# EDGAR Filing Document

**Accession Number:** 0001556505
**File Stem:** 0001580642-25-005810
**Filing Date:** 2025-9
**Character Count:** 103151
**Document Hash:** 2a98ebcd2f8534762a23a10ecca796a8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005810.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001580642-25-005810

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22756
- **FILM NUMBER:** 251295885

**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

### The Gold Bullion Strategy Fund (Series ID: S000040754)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000126480 | The Gold Bullion Strategy Fund Investor Class Shares | QGLDX           |
| C000143962 | The Gold Bullion Strategy 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>

**Advisors Preferred Trust**

(Exact name of registrant as specified in charter)

1445 Research Blvd, Suite 530, Rockville, MD&nbsp;&nbsp;&nbsp;&nbsp; 20850

(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

<u>The Corporation Trust Company</u>

1209 Orange Street Wilmington, DE 19801

(Name and address of agent for service)

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

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

**Item 1. Reports to Stockholders.**

(a) # The Gold Bullion Strategy Fund - Advisor (QGLCX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](ib53526a12875846e06682989.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gold Bullion Strategy Fund for the period of January 1, 2025 to June 30, 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) 650-7453.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor | $108 | 1.95%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## How did the Fund perform during the reporting period?
The Fund returned 23.77% for the six months ended June 30, 2025, as gold continued its strong performance from 2024. The S&P 500 Index, the Fund's benchmark, gained 6.20%. The S&P GSCI Gold Index earned 24.39% 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 was 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. The Fund was also able to take advantage of a more stable short-term interest rate environment to offset the majority of its total operating expenses via income generation, as illustrated in its relative performance versus the S&P GSCI Gold Index, benefiting shareholders. 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](i88e4b6bc17183de64b37b434.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gold Bullion Strategy Fund** | **S&P 500 Index TR** | **S&P GSCI Gold Index** |
| **Apr-2016** | $10000 | $10000 | $10000 |
| **Jun-2016** | $10571 | $10036 | $10514 |
| **Jun-2017** | $9591 | $11832 | $9784 |
| **Jun-2018** | $9366 | $13533 | $9804 |
| **Jun-2019** | $10377 | $14942 | $10987 |
| **Jun-2020** | $12596 | $16064 | $13807 |
| **Jun-2021** | $11961 | $22617 | $13264 |
| **Jun-2022** | $11633 | $20216 | $13439 |
| **Jun-2023** | $11950 | $24177 | $14275 |
| **Jun-2024** | $14058 | $30114 | $17218 |
| **Jun-2025** | $19352 | $34681 | $24072 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **Since Inception (April 19, 2016)** |
| The Gold Bullion Strategy Fund | 23.77% | 37.65% | 8.97% | 7.44% |
| S&P 500 Index TR | 6.20% | 15.16% | 16.64% | 14.48% |
| S&P GSCI Gold Index | 24.39% | 39.80% | 11.76% | 10.02% |

---

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

## **Fund Statistics** 
* Net Assets$145,385,621

* Number of Portfolio Holdings17

* Advisory Fee $488,983

* Portfolio Turnover27%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if427cdf82f3535fe986ed4bc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 1.4% |
| Exchange-Traded Funds | 6.5% |
| Certificate Of Deposit | 7.0% |
| Money Market Funds | 85.1% |

---

## What did the Fund invest in?

## **Security Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](ie9b32c4437e7090743d03ad8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Gold | 100% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity Government Portfolio Class I, 4.180%, | 70.3% |
| First American Government Obligations Fund Class Z, 4.173%, | 8.0% |
| Mount Vernon Liquid Assets Portfolio, 4.500%, | 5.6% |
| iShares 0-3 Month Treasury Bond ETF | 5.5% |
| Federal Agricultural Mortgage Corporation, 5.020%, 07/23/27 | 1.4% |
| SPDR Gold Shares | 0.9% |
| Connexus Credit Union, 4.000%, 08/30/27 | 0.7% |
| BOM Bank, 4.550%, 09/13/27 | 0.7% |
| First National Bank of Mount Dora (The), 4.750%, 08/07/26 | 0.7% |
| US Bank NA, 4.600%, 08/28/26 | 0.7% |

---

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 period ended June 30, 2025.

