# EDGAR Filing Document

**Accession Number:** 0001556505
**File Stem:** 0001580642-26-001670
**Filing Date:** 2026-3
**Character Count:** 132805
**Document Hash:** ec50e9910ac2568076719124e68dfc24
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001670.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001580642-26-001670

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22756
- **FILM NUMBER:** 26735323

**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 Gold Futures Tracking Fund (Series ID: S000040754)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000126480 | Quantified Gold Futures Tracking Fund Investor Class Shares | QGLDX           |
| C000143962 | Quantified Gold Futures Tracking Fund Advisor Class Shares  | QGLCX           |

?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>12/31</u>

Date of reporting period: <u>12/31/25</u>

**Item 1. Reports to Stockholders.**

(a) &nbsp;&nbsp;&nbsp;&nbsp; Tailored Shareholder Report

# The Gold Bullion Strategy Fund - Advisor (QGLCX)

#### Annual Shareholder Report - December 31, 2025
![Image](ia3764e08847f08470cdc0c65.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gold Bullion Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.goldbullionstrategyfund.com/index.php/investor-materials**. You can also request this information by contacting us at (855) 647-8268.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor | $252 | 1.95% |

---

## How did the Fund perform during the reporting period?
The Fund returned 58.80% for the 12 months ended December 31, 2025, as gold continued its strong performance by more than doubling its return from calendar year 2024. The S&P 500 Index, the Fund's benchmark, gained 17.88%. The S&P GSCI Gold Index earned 62.47% for the period.

<u>Strategy</u>

The Fund is designed to track the daily price movements of gold; thus, most of its performance is linked to gold's gains or losses.

<u>Techniques</u>

The strong performance of Gold during the period continued to be driven by a softening U.S. Dollar, trade uncertainty, and global central bank demand.

Adhering to its stated investment strategy, the Fund tracked closely with gold prices primarily by using futures contracts. However, after accounting for fund expenses, the Fund did lag modestly due to variances related to the rolling of futures contracts versus the S&P GSCI Gold Index. The Fund will continue to execute its investment strategy in an effort to track daily gold prices.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib0629b003beeed9428b7d733.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gold Bullion Strategy Fund** | **S&P 500<sup>®</sup> Index** | **S&P GSCI Gold Index** |
| **Apr-2016** | $10000 | $10000 | $10000 |
| **Dec-2016** | $8979 | $10821 | $9111 |
| **Dec-2017** | $9940 | $13183 | $10276 |
| **Dec-2018** | $9474 | $12605 | $9987 |
| **Dec-2019** | $11015 | $16574 | $11788 |
| **Dec-2020** | $13058 | $19624 | $14257 |
| **Dec-2021** | $12173 | $25257 | $13647 |
| **Dec-2022** | $11538 | $20683 | $13547 |
| **Dec-2023** | $12661 | $26120 | $15284 |
| **Dec-2024** | $15635 | $32655 | $19352 |
| **Dec-2025** | $24828 | $38494 | $31443 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (April 19, 2016)** |
| The Gold Bullion Strategy Fund | 58.80% | 13.71% | 9.83% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.91% |
| S&P GSCI Gold Index | 62.47% | 17.14% | 12.53% |

---

***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$189,125,757

* Number of Portfolio Holdings14

* Advisory Fee $1,067,643

* Portfolio Turnover68%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ibffed79c673a20fea97c1b21.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 1.9% |
| Certificate Of Deposit | 4.3% |
| Exchange-Traded Funds | 5.3% |
| Money Market Funds | 88.5% |

---

## What did the Fund invest in?

## **Security Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](iab2946c04db9c1d142a487ae.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Gold | 100.00% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity Government Portfolio Class I, 3.640%, | 76.0% |
| First American Government Obligations Fund Class Z, 3.603%, | 9.5% |
| iShares 0-3 Month Treasury Bond ETF | 4.2% |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.860%, | 1.8% |
| SPDR Gold Shares | 0.9% |
| Connexus Credit Union, 4.000%, 08/30/27 | 0.5% |
| Flushing Bank, 4.000%, 08/12/26 | 0.5% |
| Axos Bank, 3.800%, 04/02/27 | 0.5% |
| Customers Bank, 4.000%, 08/17/26 | 0.5% |
| Ally Bank, 3.750%, 09/27/27 | 0.5% |

---

The Fund has economic exposure through futures and other portfolio instruments equal to 100% of its assets. This figure disregards cash and cash equivalents. The Asset Weighting chart and the Top 10 Holdings table do not include derivatives.

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

![Image](if47ca977b0faa9c0eeb2be4e.jpg)

# The Gold Bullion Strategy Fund - Advisor (QGLCX)

#### Annual Shareholder Report - December 31, 2025
Additional information is available on the Fund's website (www.goldbullionstrategyfund.com/index.php/investor-materials), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-QGLCX

# The Gold Bullion Strategy Fund - Investor (QGLDX)

#### Annual Shareholder Report - December 31, 2025
![Image](ia3764e08847f08470cdc0c65.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gold Bullion Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.goldbullionstrategyfund.com/index.php/investor-materials**. You can also request this information by contacting us at (855) 647-8268.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $175 | 1.35% |

---

## How did the Fund perform during the reporting period?
The Fund returned 59.37% for the 12 months ended December 31, 2025, as gold continued its strong performance by more than doubling its return from calendar year 2024. The S&P 500 Index, the Fund's benchmark, gained 17.88%. The S&P GSCI Gold Index earned 62.47% for the period.

<u>Strategy</u>

The Fund is designed to track the daily price movements of gold; thus, most of its performance is linked to gold's gains or losses.

<u>Techniques</u>

The strong performance of Gold during the period continued to be driven by a softening U.S. Dollar, trade uncertainty, and global central bank demand.

Adhering to its stated investment strategy, the Fund tracked closely with gold prices primarily by using futures contracts. However, after accounting for fund expenses, the Fund did lag modestly due to variances related to the rolling of futures contracts versus the S&P GSCI Gold Index. The Fund will continue to execute its investment strategy in an effort to track daily gold prices.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7d40ce4a44bb63344d9effdc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gold Bullion Strategy Fund** | **S&P 500<sup>®</sup> Index** | **S&P GSCI Gold Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $10680 | $11196 | $10775 |
| **Dec-2017** | $11897 | $13640 | $12152 |
| **Dec-2018** | $11412 | $13042 | $11811 |
| **Dec-2019** | $13347 | $17149 | $13940 |
| **Dec-2020** | $15920 | $20304 | $16861 |
| **Dec-2021** | $14926 | $26132 | $16140 |
| **Dec-2022** | $14233 | $21399 | $16021 |
| **Dec-2023** | $15710 | $27025 | $18075 |
| **Dec-2024** | $19507 | $33786 | $22887 |
| **Dec-2025** | $31088 | $39827 | $37185 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| The Gold Bullion Strategy Fund | 59.37% | 14.32% | 12.01% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| S&P GSCI Gold Index | 62.47% | 17.14% | 14.03% |

