10% | (1.79)% | (1.74)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 28% <sup>(6)</sup> | 153% | 38% | 102% | 168% | 238% |

---

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

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

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

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

<sup>(5)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States and consequently the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Quantified Pattern Recognition Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **Six Months Ended**<br>**December 31, 2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year or period | $12.28 | $11.18 | $11.24 | $8.32 | $13.42 | $10.49 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 0.13 | 0.32 | 0.37 | 0.21 | (0.13) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and futures | 2.43 | 1.08 | (0.03) | 2.72 | (1.94) | 3.08 |
| Total from investment operations | 2.56 | 1.40 | 0.34 | 2.93 | (2.07) | 2.95 |
| Distributions to Shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.30) | (0.40) | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (3.03) | (0.02) |
| Total distributions | (0.22) | (0.30) | (0.40) | (0.01) | (3.03) | (0.02) |
| Net asset value, end of year or period | $14.62 | $12.28 | $11.18 | $11.24 | $8.32 | $13.42 |
| Total return <sup>(2)</sup> | 20.80% <sup>(5)</sup> | 12.55% | 3.45% | 35.28% | (21.49)% | 28.21% |
| Net assets, end of year or period (in 000s) | $56774 | $47239 | $31057 | $61401 | $18290 | $70953 |
| Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets <sup>(3)</sup> | 1.65% <sup>(6)</sup> | 1.63% | 1.64% | 1.62% | 1.55% | 1.67% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(3)</sup> | 1.63% <sup>(6)</sup> | 1.61% | 1.61% | 1.59% | 1.55% | 1.67% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(34)</sup> | 1.85% <sup>(6)</sup> | 2.69% | 3.33% | 2.17% | (1.17)% | (1.12)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 226% <sup>(5)</sup> | 889% | 135% | 314% | 495% | 226% |

---

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

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

<sup>(3)</sup> The ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the (4) 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> Not Annualized.

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

See accompanying notes to financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Quantified Tactical Fixed Income Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **Six Months Ended**<br>**December 31, 2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year or period | $6.85 | $7.48 | $7.91 | $9.13 | $9.99 | $10.95 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 0.07 | 0.21 | 0.12 | 0.06 | (0.12) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments, futures and swaps | (0.34) | (0.58) | (0.54) | (1.28) | (0.74) | (0.59) |
| Total from investment operations | (0.27) | (0.37) | (0.42) | (1.22) | (0.86) | (0.73) |
| Distributions to Shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.74) | (0.26) | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  |  | (0.23) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  |  | (0.00) <sup>(5)</sup> |
| Total distributions | (0.74) | (0.26) | (0.01) |  |  | (0.23) |
| Net asset value, end of year or period | $5.84 | $6.85 | $7.48 | $7.91 | $9.13 | $9.99 |
| Total return <sup>(2)</sup> | (3.88)% <sup>(6)</sup> | (5.06)% | (5.36)% | (13.36)% | (8.61)% | (6.83)% |
| Net assets, end of year or period (in 000s) | $8493 | $9870 | $52344 | $113315 | $152863 | $172596 |
| Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets <sup>(3)</sup> | 1.80% <sup>(7)</sup> | 1.64% | 1.61% | 1.58% | 1.56% | 1.66% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(34)</sup> | 2.18% <sup>(7)</sup> | 2.87% | 1.63% | 0.72% | (1.20)% | (1.31)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% <sup>(6)</sup> | 91% | 14% | 85% | 121% | 121% |

---

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

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

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

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

<sup>(5)</sup> Represents less than $0.01 per share.

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |
| **Quantified Evolution Plus Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **Six Months Ended**<br>**December 31, 2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year or period | $5.80 | $6.35 | $7.45 | $7.97 | $9.87 | $8.90 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 0.06 | 0.16 | 0.21 | 0.12 | (0.12) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments, futures and swaps | 0.83 | (0.08) | 0.12 | (0.63) | (0.50) | 1.32 |
| Total from investment operations | 0.89 | 0.08 | 0.33 | (0.51) | (0.62) | 1.19 |
| Distributions to Shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (2.67) | (0.63) | (1.43) | (0.01) |  | (0.22) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (1.28) |  |
| Total distributions | (2.67) | (0.63) | (1.43) | (0.01) | (1.28) | (0.22) |
| Net asset value, end of year or period | $4.02 | $5.80 | $6.35 | $7.45 | $7.97 | $9.87 |
| Total return <sup>(2)</sup> | 12.80% <sup>(5)</sup> | 0.47% | 6.18% | (6.46)% | (8.32)% | 13.50% |
| Net assets, end of year or period (in 000s) | $14467 | $12548 | $22963 | $49294 | $141943 | $58744 |
| Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets <sup>(3)</sup> | 1.73% <sup>(6)</sup> | 1.67% | 1.65% | 1.59% | 1.56% | 1.66% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(34)</sup> | 1.95% <sup>(6)</sup> | 2.46% | 3.04% | 1.56% | (1.26)% | (1.37)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 1998% <sup>(5)</sup> | 1708% | 329% | 635% | 514% | 594% |

---

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

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

(3) 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> Not Annualized.

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

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Quantified Common Ground Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **Six Months Ended**<br>**December 31, 2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year or period | $14.54 | $15.45 | $13.10 | $12.92 | $12.81 | $9.37 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 0.09 | 0.12 | 0.04 | 0.05 | 0.04 | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.49 | (0.37) | 2.34 | 0.13<sup>(6)</sup> | 0.84 | 3.73 |
| Total from investment operations | 0.58 | (0.25) | 2.38 | 0.18 | 0.88 | 3.63 |
| Distributions to Shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.10) | (0.13) | (0.03) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.53) |  |  | (0.77) | (0.19) |
| Total distributions | (0.10) | (0.66) | (0.03) |  | (0.77) | (0.19) |
| Net asset value, end of year or period | $15.02 | $14.54 | $15.45 | $13.10 | $12.92 | $12.81 |
| Total return <sup>(2)</sup> | 4.01% <sup>(7)</sup> | (1.79)% | 18.19% | 1.39% | 6.35% <sup>(3)</sup> | 38.99% |
| Net assets, end of year or period (in 000s) | $118268 | $117250 | $179720 | $100992 | $43520 | $51981 |
| Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets <sup>(4)</sup> | 1.59% <sup>(8)</sup> | 1.59% | 1.71% | 1.77% | 1.68% | 1.78% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(45)</sup> | 1.23% <sup>(8)</sup> | 0.79% | 0.25% | 0.39% | 0.31% | (0.86)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 390% <sup>(7)</sup> | 711% | 860% | 1063% | 1382% | 1001% |

---

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

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

<sup>(3)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States and consequently the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

<sup>(4)</sup> The ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

<sup>(5)</sup> Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

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

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Quantified Common Ground Fund** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** |
|  |<br>**Six Months Ended**<br>**December 31, 2025** | **Period Ended**<br>**June 30,**<br>**2025 <sup>(1)</sup>** |
|  | **(Unaudited)** | |
| Net asset value, beginning of period | $14.51 | $15.47 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(2)</sup> | 0.04 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.49 | (0.94) |
| Total from investment operations | 0.53 | (0.96) |
| Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.05) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |
| Total distributions | (0.05) |  |
| Net asset value, end of period | $14.99 | $14.51 |
| Total return <sup>(3)</sup> | 3.68% <sup>(6)</sup> | (6.21)% <sup>(6)</sup> |
| Net assets, end of period (in 000s) | $1072 | $879 |
| Ratios/Supplemental Data: |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets <sup>(4)</sup> | 2.19% <sup>(7)</sup> | 2.22% <sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(45)</sup> | 0.59% <sup>(7)</sup> | (0.29)% <sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 390% <sup>(6)</sup> | 711% <sup>(6)</sup> |

---

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

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

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

<sup>(4)</sup> The ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

<sup>(5)</sup> Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Quantified Tactical Sectors Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | |
|  |<br>**Six Months Ended**<br>**December 31, 2025** | **2025** | **2024** | **2023** | **2022** | **Period Ended**<br>**June 30,**<br>**2021 <sup>(1)</sup>** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year or period | $6.71 | $6.96 | $6.69 | $5.85 | $10.56 | $10.00 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(2)</sup> | 0.00<sup>(6)</sup> | 0.02 | 0.05 | 0.03 | (0.05) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and swaps | 0.71 | (0.27) | 0.61 | 0.82 | (4.41) | 0.58 |
| Total from investment operations | 0.71 | (0.25) | 0.66 | 0.85 | (4.46) | 0.56 |
| Distributions to Shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.03) |  | (0.39) | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.25) |  |
| Total distributions | (0.03) |  | (0.39) | (0.01) | (0.25) |  |
| Net asset value, end of year or period | $7.39 | $6.71 | $6.96 | $6.69 | $5.85 | $10.56 |
| Total return <sup>(3)</sup> | 10.62% <sup>(7)</sup> | (3.59)% | 10.58% | 14.58% | (42.89)% | 5.60% <sup>(7)</sup> |
| Net assets, end of year or period (in 000s) | $47081 | $51588 | $64875 | $69952 | $75230 | $54251 |
| Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets <sup>(4)</sup> | 1.60% <sup>(8)</sup> | 1.61% | 1.61% | 1.58% | 1.56% | 1.62% <sup>(8)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(45)</sup> | (0.11)% <sup>(8)</sup> | 0.33% | 0.70% | 0.54% | (0.70)% | (0.66)% <sup>(8)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 308% <sup>(7)</sup> | 729% | 1130% | 1223% | 1392% | 205% <sup>(7)</sup> |

---

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

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

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

<sup>(4)</sup> The ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

<sup>(5)</sup> Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

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

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Quantified Rising Dividend Tactical Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | |
|  |<br>**Six Months Ended**<br>**December 31, 2025** | **2025** | **2024** | **2023** | **2022** | **Period Ended**<br>**June 30,**<br>**2021 <sup>(1)</sup>** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year or period | $9.31 | $8.87 | $7.75 | $8.58 | $10.24 | $10.00 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(2)</sup> | 0.00<sup>(6)</sup> | 0.02 | 0.07 | 0.04 | 0.01 | 0.00<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and swaps | 0.58 | 0.42 | 1.10 | (0.67) | (1.62) | 0.24 |
| Total from investment operations | 0.58 | 0.44 | 1.17 | (0.63) | (1.61) | 0.24 |
| Distributions to Shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.03) |  | (0.05) |  | (0.05) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.20) |  |  |
| Total distributions | (0.03) |  | (0.05) | (0.20) | (0.05) |  |
| Net asset value, end of year or period | $9.86 | $9.31 | $8.87 | $7.75 | $8.58 | $10.24 |
| Total return <sup>(3)</sup> | 6.28% <sup>(7)</sup> | 4.96% | 15.19% | (7.28)% | (15.80)% | 2.40% <sup>(7)</sup> |
| Net assets, end of year or period (in 000s) | $17633 | $26012 | $37617 | $30446 | $27418 | $21578 |
| Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets <sup>(4)</sup> | 1.68% <sup>(8)</sup> | 1.66% | 1.64% | 1.65% | 1.59% | 1.58% <sup>(8)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(4)</sup> | 1.63% <sup>(8)</sup> | 1.63% | 1.61% | 1.62% | 1.59% | 1.58% <sup>(8)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets <sup>(45)</sup> | 0.05% <sup>(8)</sup> | 0.20% | 0.81% | 0.51% | 0.11% | 0.11% <sup>(8)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 8% <sup>(7)</sup> | 208% | 173% | 469% | 288% | 0% <sup>(7)</sup> |

---

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

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

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

<sup>(4)</sup> The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund (5) Recognition of net investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

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

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Quantified Government Income Tactical Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | |
|  |<br>**Six Months Ended**<br>**December 31, 2025** | **2025** | **2024** | **2023** | **2022** | **Period Ended**<br>**June 30,**<br>**2021 <sup>(1)</sup>** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year or period | $6.98 | $6.95 | $8.08 | $9.46 | $10.09 | $10.00 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | 0.09 | 0.19 | 0.25 | 0.13 | (0.12) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and futures | 0.07 | 0.11 | (0.98) | (1.51) | (0.37) | 0.12 |
| Total from investment operations | 0.16 | 0.30 | (0.73) | (1.38) | (0.49) | 0.09 |
| Distributions to Shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.16) | (0.27) | (0.40) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.14) |  |
| Total distributions | (0.16) | (0.27) | (0.40) |  | (0.14) |  |
| Net asset value, end of year or period | $6.98 | $6.98 | $6.95 | $8.08 | $9.46 | $10.09 |
| Total return <sup>(3)</sup> | 2.35% <sup>(6)</sup> | 4.46% | (9.02)% | (14.59)% | (5.05)% | 0.90% <sup>(6)</sup> |
| Net assets, end of year or period (in 000s) | $49614 | $42119 | $27681 | $43195 | $66188 | $6947 |
| Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets <sup>(4)</sup> | 1.62% <sup>(7)</sup> | 1.64% | 1.65% | 1.61% | 1.56% | 1.63% <sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(4)</sup> | 1.60% <sup>(7)</sup> | 1.61% | 1.62% | 1.59% | 1.56% | 1.63% <sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(45)</sup> | 2.38% <sup>(7)</sup> | 2.80% | 3.36% | 1.49% | (1.15)% | (1.28)% <sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 4259% <sup>(6)</sup> | 415% | 86% | 593% | 766% | 98% <sup>(6)</sup> |

---

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

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

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

<sup>(4)</sup> The ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

<sup>(5)</sup> Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| **Quantified Global Fund** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Six Months Ended**<br>**December 31, 2025** | **Year Ended June 30,**<br>**2025** | **Period Ended June 30,**<br>**2024 <sup>(1)</sup>** |
|  | **(Unaudited)** | | |
| Net asset value, beginning of year or period | $10.20 | $10.78 | $10.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(2)</sup> | 0.05 | 0.21 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.64 | 1.18 | 0.66 |
| Total from investment operations | 0.69 | 1.39 | 0.78 |
| Distributions to Shareholders: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.83) | (0.83) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.46) | (1.14) |  |
| Total distributions | (3.29) | (1.97) |  |
| Net asset value, end of year or period | $7.60 | $10.20 | $10.78 |
| Total return <sup>(3)</sup> | 6.45% <sup>(6)</sup> | 14.62% | 7.80% <sup>(6)</sup> |
| Net assets, end of year or period (in 000s) | $12572 | $79273 | $7293 |
| Ratios/Supplemental Data: |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets <sup>(4)</sup> | 1.64% <sup>(7)</sup> | 1.64% | 1.84% <sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(4)</sup> | 1.60% <sup>(7)</sup> | 1.61% | 1.73% <sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets <sup>(45)</sup> | 0.86% <sup>(7)</sup> | 2.02% | 2.01% <sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 230% <sup>(6)</sup> | 982% | 524% <sup>(6)</sup> |