![Image](if4e7d7f75cc00c9f294b97ad.jpg)

# The Gold Bullion Strategy Fund - Advisor (QGLCX)

#### Semi-Annual Shareholder Report - June 30, 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-SAR 063025-QGLCX

# The Gold Bullion Strategy Fund - Investor (QGLDX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i04a7e2d8740680613b649e09.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gold Bullion Strategy Fund for the period of January 1, 2025 to June 30, 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) 650-7453.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $75 | 1.35%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## How did the Fund perform during the reporting period?
The Fund returned 24.20% for the six months ended June 30, 2025, as gold continued its strong performance from 2024. The S&P 500 Index, the Fund's benchmark, gained 6.20%. The S&P GSCI Gold Index earned 24.39% 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 was 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. The Fund was also able to take advantage of a more stable short-term interest rate environment to offset the majority of its total operating expenses via income generation, as illustrated in its relative performance versus the S&P GSCI Gold Index, benefiting shareholders. 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](i8ecb2d360eb15f764891605c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gold Bullion Strategy Fund** | **S&P 500 Index TR** | **S&P GSCI Gold Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $11254 | $10399 | $11225 |
| **Jun-2017** | $10270 | $12260 | $10446 |
| **Jun-2018** | $10087 | $14023 | $10467 |
| **Jun-2019** | $11244 | $15483 | $11730 |
| **Jun-2020** | $13734 | $16645 | $14740 |
| **Jun-2021** | $13122 | $23436 | $14161 |
| **Jun-2022** | $12832 | $20948 | $14347 |
| **Jun-2023** | $13263 | $25053 | $15240 |
| **Jun-2024** | $15691 | $31204 | $18383 |
| **Jun-2025** | $21740 | $35936 | $25700 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| The Gold Bullion Strategy Fund | 24.20% | 38.55% | 9.62% | 8.08% |
| S&P 500 Index TR | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P GSCI Gold Index | 24.39% | 39.80% | 11.76% | 9.90% |

---

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

## **Fund Statistics** 
* Net Assets$145,385,621

* Number of Portfolio Holdings17

* Advisory Fee $488,983

* Portfolio Turnover27%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](idd0e0fec5d1c18cc53c0544e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 1.4% |
| Exchange-Traded Funds | 6.5% |
| Certificate Of Deposit | 7.0% |
| Money Market Funds | 85.1% |

---

## What did the Fund invest in?

## **Security Type Weighting (% of total (including notional) exposure)**![Group By Sector Chart](i421659336d0f08cbd781b6b5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Gold | 100% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity Government Portfolio Class I, 4.180%, | 70.3% |
| First American Government Obligations Fund Class Z, 4.173%, | 8.0% |
| Mount Vernon Liquid Assets Portfolio, 4.500%, | 5.6% |
| iShares 0-3 Month Treasury Bond ETF | 5.5% |
| Federal Agricultural Mortgage Corporation, 5.020%, 07/23/27 | 1.4% |
| SPDR Gold Shares | 0.9% |
| Connexus Credit Union, 4.000%, 08/30/27 | 0.7% |
| BOM Bank, 4.550%, 09/13/27 | 0.7% |
| First National Bank of Mount Dora (The), 4.750%, 08/07/26 | 0.7% |
| US Bank NA, 4.600%, 08/28/26 | 0.7% |

---

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 period ended June 30, 2025.

![Image](i5f4c50b4ceb78f175fd88536.jpg)

# The Gold Bullion Strategy Fund - Investor (QGLDX)

#### Semi-Annual Shareholder Report - June 30, 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-SAR 063025-QGLDX

**Item 2. Code of Ethics.** 

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable to open-end investment companies.