---

***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$189,125,757

* Number of Portfolio Holdings14

* Advisory Fee $1,067,643

* Portfolio Turnover68%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ibffed79c673a20fea97c1b21.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 1.9% |
| Certificate Of Deposit | 4.3% |
| Exchange-Traded Funds | 5.3% |
| Money Market Funds | 88.5% |

---

## What did the Fund invest in?

## **Security Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](iab2946c04db9c1d142a487ae.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Gold | 100.00% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity Government Portfolio Class I, 3.640%, | 76.0% |
| First American Government Obligations Fund Class Z, 3.603%, | 9.5% |
| iShares 0-3 Month Treasury Bond ETF | 4.2% |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.860%, | 1.8% |
| SPDR Gold Shares | 0.9% |
| Connexus Credit Union, 4.000%, 08/30/27 | 0.5% |
| Flushing Bank, 4.000%, 08/12/26 | 0.5% |
| Axos Bank, 3.800%, 04/02/27 | 0.5% |
| Customers Bank, 4.000%, 08/17/26 | 0.5% |
| Ally Bank, 3.750%, 09/27/27 | 0.5% |

---

The Fund has economic exposure through futures and other portfolio instruments equal to 100% of its assets. This figure disregards cash and cash equivalents. The Asset Weighting chart and the Top 10 Holdings table do not include derivatives.

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

![Image](if47ca977b0faa9c0eeb2be4e.jpg)

# The Gold Bullion Strategy Fund - Investor (QGLDX)

#### Annual Shareholder Report - December 31, 2025
Additional information is available on the Fund's website (www.goldbullionstrategyfund.com/index.php/investor-materials), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-QGLDX

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**Item 2. Code of Ethics.**

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

(b)&nbsp;&nbsp;&nbsp;&nbsp; N/A

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

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

(e)&nbsp;&nbsp;&nbsp;&nbsp; N/A

(f)&nbsp;&nbsp;&nbsp;&nbsp; See Item 19(a)(1)

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

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

(a)(2) Not applicable.

(a)(3) Not applicable.

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

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

2025 - $15,250

2024 –$15,250

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

2025 - None

2024 - None

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

2025 - $3,000

2024 –$3,000

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

(d) All Other Fees.
 The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant,
 other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended December 31, 2025
 and 2024, respectively.

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

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

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

(g)&nbsp;&nbsp;&nbsp;&nbsp; All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended December 31, 2025 and 2024 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser.

(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

(i) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(j) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 5. Audit Committee of Listed Registrants.** Not applicable.

**Item 6. Investments.** The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ---

| |
|:---|
| ![(GOLD BULLION LOGO)](ad001_v1.jpg) |
| Annual Financial Statements |
| and Additional Information |
| December 31, 2025 |
| Investor Class Shares (QGLDX) |
| Advisor Class Shares (QGLCX) |
| **1-855-647-8268** |
| **www.advisorspreferred.com** |
| **Distributed by Ceros Financial Services, Inc.** |

---

---

| |
|:---|
| **THE GOLD BULLION STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 5.1%** |  |  |  |
|  | **COMMODITY – 0.9%** |  |  |  |
| 4164 | SPDR Gold Shares<sup>(a),(b)</sup> |  |  | $1650235 |
|  | **FIXED INCOME - 4.2%** |  |  |  |
| 80000 | iShares 0-3 Month Treasury Bond ETF <sup>(e)</sup> |  |  | 8030400 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $9,653,155)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $9,653,155)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $9,653,155)** | 9680635 |
| **Principal** |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **(%)** | **Maturity** |  |
|  | **CERTIFICATE OF DEPOSIT — 4.3%** |  |  |  |
|  | **BANKING - 4.3%** |  |  |  |
| 1000000 | Ally Bank | 3.7500 | 09/27/27 | 1001852 |
| 1000000 | Axos Bank | 3.8000 | 04/02/27 | 1002404 |
| 1000000 | Connexus Credit Union | 4.0000 | 08/30/27 | 1005717 |
| 1000000 | Customers Bank | 4.0000 | 08/17/26 | 1002225 |
| 1000000 | ESSA Bank & Trust | 3.7000 | 09/25/26 | 1000888 |
| 1000000 | First National Bank of Mount Dora | 4.7500 | 08/07/26 | 1000610 |
| 1000000 | Flushing Bank | 4.0000 | 08/12/26 | 1002511 |
| 1000000 | Texas Exchange Bank SSB | 3.6500 | 03/26/27 | 1000401 |
|  |  |  |  | 8016608 |
|  | **TOTAL CERTIFICATE OF DEPOSIT (Cost $8,000,000)** |  |  | 8016608 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 85.5%** |  |  |  |
|  | **MONEY MARKET FUNDS - 85.5%** |  |  |  |
| 143792464 | Fidelity Government Portfolio, Class I, 3.64%<sup>(c)</sup> |  |  | 143792464 |
| 17905498 | First American Government Obligations Fund, Class Z, 3.60%<sup>(b),(c)</sup> | First American Government Obligations Fund, Class Z, 3.60%<sup>(b),(c)</sup> | First American Government Obligations Fund, Class Z, 3.60%<sup>(b),(c)</sup> | 17905498 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $161,697,962)** | **TOTAL MONEY MARKET FUNDS (Cost $161,697,962)** | **TOTAL MONEY MARKET FUNDS (Cost $161,697,962)** | 161697962 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $161,697,962)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $161,697,962)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $161,697,962)** | 161697962 |

---

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

---

| |
|:---|
| **THE GOLD BULLION STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Units** |  | **Fair Value** |
|  | **COLLATERAL FOR SECURITIES LOANED — 1.8%** |  |
| 3403000 | Mount Vernon Liquid Assets Portfolio, LLC, 3.86%<sup>(c),(d)</sup> | $3403000 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $3,403,000)** |  |
|  | **TOTAL INVESTMENTS – 96.7% (Cost $182,754,117)** | $182798205 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 3.3%** | 6327552 |
|  | **NET ASSETS - 100.0%** | $189125757 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of**<br>**Contracts** | <br>**Open Long Futures Contracts** | <br>**Expiration** |<br>**Notional Amount** |<br>**Unrealized Appreciation** |
| 435 | COMEX Gold 100 Troy Ounces Futures<sup>(b)</sup> | 02/26/2026 | $188220150 | $7920626 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

---

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

---

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

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

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

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

<sup>(e)</sup> All or a portion of the security is on loan. Total loaned securities had a value of $3,332,616 at December 31, 2025.