---

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

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

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

<sup>(4)</sup> The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

<sup>(5)</sup> Recognition of net investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |
| **Quantified Eckhardt Managed Futures Strategy Fund** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Investor Class** | **Investor Class** |
|  | **Six Months Ended**<br>**December 31, 2025** | **Period Ended June 30,**<br>**2025 <sup>(1)</sup>** |
|  | **(Unaudited)** | |
| Net asset value, beginning of period | $8.90 | $10.00 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(2)</sup> | 0.03 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | (0.51) | (1.14) |
| Total from investment operations | (0.48) | (1.08) |
| Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.29) |  |
| Total distributions | (0.29) | (0.02) |
| Net asset value, end of period | $8.13 | $8.90 |
| Total return <sup>(3)</sup> | (5.41)% <sup>(6)</sup> | (10.82)% <sup>(6)</sup> |
| Net assets, end of period (in 000s) | $21176 | $28647 |
| Ratios/Supplemental Data: |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets <sup>(4)</sup> | 1.66% <sup>(7)</sup> | 1.62% <sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(4)</sup> | 1.62% <sup>(7)</sup> | 1.60% <sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets <sup>(45)</sup> | 0.58% <sup>(7)</sup> | 0.82% <sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% <sup>(6)</sup> | 161% <sup>(6)</sup> |

---

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

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

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

<sup>(4)</sup> The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

<sup>(5)</sup> Recognition of net investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

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

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

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |
| **Quantified Eckhardt Managed Futures Strategy Fund** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** |
|  | **Six Months Ended**<br>**December 31, 2025** | **Period Ended June 30,**<br>**2025 <sup>(1)</sup>** |
|  | **(Unaudited)** | |
| Net asset value, beginning of period | $8.89 | $10.19 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(2)</sup> | —<sup>(6)</sup> | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | (0.52) | (1.31) |
| Total from investment operations | (0.52) | (1.30) |
| Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.29) |  |
| Total distributions | (0.29) |  |
| Net asset value, end of period | $8.08 | $8.89 |
| Total return <sup>(3)</sup> | (5.87)% <sup>(7)</sup> | (12.76)% <sup>(6)</sup> |
| Net assets, end of period (in 000s) | $16196 | $10379 |
| Ratios/Supplemental Data: |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets <sup>(4)</sup> | 2.26% <sup>(8)</sup> | 2.27% <sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(4)</sup> | 2.22% <sup>(8)</sup> | 2.24% <sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(45)</sup> | (0.02)% <sup>(8)</sup> | 0.33% <sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% <sup>(7)</sup> | 161% <sup>(6)</sup> |

---

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

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

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

<sup>(4)</sup> The ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

<sup>(5)</sup> Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

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

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

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

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **The Quantified Funds** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** |
| **December 31, 2025** |

---

**1.** **ORGANIZATION** 

Quantified Managed Income Fund, Quantified Market Leaders Fund, Quantified Alternative Investment Fund, Quantified STF Fund, Quantified Pattern Recognition Fund, Quantified Tactical Fixed Income Fund, Quantified Evolution Plus Fund, Quantified Common Ground Fund, Quantified Tactical Sectors Fund, Quantified Rising Dividend Tactical Fund, Quantified Government Income Tactical Fund, Quantified Global Fund and Quantified Eckhardt Managed Futures Strategy Fund (each a "Fund" and collectively the "Funds") are each a diversified series (except Quantified Common Ground Fund, Quantified Global Fund and Quantified Eckhardt Managed Futures Strategy Fund, which are non-diversified series), of Advisors Preferred Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware on August 15, 2012 and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Quantified Managed Income Fund, Quantified Market Leaders Fund, Quantified Alternative Investment Fund, Quantified STF Fund, Quantified Common Ground Fund and Quantified Eckhardt Managed Futures Strategy Fund currently offer two classes of shares, Investor and Advisor classes of shares each of which are offered at Net Asset Value per share ("NAV"). Quantified Pattern Recognition Fund, Quantified Tactical Fixed Income Fund, Quantified Evolution Plus Fund, Quantified Tactical Sectors Fund, Quantified Rising Dividend Tactical Fund, Quantified Government Income Tactical Fund and Quantified Global Fund currently offer Investor Class shares, which are offered at NAV. The Funds, with the exception of Quantified Common Ground Fund and Quantified Global Fund, are "fund of funds", in that these Funds will generally invest in other investment companies.

The Funds' commencement dates and their investment objectives are as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Investment Objective** |
| &nbsp;&nbsp;Quantified Managed Income Fund | &nbsp;&nbsp;August 9, 2013 | &nbsp;&nbsp;March 18, 2016 | &nbsp;&nbsp;seeks high total return from fixed income investments on an annual basis consistent with a moderate tolerance for risk |
| &nbsp;&nbsp;Quantified Market Leaders Fund | &nbsp;&nbsp;August 9, 2013 | &nbsp;&nbsp;March 18, 2016 | &nbsp;&nbsp;seeks high appreciation on an annual basis consistent with a high tolerance for risk |
| &nbsp;&nbsp;Quantified Alternative Investment Fund | &nbsp;&nbsp;August 9, 2013 | &nbsp;&nbsp;March 18, 2016 | &nbsp;&nbsp;seeks high total return from alternative investment vehicles on an annual basis consistent with a high tolerance for risk |
| &nbsp;&nbsp;Quantified STF Fund | &nbsp;&nbsp;November 13, 2015 | &nbsp;&nbsp;November 13, 2015 | &nbsp;&nbsp;seeks high appreciation on an annual basis consistent with a tolerance for risk |
| &nbsp;&nbsp;Quantified Pattern Recognition Fund | &nbsp;&nbsp;August 30, 2019 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;seeks capital appreciation |
| &nbsp;&nbsp;Quantified Tactical Fixed Income Fund | &nbsp;&nbsp;September 13, 2019 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;seeks total return |
| &nbsp;&nbsp;Quantified Evolution Plus Fund | &nbsp;&nbsp;September 30, 2019 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;seeks capital appreciation |
| &nbsp;&nbsp;Quantified Common Ground Fund | &nbsp;&nbsp;December 27, 2019 | &nbsp;&nbsp;January 31, 2025 | &nbsp;&nbsp;seeks total return |
| &nbsp;&nbsp;Quantified Tactical Sectors Fund | &nbsp;&nbsp;March 4, 2021 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;seeks high appreciation on an annual basis consistent with a high tolerance for risk |
| &nbsp;&nbsp;Quantified Rising Dividend Tactical Fund | &nbsp;&nbsp;April 14, 2021 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;seeks total return consistent with a moderate tolerance for risk |
| &nbsp;&nbsp;Quantified Government Income Tactical Fund | &nbsp;&nbsp;April 15, 2021 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;seeks high total return consistent with a moderate tolerance for risk |
| &nbsp;&nbsp;Quantified Global Fund | &nbsp;&nbsp;November 29, 2023 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;seeks total return |
| &nbsp;&nbsp;Quantified Eckhardt Managed Futures Strategy Fund | &nbsp;&nbsp;October 16, 2024 | &nbsp;&nbsp;January 31, 2025 | &nbsp;&nbsp;seeks total return |

---

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

The following is a summary of significant accounting policies followed by each Fund in preparation of their financial statements. The policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services – Investment Companies including FASB Accounting Standard Update ("ASU") 2013-08. Each Fund's income, expenses (other than class-specific distribution and service fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

---

| |
|:---|
| **The Quantified Funds** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

**Operating Segments –** An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Trust. Each Fund operates as a single operating segment. The Funds' 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 the Funds, using the information presented in the financial statements and financial highlights.

**Securities Valuation –** Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Futures are valued at the final settled price or, in the absence of a settled price, at the last sale price on the day of valuation. Investments in open-end investment companies are valued at net asset value. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees (the "Board") based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Short-term debt obligations with remaining maturities in excess of sixty days are valued at current market prices by an independent pricing service approved by the Trust's Board of Trustees. The independent pricing service does not distinguish between smaller-sized bond positions known as "odd lots" and larger institutional-sized bond positions known as "round lots". The Funds may fair value a particular bond if the Advisor does not believe that the round lot value provided by the independent pricing service reflects fair value of the Funds' holding. Total return swaps on exchange-listed securities shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices. Exchange listed swaps shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Short-term debt obligations having sixty days or less remaining until maturity, at time of purchase, may be valued at amortized cost which approximates fair value.

Each Fund may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued at their fair value as determined using the "fair value" procedures approved by the Board. The Board has delegated execution of these procedures to a fair value committee composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) advisor and/or sub-advisor. The committee may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist in determining a security specific fair value. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

**Fair Valuation Process –** As noted above, the fair value committee is composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) advisor and/or sub-advisor. The applicable investments are valued collectively via inputs from each of these groups. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source) and (ii) securities for which, in the judgment of the advisor, the prices or values available do not represent the fair value of the instrument. Factors which may cause the advisor and/or sub-advisor to make such a judgment include, but are not 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

---

| |
|:---|
| **The Quantified Funds** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to each Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued via inputs from the advisor based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If the advisor and/or sub-advisor is unable to obtain a current bid from such independent dealers or other independent parties, the fair value committee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Funds' holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

**Valuation of Fund of Funds –** Each Fund may invests in portfolios of exchange traded funds and open-end funds or closed-end investment companies (the "Underlying Funds"). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based upon the methods established by the board of directors of the Underlying Funds.

Open-ended mutual funds are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, and ETFs frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company or ETF purchased by the Fund will not change.

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

The Funds utilize various methods to measure the fair value of all of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

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

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

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

The availability of observable inputs can vary from security to security and is affected by a wide variety of 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

---

| |
|:---|
| **The Quantified Funds** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of December 31, 2025 for each Fund's assets and liabilities measured at fair value:

**Quantified Managed Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Assets** | Level 1 | Level 2 | Level 3 | Total |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks \* | $8321410 | $— | $— | $8321410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 55485465 |  |  | 55485465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 17050372 |  |  | 17050372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral For Securities Loaned |  |  |  | 17352064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $80857247 | $— | $— | $98209311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $80857247 | $— | $— | $98209311 |
|  **Liabilities** |  |  |  |  |
|  Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts ^ | $(58015) | $— | $— | $(58015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | $(58015) |  |  | $(58015 |

---

**Quantified Market Leaders Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Assets** | Level 1 | Level 2 | Level 3 | Total |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $87223055 | $— | $— | $87223055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 18589786 |  |  | 18589786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral For Securities Loaned |  |  |  | 18917171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $105812841 | $— | $— | $124730012 |
|  Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps ^^ | $— | $1078122 | $— | $1078122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $105812841 | $1078122 | $— | $125808134 |
|  **Liabilities** |  |  |  |  |
|  Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps ^^ | $— | $(1585354) | $— | $(1585354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | $— | $(1585354) | $— | $(1585354 |

---

---

| |
|:---|
| **The Quantified Funds** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

**Quantified Alternative Investment Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Assets** | Level 1 | Level 2 | Level 3 | Total |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $2884995 | $— | $— | $2884995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private Investment Fund |  |  |  | 402800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 766868 |  |  | 766868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral For Securities Loaned |  |  |  | 404506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $3651863 | $— | $— | $4459169 |
|  Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts ^ | $2444 | $— | $— | $2444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $3654307 | $— | $— | $4461613 |
|  **Liabilities** |  |  |  |  |
|  Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts ^ | $(2125) | $— | $— | $(2125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | $(2125) | $— | $— | $(2125 |

---

**Quantified STF Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Assets** | Level 1 | Level 2 | Level 3 | Total |  |
|  Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Fund | $184293 | $— | $— | $184293 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private Investment Fund |  |  |  | 36483970 | \*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificate of Deposit \* |  | 4005545 |  | 4005545 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 207038018 |  |  | 207038018 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $207222311 | $4005545 | $— | $247711826 |  |
|  Derivatives |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts ^ | $1457483 | $— | $— | $1457483 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $208679794 | $4005545 | $— | $249169309 |  |

---

**Quantified Pattern Recognition Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Assets** | Level 1 | Level 2 | Level 3 | Total |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Fund | $136384 | $— | $— | $136384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private Investment Fund |  |  |  | 3171467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 50184069 |  |  | 50184069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $50320453 | $— | $— | $53491920 |
|  **Liabilities** |  |  |  |  |
|  Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts ^ | $(229016) | $— | $— | $(229016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | $(229016) | $— | $— | $(229016 |

---

---

| |
|:---|
| **The Quantified Funds** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

**Quantified Tactical Fixed Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Assets** | Level 1 | Level 2 | Level 3 | Total |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | $7396234 | $— | $— | $7396234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $7396234 | $— | $— | $7396234 |
|  Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps ^^ | $— | $90 | $— | $90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $7396234 | $90 | $— | $7396324 |
|  **Liabilities** |  |  |  |  |
|  Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps ^^ | $— | $(9742) | $— | $(9742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | $— | $(9742) | $— | $(9742) |

---

**Quantified Evolution Plus Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Assets** | Level 1 | Level 2 | Level 3 | Total |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $881125 | $— | $— | $881125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 12402052 |  |  | 12402052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $13283177 | $— | $— | $13283177 |
|  Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts ^ | $425370 | $— | $— | $425370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps ^^ |  | 123110 |  | 123110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $13708547 | $123110 | $— | $13831657 |
|  **Liabilities** |  |  |  |  |
|  Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts ^ | $(51400) | $— | $— | $(51400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps ^^ |  | (10815) |  | (10815) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | $(51400) | $(10815) | $— | $(62215) |

---

**Quantified Common Ground Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Assets** | Level 1 | Level 2 | Level 3 | Total |  |
|  Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks \* | $112671758 | $— | $— | $112671758 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 6529471 |  |  | 6529471 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral For Securities Loaned |  |  |  | 9831155 | \*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $119201229 | $— | $— | $129032384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $119201229 | $— | $— | $129032384 |  |

---

**Quantified Tactical Sectors Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Assets** | Level 1 | Level 2 | Level 3 | Total |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $38975965 | $— | $— | $38975965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 8295239 |  |  | 8295239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral For Securities Loaned |  |  |  | 4128300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $47271204 | $— | $— | $51399504 |
|  Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps ^^ | $— | $64781 | $— | $64781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $47271204 | $64781 | $— | $51464285 |
|  **Liabilities** |  |  |  |  |
|  Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps ^^ | $— | $(379989) | $— | $(379989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | $— | $(379989) | $— | $(379989 |

---

---

| |
|:---|
| **The Quantified Funds** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

**Quantified Rising Dividend Tactical Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Assets** | Level 1 | Level 2 | Level 3 | Total |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $15287788 | $— | $— | $15287788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 1792411 |  |  | 1792411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $17080199 | $— | $— | $17080199 |
|  Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps ^^ | $— | $573059 | $— | $573059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $17080199 | $573059 | $— | $17653258 |
|  **Liabilities** |  |  |  |  |
|  Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps ^^ | $— | $(14499) | $— | $(14499) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | $— | $(14499) | $— | $(14499) |

---

**Quantified Government Income Tactical Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Assets** | Level 1 | Level 2 | Level 3 | Total |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Fund | 52296 | $— | $— | $52296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 48344353 |  |  | 48344353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $48396649 | $— | $— | $48396649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $48396649 | $— | $— | $48396649 |
|  **Liabilities** |  |  |  |  |
|  Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts ^ | $(14594) | $— | $— | $(14594) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | $(14594) | $— | $— | $(14594) |

---

**Quantified Global Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Assets** | Level 1 | Level 2 | Level 3 | Total |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks \* | $11243038 |  | $— | $11243038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Fund | 683727 |  |  | 683727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 580378 |  |  | 580378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $12507143 | $— | $— | $12507143 |

---

**Quantified Eckhardt Managed Futures Strategy Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Assets** | Level 1 | Level 2 | Level 3 | Total |  |
|  Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private Investment Funds | $— |  | $— | $14926118 | \*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 22415152 |  |  | 22415152 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $22415152 | $— | $— | $37341270 |  |

---

\* Refer to each of the Schedule of Investments for industry classifications.