**Item 6. Schedule of Investments.**

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

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

![](img_001.jpg)

Semi-Annual Financial Statements

and Additional Information

June 30, 2025

Investor Class Shares (QGLDX)

Advisor Class Shares (QGLCX)

**1-855-650-QGLD (7453)**

**www.advisorspreferred.com**

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

**THE GOLD BULLION STRATEGY FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 6.4%** |  |
|  | **COMMODITY – 0.9%** |  |
| 4173 | SPDR Gold Shares<sup>(a),(b)</sup> | $1271680 |
|  | **FIXED INCOME – 5.5%** |  |
| 80000 | iShares 0-3 Month Treasury Bond ETF<sup>(e)</sup> | 8055200 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $9,292,581)** | 9326880 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | |
|  | **CORPORATE BOND — 1.4%** |  |  |  |
|  | **SPECIALTY FINANCE — 1.4%** |  |  |  |
| 2000000 | Federal Agricultural Mortgage Corporation | 5.0200 | 07/23/27 | 1999034 |
|  | **TOTAL CORPORATE BOND (Cost $1,999,603)** |  |  | 1999034 |
|  | **CERTIFICATE OF DEPOSIT — 6.9%** |  |  |  |
|  | **BANKING - 6.9%** |  |  |  |
| 1000000 | Ally Bank | 3.7500 | 09/27/27 | 995397 |
| 1000000 | Axos Bank | 3.8000 | 04/02/27 | 997128 |
| 1000000 | BOM Bank | 4.5500 | 09/13/27 | 1000556 |
| 1000000 | Connexus Credit Union | 4.0000 | 08/30/27 | 1000923 |
| 1000000 | Customers Bank | 4.0000 | 08/17/26 | 999882 |
| 1000000 | ESSA Bank & Trust | 3.7000 | 09/25/26 | 995937 |
| 1000000 | First National Bank of Mount Dora | 4.7500 | 08/07/26 | 1000436 |
| 1000000 | Flushing Bank | 4.0000 | 08/12/26 | 1000008 |
| 1000000 | Texas Exchange Bank SSB | 3.6500 | 03/26/27 | 994437 |
| 1000000 | US Bank NA | 4.6000 | 08/28/26 | 1000291 |
|  |  |  |  | 9984995 |
|  | **TOTAL CERTIFICATE OF DEPOSIT (Cost $10,000,000)** |  |  | 9984995 |

---

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

**THE GOLD BULLION STRATEGY FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 78.3%** |  |
|  | **MONEY MARKET FUNDS – 78.3%** |  |
| 102302276 | Fidelity Government Portfolio, Class I, 4.18%<sup>(c)</sup> | $102302276 |
| 11593953 | First American Government Obligations Fund, Class Z, 4.17%<sup>(c)</sup> | 11593953 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $113,896,229)** | 113896229 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $113,896,229)** | 113896229 |

---

---

| | | |
|:---|:---|:---|
| **Units** |  | |
|  | **COLLATERAL FOR SECURITIES LOANED— 5.6%** |  |
| 8137800 | Mount Vernon Liquid Assets Portfolio, LLC, , 4.50%<sup>(c)(d)</sup> | 8137800 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $8,137,800)** |  |
|  | **TOTAL INVESTMENTS – 98.6% (Cost $143,326,213)** | $143344938 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.4%** | 2040683 |
|  | **NET ASSETS - 100.0%** | $145385621 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount** | **Unrealized (Depreciation)** |
| 433 | COMEX Gold 100 Troy Ounces Futures<sup>(b)</sup> | 08/28/2025 | $143775485 | $(642867) |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

ETF - Exchange-Traded Fund <br> LLC - Limited Liability Company <br> 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 June 30, 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 $7,974,648 at June 30, 2025.

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

**The Gold Bullion Strategy Fund**

**Consolidated Statement of Assets and Liabilities (Unaudited)**

**June 30, 2025**

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $143326213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value <sup>(a)</sup> | $143344938 |
| &nbsp;&nbsp;&nbsp;Cash | 1111022 |
| &nbsp;&nbsp;&nbsp;Deposit with broker for futures contracts | 9249419 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 475720 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 438645 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | 305 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 35268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 154655317 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Collateral on securities loaned (See note 11) | 8137800 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | 642867 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares repurchased | 336740 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 82740 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 27956 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees payable | 26353 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 15240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 9269696 |
| **NET ASSETS** | $**145385621** |
| **Composition of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $126210568 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 19175053 |
| **NET ASSETS** | $**145385621** |
| **Net Asset Value Per Share:** |  |
| Investor Class Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**144718738** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **5749713** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**25.17** |
| Advisor Class Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**666883** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **27217** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**24.50** |

---

<sup>(a)</sup> Includes loaned securities with a value of $7,974,648.