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

---

| |
|:---|
| **The Gold Bullion Strategy Fund** |
| **Consolidated Statement of Assets and Liabilities** |
| **December 31, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $182754117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value <sup>(a)</sup> | $182798205 |
| &nbsp;&nbsp;&nbsp;Cash | 1131403 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | 7920626 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 558512 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 408576 |
| &nbsp;&nbsp;&nbsp;Deposit with broker for futures contracts | 184858 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 9718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 193011898 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Collateral on securities loaned (See note 11) | 3403000 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 168041 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 119670 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares repurchased | 108473 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 40731 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees payable | 23766 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 22460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 3886141 |
| **NET ASSETS** | $**189125757** |
| **Composition of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $194017574 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (4891817) |
| **NET ASSETS** | $**189125757** |
| **Net Asset Value Per Share:** |  |
| Investor Class Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**187471974** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **9203547** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**20.37** |
| Advisor Class Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**1653783** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **84839** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**19.49** |

---

<sup>(a)</sup> Includes loaned securities with a value of $3,332,616.

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

---

| |
|:---|
| **The Gold Bullion Strategy Fund** |
| **Consolidated Statement of Operations** |
| **For the Year Ended December 31, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Interest | $5185454 |
| &nbsp;&nbsp;&nbsp;Dividends | 329252 |
| &nbsp;&nbsp;&nbsp;Securities lending | 10023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 5524729 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 1067643 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees - Investor Class Shares | 353981 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees - Advisor Class Shares | 7602 |
| &nbsp;&nbsp;&nbsp;Administrative service fees | 271030 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees - Investor Class Shares | 212388 |
| &nbsp;&nbsp;&nbsp;Liquidity program administration fees | 9000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 1921644 |
| **NET INVESTMENT INCOME** | 3603085 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FUTURES CONTRACTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain from: |  |
| &nbsp;&nbsp;&nbsp;Investments | 595348 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 49410621 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain on Investments and Futures Contracts** | 50005969 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on: |  |
| &nbsp;&nbsp;&nbsp;Investments | 48278 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 11347306 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation on Investments and Futures Contracts** | 11395584 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FUTURES CONTRACTS** | 61401553 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**65004638** |

---

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

---

| |
|:---|
| **The Gold Bullion Strategy Fund** |
| **Consolidated Statements of Changes in Net Assets** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**December 31, 2024** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $3603085 | $2970505 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and futures contracts | 50005969 | 23713515 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and futures contracts | 11395584 | (5214738) |
| Net increase in net assets resulting from operations | 65004638 | 21469282 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (62501148) | (23736682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (543320) | (120966) |
| &nbsp;&nbsp;&nbsp;From return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (10300334) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (90864) |  |
| Total distributions to shareholders | (73435666) | (23857648) |
| **SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 232395524 | 165581558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 1359021 | 195097 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends and distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 70759490 | 23209265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 632561 | 120402 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (210462974) | (198517922) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (568826) | (251993) |
| Net increase (decrease) from shares of beneficial interest transactions | 94114796 | (9663593) |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 85683768 | (12051959) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 103441989 | 115493948 |
| &nbsp;&nbsp;&nbsp;End of year | $**189125757** | $**103441989** |
| **SHARE ACTIVITY** |  |  |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 9069120 | 6901047 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 3430232 | 1114911 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (8325144) | (8411816) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 4174208 | (395858) |
| Advisor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 49115 | 8649 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 32129 | 5961 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (23276) | (11166) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 57968 | 3444 |

---

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

---

| |
|:---|
| **The Gold Bullion Strategy Fund** |
| **Consolidated Financial Highlights** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $20.46 | $21.20 | $21.19 | $22.21 | $23.69 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(a)</sup> | 0.66 | 0.69 | 0.46 | (0.02) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 12.69 | 4.44 | 1.71 | (1.00) | (1.33) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 13.35 | 5.13 | 2.17 | (1.02) | (1.48) |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | (12.32) | (5.87) | (2.16) |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (1.12) | 0.00 | 0.00 |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (13.44) | (5.87) | (2.16) |  |  |
| Net asset value, end of year | $20.37 | $20.46 | $21.20 | $21.19 | $22.21 |
| Total return <sup>(b)</sup> | 59.37% | 24.17% | 10.32% | (4.59)% | (6.25)% |
| Net assets, end of year (in 000s) | $187472 | $102907 | $115008 | $128654 | $129065 |
| Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(c)</sup> | 1.35% | 1.35% | 1.34% | 1.31% | 1.35% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets <sup>(c,d)</sup> | 2.53% | 2.87% | 2.09% | (0.11)% | (0.67)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 68% | 77% | 26% | 143% | 162% |

---

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

<sup>(b)</sup> Total return assumes reinvestment of all distributions.

<sup>(c)</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>(d)</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.

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

---

| |
|:---|
| **The Gold Bullion Strategy Fund** |
| **Consolidated Financial Highlights** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $19.92 | $20.73 | $20.73 | $21.86 | $23.46 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(a)</sup> | 0.51 | 0.53 | 0.32 | (0.16) | (0.28) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 12.30 | 4.35 | 1.68 | (0.97) | (1.32) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 12.81 | 4.88 | 2.00 | (1.13) | (1.60) |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | (12.17) | (5.69) | (2.00) |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (1.07) | 0.00 | 0.00 |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (13.24) | (5.69) | (2.00) |  |  |
| Net asset value, end of year | $19.49 | $19.92 | $20.73 | $20.73 | $21.86 |
| Total return <sup>(b)</sup> | 58.80% | 23.48% | 9.68% | (5.17)% | (6.82)% |
| Net assets, end of year (in 000s) | $1654 | $535 | $486 | $575 | $739 |
| Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(c)</sup> | 1.95% | 1.94% | 1.94% | 1.91% | 1.94% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets <sup>(c,d)</sup> | 1.93% | 2.27% | 1.46% | (0.77)% | (1.26)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 68% | 77% | 26% | 143% | 162% |

---

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

<sup>(b)</sup> Total return assumes reinvestment of all distributions.

<sup>(c)</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>(d)</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.

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

---

| |
|:---|
| **The Gold Bullion Strategy Fund** |
| **Notes to Consolidated Financial Statements** |
| **December 31, 2025** |

---

**1.** **ORGANIZATION** 

The Gold Bullion Strategy Fund (the "Fund") is a diversified series of Advisors Preferred Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware on August 15, 2012 and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Fund seeks returns that reflect the performance of the price of gold bullion. The Fund is a "fund of funds", in that the Fund will generally invest in other investment companies.

The Fund currently offers two classes of shares, Investor and Advisor classes of shares each of which are offered at Net Asset Value ("NAV"). The Fund's Investor class commenced operations on July 9, 2013 and the Advisor class commenced operations on April 19, 2016. The Fund may issue an unlimited number of shares of beneficial interest in one or more share classes. Generally, all shares of the Fund have equal rights and privileges, except for class-specific features, rights and expenses. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Fund's income, expenses (other than class-specific 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.

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

The following is a summary of significant accounting policies followed by the Fund in preparation of its consolidated financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The preparation of the consolidated 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 consolidated financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 *Financial Services – Investment Companies*.