\*\* Investment valued using the NAV per share practical expedient. In accordance with Topic 820, the investment is excluded from the fair value table.

^ Includes cumulative unrealized gain (loss) on futures contracts open at December 31, 2025.

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| | |
|:---|:---|
| ^^ | The amounts shown for swaps are unrealized appreciation/depreciation. |

---

The Funds did not hold any Level 3 securities during the period ended December 31, 2025.

**Consolidation of Subsidiaries –** The consolidated financial statements of the Quantified Evolution Plus Fund and Quantified Eckhardt Managed Futures Strategy Fund include the accounts of QEPF Fund Limited ("QEPF Ltd.") and QEMFSF Fund Limited ("QEMFSF Ltd.), respectively, wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. These Funds may invest up to

---

| |
|:---|
| **The Quantified Funds** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

25% of its total assets in QEPF Ltd. and QEMFSF Ltd., which act as investment vehicles in order to affect certain investments consistent with the Funds' investment objectives and policies. The subsidiaries commenced operations on December 30, 2019 and October 16, 2024, respectively, and are exempted Cayman Islands company with limited liability.

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

---

| | | | |
|:---|:---|:---|:---|
| | Inception Date. | Net Assets at<br> December 31, 2025 | % of Net Assets at<br> December 31, 2025 |
| &nbsp;&nbsp;QEPF Ltd. | 12/30/19 | $2242664 | 15.5% |
| &nbsp;&nbsp;QEMFSF Ltd. | 10/16/24 | $4519148 | 12.1% |

---

**Exchange Traded Funds ("ETFs"), Mutual Funds and Exchange Traded Notes ("ETNs") Risk –** ETFs, mutual funds and ETNs are subject to investment advisory or management and other expenses, which will be indirectly paid by the Funds. Each is subject to specific risks, depending on investment strategy. Also, each may be subject to leverage risk, which will magnify losses. ETNs are subject to default risks. Each Fund may invest in ETFs. ETFs are typically a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and typically represents a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. Each Fund may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

**Cash Accounts –** At times, the Funds may invest cash in a short-term deposit sweep vehicle program. Such deposits are in amounts at any such depositary institution not in excess of the Federal Deposit Insurance Corporation ("FDIC") or National Credit Union Share Insurance Fund standard maximum deposit insurance amount such that funds are insured across the various banks or credit unions at which such funds are deposited. StoneCastle Cash Management, LLC ("StoneCastle") provides ministerial deposit placement assistance to the Funds with respect to the short-term deposit sweep vehicle program. These deposits are not custodied by StoneCastle. These amounts are included as Cash on the Statements of Assets and Liabilities to the extent they are held by the Funds as of December 31, 2025.

**Foreign Currency Translations –** All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities and income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. These amounts are included with Net realized and unrealized gain/(loss) on Investments in the Statements of Operations. Each Fund's investments in foreign securities are subject to foreign currency fluctuations, higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. Greater political, economic, credit and information risks are also associated with foreign securities.

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

Standard equity swap contracts are between two parties that agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross amount to be exchanged is calculated with respect to a "notional amount" (i.e. the return on or increase in value of a particular dollar amount invested in a security or "basket" of securities representing a particular

---

| |
|:---|
| **The Quantified Funds** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

index or industry sector on underlying fund). Most equity swap agreements entered into by a Fund calculate the obligations of the parties on a "net basis". Consequently, a Fund's current obligations under a swap agreement generally will be equal to the net amount to be paid or received under the agreement based on the relative value of the positions held by each party. Each Fund's obligations are accrued daily (offset by any amounts owed to the Fund).

Each Fund may enter into swap contracts that provide the opposite return of the particular benchmark or security ("short" the index or security). The operations are similar to that of the swaps disclosed above except that the counterparty pays interest to the Fund on the notional amount outstanding and the dividends on the underlying securities reduce the return of the swap. However, in certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which the Fund pays the counterparty interest. These amounts are netted with any unrealized appreciation or depreciation to determine the value of the swap. The Funds will typically enter into equity swap agreements in instances where the advisor believes that it may be more cost effective or practical than buying a security or the securities represented by a particular index. Each Fund may enter into credit default swaps ("CDS"). CDS are typically two-party (bilateral) financial contracts that transfer credit exposure between the two parties. One party to a CDS (referred to as the credit protection "buyer") receives credit protection or sheds credit risk, whereas the other party to a CDS (referred to as the credit protection "seller") is selling credit protection or taking on credit risk. The seller typically receives pre-determined periodic payments from the other party. These payments are in consideration for agreeing to make compensating specific payments to the buyer should a negative credit event occur, such as (1) bankruptcy or (2) failure to pay interest or principal on a reference debt instrument, with respect to a specified issuer or one of the reference issuers in a CDS portfolio. In general, CDS may be used by a Fund to obtain credit risk exposure similar to that of a direct investment in high yield bonds.

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

Each Fund may enter into Interest Rate Swaps. Interest rate swaps involve the exchange of commitments to pay and receive interest based on a notional principal amount. Each Fund may elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate on a notional principal amount.

Each Fund may enter into Total Return Swaps ("TRS"). Total Return Swaps are typically two-party (bilateral) financial contracts which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains. In total return swaps, the underlying asset, referred to as the reference asset, is usually an equity, equity index, loans, or bonds. This is owned by the party receiving the set rate payment. The TRS allows one party to derive the economic benefit of owning an asset without putting that asset on its balance sheet, and allows the other party, which does retain that asset on its balance sheet, to buy protection against loss in its value.

Each Fund collateralizes swap agreements with cash and certain securities as indicated on the Schedule of Investments of the Fund and Statements of Assets and Liabilities, respectively. Such collateral is held for the benefit of the counterparty in a segregated account at the Custodian to protect the counterparty against non-payment by the Fund. Each Fund does not net collateral. In addition, the parties have mutually agreed to settle significant unrealized appreciation / depreciation on the swap contracts as they occur, resulting in an advance or prepayment on such swaps. Such amounts, if any, would be offset against the applicable contract upon final settlement. In the event of a default by the counterparty, a Fund will seek return of this

---

| |
|:---|
| **The Quantified Funds** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

collateral and may incur certain costs exercising its rights with respect to the collateral. Amounts expected to be owed to a Fund may be collateralized either directly with the Fund or in a segregated account at the custodian.

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

International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") govern OTC financial derivative transactions entered into by the Funds and their counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreements. Any election to early terminate could be material to the financial statements. For the six months ended December 31, 2025, Quantified Market Leaders Fund, Quantified Tactical Fixed Income Fund, Quantified Evolution Plus Fund, Quantified Tactical Sectors Fund and Quantified Rising Dividend Tactical Fund entered into total return swaps and are subject to applicable master netting arrangements.

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

During the normal course of business, each Fund purchases and sells various financial instruments, which may result in risks, the amount of which is not apparent from the financial statements.

**Security Transactions and Related Income –** Security transactions are accounted for on trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Foreign withholding tax is recorded as incurred or known, in accordance with the Funds' understanding of the applicable country's tax rules and rates.

**Dividends and Distributions to Shareholders –** Dividends from net investment income, if any, are declared and paid annually. Distributable net realized capital gains, if any, are declared and distributed annually in December. Dividends from net investment income and distributions from net realized gains are recorded on ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature,

---

| |
|:---|
| **The Quantified Funds** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. These reclassifications have no effect on net assets, results from operations or net asset value per share of the Funds.

**Federal Income Tax –** It is each Fund's policy to continue to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision is required.

The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed each Fund's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for the open tax years (June 30, 2023 – June 30, 2025) or expected to be taken in the Funds' June 30, 2026 tax returns. The Funds identify their major tax jurisdictions as U.S. Federal, and foreign jurisdictions where each Fund makes 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.

For tax purposes, QEPF Ltd. and QEMFSF Ltd. are each an exempted Cayman Islands investment company. QEPF and QEMFSF have received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits, and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, QEPF and QEMFSF are each is a controlled foreign corporation ("CFC") and as such are not subject to U.S. income tax. However, as a wholly-owned CFC, the net income and capital gain of each CFC, to the extent of its earnings and profits, will be included each year in Quantified Evolution Plus Fund's and Quantified Eckhardt Managed Futures Strategy Fund's investment company taxable income.

**Expenses –** Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses that are not readily identifiable to a specific fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

**Indemnification –** The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, each Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. Each Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

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

The cost of purchases and proceeds from sale of securities, other than short-term investments, swaps and futures contracts, for the six months ended December 31, 2025 for the Funds were as follows:

---

| |
|:---|
| **The Quantified Funds** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund | Purchases | Sales |
| &nbsp;&nbsp;Quantified Managed Income Fund | $311577412 | $325667639 |
| &nbsp;&nbsp;Quantified Market Leaders Fund | 368752315 | 386987783 |
| &nbsp;&nbsp;Quantified Alternative Investment Fund | 18059586 | 19902398 |
| &nbsp;&nbsp;Quantified STF Fund | 26073594 | 10691847 |
| &nbsp;&nbsp;Quantified Pattern Recognition Fund | 7309878 | 7192489 |
| &nbsp;&nbsp;Quantified Tactical Fixed Income Fund |  |  |
| &nbsp;&nbsp;Quantified Evolution Plus Fund | 10009944 | 9265466 |
| &nbsp;&nbsp;Quantified Common Ground Fund | 409460961 | 415548021 |
| &nbsp;&nbsp;Quantified Tactical Sectors Fund | 195033743 | 202603321 |
| &nbsp;&nbsp;Quantified Rising Dividend Tactical Fund | 1395002 | 8626791 |
| &nbsp;&nbsp;Quantified Government Income Tactical Fund | 2443633 | 2409006 |
| &nbsp;&nbsp;Quantified Global Fund | 51951318 | 109102900 |
| &nbsp;&nbsp;Quantified Eckhardt Managed Futures Strategy Fund |  | 1877143 |

---

**4.** **IMPACT OF DERIVATIVES ON THE STATEMENTS OF ASSETS AND LIABILITIES AND STATEMENTS OF OPERATIONS** 

The following is a summary of the location of derivative investments on the Funds' Statements of Assets and Liabilities as of December 31, 2025:

---

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

---

---

| | | |
|:---|:---|:---|
|  | Asset derivatives |  |
| &nbsp;&nbsp;Quantified Market Leaders Fund | Swaps - Equity Contracts | $1078122 |
| &nbsp;&nbsp;Quantified Alternative Investment Fund | Futures - Equity Contracts | 2444 |
| &nbsp;&nbsp;Quantified STF Fund | Futures - Equity Contracts | 1457483 |
| &nbsp;&nbsp;Quantified Tactical Fixed Income Fund | Swaps - Credit Contracts | 90 |
| &nbsp;&nbsp;Quantified Evolution Plus Fund | Futures - Commodity Contracts | 420500 |
|  | Futures - Equity Contracts | 4870 |
|  | Swaps - Equity Contracts | 123110 |
| &nbsp;&nbsp;Quantified Tactical Sectors Fund | Swaps - Equity Contracts | 64781 |
| &nbsp;&nbsp;Quantified Rising Dividend Tactical Fund | Swaps - Equity Contracts | 573059 |

---

---

| | | |
|:---|:---|:---|
|  | Liability derivatives |  |
| &nbsp;&nbsp;Quantified Managed Income Fund | Futures - Equity Contracts | $(2770) |
|  | Futures - Interest Rate Contracts | (55245) |
| &nbsp;&nbsp;Quantified Market Leaders Fund | Swaps - Equity Contracts | (1585354) |
| &nbsp;&nbsp;Quantified Alternative Investment Fund | Futures - Interest Rate Contracts | (2125) |
| &nbsp;&nbsp;Quantified Pattern Recognition Fund | Futures - Equity Contracts | (229016) |
| &nbsp;&nbsp;Quantified Tactical Fixed Income Fund | Swaps - Credit Contracts | (9742) |
| &nbsp;&nbsp;Quantified Evolution Plus Fund | Futures - Equity Contracts | (51400) |
|  | Swaps - Equity Contracts | (10815) |
| &nbsp;&nbsp;Quantified Tactical Sectors Fund | Swaps - Equity Contracts | (379989) |
| &nbsp;&nbsp;Quantified Rising Dividend Tactical Fund | Swaps - Equity Contracts | (14499) |
| &nbsp;&nbsp;Quantified Government Income Tactical Fund | Futures - Interest Rate Contracts | (14594) |