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

**The Gold Bullion Strategy Fund**

**Consolidated Statement of Operations (Unaudited)**

**For the Six Months Ended June 30, 2025**

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Interest | $2468495 |
| &nbsp;&nbsp;&nbsp;Dividends | 108444 |
| &nbsp;&nbsp;&nbsp;Securities lending | 5132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 2582071 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 488983 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees - Investor Class Shares | 162346 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees - Advisor Class Shares | 2594 |
| &nbsp;&nbsp;&nbsp;Administrative service fees | 127789 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees - Investor Class Shares | 97408 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 4500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 883620 |
| **NET INVESTMENT INCOME** | 1698451 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain from: |  |
| &nbsp;&nbsp;&nbsp;Investments | 249864 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 22618379 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain on Investments and Futures Contracts** | 22868243 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on: |  |
| &nbsp;&nbsp;&nbsp;Investments | 22915 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 2783813 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation on Investments and Futures Contracts** | 2806728 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FUTURES CONTRACTS** | 25674971 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**27373422** |

---

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> Six Months Ended<br> June 30,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** |
|  | **(Unaudited)** | |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1698451 | $2970505 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and futures contracts | 22868243 | 23713515 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and futures contracts | 2806728 | (5214738) |
| Net increase in net assets resulting from operations | 27373422 | 21469282 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (1343169) | (23736682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (3535) | (120966) |
| Total distributions to shareholders | (1346704) | (23857648) |
| **SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 129008133 | 165581558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 388540 | 195097 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends and distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 1317671 | 23209265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 3520 | 120402 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (114440149) | (198517922) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (360801) | (251993) |
| Net increase (decrease) from shares of beneficial interest transactions | 15916914 | (9663593) |
| **NET DECREASE IN NET ASSETS** | 41943632 | (12051959) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | 103441989 | 115493948 |
| &nbsp;&nbsp;&nbsp;End of year/period | $**145385621** | $**103441989** |
| **SHARE ACTIVITY** |  |  |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 5503306 | 6901047 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 54162 | 1114911 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (4837094) | (8411816) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 720374 | (395858) |
| Advisor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 15807 | 8649 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 148 | 5961 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (15609) | (11166) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 346 | 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/Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **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,** |
|  | **Six Months Ended<br> June 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year/period | $20.46 | $21.20 | $21.19 | $22.21 | $23.69 | $21.86 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.31 | 0.69 | 0.46 | (0.02) | (0.15) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 4.63 | 4.44 | 1.71 | (1.00) | (1.33) | 4.22 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 4.94 | 5.13 | 2.17 | (1.02) | (1.48) | 4.18 |
| Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.23) | (5.87) | (2.16) | - | - | (2.35) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.23) | (5.87) | (2.16) | - | - | (2.35) |
| Net asset value, end of year/period | $25.17 | $20.46 | $21.20 | $21.19 | $22.21 | $23.69 |
| Total return<sup>(b)</sup> | 24.20 %<sup>(e)</sup> | 24.17% | 10.32% | (4.59)% | (6.25)% | 19.28% |
| Net assets, end of year/period (in 000s) | $144719 | $102907 | $115008 | $128654 | $129065 | $123107 |
| Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets<sup>(c)</sup> | 1.35 %<sup>(f)</sup> | 1.35% | 1.34% | 1.31% | 1.35% | 1.43% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets<sup>(c,d)</sup> | 2.61 %<sup>(f)</sup> | 2.87% | 2.09% | (0.11)% | (0.67)% | (0.17)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 27 %<sup>(e)</sup> | 77% | 26% | 143% | 162% | 229% |

---

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

<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.