**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. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**Securities Valuation –** The Fund calculates its daily NAV per share at the close of regular trading on the New York Stock Exchange ("NYSE") (normally 4:00 p.m., Eastern time) (the "NYSE Close") on each day that the NYSE is open. Fund securities are valued each day at the last quoted sales price on each security's primary exchange, and securities traded or dealt in upon one or more securities exchanges (whether domestic or foreign) for which market quotations were readily available and not subject to restrictions against resale will be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean of the current bid and ask on the primary exchange. Securities primarily traded in the National Association of Securities Dealers' Automated Quotation System ("NASDAQ") National Market System for which market quotations are readily available shall be valued using the NASDAQ price. Futures are valued at 4:00 p.m. Eastern Time or, in the absence of a settled price, at the last bid price on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust's 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. 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 Fund 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 Fund's holding. Investments in open-end

---

| |
|:---|
| **The Gold Bullion Strategy Fund** |
| **Notes to Consolidated Financial Statements (Continued)** |
| **December 31, 2025** |

---

Mutual Funds are valued at net asset value. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

GBSF Fund Limited ("GBSF Ltd.") is a wholly-owned and controlled foreign subsidiary of the Fund that can invest in gold-bullion related exchange-traded funds ("ETFs"), exchange traded notes ("ETNs"), physical gold bullion and derivatives. See "Consolidation of Subsidiary" for additional information.

The Fund may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued at their fair value as determined using the "fair value" procedures approved by the Trust's Board. The Board has delegated execution of these procedures to a fair value committee composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) advisor and/or sub-advisor. The committee may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

**Fair Valuation Process –** As noted above, the fair value committee is composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) advisor and/or sub-advisor. The applicable investments are valued collectively via inputs from each of these groups. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source), (ii) securities for which, in the judgment of the advisor, the prices or values available do not represent the fair value of the instrument. Factors which may cause the 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 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 the 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 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 Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

**Valuation of Investment Companies –** The Fund may invest in portfolios of open-end or closed-end investment companies (the "Underlying Funds"). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value to the methods established by the board of directors/trustees 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, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Fund will not change.

---

| |
|:---|
| **The Gold Bullion Strategy Fund** |
| **Notes to Consolidated Financial Statements (Continued)** |
| **December 31, 2025** |

---

Units of Mount Vernon Liquid Assets Portfolio, LLC are not traded on an exchange and are valued at the investment company's NAV per unit as provided by the Underlying Fund's administrator.

The Fund utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the inputs used as of December 31, 2025 for the Fund's investments measured at fair value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets\*** | Level 1 | Level 2 | Level 3 | Total |  |
| **Investments:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $9680635 | $— | $— | $9680635 |  |
| &nbsp;&nbsp;&nbsp;Certificate of Deposit |  | 8016608 |  | 8016608 |  |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 161697962 |  |  | 161697962 |  |
| &nbsp;&nbsp;&nbsp;Collateral for Securities Loaned |  |  |  | 3403000 | \*\* |
| Total Investments | $171378597 | $8016608 | $— | $182798205 |  |
| **Assets\*** |  |  |  |  |  |
| **Derivatives:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts^ | $7920626 | $— | $— | $7920626 |  |
| Total Assets | $179299223 | $8016608 | $— | $190718831 |  |

---

\* Refer to the Consolidated 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 hierarchy.

^ Includes cumulative unrealized gain (loss) on futures contracts open at December 31, 2025.

The Fund did not hold any Level 3 securities during the year ended December 31, 2025.

**Consolidation of Subsidiary –** The consolidated financial statements of the Fund include the accounts of GBSF Ltd., a wholly-owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. The Fund may invest up to 25% of its total assets in GBSF Ltd., which acts as an investment vehicle in order to affect certain investments consistent with the Fund's investment objectives and policies. The subsidiary commenced operations on July 9, 2013 and is an exempted Cayman Islands company with limited liability.

---

| |
|:---|
| **The Gold Bullion Strategy Fund** |
| **Notes to Consolidated Financial Statements (Continued)** |
| **December 31, 2025** |

---

A summary of the Fund's investment in GBSF Ltd. is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Inception Date<br> of GBSF Ltd. | GBSF Ltd. Net Assets at<br> December 31, 2025 | % of Net Assets at<br> December 31, 2025 |
| GBSF Ltd. | 7/09/2013 | $27544789 | 14.6% |

---

**Security Transactions and Related Income –** Security transactions are accounted for on trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities using the effective yield method. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

**Dividends and distributions to shareholders –** Dividends from net investment income, if any, are declared and paid quarterly. Distributable net realized capital gains, if any, are declared and distributed annually in December. Dividends from net investment income and distributions from net realized gains are recorded on ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. These reclassifications have no effect on net assets, results from operations or net asset value per share of the Fund.

**Federal Income Tax –** It is the 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 Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended December 31, 2022 through December 31, 2024 or expected to be taken in the Fund's December 31, 2025 tax returns.

The Fund identifies its major tax jurisdictions as U.S. Federal and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or penalties.

For tax purposes, GBSF Ltd. is an exempted Cayman Islands investment company. GBSF Ltd. has 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, GBSF Ltd. is a Controlled Foreign Corporation and as such is not subject to U.S. income tax. However, a portion of GBSF Ltd.'s net income and capital gain, to the extent of its earnings and profits, will be included each period in the 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, which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

**Indemnification –** The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The

---

| |
|:---|
| **The Gold Bullion Strategy Fund** |
| **Notes to Consolidated Financial Statements (Continued)** |
| **December 31, 2025** |

---

Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

**3.** **RISKS** 

**Principal Investment Risk** – As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete investment program. Many factors affect the Fund's net asset value and performance. The following risks apply to the Fund through its direct investments as well as indirectly through investments in Underlying Funds and the subsidiary (GBSF Ltd.).

**General Market Risk –** The risk that the value of the Fund's shares will fluctuate based on the performance of the Fund's investments and other factors affecting the commodities and/or securities market generally. Unexpected local, regional or global events, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues; and recessions and depressions could have a significant impact on the Fund and its investments and may impair market liquidity. Such events can cause investor fear, which can adversely affect the economies of nations, regions and the market in general, in ways that cannot necessarily be foreseen.

**Cash Accounts –** At times, the Fund 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 Fund with respect to the Fund's short-term deposit sweep vehicle program. These deposits are not custodied by StoneCastle. These amounts are included as Cash on the Consolidated Statement of Assets and Liabilities to the extent they are held by the Fund as of December 31, 2025.

**Exchange-Traded Funds –** The Fund may invest in ETFs. ETFs are 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. The Fund may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting purchase of underlying securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

**Mutual Fund and ETN Risk –** Mutual funds and ETNs are subject to investment advisory or management and other expenses, which will be indirectly paid by the Fund. Each is subject to specific risks, depending on investment strategy. Also, each may be subject to leverage risk, which will magnify losses. ETNs are subject to default risks.