---

---

| |
|:---|
| **The Quantified Funds** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Transactions in derivative instruments during the six months ended December 31, 2025, were as follows: | Transactions in derivative instruments during the six months ended December 31, 2025, were as follows: |  |
|  |  | **Equity/Interest** |
|  |  | **Rate/Credit/Commodity** |
|  | **Statements of Operations location** | **Contracts** |
| &nbsp;&nbsp;**Quantified Managed Income Fund** | **Net Realized gain (loss) from: <sup>(1)</sup>** |  |
| &nbsp;&nbsp;Interest Rate Risk | Futures | $(355275) |
| &nbsp;&nbsp;Equity Risk | Futures | (509342) |
|  |  | (864617) |
|  | **Net Change in unrealized appreciation (depreciation) on: <sup>(2)</sup>** |  |
| &nbsp;&nbsp;Interest Rate Risk | Futures | $811 |
| &nbsp;&nbsp;Equity Risk | Futures | 204917 |
|  |  | 205728 |
| &nbsp;&nbsp;**Quantified Market Leaders Fund** | **Net Realized gain (loss) from: <sup>(1)</sup>** |  |
| &nbsp;&nbsp;Equity Risk | Swaps | $9590596 |
|  | **Net Change in unrealized appreciation (depreciation) on: <sup>(2)</sup>** |  |
| &nbsp;&nbsp;Equity Risk | Swaps | $(5458425) |
| &nbsp;&nbsp;**Quantified Alternative Investment Fund** | **Net Realized gain (loss) from: <sup>(1)</sup>** |  |
| &nbsp;&nbsp;Interest Rate Risk | Futures | (48247) |
| &nbsp;&nbsp;Equity Risk | Futures | $72363 |
|  |  | 24116 |
|  | **Net Change in unrealized appreciation (depreciation) on: <sup>(2)</sup>** |  |
| &nbsp;&nbsp;Equity Risk | Futures | $(18011) |
| &nbsp;&nbsp;Interest Rate Risk | Futures | (500) |
|  |  | (18511) |
| &nbsp;&nbsp;**Quantified STF Fund** | **Net Realized gain (loss) from: <sup>(1)</sup>** |  |
| &nbsp;&nbsp;Equity Risk | Futures | $38675504 |
|  | **Net Change in unrealized appreciation (depreciation) on: <sup>(2)</sup>** |  |
| &nbsp;&nbsp;Equity Risk | Futures | $(10373810) |
| &nbsp;&nbsp;**Quantified Pattern Recognition Fund** | **Net Realized gain (loss) from: <sup>(1)</sup>** |  |
| &nbsp;&nbsp;Equity Risk | Futures | $8128981 |
|  | **Net Change in unrealized appreciation (depreciation) on: <sup>(2)</sup>** |  |
| &nbsp;&nbsp;Equity Risk | Futures | $(229016) |
| &nbsp;&nbsp;**Quantified Tactical Fixed Income Fund** | **Net Realized gain (loss) from: <sup>(1)</sup>** |  |
| &nbsp;&nbsp;Credit Risk | Swaps | $(221308) |
|  | **Net Change in unrealized appreciation (depreciation) on: <sup>(2)</sup>** |  |
| &nbsp;&nbsp;Credit Risk | Swaps | $(241140) |
| &nbsp;&nbsp;**Quantified Evolution Plus Fund (Consolidated)** | **Net Realized gain (loss) from: <sup>(1)</sup>** |  |
| &nbsp;&nbsp;Commodity Risk | Futures | $457340 |
| &nbsp;&nbsp;Equity Risk | Futures | 38668 |
| &nbsp;&nbsp;Interest Rate Risk | Futures | 153643 |
|  |  | 649651 |
| &nbsp;&nbsp;Commodity Risk | Swaps | (181208) |
| &nbsp;&nbsp;Equity Risk | Swaps | 571718 |
|  |  | 390510 |
|  | **Net Change in unrealized appreciation (depreciation) on: <sup>(2)</sup>** |  |
| &nbsp;&nbsp;Commodity Risk | Futures | $420500 |
| &nbsp;&nbsp;Interest Rate Risk | Futures | (271326) |
|  |  | 149174 |
| &nbsp;&nbsp;Commodity Risk | Swaps | 91825 |
| &nbsp;&nbsp;Equity Risk | Swaps | 112295 |
|  |  | 204120 |

---

---

| |
|:---|
| **The Quantified Funds** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | <br>**Statements of Operations location** | **Equity/Interest**<br>**Rate/Credit/Commodity**<br>**Contracts** |
| **Quantified Tactical Sectors Fund** | **Net Realized gain (loss) from: <sup>(1)</sup>** |  |
| Equity Risk | Swaps | $7505559 |
|  | **Net Change in unrealized appreciation (depreciation) on: <sup>(2)</sup>** |  |
| Equity Risk | Swaps | $(3069909) |
| **Quantified Rising Dividend Tactical Fund** | **Net Realized gain (loss) from: <sup>(1)</sup>** |  |
| Equity Risk | Swaps | $447436 |
|  | **Net Change in unrealized appreciation (depreciation) on: <sup>(2)</sup>** |  |
| Equity Risk | Swaps | $(38104) |
| **Quantified Government Income Tactical Fund** | **Net Realized gain (loss) from: <sup>(1)</sup>** |  |
| Interest Rate Risk | Futures | $559332 |
|  | **Net Change in unrealized appreciation (depreciation) on: <sup>(2)</sup>** |  |
| Interest Rate Risk | Futures | $(2410) |

---

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

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

The derivative instruments outstanding as of December 31, 2025 as disclosed in the Schedules of Investments and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed in the Statements of Operations serve as indicators of the volume of derivative activity for each Fund.

**Associated Risk**

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

Unexpected local, regional or global events, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues; and recessions and depressions could have a significant impact on the Funds and their investments and may impair market liquidity. Such events can cause investor fear, which can adversely affect the economies of nations, regions and the market in general, in ways that cannot necessarily be foreseen.

*Counterparty Risk:* Each Fund may invest in swap contracts (the "Product") with Barclays or CIBC as the counterparty. If Barclays or CIBC becomes insolvent, Barclays or CIBC may not be able to make any payments under the Product and investors may lose their capital invested in the Product. A decline in Barclays's or CIBC's standing is likely to reduce the market value of the Product and therefore the price an investor may receive for the Product if they sell it in the market.

*Liquidity Risk:* Liquidity risk is the risk that a Fund will encounter difficulty in raising funds to meet commitments. Liquidity risk may result in an inability to sell investments quickly at close to fair value. Each

---

| |
|:---|
| **The Quantified Funds** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

Fund's financial instruments may include investments in securities which are not traded on organized public exchanges and which generally may be illiquid. As a result, a Fund may not be able to quickly liquidate its investments in these instruments at an amount close to its fair value in order to meet its liquidity requirements. The Funds' do not anticipate any material losses as a result of liquidity risk.

**5.** **OFFSETTING OF FINANCIAL ASSETS AND DERIVATIVE ASSETS** 

Each Fund's policy is to recognize a gross asset or liability equal to the unrealized gain (loss) on futures contracts and swap contracts. The following table shows additional information regarding the offsetting of assets and liabilities as of December 31, 2025.

**Quantified Managed Income Fund:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
| Liabilities: |  |  |  | Statement of Assets & Liabilities | Statement of Assets & Liabilities |  |
|  |  | Gross Amounts | Net Amounts of |  |  |  |
|  | Gross Amounts of | Offset in the | Liabilities Presented |  |  |  |
|  | Recognized | Statement of Assets | in the Statement of | Financial | Cash Collateral |  |
| Description | Liabilities | & Liabilities | Assets & Liabilities | Instruments | Pledged<sup>(1)</sup> | Net Amount |
| Unrealized Depreciation on Futures | $(58015) | $— | $(58015) | $— | $58015 | $— |
| Total | $(58015) | $— | $(58015) | $— | $58015 | $— |

---

**Quantified Market Leaders Fund:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
| Assets: |  |  |  | Statements of Assets & Liabilities | Statements of Assets & Liabilities |  |
|  | Gross Amounts | Gross Amounts | Net Amounts of Assets |  |  |  |
|  | Presented in the | Offset in the | Presented in the |  |  |  |
|  | Statements of Assets | Statements of Assets | Statements of Assets & | Financial | Cash Collateral |  |
| Description | & Liabilities | & Liabilities | Liabilities | Instruments | Received | Net Amount |
| Unrealized Appreciation on Swaps | $1078122 | $— | $1078122 | $(1078122) | $— | $— |
| Total | $1078122 | $— | $1078122 | $(1078122) | $— | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
| Liabilities: |  |  |  | Statement of Assets & Liabilities | Statement of Assets & Liabilities |  |
|  |  | Gross Amounts | Net Amounts of |  |  |  |
|  | Gross Amounts | Offset in the | Liabilities Presented in | Financial |  |  |
|  | Amount of | Statement of Assets | the Statement of Assets | Instruments | Cash Collateral |  |
| Description | Recognized Liabilities | & Liabilities | & Liabilities | Pledged<sup>(2)</sup> | Pledged<sup>(1)</sup> | Net Amount |
| Unrealized Depreciation on Swaps | $(1585354) | $— | $(1585354) | $1078122 | $— | $(507232) |
| Total | $(1585354) | $— | $(1585354) | $1078122 | $— | $(507232) |

---

---

| |
|:---|
| **The Quantified Funds** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

**Quantified Alternative Investment Fund:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
| Assets: |  |  |  | Statements of Assets & Liabilities | Statements of Assets & Liabilities |  |
|  | Gross Amounts | Gross Amounts | Net Amounts of |  |  |  |
|  | Presented in the | Offset in the | Assets Presented in |  |  |  |
|  | Statements of | Statement of Assets | the Statement of | Financial | Cash Collateral |  |
| Description | Assets & Liabilities | & Liabilities | Assets & Liabilities | Instruments | Received | Net Amount |
| Unrealized Appreciation on Futures | $2444 | $— | $2444 | $(2125) | $— | $319 |
| Total | $2444 | $— | $2444 | $(2125) | $— | $319 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
| Liabilities: |  |  |  | Statement of Assets & Liabilities | Statement of Assets & Liabilities |  |
|  |  |  | Net Amounts of Liabilities |  |  |  |
|  | Gross Amounts of | Gross Amounts Offset | Presented in the |  |  |  |
|  | Recognized | in the Statement of | Statement of Assets & | Financial | Cash Collateral |  |
| Description | Liabilities | Assets & Liabilities | Liabilities | Instruments | Pledged<sup>(1)</sup> | Net Amount |
| Unrealized Depreciation on Futures | $(2125) | $— | $(2125) | $2125 | $— | $— |
|  | $(2125) | $— | $(2125) | $2125 | $— | $— |

---

**Quantified STF Fund:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
| Assets: |  |  |  | Statements of Assets & Liabilities | Statements of Assets & Liabilities |  |
|  | Gross Amounts |  |  |  |  |  |
|  | Presented in the | Gross Amounts | Net Amounts |  |  |  |
|  | Statements of | Offset in the | Presented in the |  |  |  |
|  | Assets & | Statement of Assets | Statement of | Financial | Cash Collateral |  |
| Description | Liabilities | & Liabilities | Assets & Liabilities | Instruments | Received | Net Amount |
| Unrealized Appreciation on Futures | $1457483 | $— | $1457483 | $— | $— | $1457483 |
| Total | $1457483 | $— | $1457483 | $— | $— | $1457483 |

---

**Quantified Pattern Recognition Fund:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
| Liabilities: |  |  |  | Statement of Assets & Liabilities | Statement of Assets & Liabilities |  |
|  |  | Gross Amounts | Net Amounts of |  |  |  |
|  | Gross Amounts of | Offset in the | liabilities Presented | Financial |  |  |
|  | Recognized | Statement of | in the Statement of | Instruments | Cash Collateral |  |
| Description | Liabilities | Assets & Liabilities | Assets & Liabilities | Pledged<sup>(2)</sup> | Pledged<sup>(1)</sup> | Net Amount |
| Unrealized Depreciation on Futures | $(229016) | $— | $(229016) | $— | $229016 | $— |
| Total | $(229016) | $— | $(229016) | $— | $229016 | $— |

---

**Quantified Tactical Fixed Income Fund:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
| Assets: |  |  |  | Statements of Assets & Liabilities | Statements of Assets & Liabilities |  |
|  | Gross Amounts | Gross Amounts | Net Amounts of |  |  |  |
|  | Presented in the | Offset in the | Assets Presented in |  |  |  |
|  | Statements of | Statement of | the Statement of | Financial | Cash Collateral |  |
| Description | Assets & Liabilities | Assets & Liabilities | Assets & Liabilities | Instruments | Received | Net Amount |
| Unrealized Appreciation on Swaps | $90 | $— | $90 | $(90) | $— | $— |
| Total | $90 | $— | $90 | $(90) | $— | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
| Liabilities: |  |  |  | Statement of Assets & Liabilities | Statement of Assets & Liabilities |  |
|  |  | Gross Amounts | Net Amounts of |  |  |  |
|  | Gross Amounts of | Offset in the | liabilities Presented | Financial |  |  |
|  | Recognized | Statement of | in the Statement of | Instruments | Cash Collateral |  |
| Description | Liabilities | Assets & Liabilities | Assets & Liabilities | Pledged<sup>(2)</sup> | Pledged<sup>(1)</sup> | Net Amount |
| Unrealized Depreciation on Swaps | $(9742) | $— | $(9742) | $90 | $9652 | $— |
| Total | $(9742) | $— | $(9742) | $90 | $9652 | $— |

---

---

| |
|:---|
| **The Quantified Funds** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

**Quantified Evolution Plus Fund:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
| Assets: |  |  |  | Statements of Assets & Liabilities | Statements of Assets & Liabilities |  |
|  | Gross Amounts | Gross Amounts | Net Amounts of Assets |  |  |  |
|  | Presented in the | Offset in the | Presented in the |  |  |  |
|  | Statements of Assets | Statements of Assets | Statements of Assets & | Financial | Cash Collateral |  |
| Description | & Liabilities | & Liabilities | Liabilities | Instruments | Received | Net Amount |
| Unrealized Appreciation on Futures | $425370 | $— | $425370 | $(51400) | $— | $373970 |
| Swaps | 123110 |  | 123110 | (10815) |  | 112295 |
| Total | $548480 | $— | $548480 | $(62215) | $— | $486265 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
| Liabilities: |  |  |  | Statement of Assets & Liabilities | Statement of Assets & Liabilities |  |
|  |  | Gross Amounts | Net Amounts of |  |  |  |
|  |  | Offset in the | Liabilities Presented in |  |  |  |
|  | Gross Amounts of | Statement of Assets | the Statement of | Financial | Cash Collateral |  |
| Description | Recognized Liabilities | & Liabilities | Assets & Liabilities | Instruments | Pledged<sup>(1)</sup> | Net Amount |
| Unrealized Depreciation on Futures | $(51400) | $— | $(51400) | $51400 | $— | $— |
| Swaps | $(10815) |  | $(10815) | $10815 | $— | $— |
| Total | $(62215) | $— | $(62215) | $62215 | $— | $— |