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

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

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/Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **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,** |
|  | **Six Months Ended<br> June 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year/period | $19.92 | $20.73 | $20.73 | $21.86 | $23.46 | $21.68 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.23 | 0.53 | 0.32 | (0.16) | (0.28) | (0.19) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 4.50 | 4.35 | 1.68 | (0.97) | (1.32) | 4.18 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 4.73 | 4.88 | 2.00 | (1.13) | (1.60) | 3.99 |
| Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.15) | (5.69) | (2.00) | - | - | (2.21) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.15) | (5.69) | (2.00) | - | - | (2.21) |
| Net asset value, end of year/period | $24.50 | $19.92 | $20.73 | $20.73 | $21.86 | $23.46 |
| Total return<sup>(b)</sup> | 23.77 %<sup>(f)</sup> | 23.48% | 9.68% | (5.17)% | (6.82)% | 18.55 %<sup>(e)</sup> |
| Net assets, end of year/period (in 000s) | $667 | $535 | $486 | $575 | $739 | $359 |
| Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets<sup>(c)</sup> | 1.95 %<sup>(g)</sup> | 1.94% | 1.94% | 1.91% | 1.94% | 2.03% |
| &nbsp;&nbsp;&nbsp;Ratios of net investment income (loss) to average net assets<sup>(c,d)</sup> | 2.01 %<sup>(g)</sup> | 2.27% | 1.46% | (0.77)% | (1.26)% | (0.76)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 27 %<sup>(f)</sup> | 77% | 26% | 143% | 162% | 229% |

---

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

<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.

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

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

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

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

**The Gold Bullion Strategy Fund**

**Notes to Consolidated Financial Statements (Unaudited)**

**June 30, 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 –** The Fund has adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Fund. 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

**The Gold Bullion Strategy Fund**

**Notes to Consolidated Financial Statements (Unaudited)(Continued)**

**June 30, 2025**

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 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 investment companies are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade

**The Gold Bullion Strategy Fund**

**Notes to Consolidated Financial Statements (Unaudited)(Continued)**

**June 30, 2025**

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.

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 June 30, 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 | $9326880 | $- | $- | $9326880 |
| &nbsp;&nbsp;&nbsp;Corporate Bond | - | 1999034 | - | 1999034 |
| &nbsp;&nbsp;&nbsp;Certificate of Deposit | - | 9984995 | - | 9984995 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 113896229 | - | - | 113896229 |
| &nbsp;&nbsp;&nbsp;Collateral for Securities Loaned | - | - | - | 8137800 |
| Total Investments | $123223109 | $11984029 | $- | $143344938 |
| Total Assets | $123223109 | $11984029 | $- | $143344938 |
| **Liabilities\*** |  |  |  |  |
| **Derivatives:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts ^ | $(642867) | $- | $- | $(642867 |
| Total Liabilities: | $(642867) | $- | $- | $(642867 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | Refer to the Consolidated Schedule of Investments for industry classifications. |
| <sup>\*\*</sup> | Investment valued using the NAV per share practical expedient. In accordance with Topic 820, the investment is excluded from the fair value hierarchy. |
| <sup>^</sup> | Includes cumulative unrealized gain (loss) on futures contracts open at June 30, 2025. The Fund did not hold any Level 3 securities as of the period end. |

---

**The Gold Bullion Strategy Fund**

**Notes to Consolidated Financial Statements (Unaudited)(Continued)**

**June 30, 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.

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

---

| | | | |
|:---|:---|:---|:---|
| | **Inception Date of<br> GBSF Ltd.** | **GBSF Ltd.<br> Net Assets at<br> June 30,<br> 2025** | **% of<br> Net Assets at<br> June 30,<br> 2025** |
| GBSF Ltd. | 7/09/2013 | $21526306 | 14.8% |

---

**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 or expected to be taken on returns filed. 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 six months ended June 30, 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.