**Futures Contracts –** The Fund is subject to commodity risk in the normal course of pursuing its investment objective. The Fund may purchase or sell futures contracts to gain exposure to, or hedge against, changes in the value of commodities, equities and interest rates. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (the 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 value of the contracts at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. If the Fund was unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the 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. The 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 recognized in the Consolidated Statement of Assets and Liabilities. With

---

| |
|:---|
| **The Gold Bullion Strategy Fund** |
| **Notes to Consolidated Financial Statements (Continued)** |
| **December 31, 2025** |

---

futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

**Derivatives Risk –** Futures are subject to inherent leverage that may magnify Fund losses. These derivatives may not provide an effective substitute for gold bullion because changes in derivative prices may not track those of the underlying gold bullion. Also, over-the-counter forwards are subject to counterparty default risk.

**Gold Risk –** The price of Gold may be volatile and gold bullion-related ETFs, ETNs and derivatives may be highly sensitive to the price of Gold. The price of gold bullion can be significantly affected by international monetary and political developments such as currency devaluation or revaluation, central bank movements, economic and social conditions within a country, transactional or trade imbalances, or trade or currency restrictions between countries.

**4.** **INVESTMENT TRANSACTIONS** 

For the year ended December 31, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, amounted to $14,235,741 and $16,204,360, respectively.

**5.** **OFFSETTING OF FINANCIAL ASSETS AND DERIVATIVE ASSETS** 

The Fund's policy is to recognize a gross asset or liability equal to the unrealized appreciation/(depreciation) on futures contracts. During the year ended December 31, 2025, the Fund was subject to a master netting arrangement. The following table shows additional information regarding the offsetting of assets and liabilities at December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
|  | | | | Consolidated Statement of Assets | Consolidated Statement of Assets | |
| Assets: (A) |  |  |  | & Liabilities | & Liabilities |  |
| Liabilities: (L) |  |  |  |  |  |  |
|  |  | Gross Amounts | Net Amount of Asset |  |  |  |
|  |  | Offset in the | or Liabilities |  |  |  |
|  | Gross Amounts of | Consolidated | Presented in the | Financial | Cash Collateral |  |
|  | Recognized Assets | Statement of Assets | Statement of Assets | Instruments | (Received) or |  |
| Description | or Liabilities | & Liabilities | & Liabilities | Pledged | Pledged <sup>(1)</sup> | Net Amount |
| Futures Contracts (A) | $7920626 | $— | $7920626 | $— | $— | $7920626 |

---

<sup>(1)</sup> Detailed collateral amounts are presented in the Consolidated Statement of Assets and Liabilities.

**Impact of Derivatives on the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations**

The following is a summary of the location of derivative investments on the Fund's Consolidated Statement of Assets and Liabilities as of December 31, 2025:

<u>Derivative Investment Type</u> <u>Location on the Consolidated Statement of Assets and Liabilities</u> <br> Futures Contracts Unrealized appreciation on futures contracts

At December 31, 2025, the fair value of the derivative instruments was as follows:

---

| | | |
|:---|:---|:---|
| Asset Derivatives | Asset Derivatives | Asset Derivatives |
| Derivative Investment Type | Commodity Risk | Total |
| Futures Contracts | $7920626 | $7920626 |

---

---

| |
|:---|
| **The Gold Bullion Strategy Fund** |
| **Notes to Consolidated Financial Statements (Continued)** |
| **December 31, 2025** |

---

The following is a summary of the location of derivative investments on the Fund's Consolidated Statement of Operations for the year ended December 31, 2025:

<u>Derivative Investment Type</u> <u>Location on the Consolidated Statement of Operations</u> <br> Futures Contracts Net realized gain from futures contracts <br> Net change in unrealized appreciation on futures contracts

The following is a summary of the Fund's realized gain (loss) and unrealized appreciation (depreciation) on derivative investments recognized in the Consolidated Statement of Operations categorized by primary risk exposure for the year ended December 31, 2025:

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| | | |
|:---|:---|:---|
| Realized gain on derivatives recognized in the Consolidated Statement of Operations | Realized gain on derivatives recognized in the Consolidated Statement of Operations | Realized gain on derivatives recognized in the Consolidated Statement of Operations |
| Derivative Investment Type | Commodity Risk | Total |
| Futures Contracts | $49410621 | $49410621 |
| Change in unrealized appreciation on derivatives recognized in the Consolidated Statement of Operations | Change in unrealized appreciation on derivatives recognized in the Consolidated Statement of Operations | Change in unrealized appreciation on derivatives recognized in the Consolidated Statement of Operations |
| Derivative Investment Type | Commodity Risk | Total |
| Futures Contracts | $11347306 | $11347306 |

---

The derivative instruments outstanding as of December 31, 2025 as disclosed in the Consolidated Schedule of Investments and in the Notes to Consolidated Financial Statements and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed in the Consolidated Statement of Operations serve as indicators of the volume of derivative activity for the Fund.

The Fund and GBSF Fund Ltd. use derivative instruments as part of its principal investment strategy to achieve its investment objective. For additional discussion on the risks associated with the derivative instruments, see Note 3.

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

Advisors Preferred LLC ("Advisor"), serves as investment adviser to the Fund. The Advisor has engaged Flexible Plan Investments, Ltd. (the "Sub-Advisor") to serve as the sub-advisor to the Fund. Sub-Advisor expenses are the responsibility of the Advisor.

Pursuant to an advisory agreement with the Fund, the Advisor, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor a fee, computed and accrued daily and paid monthly, at an annual rate of 0.75% of the Fund's average daily net assets. Pursuant to the advisory agreement, the Advisor earned $1,067,643 in advisory fees for the year ended December 31, 2025.

Pursuant to a liquidity program administrator agreement with the Fund, the Advisor, provides a liquidity program administrator who, directs the operations of the Fund's liquidity risk management program. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor out of pocket expenses and an annual fee of $9,000. Pursuant to the liquidity program administrator agreement, the Advisor earned $9,000 in fees in the Statement of Operations (miscellaneous expenses) for the year ended December 31, 2025.

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

---

| |
|:---|
| **The Gold Bullion Strategy Fund** |
| **Notes to Consolidated Financial Statements (Continued)** |
| **December 31, 2025** |

---

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

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

The Board has adopted a Distribution Plan and Agreement (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that a monthly service and/or distribution fee is calculated by the Investor and Advisor class at an annual rate of up to 0.25% and 1.00%, respectively, of their average daily net assets and is paid to Ceros Financial Services, Inc. (the "Distributor" or "Ceros"), a registered broker/dealer and an affiliate of the Advisor, and principal underwriter of the Fund, to provide compensation for ongoing shareholder servicing or services and-or maintenance of accounts, not otherwise required to be provided by the Advisor. The Plan is a compensation plan, which means that compensation is provided regardless of 12b-1 expenses incurred. For the year ended December 31, 2025, pursuant to the Plan, Investor and Advisor Class shares paid $353,981 and $7,602, respectively.

The Board has adopted a Shareholder Servicing Plan (the "Servicing Plan") on the Investor class. The Servicing Plan provides that a monthly service fee is calculated by the 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 or service and/or maintenance of accounts, not otherwise required to be provided by the Advisor. For the year ended December 31, 2025, Investor Class shares paid $212,388.

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. The Advisor pays Trustee fees.