---

**Quantified Tactical Sectors Fund:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
| Assets: |  |  |  | Statements of Assets & Liabilities | Statements of Assets & Liabilities |  |
|  | Gross Amounts | Gross Amounts | Net Amounts of |  |  |  |
|  | Presented in the | Offset in the | Assets Presented in |  |  |  |
|  | Statements of | Statement of | the Statement of | Financial | Cash Collateral |  |
| Description | Assets & Liabilities | Assets & Liabilities | Assets & Liabilities | Instruments | Received | Net Amount |
| Unrealized Appreciation on Swaps | $64781 | $— | $64781 | $(64781) | $— | $— |
| Total | $64781 | $— | $64781 | $(64781) | $— | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Liabilities: |  |  |  | Gross Amounts Not Offset in the Statement | Gross Amounts Not Offset in the Statement |  |
|  |  | Gross Amounts | Net Amounts of | of Assets & Liabilities | of Assets & Liabilities |  |
|  |  | Offset in the | liabilities Presented in |  |  |  |
|  | Gross Amounts of | Statement of Assets | the Statement of Assets | Financial Instruments | Cash Collateral |  |
| Description | Recognized Liabilities | & Liabilities | & Liabilities | Pledged<sup>(2)</sup> | Pledged<sup>(1)</sup> | Net Amount |
| Unrealized Depreciation on Swaps | $(379989 | $— | $(379989) | $64781 | $315208 | $— |
| Total | $(379989 | $— | $(379989) | $64781 | $315208 | $— |

---

---

| |
|:---|
| **The Quantified Funds** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

**Quantified Rising Dividend Tactical Fund:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
| Assets: |  |  |  | Statements of Assets & Liabilities | Statements of Assets & Liabilities |  |
|  | Gross Amounts |  | Net Amounts of Assets |  |  |  |
|  | Presented in the | Gross Amounts Offset | Presented in the |  |  |  |
|  | Statements of Assets & | in the Statement of | Statement of Assets & | Financial | Cash Collateral |  |
| Description | Liabilities | Assets & Liabilities | Liabilities | Instruments | Received | Net Amount |
| Unrealized Appreciation on Swaps | $573059 | $— | $573059 | $(14499) | $— | $558560 |
| Total | $573059 | $— | $573059 | $(14499) | $— | $558560 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
| Liabilities: |  |  |  | Statement of Assets & Liabilities | Statement of Assets & Liabilities |  |
|  |  |  | Net Amounts of |  |  |  |
|  |  | Gross Amounts Offset | Liabilities Presented in the |  |  |  |
|  | Gross Amounts of | in the Statement of | Statement of Assets & | Financial | Collateral |  |
| Description | Recognized Liabilities | Assets & Liabilities | Liabilities | Instruments | Pledged<sup>(1)</sup> | Net Amount |
| Unrealized Depreciation on Swaps | $(14499) | $— | $(14499) | $14499 | $— | $— |
| Total | $(14499) | $— | $(14499) | $14499 | $— | $— |

---

**Quantified Government Income Tactical Fund:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
| Liabilities: |  |  |  | Statement of Assets & Liabilities | Statement of Assets & Liabilities |  |
|  |  | Gross Amounts | Net Amounts of |  |  |  |
|  | Gross Amounts of | Offset in the | Liabilities Presented |  |  |  |
|  | Recognized | Statement of Assets | in the Statement of | Financial | Cash Collateral |  |
| Description | Liabilities | & Liabilities | Assets & Liabilities | Instruments | Pledged<sup>(1)</sup> | Net Amount |
| Unrealized Depreciation on Futures | $(14594) | $— | $(14594) | $— | $14594 | $— |
| Total | $(14594) | $— | $(14594) | $— | $14594 | $— |

---

<sup>(1)</sup> The amount is limited to the derivative liability balance and accordingly does not include excess collateral pledged. Detailed collateral amounts are presented in the Statements of Assets and Liabilities.

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

The business activities of each Fund are overseen by the Board, which is responsible for the overall management of the Funds. Advisors Preferred LLC ("Advisor"), serves as investment advisor to the Funds. The Advisor has engaged Flexible Plan Investments, Ltd. (the "Sub-Advisor") to serve as the sub-advisor to the Funds.

Pursuant to an advisory agreement with the Funds, the Advisor, under the oversight of the Board, directs the daily operations of each Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, each Fund pays advisory fees accrued daily and paid monthly, based on each Fund's average daily net assets at an annual rate of 1.00%, except for Quantified Alternative Investment Fund, Quantified Managed Income Fund and Quantified Market Leaders Fund which pay 0.75%. There is no separate advisory fees payable to the CFCs. For the six months ended December 31, 2025, each Fund accrued the following advisory fees:

---

| |
|:---|
| **The Quantified Funds** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Quantified Managed Income Fund | $329309 |
| &nbsp;&nbsp;Quantified Market Leaders Fund | 486552 |
| &nbsp;&nbsp;Quantified Alternative Investment Fund | 23281 |
| &nbsp;&nbsp;Quantified STF Fund | 1324920 |
| &nbsp;&nbsp;Quantified Pattern Recognition Fund | 218707 |
| &nbsp;&nbsp;Quantified Tactical Fixed Income Fund | 45966 |
| &nbsp;&nbsp;Quantified Evolution Plus Fund | 64059 |
| &nbsp;&nbsp;Quantified Common Ground Fund | 591490 |
| &nbsp;&nbsp;Quantified Tactical Sectors Fund | 411066 |
| &nbsp;&nbsp;Quantified Rising Dividend Tactical Fund | 100324 |
| &nbsp;&nbsp;Quantified Government Income Tactical Fund | 269166 |
| &nbsp;&nbsp;Quantified Global Fund | 101874 |
| &nbsp;&nbsp;Quantified Eckhardt Managed Futures Strategy Fund | 180764 |

---

Pursuant to a liquidity program administrator agreement with the Funds, the Advisor, provides a liquidity program administrator who, directs the operations of the Funds' liquidity risk management program. As compensation for its services and the related expenses borne by the Advisor, the Funds pay the Advisor out of pocket expenses and an annual fee of $9,000 per Fund. Pursuant to the liquidity program administrator agreement, the Advisor earned (net of voluntary waivers) the following fees in the Statements of Operations (miscellaneous expenses) for the six months ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Fees** | **Waived** |
| &nbsp;&nbsp;Quantified Managed Income Fund | $4500 | $— |
| &nbsp;&nbsp;Quantified Market Leaders Fund | 4500 |  |
| &nbsp;&nbsp;Quantified Alternative Investment Fund | 4500 | (4500) |
| &nbsp;&nbsp;Quantified STF Fund | 4500 |  |
| &nbsp;&nbsp;Quantified Pattern Recognition Fund | 4500 | (4500) |
| &nbsp;&nbsp;Quantified Tactical Fixed Income Fund | 4500 |  |
| &nbsp;&nbsp;Quantified Evolution Plus Fund | 4500 |  |
| &nbsp;&nbsp;Quantified Common Ground Fund | 4500 |  |
| &nbsp;&nbsp;Quantified Tactical Sectors Fund | 4500 |  |
| &nbsp;&nbsp;Quantified Rising Dividend Tactical Fund | 4500 | (4500) |
| &nbsp;&nbsp;Quantified Government Income Tactical Fund | 4500 | (4500) |
| &nbsp;&nbsp;Quantified Global Fund | 4500 | (4500) |
| &nbsp;&nbsp;Quantified Eckhardt Managed Futures Strategy Fund | 4500 | (4500) |

---

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

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

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

The Trust has adopted Distribution Plans and Agreements pursuant to Rule 12b-1 under the 1940 Act for the

---

| |
|:---|
| **The Quantified Funds** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

Funds' Investor Class and Advisor Class shares (each a "Plan" and together, the "Plans") pursuant to which the Funds pay fees to the Ceros Financial Services, Inc. ("Ceros" or "Distributor") for providing distribution and/or shareholder services to the Funds. Under the Plans, Investor Class shares of a Funds may pay an account maintenance fee for account maintenance services and/or distribution fee at an annual rate of up to 0.25% of the Funds' average net assets attributable to Investor Class shares as compensation for the Distributor providing account maintenance and distribution services to shareholders; and up to 1.00% for Advisor Class shares of a Fund's average daily net assets attributable to the Advisor Class shares. The 12b-1 Plan is a compensation plan, which means that compensation is provided regardless of 12b-1 expenses incurred.

For the six months ended December 31, 2025, pursuant to the Rule 12b-1 Plan, each Fund accrued:

---

| | | | |
|:---|:---|:---|:---|
|  | **Investor Class** | **Advisor Class** | **Total** |
| &nbsp;&nbsp;Quantified Managed Income Fund | $101648 | $32485 | $134133 |
| &nbsp;&nbsp;Quantified Market Leaders Fund | 162033 | 606 | 162639 |
| &nbsp;&nbsp;Quantified Alternative Investment Fund | 7704 | 224 | 7928 |
| &nbsp;&nbsp;Quantified STF Fund | 299714 | 126066 | 425780 |
| &nbsp;&nbsp;Quantified Pattern Recognition Fund | 54677 |  | 54677 |
| &nbsp;&nbsp;Quantified Tactical Fixed Income Fund | 11491 |  | 11491 |
| &nbsp;&nbsp;Quantified Evolution Plus Fund | 16015 |  | 16015 |
| &nbsp;&nbsp;Quantified Common Ground Fund | 146609 | 5053 | 151662 |
| &nbsp;&nbsp;Quantified Tactical Sectors Fund | 102767 |  | 102767 |
| &nbsp;&nbsp;Quantified Rising Dividend Tactical Fund | 25081 |  | 25081 |
| &nbsp;&nbsp;Quantified Government Income Tactical Fund | 67292 |  | 67292 |
| &nbsp;&nbsp;Quantified Global Fund | 25469 |  | 25469 |
| &nbsp;&nbsp;Quantified Eckhardt Managed Futures Strategy Fund | 27284 | 71628 | 98912 |

---

The Board has adopted a Shareholder Servicing Plan (the "Servicing Plan") with respect to the Investor Class of each Fund. The Servicing Plan provides that a monthly service fee is calculated by each Fund at an annual rate of up to 0.15% (currently set at 0.15%), of its average daily net assets of the Investor Class and is paid to Ceros to provide compensation for ongoing shareholder servicing activities or service and/or maintenance of accounts, not otherwise required to be provided by the Advisor. Ceros is an affiliate of the Advisor.

For the six months ended December 31, 2025, pursuant to the Shareholder Services Agreement, each Fund accrued:

---

| | |
|:---|:---|
|  | **Investor Class** |
| &nbsp;&nbsp;Quantified Managed Income Fund | $60989 |
| &nbsp;&nbsp;Quantified Market Leaders Fund | 97220 |
| &nbsp;&nbsp;Quantified Alternative Investment Fund | 4623 |
| &nbsp;&nbsp;Quantified STF Fund | 179828 |
| &nbsp;&nbsp;Quantified Pattern Recognition Fund | 37871 |
| &nbsp;&nbsp;Quantified Tactical Fixed Income Fund | 6895 |
| &nbsp;&nbsp;Quantified Evolution Plus Fund | 9609 |
| &nbsp;&nbsp;Quantified Common Ground Fund | 87966 |
| &nbsp;&nbsp;Quantified Tactical Sectors Fund | 61660 |
| &nbsp;&nbsp;Quantified Rising Dividend Tactical Fund | 15049 |
| &nbsp;&nbsp;Quantified Government Income Tactical Fund | 40375 |
| &nbsp;&nbsp;Quantified Global Fund | 15281 |
| &nbsp;&nbsp;Quantified Eckhardt Managed Futures Strategy Fund | 16370 |

---

---

| |
|:---|
| **The Quantified Funds** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

During the six months ended December 31, 2025, Ceros, a registered broker/dealer, executed trades on behalf of Quantified Managed Income Fund, Quantified Market Leaders Fund, Quantified Alternative Investment Fund, Quantified STF Fund, Quantified Pattern Recognition Fund, Quantified Evolution Plus Fund, Quantified Common Ground Fund, Quantified Tactical Sectors Fund, Quantified Rising Dividend Tactical Fund, Quantified Government Income Tactical Fund and Quantified Global Fund received $91,944, $44,993, $6,073, $269, $165, $420, $113,952, $16,592, $526, $413 and $78,636 in trade commissions, respectively.

Each Trustee who is not an "interested person" of the Trust or Advisor is compensated at a rate of $72,000 per year plus $2,500 minimum per meeting for certain special meetings, which varies based on the matters submitted, as well as for reimbursement for any reasonable expenses incurred attending the meetings, paid quarterly. The "interested persons" who serve as Trustees of the Trust receive no compensation for their services as Trustees. None of the executive officers receive compensation from the Trust. Interested trustees of the Trust are also officers or employees of the Advisor and its affiliates.