**The Gold Bullion Strategy Fund**

**Notes to Consolidated Financial Statements (Unaudited)(Continued)**

**June 30, 2025**

**Expenses –** Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

**Indemnification –** The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

**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 June 30, 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

**The Gold Bullion Strategy Fund**

**Notes to Consolidated Financial Statements (Unaudited)(Continued)**

**June 30, 2025**

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 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 six months ended June 30, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, amounted to $6,332,530 and $8,245,438, 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 six months ended June 30, 2025, the Fund was subject to a master netting arrangement. The following table shows additional information regarding the offsetting of assets and liabilities at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Assets: (A) |  |  |  | **Gross Amounts Not Offset in the<br> Consolidated Statement of Assets<br> & Liabilities** | **Gross Amounts Not Offset in the<br> Consolidated Statement of Assets<br> & Liabilities** |  |
| Liabilities: (L) |  |  |  |  |  |  |
| **Description** | **Gross Amounts of<br> Recognized Assets<br> or Liabilities** | **Gross Amounts<br> Offset in the<br> Consolidated<br> Statement of Assets<br> & Liabilities** | **Net Amount of Asset<br> or Liabilities<br> Presented in the<br> Statement of Assets<br> & Liabilities** | **Financial<br> Instruments<br> Pledged** | **<br>Cash Collateral<br> (Received) or<br> Pledged<sup>(1)</sup>** | **Net Amount** |
| Futures Contracts (L) | $(642867) | $- | $(642867) | $- | $642867 | $- |

---

<sup>(1)</sup> The amount is limited to the derivative liability balance and accordingly does not include excess collateral pledged.

**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 June 30, 2025:

---

| | |
|:---|:---|
| **Derivative Investment Type** | **Location on the Consolidated Statement of Assets and Liabilities** |
| Futures Contracts | Unrealized depreciation on futures contracts |

---

**The Gold Bullion Strategy Fund**

**Notes to Consolidated Financial Statements (Unaudited)(Continued)**

**June 30, 2025**

At June 30, 2025, the fair value of the derivative instruments was as follows:

---

| | | |
|:---|:---|:---|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Investment Type** | **Commodity Risk** | **Total** |
| Futures Contracts | $(642867) | $(642867) |

---

The following is a summary of the location of derivative investments on the Fund's Consolidated Statement of Operations for the six months ended June 30, 2025:

---

| | |
|:---|:---|
| **Derivative Investment Type** | **Location on the Consolidated Statement of Operations** |
| Futures Contracts | Net realized gain from futures contracts |
|  | Net change in unrealized depreciation 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 six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **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 | $22618379 | $22618379 |

---

---

| | | |
|:---|:---|:---|
| **Change in unrealized depreciation on derivatives recognized in the Consolidated Statement of Operations** | **Change in unrealized depreciation on derivatives recognized in the Consolidated Statement of Operations** | **Change in unrealized depreciation on derivatives recognized in the Consolidated Statement of Operations** |
| **Derivative Investment Type** | **Commodity Risk** | **Total** |
| Futures Contracts | $2783813 | $2783813 |

---

The derivative instruments outstanding as of June 30, 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 uses 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 $488,983 in advisory fees for the six months ended June 30, 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 $4,500. Pursuant to the liquidity program administrator agreement, the Advisor earned $4,500 in fees for the six months ended June 30, 2025.

**The Gold Bullion Strategy Fund**

**Notes to Consolidated Financial Statements (Unaudited)(Continued)**

**June 30, 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. Under the terms of the Fund's agreement with UFS, UFS pays for certain operating expenses of the Fund. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Fund for serving in such capacities.

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

*<u>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 six months ended June 30, 2025, pursuant to the Plan, Investor and Advisor Class shares paid $162,346 and $2,594, 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 six months ended June 30, 2025, Investor Class shares paid $97,408.

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 six months ended June 30, 2025, Ceros executed trades on behalf of the Fund and received $693 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 June 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|<br>**Tax Cost** | **Gross Unrealized**<br>**Appreciation** | **Gross Unrealized**<br>**(Depreciation)** | **Net Unrealized**<br>**Appreciation** |
| $143330216 | $50575 | $(35853) | $14722 |

---

**The Gold Bullion Strategy Fund**

**Notes to Consolidated Financial Statements (Unaudited)(Continued)**

**June 30, 2025**

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

The tax character of Fund distributions paid for the years ended December 31, 2024, and 2023, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended<br> December 31,**<br> **2024** | **Fiscal Year Ended<br> December 31,<br> 2023** |
| Ordinary Income | $23857648 | $10824394 |
|  | $23857648 | $10824394 |

---

As of December 31, 2024, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br> Ordinary<br> Income** | **Capital Loss<br> Carry<br> Forwards** | **Other<br> Book/Tax<br> Differences** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Total<br> Distributable Earnings/<br> (Accumulated Deficit)** |
| $– $– $– $| (4932207) | $1515415 | $(3434873) | $(6851665) |

---

The difference between book basis and tax basis undistributed net investment income/(loss), unrealized appreciation and accumulated realized losses is primarily attributable to the tax deferral of losses on wash and tax adjustments for the Fund's holding in GBSF Ltd.