During the year ended December 31, 2025, Ceros executed trades on behalf of the Fund and received $668 in trade commissions.

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

The identified cost of investments in securities owned by the Fund for federal income tax purposes including futures, and its respective gross unrealized appreciation and depreciation at December 31, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|<br>**Tax Cost** |<br>**Gross Unrealized**<br>**Appreciation** |<br>**Gross Unrealized**<br>**(Depreciation)** | **Net Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| $182758199 | $40006 | $— | $40006 |

---

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

The tax character of Fund distributions paid for the years ended December 31, 2025, and 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br>December 31, 2025 | Fiscal Year Ended<br>December 31, 2024 |
| Ordinary Income | $63044468 | $23857648 |
| Return of Capital | 10391198 |  |
|  | $73435666 | $23857648 |

---

---

| |
|:---|
| **The Gold Bullion Strategy Fund** |
| **Notes to Consolidated Financial Statements (Continued)** |
| **December 31, 2025** |

---

As of December 31, 2025, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Distributable Earnings/ |
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | (Accumulated Deficit) |
| $— | $— | $— | $(4931823) | $— | $40006 | $(4891817) |

---

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

At December 31, 2025, the Fund had capital loss carryforwards for federal income tax purposes available to offset future capital gains, along with capital loss carry forwards utilized, as follows:

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| | | | |
|:---|:---|:---|:---|
| | | | CLCF |
| Short-Term | Long-Term | Total | Utilized |
| $2066613 | $2865210 | $4931823 | $384 |

---

Permanent book and tax differences, primarily attributable to the tax adjustments for the Fund's holding in GBSF Ltd. and the true up adjustments for the tax returns, resulted in reclassifications for the year ended December 31, 2025, as follows:

---

| | |
|:---|:---|
| Paid In | Accumulated |
| Capital | Deficit |
| $322 | $(322) |

---

**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, National Financial Services LLC and Axos Clearing LLC held approximately 44% and 36% of the Fund, for the benefit of its customers.

**10.** **UNDERLYING INVESTMENT IN OTHER INVESTMENT COMPANIES** 

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

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| | |
|:---|:---|
| <br>**Investment** | **Percentage of Net**<br>**Assets** |
| Fidelity Government Portfolio, Class I | 76.0% |

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---

| |
|:---|
| **The Gold Bullion Strategy Fund** |
| **Notes to Consolidated Financial Statements (Continued)** |
| **December 31, 2025** |

---

**11.** **SECURITIES LENDING** 

The Fund has entered into a securities lending arrangement (the "Agreement") with U.S. Bank (the "Lending Agent"). Under the terms of the Agreement, the Fund is authorized to loan securities to the Lending Agent. In exchange, the Fund receives 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 Consolidated Statement of Assets and Liabilities and on the Consolidated Schedule of Investments. Securities lending income is disclosed in the Fund's Consolidated Statement of Operations. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the Lending Agent fails to return the securities on loan. The Fund's cash collateral received in securities lending transactions is invested in the Mount Vernon Liquid Assets Portfolio, LLC, a privately offered liquidity fund. The investment objective of Mount Vernon Liquid Assets Portfolio, LLC 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 Fund loaned securities which were collateralized by short-term investment securities or cash and cash equivalents. The value of securities on loan and the value of the related overnight and continuous collateral were $3,332,616 and $3,403,000, respectively.

**12.** **ACCOUNTING PRONOUNCEMENT** 

The Fund 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 Fund's adoption of ASU 2023-09 did not have a material impact on the Fund's financial statements.

**13.** **SUBSEQUENT EVENTS** 

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

Effective February 3, 2026, the Fund was renamed the Quantified Gold Futures Tracking Fund.

![(LOGO)](ad002_v1.jpg)

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

To the Shareholders of The Gold Bullion Strategy Fund and

Board of Trustees of Advisors Preferred Trust

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of The Gold Bullion Strategy Fund (the "Fund"), a series of Advisors Preferred Trust, as of December 31, 2025, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

![(SIGNATURE)](ad003_v1.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 25, 2026

---

| |
|:---|
| **COHEN & COMPANY, LTD.** |
| **Registered with the Public Company Accounting Oversight Board** |
| **800.229.1099** **I 866.818.4538 fax I cohenco.com** |

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

Information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-855-647-8268 or by referring to the Security and Exchange Commission's ("SEC") website at http://www.sec.gov, or by visiting https://advisorspreferred.com/public/gold-bullion-fund.

---

| |
|:---|
| **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 |

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| |
|:---|
| **The Gold Bullion Strategy Fund** |
| **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 The Gold Bullion Strategy Fund (and its subsidiary)**

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" or "Advisors Preferred")) and the Trust, on behalf of The Gold Bullion Strategy Fund (and its subsidiary) ("Gold Fund" and "GBSF Fund Limited", respectively); and the renewal of the 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 the Directors of the GBSP Fund Limited, a wholly owned foreign subsidiary of Gold Fund, approved the renewal of the investment advisory agreement between GBSF Fund Limited and the Adviser (the "Subsidiary Advisory Agreement") as well as the renewal of the sub-advisory agreement (the "Subsidiary Sub-Advisory Agreement") between the Adviser and Flexible Plan with respect to the GBSF Fund Limited. The Fund level Advisory and Sub-Advisory agreements and subsidiary agreements (together the "Agreements") are referred to collectively for convenience and references to the Portfolio include the subsidiary as the context indicates. 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 Board then reviewed and discussed the written materials that were provided by Advisors Preferred, LLC and Flexible Plan in advance of the Meeting and deliberated on the renewal of the Agreements with respect to Gold Fund (and subsidiary GBSF Fund Ltd.). The Board members relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Agreements with respect to Gold Fund. The Board conducted some of their deliberations on a joint basis for the Adviser and

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| |
|:---|
| **The Gold Bullion Strategy Fund** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **December 31, 2025** |

---

the Sub-Adviser given the close working relationship of the Adviser and Sub-Adviser and conducted their deliberations on a consolidated basis for the Gold Fund and its 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 the Gold 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 the Sub-Adviser performing services for the Gold Fund, including the team of individuals that primarily monitor and execute the investment and administration process, and the portfolio managers. The Board considered the depth of resources of the Adviser and the Sub-Adviser. Further the Board reviewed a certification from each of the Adviser and the Sub-Adviser certifying that each has adopted a Code of Ethics containing provisions reasonably necessary to prevent Access Persons, as that term is defined in Rule 17j-1 under the 1940 Act, from engaging in conduct prohibited by Rule 17j-1(b) and noted that each of the Adviser and the Sub-Adviser have adopted procedures reasonably necessary to prevent Access Persons from violating such Code of Ethics.