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

The identified cost of investments in securities owned by each Fund for federal income tax purposes excluding futures, and its respective gross unrealized appreciation and depreciation at December 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>Tax Cost | Gross<br>Unrealized<br>Appreciation | Gross<br>Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation) |
| Quantified Managed Income Fund | $99504529 | $221824 | $(1517042) | $(1295218) |
| Quantified Market Leaders Fund | 126228210 | 320254 | (1818452) | (1498198) |
| Quantified Alternative Investment Fund | 4437716 | 62621 | (41168) | 21453 |
| Quantified STF Fund | 248361652 | 232667 | (882493) | (649826) |
| Quantified Pattern Recognition Fund | 53343851 | 171467 | (23398) | 148069 |
| Quantified Tactical Fixed Income Fund | 7395866 | 368 |  | 368 |
| Quantified Evolution Plus Fund | 13289844 | 1879 | (8546) | (6667) |
| Quantified Common Ground Fund | 128854857 | 3915882 | (3738355) | 177527 |
| Quantified Tactical Sectors Fund | 51604696 | 222113 | (427305) | (205192) |
| Quantified Rising Dividend Tactical Fund | 17609681 | 963836 | (1493318) | (529482) |
| Quantified Government Income Tactical Fund | 48432717 | 2 | (36070) | (36068) |
| Quantified Global Fund | 12910603 | 226925 | (630385) | (403460) |
| Quantified Eckhard Managed Futures Strategy Fund | 43366583 |  | (6025313) | (6025313) |

---

---

| |
|:---|
| **The Quantified Funds** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

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

The tax character of distributions paid for the years ended June 30, 2025 and June 30, 2024, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** | **Tax Exempt**<br>**Income** |<br>**Total** |
| Quantified Managed Income Fund | $4949591 | $— | $— | $— | $4949591 |
| Quantified Alternative Investment Fund | 463917 |  |  |  | 463917 |
| Quantified STF Fund | 10088771 |  |  |  | 10088771 |
| Quantified Pattern Recognition Fund | 1136484 |  |  |  | 1136484 |
| Quantified Tactical Fixed Income Fund | 1178463 |  |  |  | 1178463 |
| Quantified Evolution Plus Fund | 1074046 |  |  |  | 1074046 |
| Quantified Common Ground Fund | 6349357 |  |  |  | 6349357 |
| Quantified Government Income Tactical Fund | 924528 |  |  |  | 924528 |
| Quantified Global Fund | 549614 |  |  |  | 549614 |
| Quantified Eckhardt Managed Futures Strategy Fund | 92869 |  |  |  | 92869 |
|  | **For the period ended June 30, 2024:** | **For the period ended June 30, 2024:** | **For the period ended June 30, 2024:** |  |  |
|  | **Ordinary** | **Long-Term** | **Return of** | **Tax Exempt** |  |
| **Portfolio** | **Income** | **Capital Gains** | **Capital** | **Income** | **Total** |
| Quantified Managed Income Fund | $5579669 | $— | $— | $— | $5579669 |
| Quantified Market Leaders Fund | 4604181 |  |  |  | 4604181 |
| Quantified Alternative Investment Fund | 149386 |  |  |  | 149386 |
| Quantified STF Fund | 1890831 |  |  |  | 1890831 |
| Quantified Pattern Recognition Fund | 1090186 |  |  |  | 1090186 |
| Quantified Tactical Fixed Income Fund | 46531 |  |  |  | 46531 |
| Quantified Evolution Plus Fund | 2819019 |  |  |  | 2819019 |
| Quantified Common Ground Fund | 306845 |  |  |  | 306845 |
| Quantified Tactical Sectors Fund | 4254456 |  |  |  | 4254456 |
| Quantified Rising Dividend Tactical Fund | 284803 |  |  |  | 284803 |
| Quantified Government Income Tactical Fund | 813095 |  |  |  | 813095 |

---

---

| |
|:---|
| **The Quantified Funds** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Capital Gains | Post October Loss<br>and<br>Late Year Loss | Capital Loss<br>Carry<br>Forwards | Other<br>Book/Tax<br>Differences | Unrealized<br>Appreciation/<br>(Depreciation) | Total<br>Accumulated<br>Earnings/(Deficits) |
| Quantified Managed Income Fund | $2512261 | $— | $— | $(23272548) | $— | $184724 | $(20575563) |
| Quantified Market Leaders Fund | 1396524 |  | (5103292) | (61518610) |  | 6796140 | (58429238) |
| Quantified Alternative Investment Fund | 77110 |  |  | (4462939) |  | 34501 | (4351328) |
| Quantified STF Fund | 3843414 |  | (9910280) | (12311446) |  | (1279037) | (19657349) |
| Quantified Pattern Recognition Fund | 365237 |  |  | (9589006) |  | (15498) | (9239267) |
| Quantified Tactical Fixed Income Fund | 947611 |  |  | (52067585) |  | 231856 | (50888118) |
| Quantified Evolution Plus Fund | 5862305 |  |  | (18795460) |  | (95965) | (13029120) |
| Quantified Common Ground Fund | 147823 |  | (8935061) |  |  | (452834) | (9240072) |
| Quantified Tactical Sectors Fund | 212966 |  |  | (46177625) |  | 6086379 | (39878280) |
| Quantified Rising Dividend Tactical Fund | 61288 |  |  | (2252400) |  | 119942 | (2071170) |
| Quantified Government Income Tactical Fund | 457610 |  |  | (14939791) |  | (35349) | (14517530) |
| Quantified Global Fund | 799553 |  | (708907) |  |  | 2331240 | 2421886 |
| Quantified Eckhardt Managed Futures Strategy Fund | 588962 | 702166 |  |  |  | (4946654) | (3655526) |

---

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed net investment income (loss) and accumulated net realized gains (losses) from investments is primarily attributable to the tax deferral of losses on wash sales, mark-to-market on open Section 1256 contracts, swap contracts, passive foreign investment companies, corporation return of capital distributions and tax differences related to partnership investments.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such capital losses as follows:

---

| | |
|:---|:---|
|  | **Post October**<br>**Losses** |
| Quantified Market Leaders Fund | $5103292 |
| Quantified STF Fund | 9910280 |
| Quantified Common Ground Fund | 8935061 |
| Quantified Global Fund | 708907 |

---

---

| |
|:---|
| **The Quantified Funds** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short-Term** | **Long-Term** | **Total** | **CLCF Utilized** |
| Quantified Managed Income Fund | $12866876 | $10405672 | $23272548 | $1979840 |
| Quantified Market Leaders Fund | 59992877 | 1525733 | 61518610 |  |
| Quantified Alternative Investment Fund | 4173498 | 289441 | 4462939 |  |
| Quantified STF Fund | 4880605 | 7430841 | 12311446 |  |
| Quantified Pattern Recognition Fund | 3760674 | 5828332 | 9589006 | 3134956 |
| Quantified Tactical Fixed Income Fund | 23465232 | 28602353 | 52067585 |  |
| Quantified Evolution Plus Fund | 12205734 | 6589726 | 18795460 |  |
| Quantified Common Ground Fund |  |  |  | 675670 |
| Quantified Tactical Sectors Fund | 46177625 |  | 46177625 |  |
| Quantified Rising Dividend Tactical Fund |  | 2252400 | 2252400 | 5753583 |
| Quantified Government Income Tactical Fund | 6086119 | 8853672 | 14939791 | 393538 |

---

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of non-deductible expenses, net operating losses, distributions in excess, and tax adjustments related to certain funds wholly owned subsidiaries', resulted in reclassification for the year ended June 30, 2025, as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid In**<br>**Capital** | **Accumulated**<br>**Earnings (Losses)** |
| Quantified Market Leaders Fund | $(1421582) | $1421582 |
| Quantified Evolution Plus Fund | (290793) | 290793 |
| Quantified Tactical Sectors Fund | (354873) | 354873 |
| Quantified Rising Dividend Tactical Fund | (152854) | 152854 |
| Quantified Eckhardt Managed Futures Strategy Fund | (1688437) | 1688437 |

---

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

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund pursuant to Section 2(a)(9) of the 1940 Act. As of December 31, 2025, Axos Clearing LLC held 73.00% of the Quantified Managed Income Fund, 76.09% of the Quantified Market Leaders Fund, 75.51% of the Quantified Alternative Investment Fund, 63.86% of the Quantified STF Fund, 77.95% of the Quantified Pattern Recognition Fund, 77.99% of the Quantified Tactical Fixed Income Fund, 79.63% of the Quantified Evolution Plus Fund, 72.60% of the Quantified Common Ground Fund, 84.15% of the Quantified Tactical Sectors Fund, 86.79% of the Quantified Rising Dividend Tactical Fund, 80.24% of the Quantified Government Income Tactical Fund, 74.52% of the Quantified Global Fund and 45.30% of the Quantified Eckhardt Managed Future Strategy Fund, and National Financial Services, LLC held 28.79% of the Quantified Eckhardt Managed Future Strategy Fund.

**10.** **UNDERLYING INVESTMENT IN OTHER INVESTMENT COMPANIES** 

The following Funds currently invest greater than 25% of their net assets in the corresponding investments. The Funds may redeem these investments at any time if the Advisor or Subadvisor determines that it is in the best interest of the Funds and their shareholders to do so. The performance of the Fund will be directly affected by the performance of the investments. Other than Mount Vernon Liquid Assets Portfolio, LLC and

---

| |
|:---|
| **The Quantified Funds** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

Galaxy Plus Fund LLC Evolution Strategy Financials Feeder Fund, the financial statements of the investments, including their schedule of investments, can be found at the Securities and Exchange Commission's website www.sec.gov and should be read in conjunction with the Funds' financial statements. Upon request by a Quantified Eckhardt Managed Futures Strategy Fund shareholder, the Fund will provide the financial statements of the Galaxy Plus Fund LLC Evolution Strategy Financials Feeder Fund.

---

| | | |
|:---|:---|:---|
| <br>**Fund** | <br>**Investment** | **Percentage of**<br>**Net Assets** |
| Quantified Market Leaders Fund | iShares Russell 2000 Value ETF | 31.5% |
| Quantified STF Fund | Fidelity Government Portfolio Class I | 36.4% |
|  | First American Government Obligations Fund Class Z | 36.5% |
| Quantified Pattern Recognition Fund | Fidelity Government Portfolio Class I | 44.2% |
|  | First American Government Obligations Fund Class Z | 44.2% |
| Quantified Tactical Fixed Income Fund | Fidelity Government Portfolio Class I | 43.5% |
|  | First American Government Obligations Fund Class Z | 43.6% |
| Quantified Evolution Plus Fund | Fidelity Government Portfolio Class I | 37.9% |
|  | First American Government Obligations Fund Class Z | 37.9% |
| Quantified Government Income Tactical Fund | Fidelity Government Portfolio Class I | 48.7% |
|  | First American Government Obligations Fund Class Z | 48.7% |
| Quantified Eckhardt Managed Futures Strategy Fund | Galaxy Plus Fund LLC Evolution Strategy Financials Feeder Fund | 28.5% |
|  | Fidelity Government Portfolio Class I | 59.3% |

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**11.** **SECURITIES LENDING** 

The Funds have entered into a securities lending arrangement (the "Agreement") with U.S. Bank (the "Lending Agent"). Under the terms of the Agreement, the Funds are authorized to loan securities to the Lending Agent. In exchange, at the time of the loan, the Funds receive cash and "non-cash" or "securities" collateral in the amount of at least 105% of the value of any loaned securities that are foreign securities or 102% of the value of any other loaned securities marked-to-market daily. Loans shall be marked to market daily and the margin restored in the event collateralization is below 100% of the value of securities loaned. The value of securities loaned is disclosed in a footnote on the Statements of Assets and Liabilities and on the Schedules of Investments. Securities lending income is disclosed in the Funds' Statements of Operations. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the Lending Agent fails to return the securities on loan. The Funds' cash collateral received in securities lending transactions is invested in the Mount Vernon Liquid Assets Portfolio, LLC, a privately offered liquidity fund, as presented below. The investment objective is to seek to maximize current income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00 per unit.

As of December 31, 2025, the following Funds loaned securities which were collateralized by cash. The value of securities on loan and the value of the related collateral were as follows:

---

| | | |
|:---|:---|:---|
| <br>**Fund** |<br>**Value of Securities Loaned** | **Overnight and Continuous**<br>**Value of Collateral\*** |
| Quantified Managed Income Fund | $16936996 | $17352064 |
| Quantified Market Leaders Fund | 18394717 | 18917171 |
| Quantified Alternative Investment Fund | 394350 | 404506 |
| Quantified Common Ground Fund | 9465696 | 9831155 |
| Quantified Tactical Sectors Fund | 4002366 | 4128300 |

---

\* The above Funds received cash collateral, which was subsequently invested in the Mount Vernon Liquid Assets Portfolio, LLC as reported in the Schedules of Investments.

**12.** **LINE OF CREDIT** 

The Quantified Alternative Investment Fund, Quantified Common Ground Fund, and the Quantified Managed Income Fund ("Borrowing Funds") have each entered into a line of credit agreement with U.S. Bank N.A. for investment purposes subject to the limitations of the 1940 Act for borrowings. The maximum amount a Borrowing Fund is allowed to borrow under its agreement is lesser of $15,000,000, 20% of the gross market

---

| |
|:---|
| **The Quantified Funds** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

value of the Borrowing Fund or 33 1/3% of the gross market value (as determined solely by the Bank using consistently applied valuation methods disclosed to the Borrower) of the unencumbered assets of the Borrowing Fund. Borrowings under each agreement bear interest at the Prime Rate, per annum, on the principal balance outstanding. The maturity date of the line of credit was October 30, 2025. During the six months ended December 31, 2025, the Borrowing Funds did not access the line of credit which was not renewed.

**13.** **ACCOUNTING PRONOUNCEMENT** 

The Funds adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Funds' adoption of ASU 2023-09 did not have a material impact on the Funds' financial statements.

**14.** **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.

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

Information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling 1-855-647-8268, by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov, or by visiting www.advisorspreferred.com/quantified-funds.