In addition, the amount listed under other book/tax differences for the Fund is primarily attributable to tax adjustments for the Fund's holding in GBSF Ltd.

At December 31, 2024, the Fund had capital loss carryforwards for federal income tax purposes available to offset future capital gains as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Short-Term** | **Long-Term** | **Total** | **CLCF<br> Utilized** |
| $2066997 | $2865210 | $4932207 | $- |

---

Permanent book and tax differences, primarily attributable to the reclassification of Fund distributions and tax adjustments for the Fund's holding in GBSF Ltd., resulted in reclassifications for the year ended December 31, 2024, as follows:

---

| | |
|:---|:---|
| **Paid In**<br> **Capital** | **Accumulated**<br> **Deficit** |
| $(16412) | $16412 |

---

**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 June 30, 2025, Axos Clearing LLC and National Financial Services LLC held approximately 42% and 37% of the Fund, for the benefit of its customers.

**The Gold Bullion Strategy Fund**

**Notes to Consolidated Financial Statements (Unaudited)(Continued)**

**June 30, 2025**

**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.

---

| | |
|:---|:---|
| **Investment** | **Percentage of<br> Net Assets** |
| Fidelity Government Portfolio, Class I | 70.4% |

---

**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, as presented below. The investment objective is to seek to maximize current income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00 per unit.

As of June 30, 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 $7,974,648 and $8,137,800, respectively.

**12.** **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.

**<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 1-855-650-QGLD(7453) 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

**The Gold Bullion Strategy Fund**

**ADDITIONAL INFORMATION (Unaudited)**

**June 30, 2025**

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

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

**Approval of 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

**The Gold Bullion Strategy Fund**

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

**June 30, 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>:*

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

The Board discussed the Adviser's compliance program with the CCO of the Trust. The Board considered that the CCO of the Trust also serves as CCO of the Adviser and was recently appointed to serve as the CCO for The North Country Funds. The Trustees acknowledged they are confident in her abilities with respect to all positions, and Trustees were comfortable that if a conflict of interest were to arise, counsel would be called upon for a solution. The Board noted that the Adviser continues to have in place procedures which are currently working to prevent violations of applicable securities laws. The CCO confirmed that she has the support 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

**The Gold Bullion Strategy Fund**

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

**June 30, 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)**

**June 30, 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)**

**June 30, 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)**

**June 30, 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.

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

Not applicable.

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

Not applicable

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

None

**Item 16. Controls and Procedures** 

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

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

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

Not applicable

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

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.** 

(a)(1) Not applicable.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto](gbsf_ex99-cert.htm). Exhibit 99. CERT

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Certifications required by Rule
 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](gbsf_ex99-906cert.htm) Exhibit 99.906CERT

**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>9/3/25</u> <br>

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>9/3/25</u> <br>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Christine Casares |
|  | Christine Casares, Principal Financial Officer/Treasurer |

---

Date <u>9/3/25</u>

## Ex-99.Cert

**Exhibit 99.CERT**

CERTIFICATIONS

I, Catherine Ayers-Rigsby, certify that:

1. I have reviewed this report on Form N-CSR of the Gold Bullion Strategy 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;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 9/3/25 | /s/ Catherine Ayers-Rigsby |
|  |  | Catherine Ayers-Rigsby, Principal Executive Officer/President |

---

I, Christine Casares, certify that:

1. I have reviewed this report on Form N-CSR of the Gold Bullion Strategy 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;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 9/3/25 | /s/ Christine Casares |
|  |  | Christine Casares, Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**EX-99.906 CERT**

 **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 June 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), of the Securities Exchange Act of 1934, as amended; and

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

Principal Executive Officer/President Advisors Preferred Trust Principal Financial Officer/Treasurer Advisors Preferred Trust

---

| | |
|:---|:---|
| /s/ Catherine Ayers-Rigsby | /s/ Christine Casares |
| Catherine Ayers-Rigsby | Christine Casares |

---

Date: <u>9/3/25</u> Date: <u>9/3/25</u>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Advisors Preferred Trust and will be retained by Advisors Preferred Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

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