*<u>Advisors Preferred:</u>*

*T*he 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 and resources to ensure the compliance procedures of the Trust are updated in accordance with current SEC rules. The Board considered that the cybersecurity risk of the Adviser is managed by Sikich LLP (a cybersecurity consultancy) with no data breaches reported. The Board discussed the overall technology of the Adviser with the CCO. The Adviser confirmed adequate Directors & Officers Error & Omissions Professional Liability Insurance ("D&O/E&O") is in place. Counsel noted the Board had previously reviewed the business continuity plan for the Adviser. The Board concluded that the Adviser has qualified professionals, resources, and compliance policies

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| |
|:---|
| **The Gold Bullion Strategy Fund** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **December 31, 2025** |

---

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 Flexible Plan. 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 Fund 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 Gold Fund.

***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 Gold Fund. The Board considered the Adviser's other responsibilities under the Agreements, including with respect to trade oversight, reviewing daily positions and balance reports for the Gold Fund, obtaining derivative agreements for the Gold Fund and reporting to the Board. The Trustees kept in mind that the Sub-Adviser's emphasis is how its strategies work and use the Gold Fund as rotational vehicles, not necessarily for individual performance. The Trustees concluded that the Adviser appears to be properly and reasonably monitoring the Sub-Adviser's adherence to the Gold Fund's investment objectives and to be carrying out its functions appropriately.

With respect to the performance, the Board reviewed the Sub-Adviser's daily management and investment strategies and considered the updated performance of the Gold Fund through March 31, 2025 compared to their primary benchmark and Morningstar category for various periods provided by the Adviser. The Board recalled the earlier detailed presentations by portfolio managers of Flexible Plan with respect to strategy and Gold Fund's performance for various periods with explanations for over/under performance.

---

| |
|:---|
| **The Gold Bullion Strategy Fund** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **December 31, 2025** |

---

The Board considered that the Gold Fund (as measured by Investor Class shares) underperformed the benchmark GSCI Gold Index for the one-, three-, five-, and ten-year periods ended March 31, 2025. This underperformance is expected as the Fund bears expenses while the gold price index does not. The Board noted the Fund outperformed the S&P 500 Index ("S&P") for the one- and three -year periods but lagged for the other periods reviewed. With respect to the Morningstar Commodities Focused category, the Board noted that the Fund outperformed for the one- and three-year periods, and ten-year period, while lagging for the five-year period. The Trustees noted that the S&P 500 Index and Morningstar Commodities Focused category are provided primarily for market performance reference points but do not serve as direct comparisons because they are outside the investment mandate of the Fund. The Board found the performance of the Fund was delivering on its gold price tracking mandate and was satisfactory.

In summary, for the performance of the Gold Fund, the Board felt that with Adviser oversight, under the Sub-Adviser's portfolio management, and with relevant strategy refinements, the Gold Fund is expected to continue to provide acceptable returns for shareholders over the long term.

***Fees and Expenses:*** As to the costs of the services provided to Gold Fund by the Adviser and the Sub-Adviser, respectively, the Board reviewed and discussed the advisory fee and total operating expenses of the 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.

The Board noted the advisory fees of 0.75% for Gold Fund was slightly above average but was within range of the Morningstar Commodity category, and well below the maximum management fee. The Board discussed and found the net expenses of 1.46% for Gold Fund A Class shares (estimated) and Investor Class shares was slightly above the average, within range, and well below the maximum fee for the Morningstar Commodity A Class category. With regards to Gold Fund Adviser Class shares, the Board noted the net expense ratio of 2.05% was slightly above the average and well below the maximum net expenses for the Morningstar Commodity C Class category.

In the review of expenses with respect to Gold 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 Fund), and determined it was acceptable and reasonable for the services being provided to the Gold Fund. The Board concluded that the advisory fees and net expenses of Gold Fund were reasonable, taking into consideration the complex investment strategy.

***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 Advisory Agreement. The Trustees reviewed the levels of profits to the Adviser for the fiscal year ended December 31, 2024 from the Gold Fund with respect to advisory fees and from the total relationship with the Gold Fund. They considered whether profits from the Gold Fund were reasonable in light of

---

| |
|:---|
| **The Gold Bullion Strategy Fund** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **December 31, 2025** |

---

services provided, including the assets levels and payments to the Sub-Adviser, and any breakpoints in fee structures for the Gold Fund.

During their review, the Board noted that, taking into account the fees paid to the Sub-Adviser, with respect to Gold Fund, the Adviser operated at a loss managing the Fund and at a loss taking into account the totality of the relationship. The Board concluded that based on the assets levels and services provided, the Adviser having excess profits from advising the Gold Fund is not a concern.

***Profitability of Sub-Adviser:*** The Board reviewed the levels of profits to the Sub-Adviser for the year ended June 30, 2024 with respect to the Gold Fund. They noted the situation for the Gold Fund with respect to sub-advisory fees and from the total relationship with the Fund. With regards to the Gold Fund, 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.

With respect to the profitability review, the Board noted Flexible Plan operated Gold Fund at a loss from sub-advisory fees. The Board found that when taking into account the total relationship with the Fund, the Sub-Adviser continues to operate at a loss. The Board concluded that based on the assets levels and services provided, that excessive Sub-Adviser profits from Gold Fund is not of current concern.

***Economies of Scale.*** As to the extent to which the Gold Fund will realize economies of scale, the Adviser reported an estimate of $700 million be the minimum asset level required to reach such economies of scale. The Board discussed the Adviser's expectations for the growth in net assets of the Gold 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 Gold Fund 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 the 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 the Board believed to be reasonably necessary to evaluate the terms of each Agreement as appropriate; the Board, including a majority of the Independent Trustees, determined that, with respect to the Agreements, separately that (i) the terms of the Agreements are reasonable; (ii) the compensation payable by the Fund to Advisors Preferred, LLC under the Agreements is

---

| |
|:---|
| **The Gold Bullion Strategy Fund** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **December 31, 2025** |

---

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) renewal of the Agreements is in the best interests of Gold Fund and its shareholders.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies** Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** Not applicable to open-end investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** Not applicable to open-end investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** Not applicable to open-end investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.** None

**Item 16. Controls and Procedures**

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

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

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** Not applicable

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

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**Item 19. Exhibits.**

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

(a)(2) Not applicable

[(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto.](ex99-cert.htm)

(a)(4) Not applicable

[(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto](ex99-906cert.htm)

**SIGNATURES**

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

(Registrant) Advisors
 Preferred Trust

By (Signature and Title)

---

| |
|:---|
| /s/ Catherine Ayers-Rigsby |
| Catherine Ayers-Rigsby, Principal Executive Officer/President |

---

Date <u>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)

---

| |
|:---|
| /s/ Catherine Ayers-Rigsby |
| Catherine Ayers-Rigsby, Principal Executive Officer/President |

---

Date <u>2/25/26</u>

By (Signature and Title)

---

| |
|:---|
| /s/ Christine Casares |
| Christine Casares, Principal Financial Officer/Treasurer |

---

Date <u>2/25/26</u>

## Ex-99.Code

**<u>Advisors Preferred Trust</u>**

**CODE OF ETHICS**

November 27, 2012

The Advisors Preferred Trust (the "Trust") and each series thereof (the "Funds") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**The interests of the Funds must always be paramount**

Access Persons have a legal, fiduciary duty to place the interests of the Funds ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of Trust.