---

| |
|:---|
| **INVESTMENT ADVISOR** |
| Advisors Preferred LLC |
| 1445 Research Blvd., Suite 530 |
| Rockville, MD 20850 |
| **SUB-ADVISOR** |
| Flexible Plan Investments, Ltd. |
| 3883 Telegraph Road, Suite 100 |
| Bloomfield Hills, MI 48302 |
| **ADMINISTRATOR** |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |

---

---

| |
|:---|
| **The Quantified Funds** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **December 31, 2025** |

---

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

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

**Approval of the Renewal of the Investment Advisory and Sub-Advisory Agreements for Quantified Managed Income Fund, Quantified Market Leaders Fund; Quantified Alternative Investment Fund, Quantified STF Fund, Quantified Tactical Fixed Income Fund, Quantified Evolution Plus Fund, Quantified Common Ground Fund, Quantified Pattern Recognition Fund, Quantified Tactical Sectors Fund, Quantified Rising Dividend Tactical Fund, Quantified Government Income Tactical Fund and Quantified Global Fund (all together the "Quantified Funds").**

At an in-person Board meeting held on May 21, 2025 (the "Meeting"), the Board of Trustees (the "Board") of Advisors Preferred Trust (the "Trust"), including a majority of Trustees who are not "interested persons" (the "Independent Trustees"), as such term is defined under Section 2(a)(19) of the 1940 Act, considered the renewal of the investment advisory agreement (the "Advisory Agreement") between Advisors Preferred, LLC (the "Adviser") and the Trust, on behalf of the Quantified Funds: Managed Income, Market Leaders, Alternative Investment (and its subsidiary) ("QAIF Fund Limited"), respectively; STF, Tactical Fixed Income, Evolution Plus Plan and its subsidiary, ("QEPF Fund Limited"), Common Ground, Pattern Recognition, Tactical Sectors, Rising Dividend Tactical, Government Income and Global. The Board also considered the renewal of each sub-advisory agreement (the "Sub-Advisory Agreements") between the Adviser and Flexible Plan Investments, Ltd. (the "Sub-Adviser" or "Flexible Plan" or "FPI")). The Board and Directors of the QAIF Fund Limited, QEPF Fund Limited, each a wholly owned foreign subsidiary of Alternative Investment and Evolution Plus respectively, approved the renewal of the investment advisory agreements between QAIF Fund Limited and QEPF Fund Limited and the Adviser (the "Subsidiary Advisory Agreements") as well as the subsidiary sub-advisory agreements (the "Subsidiary Sub-Advisory Agreements") between the Adviser and Flexible Plan with respect to the QAIF Fund Limited and QEPF Fund Limited. The Fund level agreements and subsidiary agreements are referred to collectively for convenience and references to a Fund include the subsidiary as the context indicates; collectively (the "Advisory Agreements"). The Trustees' and Directors' deliberations are presented as collective deliberations as they were conducted concurrently and refences to the Board also include the Directors.

---

| |
|:---|
| **The Quantified Funds** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2025** |

---

The Board then reviewed and discussed the written materials that were provided by Advisers Preferred, LLC, and Flexible Plan, in advance of the Meeting and deliberated on the renewal of the Advisory Agreements with respect to Quantified Funds. The Board members relied upon the advice of independent legal counsel and their own business judgement in determining the material factors to be considered in evaluating the Advisory Agreements with respect to Quantified Funds. The Board conducted some of their deliberations on a joint basis for the Adviser and Flexible Plan the given the close working relationship of the Adviser and Sub-Adviser and conducted their deliberations on a consolidated basis for the Funds that have a subsidiary.

***Nature, Extent and Quality of Services:***

With respect to the nature, extent and quality of services provided, the Board reviewed the Adviser's Form ADV, and the Sub-Adviser's Form ADV, a description of the manner in which investment decisions, including asset allocation, sector selection and trade execution, are made for each Quantified Fund by the Sub-Adviser, a description of the services provided by the Adviser and those services provided by the Sub-Adviser and those executed by the Adviser. The Board reviewed the experience of professional personnel from both the Adviser and Sub-Adviser performing services for the Quantified Funds, including the team of individuals that primarily monitor and execute the investment and administration process, and the respective portfolio managers. The Board considered the depth of resources of the Adviser and the Sub-Adviser. Further the Board reviewed a certification from each of the Adviser and the Sub-Adviser certifying that each has adopted a Code of Ethics containing provisions reasonably necessary to prevent Access Persons, as that term is defined in Rule 17j-1 under the 1940 Act, from engaging in conduct prohibited by Rule 17j-1(b) and noted that each of the Adviser and Sub-Adviser have adopted procedures reasonably necessary to prevent Access Persons from violating such Code of Ethics.

*<u>Advisors Preferred, LLC:</u>*

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

The Board discussed the Adviser's compliance program with the CCO of the Trust. The Board considered that the CCO of the Trust also serves as CCO of the Adviser and was recently appointed to serve as the CCO for The North Country Funds. The Trustees acknowledged they are confident in her abilities with respect to all positions, and Trustees were comfortable that if a conflict of interest were to arise, counsel would be called upon for a solution. The Board noted that the Adviser continues to have in place procedures which are currently working to prevent violations of applicable securities laws. The CCO confirmed that she has the support

---

| |
|:---|
| **The Quantified Funds** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2025** |

---

and resources to ensure the compliance procedures of the Trust are updated in accordance with current SEC rules. The Board considered that the cybersecurity risk of the Adviser is managed by Sikich LLP (a cybersecurity consultancy)with no data breaches reported. The Board discussed the overall technology of the Adviser with the CCO. The Adviser confirmed adequate Directors & Officers Error & Omissions Professional Liability Insurance ("E&O/E&O") is in place. Counsel noted the Board had previously reviewed the business continuity plan for the Adviser. The Board concluded that the Adviser has qualified professionals, resources, and compliance policies essential to performing its duties under the Advisory Agreements. The Board reviewed financial statements of the Adviser and concluded it has sufficient financial resources to fulfill Trust-related obligations, based in part on a representation that the Adviser has access to additional capital, as needed.

*<u>Flexible Plan:</u>*

The Board reviewed the balance sheet as of December 31, 2024 and profit & loss statement for calendar year ended December 31, 2024 from Flexible Plan and confirmed there were no changes to its financial conditions since then. The Board recalled the presentation by the Sub-Adviser and earlier discussions concerning reverse breakpoint fee splits, and the financial stability of FPI. The Board noted that over 60% of the assets managed by Flexible Plan are directed into purchases of the Gold Funds and Quantified Funds. The Board saw that Mr. Wagner remains dedicated to growing the Funds as investment vehicles under the various strategies for his clients, and determined Flexible Plan is financially equipped to continue to serve the Flex Funds as Sub-Adviser.

The Board confirmed with the CCO that she works closely with the CCO of FPI, and she had reviewed the policies and procedures manual of the Sub-Adviser, including latest revisions and business continuity plans. The Board confirmed that cybersecurity risk management is the responsibility of the Chief Information Officer/Chief Insurance Security Officer of Flexible Plan and that there were no reported breaches. The Trustees also noted that FPI has D&O/E&O coverage.

The Board determined that Flexible Plan has a compliance program in place that is reasonably designed to prevent violation of the applicable federal securities laws. The Board noted they are familiar with the portfolio managers of the Sub-Adviser and their qualifications in managing the Quantified Funds.

***Performance.*** The Board considered that the Adviser delegates day-to-day investment decisions to the Sub-Adviser and, therefore, does not directly control the performance of the Funds. The Board considered the Adviser's other responsibilities under the Advisory Agreements, including with respect to trade oversight, reviewing daily positions and balance reports for the Quantified Funds, obtaining derivative agreements, and reporting to the Board. The Trustees kept in mind that the Sub-Adviser's emphasis is how their strategies work and it use of the Funds as rotational vehicles, not necessarily for individual Fund performance. The Trustees concluded that the Adviser appears to be properly and reasonably monitoring the Sub-Adviser's adherence to the respective Quantified Fund's investment objectives and to be carrying out its functions appropriately.

---

| |
|:---|
| **The Quantified Funds** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2025** |

---

With respect to the performance, the Board reviewed the Sub-Adviser's daily management and investment strategies and considered the updated performance of each of the Quantified Funds through March 31, 2025 compared to their primary benchmark and Morningstar category for various periods provided by the Adviser. Counsel noted there were additions/changes to Morningstar categories presented for certain Quantified Funds for a more comprehensive comparison. The Board recalled the earlier detailed presentations by the portfolio manager of Flexible Plan with respect to strategy and each Quantified Fund's performance for various periods with explanations for over/under performance.

*<u>Quantified Managed Income Fund:</u>* With respect to Managed Income, (as measured by Investor Class shares) the Board noted the Fund lagged the Morningstar category for the one-, three-, five- and since-inception periods ended March 31, 2025. With respect to the Bloomberg Aggregate Bond Index, its benchmark, the Fund underperformed for the one- three- and since-inception periods ended March 31, 2025 while outperforming for the five-year period. The Board reviewed the Fund's positive return for all periods and reflected on the Fund's total return seeking strategy and observed the performance of each of the dividend paying stock, high-yield bond trading sleeve and rotational ETF sleeve and its effect on the Fund's performance whether good or bad with resulting swings in performance. The Board recalled the Sub-Adviser's earlier discussion on the strategy, and how Flexible Plan uses the Fund as a diversifying investment without purely focusing on the specific performance of the Fund. The Board concluded that Managed Income performance, while below expectations, was acceptable in light of the previous factors and noted it expects the Fund will continue to grow as part of the Sub-Adviser's rebalancing of clients' accounts.

*<u>Quantified Alternative Investment Fund (and subsidiary):</u>* For Alternative Investment, the Board noted the Fund (as measured by Investor Class shares) underperformed the S&P 500 for the one-, three-, five-, and since-inception periods ended March 31, 2025. The Board discussed how the Fund's strategy can lead to investment in ultra-long futures, thus making it difficult to benchmark. The Trustees further noted the Fund lagged the Morningstar Macro Trading category for the one- three- and five-year periods. The Board acknowledged that the S&P 500 does not directly correspond to the Fund's investment strategy and noted that the Macro Trading category follows the alternative investment strategy of the Fund more closely and the Funds underperformance is more comparable. The Board concluded the Fund's performance, while below expectations, was acceptable.

*<u>Quantified Market Leaders Fund:</u>* The Board noted that Market Leaders (as measured by Investor Class shares) underperformed the MSCI ACWI Net Index for all periods reviewed. The Fund outperformed the Morningstar Tactical Allocation category for the five-year and ten year periods, while lagging for the one- and three-year period ended March 31, 2025. The Board noted the changes to sector allocation as discussed and acknowledged that the nature of the Fund's strategy had led to periods of underperformance. The Board noted the Sub-Adviser's refinements are designed to improve performance and serve to mitigate risk. The Board concluded that because of the Fund's novel nature and strategy, performance was acceptable.

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| |
|:---|
| **The Quantified Funds** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2025** |

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*<u>Quantified STF Fund:</u>* The Board acknowledged the Fund (as measured by Investor Class shares) underperformed its benchmark, NASDAQ 100 Total Return Index, and the Morningstar Tactical Allocation category for all periods ended March 31, 2025. The Board noted that the Fund's strategy includes a risk management element, with market exposure mitigates triggered in part by volatility which can result in a whipsaw effect to the Fund and is the main cause of its underperformance. It was acknowledged by the Board that the signals utilized in the STF strategy are not always correct in identifying and amplifying trending markets when there is such high volatility. The Board discussed how the Morningstar Tactical Sector is not a perfect comparison, yet somewhat informative. The Board concluded performance was acceptable.

*<u>Quantified Tactical Fixed Income Fund:</u>* Tactical Fixed (as measured by Investor Class shares) lagged both its benchmark, Bloomberg Aggregate Bond Index, and the Morningstar Nontraditional Bond category for all periods ended March 31, 2025. The Board acknowledged the recent change in strategy to focus on high yield bonds differentiating the Fund from the Government Income and deemphasizing U.S. Treasuries in an attempt to find higher returns. The Board determined additional time was needed for the Fund's new strategy to improve the Fund's performance. The Board concluded performance was nonetheless acceptable.

*<u>Quantified Evolution Plus Fund (and Subsidiary):</u>* The Board reviewed the Fund's performance (as measured by Investor Class shares) for the one-year period ended March 31, 2025, and noted the Fund outperformed both the S&P 500 Index, and the Morningstar Tactical Allocation category. The Fund outperformed the Morningstar Tactical Allocation period for the three-year period as well but lagged for the five-year period. Longer term, the Fund underperformed the S&P 500 Index for the three-, five year and since inception periods. The Trustees discussed the various sources causing the Fund's underperformance. The Board realized the wide-ranging and novel nature of the Fund's capital appreciation seeking strategy and observed that the Fund does not follow an index-tracking strategy and, therefore, swings in performance are to be expected. The Board concluded that adjustments to the Fund's allocation strategy may improve performance but concluded performance is considered acceptable.

*<u>Quantified Common Ground Fund:</u>* For all periods ended March 31, 2025, Common Ground (as measured by Investor Class shares) underperformed its benchmarks, the S&P 1500 Index, and the Morningstar Tactical Allocation category except with respect to the one-year period when the Fund beat the Morningstar category. The Board noted that for the since inception period the Fund was slightly behind the S&P 1500 Index. The Board took into consideration that the Fund filters portfolio investments using both SRI (Socially Responsible Investing) and BRI (Biblically Responsible Investing) standards which can lead to periods of under or over performance as these sectors can fall in and out of favor. The Board determined to continue monitoring performance and found it is currently acceptable.

*<u>Quantified Pattern Recognition Fund:</u>* For the one-, three-, five-year, and since-inception periods ended March 31, 2025, the Board noted the Fund (as measured by Investor Class shares) underperformed its benchmark S&P 500 Index, while also lagging the Morningstar Large Blend category for the one-,three- and five-year periods. The Board discussed and took into

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| |
|:---|
| **The Quantified Funds** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2025** |

---

consideration the Sub-Adviser's ongoing refinement of the Fund's strategy including refined trend following, mean reversion, and pattern recognition sub-strategies. The Board agreed to continue to monitor the Fund's performance, and concluded performance was considered acceptable.

*<u>Quantified Tactical Sectors Fund:</u>* The Board reviewed the Fund's performance (as measured by Investor Class shares) for the one-, three- year and since-inception periods ended March 31, 2025, and found the Fund trailed both the S&P 500 Index and the Morningstar Large Blend category. The Board noted the Fund's positive performance for the three-year period. The Board noted the Sub-Adviser's adjustments to the industry sectors strategy and mean reversion strategy in an attempt to improve future performance and agreed to monitor the Fund's performance, but concluded performance, while below expectations, was acceptable.

*<u>Quantified Government Income Tactical Fund:</u>* The Board reviewed the Fund's performance (as measured by Investor Class shares) for periods ended March 31, 2025 and found it had underperformed the Bloomberg Aggregate Bond Index and the Morningstar Intermediate Core Bond category for the one-, three-year and since-inception periods. The Board noted that the since-inception Morningstar Intermediate Core Bond category comparison was unavailable. The Board noted the Sub-Adviser's ongoing plans to adjust to a more tactical strategy sensitive to changes in interest rates to attempt to enhance returns. The Board agreed to continue to monitor the Fund's performance, and concluded it was acceptable in light of the Sub-Adviser's plans.