**Access Persons may not take advantage of their relationship with the Funds**

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Funds) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Funds.

**All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest**

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Funds, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Funds.

**Access Persons must comply with all applicable laws**

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.**

**DEFINITIONS**

**"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all officers and trustees (or persons occupying a similar status or performing a similar function)
of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. all officers and trustees (or persons occupying a similar status or performing a similar function)
of an Adviser with respect to its corresponding series of the Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any employee of the Trust or the Advisers (or of any company controlling or controlled by or under
common control with the Trust or the Advisers) who, in connection with his or her regular functions or duties, makes, participates
in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions relate to the
making of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any other natural person controlling, controlled by or under common control with the Trust or the
Advisers who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of Covered Securities
by the Funds.

**"Beneficial Ownership"** means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Trust with respect to Trustees and officers of the Trust, or the CCO of the Advisers with respect to Advisers personnel.

**"Code"** means this Code of Ethics.

**"Covered Security"** means any Security, except (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and (iii) shares issued by open-end mutual Funds.

"**Decision Making Access Person"** means any Access Person who, in connection with his or her regular functions or duties, makes or participates in or obtains information regarding recommendations on the purchase or sale of a security by the Funds, or whose functions relate to the making of any recommendations with respect to such purchases or sales. Decision Makers typically are Adviser personnel.

**"Funds"** means series of the Trust.

**"Immediate family"** means an individual's spouse, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**"Independent Trustees"** means those Trustees of the Trust that would not be deemed an "interested person" of the Trust, as defined in Section 2(a)(19)(A) of the 1940 Act.

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a

general partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in securities held by a Trust; (e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

**"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

**"Personal Securities Transaction"** means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

**"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trust when a recommendation to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**"Restricted List"** means the list of securities maintained by the Chief Compliance Officer in which trading by Access Persons is generally prohibited.

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly known as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**"Advisers"** mean the Advisers to the Trust.

**"Trust"** mean the Advisors Preferred Trust.

**PROHIBITED ACTIONS AND ACTIVITIES**

* No Access Person shall purchase or sell directly or indirectly, any
Covered Security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership
and which he or she knows or should have known at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold by a Fund.

* Decision-Making Access Persons may not participate in any initial public
offering of Covered Securities in any account over which they exercise Beneficial Ownership. All Access Persons must obtain prior
written authorization from the Chief Compliance Officer or his designee prior to such participation;

* No Access Person may purchase a Covered Security in which by reason
of such transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written authorization
of the acquisition by the Chief Compliance Officer or his designee;

* Access Persons may not accept any fee, commission, gift, or services,
other than de minimus gifts, from any single person or entity that does business with or on behalf of the Trust;

* Decision-Making Access Persons may not serve on the board of directors
of a publicly traded company without prior authorization from the Chief Compliance Officer or his designee based upon a determination
that such service would be consistent with the interests of the Trust. If such service is authorized, procedures will then be put
in place to isolate such Decision-Making Access Persons serving as directors of outside entities from those making investment decisions
on behalf of the Trust.

Advanced notice should be given so that the Trust or Advisers may take such action concerning the conflict as deemed appropriate by the Chief Compliance Officer or his designee.

* Decision-Making Access Persons may execute a Personal Securities Transaction
involving a Covered Security without pre-authorization of the Chief Compliance Officer or such persons who may be designated by
the Chief Compliance Officer from time to time, provided it is permitted by the Adviser's Code of Ethics. The Chief Compliance
Officer or his designee may restrict purchases of Covered Securities pursuant to the Adviser's Code of Ethics.

* It shall be a violation of this Code for any Access Person, in connection
with the purchase or sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

* to employ any device, scheme or artifice to defraud the Trust;

* to make to the Trust any untrue statement of a material fact or to
omit to state to the Trust a material fact necessary in order to make the statements made, in light of the circumstances under
which they are made, not misleading;

* to engage in any act, practice or course of business that operates
or would operate as a fraud or deceit upon the Trust; or

* to engage in any manipulative practice with respect to the Trust.

EXEMPTED TRANSACTIONS

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

· Purchases or Sales of Securities effected in any account in which
an Access Person has no Beneficial Ownership;

· Purchases or Sales of Securities which are non-volitional on the
part the Access Person (for example, the receipt of stock dividends);

· Purchase of Securities made as part of automatic dividend reinvestment
plans;

· Purchases of Securities made as part of an employee benefit plan
involving the periodic purchase of company stock or mutual Funds; and

· Purchases of Securities effected upon the exercise of rights issued
by an issuer pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and
sale of such rights so acquired.

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction involving, as defined in the Securities Act of 1933, an Initial Public Offering (IPO) or a Limited Offering, must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief Compliance Officer involving an IPO or Limited Offering, shall require prior authorization from the President or Chief Executive Officer of the Trust (unless such person is also the Chief Compliance Officer) or their designee, who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trust shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction involving an IPO or Limited Offering, is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders is effective unless the order conflicts with a Trust order.

If a Decision-Making Access Person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, he or she should consult with the Chief Compliance Officer or his or her designee.

**REPORTING AND MONITORING**

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity of all Access Persons pursuant to the procedures established under this Code.

**Disclosure of Personal Brokerage Accounts**

Within 10 days of the commencement of employment or at the commencement of a relationship with the Trust, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer or his designee. These statements and confirms for each series of the Trust may be sent to the Advisers.

Initial Holdings Report

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

Annual Holdings Reports

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

QUARTERLY TRANSACTION REPORTS

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

· The date of the transaction, the title, and as applicable the exchange
ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

· The nature of the transaction (i.e., purchase, sale or any other
type of acquisition or disposition);

· The price of the Covered Security at which the transaction was effected;
and

· The name of the broker, dealer, or bank with or through whom the
transaction was effected.

· The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to each Adviser's address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund.

**ENFORCEMENTS AND PENALTIES**

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Board of Trustees.

Upon being informed of a violation of this Code, the Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trust shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

Annually, the Chief Compliance Officer at each regular meeting of the Board shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

· Summarize existing procedures concerning Personal Securities investing
and any changes in the procedures made during the prior year;

· Identify any violations of this Code and any significant remedial
action taken during the prior year; and;

· Identify any recommended changes in existing restrictions or procedures
based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

**Acknowledgment**

The Trust must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.

## Ex-99.Cert

CERTIFICATIONS

I, Catherine Ayers-Rigsby, certify that:

1. I have reviewed this report on Form N-CSR of the Quantified Gold Futures Tracking Fund (a series of Advisors Preferred Trust);

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 2/25/26 | /s/ Catherine Ayers-Rigsby |
|  |  | Catherine Ayers-Rigsby, |
|  |  | Principal Executive Officer/President |

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I, Christine Casares, certify that:

1. I have reviewed this report on Form N-CSR of the Quantified Gold Futures Tracking Fund (a series of Advisors Preferred Trust);

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 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), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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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 Advisors Preferred Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.