*<u>Quantified Rising Dividend Tactical Fund:</u>* The Board reviewed the Fund's performance (as measured by Investor Class shares) for one-, three year and since inception periods ended March 31, 2025, and found it lagged both the S&P 500 Index and the Morningstar Large Blend category. The Sub-Adviser had discussed how the Fund avoided the first market downturn in 2024, but stock selection (with a dividend focused strategy) had caused the Fund to underperform. The Sub-Adviser continues investments in dividend paying ETFs with exposure to weighted indexed ETFs and continues to attempt to maintain lower drawdowns. The Board noted the specialized nature of the Fund and that the Fund is not an index fund. The Trustees will continue to monitor the Fund's performance, but concluded it was nonetheless acceptable.

*<u>Quantified Global Fund:</u>* The Board found the Fund's performance for the one-year and since inception periods ended March 31, 2025 exceeded its benchmark, the MSCI ACWI and the Morningstar Global category. The Fund trailed its benchmark since its inception on November 29, 2023 while the Morningstar Global category was unavailable. The Board determined it best to reassess Fund performance at a later date, but concluded performance was acceptable.

In summary, for the performance of the Quantified Funds, the Board felt that with Adviser oversight, under the sub-adviser's portfolio management, and with relevant strategy refinements, all the Quantified Funds are expected to continue to provide acceptable returns for shareholders over the long term.

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| |
|:---|
| **The Quantified Funds** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2025** |

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

*<u>Quantified Managed Income Fund:</u>* The Board noted the advisory fee of 0.75% for Managed Income was within range of the Morningstar Conservative Allocation category, and above average and well below the maximum management fee. The Trustees discussed net expenses of 1.67% for Investor Class shares and found it was above average of the net expenses for the Morningstar Conservative Allocation category, but within range. With regards to Adviser Class shares, the Trustees noted the net expense ratio of 2.26% was within range and below the maximum net expenses for the Morningstar Conservative Allocation category range of expenses.

*<u>Quantified Market Leaders Fund:</u>* The Board noted the advisory fee of 0.75% for Market Leaders was below average for the Morningstar Tactical Allocation category, and below the maximum management fee. The Trustees discussed net expenses of 1.48% for Investor Class shares and found they were below average for the net expenses for the Morningstar Tactical Allocation A Class category. With regards to Adviser Class shares, the Trustees noted the net expense ratio of 2.08% was below the average of the net expense ratio for the Morningstar Tactical Allocation C Class category.

*<u>Quantified Alternative Investment Fund (and subsidiary):</u>* The Board noted the advisory fee of 0.75% for Alternative Investment was below the average for the Morningstar Macro Trading category. The Trustees discussed the net expenses of 2.70% for Investor Class shares and found them above the average and above the maximum range for net expenses for the Morningstar Macro Trading A Class category. With regards to Adviser Class shares, the Board noted the net expense ratio of 3.36% was above both the average and the maximum net expense ratio for the Morningstar Macro Trading C Class category. The Trustees concluded that the above range total expenses were acceptable because they are not within the Adviser's nor Sub-Adviser's control.

*<u>Quantified STF Fund:</u>* The Board noted the advisory fee of 1.00% for STF was within range and well below the maximum of the Morningstar Tactical Allocation category. The Trustees discussed net expenses of 1.69% for Investor Class shares and found they were slightly below the average and well below the maximum net expense for the Morningstar Tactical Allocation A Class category. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.29% was slightly below the average and well below the maximum net expense ratio for the Morningstar Tactical Allocation C Class category.

*<u>Quantified Tactical Fixed Income Fund:</u>* The Board noted the advisory fee of 1.00% for Tactical Fixed was within range and well below the maximum management fee for the Morningstar Nontraditional Bond category. The Board discussed net expenses of 1.65% for Investor Class

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| |
|:---|
| **The Quantified Funds** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2025** |

---

shares and found it within range of net expenses for the Morningstar Nontraditional Bond A Class category. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.25% was above the average and well below the maximum net expense ratio for the Morningstar Nontraditional Bond C Class category.

*<u>Quantified Evolution Plus Fund (and subsidiary):</u>* The Board noted the advisory fee of 1.00% for Evolution Plus was within range of the Morningstar Tactical Allocation category. The Trustees discussed net expenses of 1.74% for Investor Class shares and found they were slightly below the average net expense for the Morningstar Tactical Allocation A Class category. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.34% was slightly below the average net expense ratio for the Morningstar Tactical Allocation Class C Class category.

*<u>Quantified Common Ground Fund:</u>* The Board noted the advisory fee of 1.00% for Common Ground was within range of the management fee for the Morningstar Mid-Cap Blend category. The Trustees discussed net expenses of 1.72% for Investor Class shares and found them below the maximum and within range of the net expense for the Morningstar Mid Cap Blend A Class category. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.32% was within range of net expense ratio for the Morningstar Mid Cap Blend C Class category and below the maximum net expenses.

*<u>Quantified Pattern Recognition Fund:</u>* The Board noted the advisory fee of 1.00% for Pattern Recognition was within range for the Morningstar Large Blend category and below the maximum management fee. The Trustees discussed net expenses of 1.75% for Investor Class shares and found it was within the range of the Morningstar Large Blend category. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.35% was within the range of the Morningstar Large Blend C category and in line with the maximum net expenses.

*<u>Quantified Tactical Sectors Fund:</u>* The Board noted the advisory fee of 1.00% for the Fund was within range of the Morningstar Large Blend category and well below the maximum management fee. The Trustees discussed net expenses of 1.72% for Investor Class shares and found they were within range of the net expense ratios, and below the maximum net expenses for the Large Blend A Class. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.32% was within range of the net expense ratio, and below the maximum net expenses for the Morningstar Large Blend C Class category.

*<u>Quantified Government Income Tactical Fund:</u>* The Board noted that the Fund's investment strategy did not lend itself to a single Morningstar category and the advisory fee of 1.00% for the Fund was above the upper end of the range of the Morningstar Intermediate Core Bond category while below the upper end of the Morningstar Nontraditional Bond category. The Trustees discussed net expenses of 1.76% for Investor Class shares and found they were above range of the net expense ratios for the Morningstar Intermediate Core Bond A Class category and below the top end of the Nontraditional Bond A Class category. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.40% was above range of the net expense ratio for the Morningstar Intermediate Core Bond C Class category and below the top end of the Morningstar Nontraditional Bond C Class category. The Board noted the narrow

---

| |
|:---|
| **The Quantified Funds** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2025** |

---

strategy of the Morningstar Intermediate Core Bond C Class category constituents, and the better fit of Government Income Tactical into the Morningstar Nontraditional Bond category.

*<u>Quantified Rising Dividend Tactical Fund:</u>* The Board noted the advisory fee of 1.00% for the Fund was within range of the Morningstar Large Blend category and below the maximum management fee. The Trustees discussed net expenses of 1.80% for Investor Class shares and found it within range of the net expense ratios for the Morningstar Large Blend A Class. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.40% was just slightly above the 2.38% upper end of the range of the net expense ratios for the Morningstar Large Blend C Class category.

*<u>Quantified Global Fund:</u>* The Board noted that Global advisory fee of 1.00% was within range of the Morningstar Global Allocation category and below the maximum management fee. The Trustees discussed net expenses for Investor Class shares of 1.88% and found them within range and lower than maximum expense for the Morningstar category. With respect to Advisor Class shares expense ratio of 2.48%, the Board found them to be with range of the Morningstar Class A +75% category and lower than the maximum expense ratio.

In the review of expenses with respect to each Quantified Fund, the Board reviewed and considered the split of the Advisory fee between the Adviser and the sub-adviser (the sub-adviser being paid by the Adviser, not the respective Fund), and determined it was acceptable and reasonable for the services being provided to the respective Quantified Fund. The Board concluded that the advisory fees and net expenses of each Quantified Fund were reasonable, taking into consideration the complex investment strategy for the Quantified Funds.

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

*<u>Quantified Funds: Managed Income, Market Leaders, Alternative, STF, Common Ground, Evolution Plus, Pattern Recognition, Tactical Fixed Fund, Tactical Sectors, Rising Dividend, Government Income and Global:</u>*

With respect to the Quantified Funds identified above, the Board noted that after fees paid to the Sub-Adviser, the Advisory fees were minimal, and the Adviser operated at a loss or a very slight profit. The Board noted the Adviser operated Managed Income at a breakeven point and all other Funds at a loss when taking into account the totality of the relationship with the

---

| |
|:---|
| **The Quantified Funds** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2025** |

---

Funds. The Board considered the split with the Sub-Adviser to be reasonable for the services provided.

The Board discussed the reverse breakpoint split in advisory fees, and the Adviser's ability to continue to manage and operate the Quantified Funds at a loss. Ms. Ayers-Rigsby stated Flexible Plan has a strong sales team to assist with marketing. She also noted that with the addition of recently launched Eckhardt Fund the Adviser's profits should increase (or losses diminish). The Board concluded that based on assets levels and services provided, profit levels for the Adviser are not a concern at this time. The Board concluded they would continue to monitor the Adviser's profitability as assets of the Quantified Funds grow.

***Profitability of Sub-Adviser:*** The Board reviewed the levels of profits to the Sub-Adviser for the year with respect to Quantified Funds They noted the situation for each Fund with respect to sub-advisory fees and from the total relationship with each Fund. With regards to Quantified Funds, the Board noted that the Sub-Adviser usually charges higher fees for separately managed accounts with similar investment strategies or have fee structures that are not directly comparable. The Board, in consultation with counsel, noted that current court rulings with respect to profitability suggest up to or even over a 70% profit margin for any adviser or sub-adviser could be acceptable and not considered excessive.

*<u>Quantified Funds: Managed Income, Market Leaders, Alternative Investment Fund</u>*

With respect to the above referenced Quantified Funds, and after a review of the Sub-Adviser's profitability, the Board noted Flexible Plan operated each Fund at a loss when reviewing sub-advisory fees and at a loss when reviewing the total relationship with the Fund. The Board concluded that based on the assets levels and services provided, the Sub-Adviser having excess profits is not of current concern.

Quantified Funds: STF Fund, Common Ground, Evolution Plus, Pattern Recognition, Tactical

Fixed Income, Tactical Sectors, Rising Dividend, Government Fixed and Globa

With respect to the above referenced Quantified Funds, the Board reviewed the profitability of Flexible Plan and noted the Sub-Adviser made a modest profit from managing each Fund. The Board found that the Sub-Adviser's profits remained basically the same when including other income earned from their total relationship with the Fund as show below:

With the sub-advisory fees based on average assets of combined Quantified Funds and taking into account the reverse breakpoint fee schedule, the Board acknowledged it is unlikely that the Sub-Adviser will, with respect to sub-advisory fees, or when taking into account the totality of the relationship, experience excess profits from its relationship with the any of the Quantified Funds. The Board stated they will monitor profit levels from each Quantified Fund as Flexible Plan continues to build assets of the Quantified Funds.

***Economies of Scale.***

As to the extent to which the Quantified Funds will realize economies of scale, the Adviser reported an estimate of $700 million per Fund. The Board discussed the Adviser's expectations

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| |
|:---|
| **The Quantified Funds** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2025** |

---

for the growth in net assets of each Quantified Fund and concluded that any material economies of scale were not a concern at present assets levels. The Trustees noted economies of scale is an advisory agreement concern and is not a consideration for approval of any sub-advisory agreements. The Board agreed to revisit economies of scale as assets of the Quantified Funds continue to grow.

***Conclusion****.* Counsel assisted the Board throughout the 15(c) review process. The Board members relied upon the advice of counsel, and their own business judgement, in determining the material factors to be considered in evaluating each of the Advisory Agreement and Subsidiary Advisory Agreements, Sub-Advisory and Subsidiary Sub-Advisory Agreements. In considering the approval, the Board noted that each Trustee may have afforded different weight to the various factors in reaching his conclusions.

Accordingly, having requested and received such information from the Adviser and Sub-Adviser as appropriate; the Board, including a majority of the Independent Trustees, determined that, with respect to the Advisory Agreements, separately that (i) the terms of the Advisory Agreements are reasonable; (ii) the compensation payable by each Quantified Fund to Advisors Preferred, LLC under the Advisory Agreements is determined to be for investment advisory services that are not primarily intended to result in sales of shares of the Fund (iii) compensation payable under the Agreements is based on services provided that are in addition to rather than duplicative of services provided by other investment funds, ETFs, mutual funds and similar productions (iv) such compensation is determined to be fair and reasonable in light of such services and expenses and such other matters as the Trustees have considered to be relevant in the exercise of their reasonable business judgement and (v) the Advisory Agreements are in the best interests of each of each of the Quantified Funds and its respective shareholders.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** Not applicable

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

Included under Item 7

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

Included under Item 7

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

Not applicable.

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

Not applicable.

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

Not applicable

**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) Not applicable.

[(a)(2) 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. Exhibit 99. CERT](ex99-cert.htm)

(a)(3) Not applicable.

(a)(4) Not applicable.

[(b)&nbsp;&nbsp;&nbsp;&nbsp; Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto Exhibit 99.906CERT](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) <u>Advisors Preferred Trust</u>

By (Signature and Title)

---

| |
|:---|
| /s/ Catherine Ayers-Rigsby |
| Catherine Ayers-Rigsby, Principal Executive Officer/President |

---

Date <u>2/25/26</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

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| |
|:---|
| /s/ Catherine Ayers-Rigsby |
| Catherine Ayers-Rigsby, Principal Executive Officer/President |

---

Date <u>2/25/26</u>

By (Signature and Title)

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| |
|:---|
| /s/ Christine Casares |
| Christine Casares, Principal Financial Officer/Treasurer |

---

Date <u>2/25/26</u>

## Ex-99.Cert

CERTIFICATIONS

I, Catherine Ayers-Rigsby, certify that:

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

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

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

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

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

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| | | |
|:---|:---|:---|
| Date: | 2/25/26 | /s/ Catherine Ayers-Rigsby |
|  |  | Catherine Ayers-Rigsby, |
|  |  | Principal Executive Officer/President |

---

I, Christine Casares, certify that:

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

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

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

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

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

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| | | |
|:---|:---|:---|
| Date: | 2/25/26 | /s/ Christine Casares |
|  |  | Christine Casares, Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**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 December 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Advisors Preferred Trust | Advisors Preferred Trust | Advisors Preferred Trust | Advisors Preferred Trust |
| /s/ Catherine Ayers-Rigsby | /s/ Catherine Ayers-Rigsby | /s/ Christine Casares | /s/ Christine Casares |
| Catherine Ayers-Rigsby | Catherine Ayers-Rigsby | Christine Casares | Christine Casares |
| Date: | 2/25/26 | Date: | 2/25/26 |

---

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 Northern Lights Fund Trust II 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.